The Board of Sovereign Metals Limited (ASX:SVM) announced the spin-off of NGX Limited on December 7, 2022. As per the transaction, shareholders will receive a pro rata distribution of one NGX Share for every eleven SVM Shares held at the record date. The transaction is subject to shareholders approval of Sovereign Metals Limited.

As of February 15, 2023, The shareholders meeting is scheduled to be held on March 17, 2023. As of March 17, 2023, Sovereign Metals Shareholders approved the demerger. The transaction is expected to close on March 24, 2023.

Computershare Investor Services Pty Limited acted as a registrar to Sovereign Metals Limited (ASX:SVM).