Follow-Up Drilling Initiated North of Kasiya

• Wide-spaced regional follow-up drilling for the Kasiya Project underway focusing on the region to the north of the current resource footprint, with results from the drill program expected in the coming weeks
• Recently reported reconnaissance drilling to the south identified an 8km extension of mineralisation which remains open along strike and at depth
• Kasiya is already the largest natural rutile deposit and second-largest flake graphite deposit in the world
• Kasiya's current MRE of 1.8 Billion tonnes at 1.0% rutile and 1.4% graphite comprises broad and contiguous zones of high-grade rutile and graphite that occur across an area of over 201km2
• Optimisation program for the Kasiya Project continues in conjunction with our strategic investor, Rio Tinto

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to report that the Company has initiated a follow-up 400 metre spaced drill program at its tier one Kasiya Rutile-Graphite Project (Kasiya) in Malawi. The program will focus on determining the boundaries and extent of mineralisation north of the known Mineral Resource Estimate (MRE) area.

The 70+ hole hand-auger drill program has been designed to target areas where mineralisation was identified in earlier wide-spaced regional hand-auger drilling. The target area is up to 20km north of the current MRE boundary. Drilling is currently underway and will be completed in the coming weeks. Four hand-auger teams have been deployed under the supervision of Sovereign's in-country technical team.

Samples will be initially processed in the Company's Lilongwe own lab facility and then shipped for final analysis at certified international laboratories. Results from the drill program are expected in the coming weeks.

SOUTHERN EXTENSION

In February 2024, the Company announced regional hand-auger drilling south of the Kasiya MRE footprint had identified significant strike extensions of approximately 8km across a number of parallel mineralised zones ranging from 400m to 2km in width.

All newly defined mineralisation in the south remains open at depth due to the limitations of the hand-auger drilling method but are expected to continue to the saprock boundary normally between 20 and 30 vertical metres from surface. The multiple mineralised zones identified remain open along strike both to the north and south.

These results indicate the potential to expand the already significant, high-grade rutile and graphite MRE at Kasiya.

Figure 1: Southern mineralised extensions at Kasiya

Ore Reserve for the Kasiya Deposit

* RutEq. Formula: Rutile Grade x Recovery (100%) x Rutile Price (US$1,484/t) + Graphite Grade x Recovery (67.5%) x Graphite Price (US$1,290/t) / Rutile Price (US$1,484/t). All assumptions are taken from the PFS ** Any minor summation inconsistencies are due to rounding

Kasiya Total Indicated + Inferred Mineral Resource Estimate at 0.7% rutile cut-off grade