Sovereign Metals Limited announced that the Company has initiated a Pilot Mining and Land Rehabilitation Program at its Kasiya Rutile-Graphite Project in Malawi. The results will allow Sovereign to determine optimal excavation, backfill and land rehabilitation approaches. The Pilot Phase will be a demonstration to local communities of the successful rehabilitation of land for agricultural use post-mining.

Results will also provide critical information for the upcoming Definitive Feasibility Study ("DFS") and once commenced, it will shorten the time to its completion. The objectives of the Pilot Phase include: Optimisation of mining methods by construction of a pilot-scale open pit close to the maximum depth of the current reserves at 20m; Scale-up of existing in-country processing capability by installation of commercial scale spirals to produce additional bulk samples for graphite product qualification; Optimising the tailings management and storage designs; and Optimising land rehabilitation, soil restoration and selection of revegetation species. Existing roads will be used for access to the site and, if required, improved through grading.

Temporary buildings such as offices and stores will be brought to the site on flatbed lorries and erected. To support pilot mining, two 1MW mobile diesel-powered electricity generators will be installed to provide the electricity required for high-pressure water monitors. The main pit will be excavated using conventional load and haul to 20m depth to develop a sump to test hydraulic mining to the full depth of the current Ore Reserves.

The excavated material will be temporarily stored in stockpiles. On-Site Processing Facility Material mined from the test pit will be processed on-site and at the Company's laboratory facility in Lilongwe. As previously announced (Please refer to announcement dated 1 May 2024 entitled "Sovereign to Increase Bulk Sample Preparation Capacity"), as part of the Pilot Phase, a commercial-scale spiral plant will be installed at site in Malawi.

Mr. Stockwell is a principal of Placer Consulting Pty Ltd, an independent consulting company. Sovereign confirms that a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons' findings are presented in this announcement have not been materially changed from the original announcement. The information in this announcement that relates to Production Targets, Ore Reserves, Processing, Infrastructure and Capital Operating Costs, Metallurgy (rutile and graphite) is extracted from an announcement dated 28 September 2023 entitled 'Kasiya Pre-Feasibility Study Results' which is available to view at .

The successful permitting is a testament to the strong owner's team the strong owner's team have assembled. The company are progressing Kasiya into a totally new phase of development. The scale and results from this phase will significantly enhance knowledge base from the previous laboratory-based studies.

I want to thank the Malawi Government for an efficient approvals process, demonstrating just how important Kasiya is to all stakeholders". Classification 2.2: This announcement includes Inside Information Sovereign Metals Limited announced that the company has initiated a Pilot Mining and land rehabilitation Program at its Kasiya Rutiles-Graphite Project ("Kasiya or Project") in Malawi. The results are a testament to the strong owners's team have assembled.

The scale and results from This phase will significantly enhance the knowledge base from this phase will significantly enhance their knowledge base from the previous Laboratory-based studies. The company has initiated a Pilot Phase is an important milestone for Kasiya. This covers the full spectrum of engineering and design, logistics, materials handling, water and environmental approvals, stakeholder engagement, livelihood restoration, tailings management and land rehabilitation.