SOVEREIGN METALS LIMITED

NEWS RELEASE I 29 SEPTEMBER 2022

GLOBAL SIGNIFICANCE OF KASIYA RECOGNISED BY THE PRESIDENT OF MALAWI AT UNITED NATIONS

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) was delighted with a special mention of the Kasiya Rutile Project (Kasiya) by His Excellency Dr Lazarus McCarthy Chakwera, President of the Republic of Malawi, during his address at the 77th session of The United Nations General Assembly in New York.

Extract from His Excellency Dr Lazarus McCarthy Chakwera's address: "We are delighted that many private sector investors are flocking to us to join the agricultural revolution that is coming to Malawi, as well as investors in mining, who know that the recent discovery in Malawi of the largest deposit of rutile in the world means that Malawi's economic rise is imminent."

His Excellency's confirmation of the importance and global significance of Kasiya comes as Sovereign continues its close working relationship with the Government of Malawi and other key stakeholders.

The Expanded Scoping Study announced in June 2022 confirms Kasiya could become one of the world's largest and lowest cost producers of natural rutile and natural graphite with a carbon-footprint substantially lower than current titanium feedstocks alternatives while significantly contributing to the social and economic development of Malawi.

Sovereign's Managing Director Dr Julian Stephens commented: "It is a terrific endorsement of the Kasiya discovery and its immense potential by receiving recognition at such an important global forum. Sovereign appreciates the great support it has received from the Malawi Government and we look forward making a significant contribution to development of the mining sector and achievement of the country's economic vision."

ENQUIRIES

About Sovereign Metals

Sovereign Metals Limited (ASX:SVM & AIM:SVML) is an ASX and AIM-listed company focused on the exploration and development of its Kasiya rutile project in Malawi.

The Company recently completed an Expanded Scoping Study which confirmed Kasiya as a large-scale, long-life operation with a low-cost profile as a significant source of critical raw materials. Kasiya has the potential to become a major producer of both the natural rutile and graphite markets whilst contributing significantly to the economy of Malawi.

Natural rutile is the purest, highest-grade natural form of titanium dioxide (TiO₂) and is the preferred feedstock in manufacturing titanium pigment and producing titanium metal.

The natural rutile market is in structural deficit with current supply estimated to decline rapidly by 45% in the next three years, following the scheduled closures by two major high-grade producers¹. A resurgence in demand for titanium pigment and from the welding sector combined with concurrent supply shortages has led the CIF China spot prices sharply upwards to over US$2,200 per tonne².

Sources

1.   TZMI

2.   Ruidow.com based on Australian Rutile (TiO2>95%, P<0.03%, S<0.03) CIF Tianjin Port

Forward Looking Statement

This release may include forward-looking statements, which may be identified by words such as "expects", "anticipates", "believes", "projects", "plans", and similar expressions. These forward-looking statements are based on Sovereign's expectations and beliefs concerning future events. Forward looking statements are necessarily subject to risks, uncertainties and other factors, many of which are outside the control of Sovereign, which could cause actual results to differ materially from such statements. There can be no assurance that forward-looking statements will prove to be correct. Sovereign makes no undertaking to subsequently update or revise the forward-looking statements made in this release, to reflect the circumstances or events after the date of that release.