Issue of Shares on Conversion of Performance Right
Sovereign Metals Limited has issued 9,022,500 ordinary shares following the conversion of performance rights by directors, employees, and consultants upon the satisfaction of the Bankable Definitive Feasibility Study Milestone. This issuance will increase the total number of ordinary shares in issue to 655,961,203, with admission of the new shares to AIM expected around April 22, 2026. The company also detailed changes in director's interests, with several directors converting performance rights into shares, resulting in an increase in their direct or indirect holdings of ordinary shares.
Select text to share a quote on X · sign in to keep highlights & notes in your SVML notes
Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX:SVMLF) (Sovereign or the Company) advises that it has issued 9,022,500 fully paid ordinary shares (Shares) upon the conversion of 9,022,500 unlisted performance rights upon satisfaction of the Bankable Definitive Feasibility Study Milestone held by certain directors, employees and consultants of the Company pursuant to its shareholder approved Employee Equity Incentive Plan for nil consideration. Change of Director's Interest Notices are provided below.
An application will be made for the Shares to be admitted to trading on AIM (Admission) and it is expected that Admission will become effective on or around 22 April 2026.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules (DTRs), following Admission of the Shares, Sovereign will have 655,961,203 Ordinary Shares in issue with voting rights attached. The figure of 655,961,203 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.
Following the issue of the conversion of unlisted performance rights, the Company has the following securities on issue:
- 655,961,203 fully paid ordinary shares (of no par value);
- 6,190,000 unlisted performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026 (expected to lapse unvested); and
- 13,262,500 performance rights subject to the "Construction and Finance Milestone" that have no exercise price and expire 30 June 2028.
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
| Name of Director | Benjamin Stoikovich |
| Date of last notice | 1 April 2026 |
Part 1 - Change of director's relevant interests in securities
| Direct or indirect interest | Direct and Indirect |
| Date of change | 17 April 2026 |
| No. of securities held prior to change | (a) 4,190,000 (b) 900,000 (c) 900,000 (d) 1,550,000 |
| Class | (a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the "Final Investment Decision Milestone" expiring 30 June 2026 (c) Unlisted Performance Rights subject to the "Bankable Definitive Feasibility Study Milestone", expiring 30 June 2026 (d) Unlisted Performance Rights subject to the "Construction and Finance Milestone", expiring 30 June 2028 |
| Number acquired | (a) 900,000 |
| Number disposed | (c) (900,000) |
| No. of securities held after change | (a) 5,090,000 (b) 900,000 (c) - (d) 1,550,000 |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Conversion of Performance Rights upon satisfaction of the Bankable Definitive Feasibility Study Milestone |
| 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 | Outside a trading venue |
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
| Name of Director | Francis (Frank) Eagar |
| Date of last notice | 1 April 2026 |
Part 1 - Change of director's relevant interests in securities
| Direct or indirect interest | Direct |
| Date of change | 17 April 2026 |
| No. of securities held prior to change | (a) 500,000 (b) 1,100,000 (c) 1,500,000 (d) 2,000,000 |
| Class | (a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the "Final Investment Decision Milestone" expiring 30 June 2026 (c) Unlisted Performance Rights subject to the "Bankable Definitive Feasibility Study Milestone", expiring 30 June 2026 (d) Unlisted Performance Rights subject to the "Construction and Finance Milestone", expiring 30 June 2028 |
| Number acquired | (a) 1,500,000 |
| Number disposed | (c) (1,500,000) |
| No. of securities held after change | (a) 2,000,000 (b) 1,100,000 (c) - (d) 2,000,000 |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Conversion of Performance Rights upon satisfaction of the Bankable Definitive Feasibility Study Milestone |
| 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 | Outside a trading venue |
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
| Name of Director | Julian Stephens |
| Date of last notice | 18 February 2026 |
Part 1 - Change of director's relevant interests in securities
| Direct or indirect interest | Indirect |
| Date of change | 17 April 2026 |
| No. of securities held prior to change | (a) 13,557,518 (b) 600,000 (c) 600,000 |
| Class | (a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the "Bankable Definitive Feasibility Study Milestone", expiring 30 June 2026 (c) Unlisted Performance Rights subject to the "Construction and Finance Milestone", expiring 30 June 2028 |
| Number acquired | (a) 600,000 |
| Number disposed | (b) (600,000) |
| No. of securities held after change | (a) 14,157,518 (b) - (c) 600,000 |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Conversion of Performance Rights upon satisfaction of the Bankable Definitive Feasibility Study Milestone |
| 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 | Outside a trading venue |
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
| Name of Director | Mark Pearce |
| Date of last notice | 1 April 2026 |
Part 1 - Change of director's relevant interests in securities
| Direct or indirect interest | Direct and Indirect |
| Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest. | · Mr Mark Pearce and Mrs Natasha Pearce <NMLP Family A/C> (trustee and beneficial interest) · Apollo Group Pty Ltd (director and indirect shareholder) · Crystal Brook Investments Pty Ltd (director and beneficial interest) · Roseberry Holdings Pty Ltd director and beneficial interest) |
| Date of change | 17 April 2026 |
| No. of securities held prior to change | (a) 4,161,151 (b) 400,000 (c) 300,000 (d) 650,000 |
| Class | (a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the "Final Investment Decision Milestone" expiring 30 June 2026 (c) Unlisted Performance Rights subject to the "Bankable Definitive Feasibility Study Milestone", expiring 30 June 2026 (d) Unlisted Performance Rights subject to the "Construction and Finance Milestone", expiring 30 June 2028 |
| Number acquired | (a) 300,000 |
| Number disposed | (c) (300,000) |
| No. of securities held after change | (a) 4,461,151 (b) 400,000 (c) - (d) 650,000 |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Conversion of Performance Rights upon satisfaction of the Bankable Definitive Feasibility Study Milestone |
| 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 | Outside a trading venue |
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
| Name of Director | Nigel Jones |
| Date of last notice | 1 April 2026 |
Part 1 - Change of director's relevant interests in securities
| Direct or indirect interest | Direct and Indirect |
| Date of change | 17 April 2026 |
| No. of securities held prior to change | (a) 225,000 (b) 150,000 (c) 300,000 (d) 250,000 |
| Class | (a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the "Final Investment Decision Milestone" expiring 30 June 2026 (c) Unlisted Performance Rights subject to the "Bankable Definitive Feasibility Study Milestone", expiring 30 June 2026 (d) Unlisted Performance Rights subject to the "Construction and Finance Milestone", expiring 30 June 2028 |
| Number acquired | (a) 300,000 |
| Number disposed | (c) (300,000) |
| No. of securities held after change | (a) 525,000 (b) 150,000 (c) - (d) 250,000 |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Conversion of Performance Rights upon satisfaction of the Bankable Definitive Feasibility Study Milestone |
| 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 | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.