NEWS RELEASE I 1 MARCH 2024

SOVEREIGN STRENGTHENS IN-COUNTRY CAPABILITIES WITH KEY APPOINTMENTS

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce three senior appointments and promotions across key legal, permitting, and technical functions in Malawi. The appointments have strengthened the Company's in-country capabilities as it continues to advance its Kasiya Rutile-Graphite Project (Kasiya).

Mr Maxwell Kazako has been appointed Acting In-Country Manager following the promotion of Frank Eagar to Managing Director. Mr Kazako has a strong background in human resources management, general administration and government relations. He brings over 18 years of experience to the role, having worked across Malawian commerce and industry, including for First Merchant Bank and Malawian Airlines.

Ms Natasha Namisengo has been appointed General Legal Counsel. Ms Namisengo is a qualified lawyer with a Bachelor of Laws (Hons) and is admitted to practice in the Supreme Court of Malawi. She also holds a Master's in Business Administration (MBA). Ms Namisengo has prior experience acting as legal counsel and in company secretary roles in Malawi.

Mr Pilirani Bangula has been appointed Legal Counsel - Compliance. Mr Bangula is a qualified lawyer with 12 years of experience as a legal practitioner, including five years specifically as in-house legal counsel. Mr Bangula has wide-ranging experience in compliance, project oversight and risk management, contract negotiation, and policy drafting.

Figure 1: (left to right) Mr Maxwell Kazako, Acting In-Country Manager, Ms Natasha Namisengo, General Legal Counsel and Mr Pilirani Bangula, Legal Counsel - Compliance

  The Company has also promoted Ms Tupoche Kayange to Laboratory Manager in line with its employee training and development program. Ms Kayange has been instrumental in developing and managing the Company's laboratory facility in Lilongwe, Malawi. Recently, Ms Kayange led the facility's expansion and commissioning of new equipment to support bulk sample programs that are currently underway.

Figure 2: Ms Tupoche Kayange, Laboratory Manager at the Company's facility in Lilongwe, Malawi

Sovereign understands Kasiya's significant potential to deliver material and long-lasting social and economic benefits for Malawi, including fiscal returns, job creation, skills transfer, and sustainable community development initiatives. Sovereign also recognises the importance of training programs to enhance the capabilities of its employees. The Company has structured training and skills transfer programs, covering on-the-job training for full-time employees and programs for local graduates and interns.

These appointments and promotions align with the Company's initial targets, ensuring equal opportunity and fairness in employing a diverse workforce and Malawian nationals where possible. Sovereign employs over 80 individuals in Malawi, with at least 30% of the staff being women.

ENQUIRIES

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.