Sovereign Metals Limited reported results from its recent infill core drilling program at Kasiya, large, high-grade rutile deposit in Malawi. These results will underpin the pending upgrade of the Mineral Resource Estimate (MRE) which will target conversion of Inferred resources to the higher confidence Indicated category to feed into the upcoming Scoping Study. 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 areas 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 area at Kasiya. Results for the remaining 96 holes from Kasiya and Nsaru remain pending. 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. 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. A comprehensive graphite assaying program has been completed over the course of the year to systematically assay all hand-auger and core samples. Assay 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. 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.