Sovereign Metals : Core Drilling Results to Underpin Kasiya Resource Upgrade

22 November 2021

CORE DRILLING RESULTS TO UNDERPIN KASIYA

RESOURCE UPGRADE

Sovereign Metals Limited (the Company or Sovereign) is pleased to report results from its recent infill

	core drilling program at Kasiya, the Company's flagship, large, high-grade rutile deposit in Malawi. These
	results will underpin the pending upgrade of the Mineral Resource Estimate (MRE) which will target
only
	conversion of Inferred resources to the higher confidence Indicated category to feed into the upcoming
	Scoping Study.
	HIGHLIGHTS
use	Kasiya Scoping Study in final stages and on track for completion next month.
Results from infill core drilling targeting MRE category upgrades to Indicated confirm the thick,
personal
continuous, and high-grade nature of the Kasiya rutile deposit.
The first phase of results from 148 core holes covering ~23km2 at 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% inc. 2m @ 1.61% rutile
• 8m @ 1.42% inc. 2m @ 2.67% rutile	• 8m	@ 1.36% inc. 4m @ 1.46% rutile
• 10m @ 1.37% inc. 2m @ 1.66% rutile	• 10m	@ 1.29% inc. 2m @ 1.46% rutile
• 13m @ 1.12% inc. 2m @ 2.11% rutile	• 12m	@ 1.23% inc. 2m @ 2.07% rutile

Sovereign's Managing Director Dr Julian Stephens commented: "We are looking forward to the completion of the initial Scoping Study for Kasiya which will reveal the potential economics of this globally

	significant rutile discovery. This	is timely as Sovereign completes its dual listing on the AIM Market of the
	London Stock Exchange in mid-December introducing new capital markets and generating greater
	exposure for the Company and the strong fundamentals of the Kasiya project."
For
	ENQUIRIES
	Dr Julian Stephens (Perth)	Sam Cordin (Perth)	Sapan Ghai (London)
	Managing Director	[phone]	[phone]
[phone]

Sovereign Metals Limited | ASX : SVM

T: [phone] | F: [phone] | E: [e-mail] | www.sovereignmetals.com.au

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

22 November 2021

KASIYA RUTILE DEPOSIT - CORE DRILLING

The core drilling program was completed at the Kasiya rutile deposit from July to September 2021. The program targeted high-grade zones of the existing Inferred MRE with the objective of upgrading these

onlyareas into the Indicated category in order to underpin the upcoming Scoping Study.

244 core holes for 2,484 metres were drilled across the Kasiya and Nsaru rutile deposits. The drilling was completed by two push-tube core rigs achieving near-100% recovery through the soft, friable, mineralised regolith profile. The average drill depth was approximately 10m with a number of holes reaching up to 15m.

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

usearea at Kasiya. Results for the remaining 96 holes from Kasiya and Nsaru remain pending. personalFor

Figure 1: Kasiya core drilling plan over existing Inferred MRE block model (top block) with selected highlight hole

results labelled.

Page 2 OF 31

22 November 2021

The Kasiya core drilling results are in line with previous hand-auger drilling and continue to confirm
widespread, high-grade mineralisation commonly grading 1.2% to 2.0% rutile in the top 3-5m from surface.
Moderate grade mineralisation generally grading 0.5% to 1.2% rutile commonly extends from 5m to end
of hole where it remains open at depths >10m in numerous drill-defined,NE-striking zones.
useonly
It is currently interpreted that these deeper, NE-striking zones of rutile mineralisation should extend to the
base of the soft, friable saprolite estimated to be at approximately 25m depth. The Company will consider
testing this deeper rutile mineralisation with sonic or air-core drilling in the 2022 field season.
personalFor
Figure 2: Sampling drill core from the push-tube program

Figure 3: DL650 push-tube core drilling rig in operation at Kasiya

Page 3 OF 31

22 November 2021

GRAPHITE

A comprehensive graphite assaying program has been completed over the course of the year to systematically assay all hand-auger and core samples.

onlyAssay results from the program show low-grade,coarse-flake graphite averaging about 1.2% TGC occurs

throughout the Kasiya rutile MRE area. Higher grade graphite occurs at depths >5m in association with the NE-striking zones of deeper rutile mineralisation described in the previous section. All available graphite assay results are presented in Appendix 3.

Metallurgical test-work on a potential graphite by-product from Kasiya is now near completion. The Company is now confident it will be able to include a coarse-flake graphite by-product in the upcoming Scoping Study. The final graphite metallurgical results are expected to be available for reporting in the coming weeks.

use
personal		10mm
	Figures 4 & 5: Coarse-flake graphite in drill core sample from Kasiya (left) & very coarse-flake graphite in the +600µm
For	coarse sand fraction of a sized, raw drill sample (right)

SCOPING STUDY PROGRESS

The Company is well advanced with its Scoping Study (Study) for Kasiya which targets a large-scale natural rutile operation to fill some of the existing supply deficit with the purest and most environmentally sustainable high-grade titanium feedstock. The majority of technical disciplines for the Study have now been completed with the JORC MRE, mining optimisations and capital and operating cost estimations currently being finalised.

Sovereign is looking forward to presenting the results of the Study next month.

Page 4 OF 31

Figure 5: Logging and sample preparation of drill core from Kasiya

22 November 2021

onlyuse

personalCompetent Person's Statement

The information in this report that 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 Manager of Sovereign Metals Limited and a holder of ordinary shares, unlisted options and performance rights in Sovereign. Mr Moyle has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Moyle consents to the inclusion in the report of the matters 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", "projects", "plans", and similar expressions. These forward-looking statements are based on Sovereign's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside 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 makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.

This ASX Announcement has been approved and authorised for release by the Company's Managing Director, Julian Stephens.

Page 5 OF 31