Issue of Performance Rights
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Sovereign Metals Limited (Sovereign or Company) (ASX:SVM, AIM:SVML, OTCQX:SVMLF) advises that it has today issued 2,000,000 unlisted performance rights to Directors following shareholder approval on 12 September 2024 as follows:
- 600,000 unlisted performance rights subject to the "Definitive Feasibility Study Milestone" expiring on or before 31 October 2025;
- 600,000 performance rights subject to the "Grant of Mining Licence Milestone" expiring on or before 31 March 2026; and
- 800,000 performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026.
The Company has also issued 2,725,000 unlisted performance rights to key staff (not PDMRs) as part of their incentive remuneration as follows:
- 917,500 unlisted performance rights subject to the "Definitive Feasibility Study Milestone" expiring on or before 31 October 2025;
- 917,500 performance rights subject to the "Grant of Mining Licence Milestone" expiring on or before 31 March 2026; and
- 890,000 performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026.
Further, the following unlisted performance rights lapsed following cessation of employment (non-PDMR):
- 125,000 performance rights subject to the "Grant of Mining Licence Milestone" expiring on or before 31 March 2026; and
- 300,000 performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026.
Following the issue and cancellation of these unlisted performance rights, the Company has the following securities on issue:
- 599,879,879 fully paid ordinary shares (of no par value);
- 10,977,500 unlisted performance rights subject to the "Definitive Feasibility Study Milestone" expiring on or before 31 October 2025;
- 4,992,500 unlisted performance rights subject to the "Grant of Mining Licence Milestone" expiring on or before 31 March 2026; and
- 6,190,000 unlisted performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026.
Change of Directors' Interest Notices are provided below.
Introduced 30/09/01 Amended 01/01/11
Name of entity SOVEREIGN METALS LIMITED
ABN 71 120 833 427
A)
| Name of Director | Benjamin Stoikovich |
| Date of last notice | 24 November 2023 |
Part 1 - Change of director's relevant interests in securities
| Direct or indirect interest | Direct and Indirect |
| Date of change | 27 September 2024 |
| No. of securities held prior to change | (a) 4,190,000 (b) 600,000 (c) 350,000 (d) 500,000 |
| Class | (a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the "Definitive Feasibility Study Milestone" expiring 31 October 2025 (c) Unlisted Performance Rights subject to the "Grant of Mining Licence Milestone" expiring 31 March 2026 (d) Unlisted Performance Rights subject to the "Final Investment Decision Milestone" expiring 30 June 2026 |
| Number acquired | (b) 300,000 (c) 300,000 (d) 400,000 |
| Number disposed | Not applicable |
| No. of securities held after change | (a) 4,190,000 (b) 900,000 (c) 650,000 (d) 900,000 |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Issue of Performance Rights following shareholder approval |
| Part 2 - Change of director's interests in contracts | |
| Detail of contract | Not applicable |
| Nature of interest | Not applicable |
| Name of registered holder (if issued securities) | Not applicable |
| Date of change | Not applicable |
| Interest acquired | Not applicable |
| Interest disposed | Not applicable |
| Interest after change | Not applicable |
| Part 3 - +Closed period | |
| If prior written clearance was provided, on what date was this provided? | Not applicable |
| Initial notification/Amendment | Initial |
| LEI | 213800NSPXSASTENFQ34 |
| Place of transaction | Australian Securities Exchange (ASX) |
Appendix 3Y
Change of Director's Interest Notice
Introduced 30/09/01 Amended 01/01/11
Name of entity SOVEREIGN METALS LIMITED
ABN 71 120 833 427
B)
| Name of Director | Francis (Frank) Eagar |
| Date of last notice | 20 October 2023 |
Part 1 - Change of director's relevant interests in securities
| Direct or indirect interest | Direct |
| Date of change | 27 September 2024 |
| No. of securities held prior to change | (a) 500,000 (b) 1,000,000 (c) 500,000 (d) 700,000 |
| Class | (a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the "Definitive Feasibility Study Milestone" expiring 31 October 2025 (c) Unlisted Performance Rights subject to the "Grant of Mining Licence Milestone" expiring 31 March 2026 (d) Unlisted Performance Rights subject to the "Final Investment Decision Milestone" expiring 30 June 2026 |
| Number acquired | (b) 300,000 (c) 300,000 (d) 400,000 |
| Number disposed | Not applicable |
| No. of securities held after change | (a) 500,000 (b) 1,300,000 (c) 800,000 (d) 1,100,000 |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Issue of Performance Rights following shareholder approval |
| Part 2 - Change of director's interests in contracts | |
| Detail of contract | Not applicable |
| Nature of interest | Not applicable |
| Name of registered holder (if issued securities) | Not applicable |
| Date of change | Not applicable |
| Interest acquired | Not applicable |
| Interest disposed | Not applicable |
| Interest after change | Not applicable |
| Part 3 - +Closed period | |
| If prior written clearance was provided, on what date was this provided? | Not applicable |
| Initial notification/Amendment | Initial |
| LEI | 213800NSPXSASTENFQ34 |
| Place of transaction | Australian Securities Exchange (ASX) |
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