Sovereign Metals: Core Drill Results Will Support Kasiya Resource Upgrade


22 November 2021

CORE DRILLING RESULTS TO SUPPORT KASIYA

UPGRADING RESOURCES

Sovereign Metals Limited (the company Where Sovereign) is pleased to announce the results of its recent filling

Core drilling program at Kasiya, the company’s flagship large high-grade rutile deposit in Malawi. Those

the results will support the upgrade pending mineral resource estimate (MRE) who will target

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converting inferred resources to the indicated higher confidence category to power the next

Scoping study.

STRONG POINTS

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Kasiya scoping study in the final phase and nearing completion next month.

Infill drilling results targeting upgrades from the MRE to Indicated category confirm the thick,

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continue, and ranking officer nature of the Kasiya rutile deposit.

The first phase of the results of 148 core drill holes covering ~ 23km2 in Kasiya include;

• 12m @ 1.17% inc. 2m @ 1.87% rutile

• 10m @ 1.11% inc. 4m @ 1.41% rutile

• 14m @ 1.13% inc. 4m @ 1.62% rutile

• 12m @ 1.12% inc. 2m @ 1.72% rutile

• 10m @ 1.37% inc. 4m @ 1.68% rutile

• 14m

@ 1.34% tax incl. 2m @ 1.61% rutile

• 8m @ 1.42% inc. 2m @ 2.67% rutile

• 8m

@ 1.36% inc. 4 m @ 1.46% rutile

• 10m @ 1.37% inc. 2m @ 1.66% rutile

• 10m

@ 1.29% inc. 2m @ 1.46% rutile

• 13m @ 1.12% inc. 2 m @ 2.11% rutile

• 12m

@ 1.23% tax incl. 2 m @ 2.07% rutile

Sovereign CEO Dr Julian Stephens commented: “We look forward to the completion of the initial scoping study for Kasiya, which will reveal the potential economy of this situation on a global scale.

important discovery of rutile. This

comes at the right time as Sovereign completes its dual listing on the AIM market of

London Stock Exchange in mid-December introducing new capital markets and generating greater

the Company’s exposure and the strong fundamentals of the Kasiya Project. ”

For

INVESTIGATIONS

Dr Julian Stephens (Perth)

Sam Cordin (Perth)

Sapan Ghai (London)

General manager

+61 (8) 9322 6322

+44 207 478 3900

+61 (8) 9322 6322

Sovereign Metals Limited | ASX: SVM

T: +61 8 9322 6322 | F: +61 8 9322 6558 | E: [email protected] | www.sovereignmetals.com.au

Level 9, 28 L’Esplanade, PERTH WA 6000 | ABN: 71 120 833 427

22 November 2021

KASIYA RUTILE DEPT – COREING

The core drilling program was completed at the Kasiya rutile deposit from July to September 2021. The program targeted high grade zones of the presumed existing ERM with the aim of upgrading these areas.

alonedomains in the Indicated category to support the next scoping study.

244 core holes over 2,484 meters were drilled in the Kasiya and Nsaru rutile deposits. Drilling was completed with two push tube corers allowing almost 100% recovery through the soft, friable mineralized regolith profile. The average drilling depth was around 10m with a number of holes reaching up to 15m.

Rutile and graphite analyzes for 148 holes (1,486 m) in the central zone of the Kasiya deposit have been received and are detailed in this report. These holes cover ~ 23km2 of the existing central inferred MRE

usearea in Kasiya. The results of the remaining 96 holes of Kasiya and Nsaru remain pending. staff for

Figure 1: Kasiya coring plan on the existing inferred MRE block model (upper block) with the highlight hole selected

labeled results.

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22 November 2021

Kasiya core drill results are consistent with previous hand auger drilling and continue to confirm

Extensive, high grade mineralization typically containing 1.2% to 2.0% rutile within the first 3 to 5 meters of surface.

Moderate grade mineralization generally grading 0.5% to 1.2% rutile generally extends 5 m at the end

from the hole where it remains open at depths> 10m in many drilling zones defined by the NE.

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It is currently interpreted that these deeper zones of NE trending rutile mineralization should extend to the

soft and friable saprolite base estimated to be about 25 m deep. The Company will consider

test this deeper rutile mineralization with sonic or air drilling during the 2022 field season.

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Figure 2: Sampling of drill core from the push tube program

Figure 3: DL650 push tube drill rig in operation at Kasiya

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22 November 2021

GRAPHITE

A comprehensive graphite analysis program was completed during the year to systematically analyze all auger and core samples.

aloneThe program analysis results show that there is low coarse flake graphite with an average of about 1.2% TGC

throughout the Kasiya rutile MRE area. The higher grade graphite occurs at depths> 5m in association with the NE trending zones of deeper rutile mineralization described in the previous section. All available graphite analysis results are presented in appendix 3.

Metallurgical testing on a potential Kasiya graphite by-product is now nearing completion. The Company is now confident that it will be able to include a coarse flake graphite by-product in the next scoping study. The final graphite metallurgy results should be available for publication in the coming weeks.

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10 mm

Figures 4 and 5: Coarse flake graphite in a sample of Kasiya drill core (left) and very coarse flake graphite in +600 µm

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coarse sand fraction of a roughly dimensioned drill sample (right)

PROGRESS OF THE SCOPE STUDY

The Company is well advanced in its scoping study (To study) for Kasiya, which is targeting a large-scale natural rutile operation to fill part of the existing supply gap with the purest and most environmentally friendly high-quality titanium raw material. The majority of the technical disciplines of the Study are now completed with ERM JORC, mining optimizations and investment and operating cost estimates being finalized.

Sovereign looks forward to presenting the results of the study next month.

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Figure 5: Logging and sample preparation of Kasiya drill core

22 November 2021

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staffDeclaration of the competent person

The information in this report which relates to exploration results is based on information compiled by Mr. Samuel Moyle, a competent person who is a member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr. Moyle is the exploration director of Sovereign Metals Limited and holder of common shares, unlisted options and performance rights in Sovereign. Mr. Moyle has sufficient experience in relation to the style of mineralization and type of deposit under study and with the activity undertaken, to qualify as a Competent Person as defined in the 2012 edition of the Australian Code. for the communication of exploration results, Ore resources and reserves’. Mr. Moyle consents to the inclusion in the report of facts based on his information in the form and context in which it appears.

Forward-looking statement

This release may include forward-looking statements, which may be identified by words such as “expects”, “anticipates”, “believes”, “plans”, “plans” and similar expressions. These forward-looking statements are based on Sovereign’s expectations and beliefs regarding future events. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are beyond the control of Sovereign, which could cause actual results to differ materially from such statements.

ForThere can be no assurance that forward-looking statements will prove to be correct. Sovereign does not undertake to update or subsequently revise any forward-looking statements made in this press release to reflect circumstances or events subsequent to the date of this press release.

This ASX announcement has been approved and cleared for publication by Company CEO Julian Stephens.

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Disclaimer

Sovereign Metals Limited published this content on November 21, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 21, 2021 09:33:07 PM UTC.


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