Core drilling results support KASIYA

Sovereign Metals Limited (the company or Sovereign) is pleased to report its recent filling results

The company's core drilling program for Kasiya, the company's flagship large-scale high-grade rutile deposit in Malawi. These

The results will support the upcoming mineral resource estimate (MRE) upgrade, which will target

Convert inferred resources into higher-confidence indicator categories to enter the upcoming

The Kasiya scoping study has entered the final stage and is expected to be completed next month.

The drilling results of the dense core drilled for the MRE category upgrade to the instruction confirmed the thick,

The continuity and high-grade nature of the Kasiya rutile deposit.

The results of the first phase of Kasiya's 148 core holes covering approximately 23 square kilometers include:

• 12m @ 1.17% inclusive. 2m @ 1.87% rutile

• 10m @ 1.11% inclusive. 4m @ 1.41% rutile

• 14m @ 1.13% inclusive. 4m @ 1.62% rutile

• 12m @ 1.12% inclusive. 2m @ 1.72% rutile

• 10m @ 1.37% inclusive. 4m @ 1.68% rutile

• 8m @ 1.42% inclusive. 2m @ 2.67% rutile

• 10m @ 1.37% inclusive. 2m @ 1.66% rutile

• 13m @ 1.12% inclusive. 2m @ 2.11% rutile

Dr. Julian Stephens, Managing Director of Sovereign, commented: “We look forward to completing Kasiya’s preliminary scoping study, which will reveal its potential economics on a global scale.

Sovereign completes its dual listing on the AIM market in time

The London Stock Exchange introduced a new capital market in mid-December and generated greater

The company’s risk exposure and the strong fundamentals of the Kasiya project. "

Sovereign Metals Limited | Australian Securities Exchange: SVM

Tel: 61 8 9322 6322 | Fax: 61 8 9322 6558 | E: info@sovereignmetals.com.au | www.sovereignmetals.com.au

9, 28 The Esplanade, Perth WA 6000 | ABN: 71 120 833 427

KASIYA Rutile Deposit-Core Drilling

Core drilling is scheduled to be completed at the Kasiya rutile deposit from July to September 2021. The plan is aimed at existing high-grade areas of inferred MRE, and the goal is to upgrade these areas

Only regions enter the indicated category to support the upcoming scoping study.

244 core holes were drilled in the Kasiya and Nsaru rutile deposits with a depth of 2,484 meters. The drilling was completed by two push-tube core drilling rigs, which achieved nearly 100% recovery through soft, fragile, and mineralized weathered rock profiles. The average drilling depth is about 10m, and the number of holes can reach 15m.

The rutile and graphite test results of 148 holes (1,486m) in the central area of ​​the Kasiya deposit have been received and detailed in this report. These holes cover approximately 23 square kilometers of the existing inferred MRE in the center

Use area in Kasiya. The results of the remaining 96 holes of Kasiya and Nsaru are still up in the air. Personally

Figure 1: Kasiya core drilling plan on the existing Inferred MRE block model (top block) with selected highlight holes

Kasiya core drilling results are consistent with previous hand drilling results, continue to confirm

Widely distributed high-grade mineralized body, usually 1.2% to 2.0% rutile at a distance of 3-5m from the top of the surface.

Medium-grade mineralization, general grade 0.5% to 1.2% rutile generally extends from 5m to the end

In the NE strike area defined by many boreholes, the hole remains open when the depth is greater than 10m.

The current interpretation is that these deeper, NE-trending rutile mineralization zones should extend to

The bottom of the soft, fragile saprolite is estimated to be about 25m deep. The company will consider

This deeper rutile mineralization will be tested by sonic or hollow drilling in the field season of 2022.

Figure 2: Sampling drill cores from the pipe push procedure

Figure 3: DL650 push tube core drilling rig operating in Kasiya

A comprehensive graphite testing program has been completed within one year to systematically test all hand drills and core samples.

Only the test results of the program showed that low-grade coarse flake graphite with an average of about 1.2% TGC appeared

The entire Kasiya Rutile MRE area. Higher grade graphite appears at depths >5m, which is related to the NE strike zone of the deeper rutile mineralization described in the previous section. See Appendix 3 for all available graphite test results.

Kasiya's metallurgical testing of potential graphite by-products is now nearly complete. The company is now confident that the coarse flake graphite by-product will be included in the upcoming scoping study. The final graphite metallurgy results are expected to be reported in the next few weeks.

Figures 4 and 5: Coarse flake graphite in a core sample from Kasiya (left) and very coarse flake graphite in 600µm

Coarse sand part of the original drilling sample of suitable size (right)

The company's Kasiya scoping study (research) is progressing smoothly. The goal of the study is large-scale natural rutile operations to fill some of the existing supply gaps with the purest and most environmentally friendly high-grade titanium raw materials. Most of the technical disciplines of the study have now been completed, and JORC MRE, mining optimization, and capital and operating cost estimates are currently being finalized.

Sovereign looks forward to publishing the results of the study next month.

The information related to the exploration results in this report is based on information compiled by Mr. Samuel Moyle, who is a qualified person of the Australian Institute of Mining and Metallurgy (AusIMM). Mr. Moyle is the exploration manager of Sovereign Metals Limited and the holder of Sovereign common stock, unlisted options and exercise rights. Mr. Moyle has sufficient experience related to the type of mineralization and deposit type considered and the ongoing activities to qualify as a qualified person as defined in the 2012 edition of the "Australian Code of Exploration Results Reporting, Minerals". Mr. Moyle agreed to include matters based on his information in the report in the form and context in which it appeared.

This press 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 about future events. Forward-looking statements are inevitably subject to risks, uncertainties and other factors, many of which are not under the control of Sovereign, which may cause actual results to differ materially from such statements.

Because there is no guarantee that forward-looking statements will prove to be correct. Sovereign does not undertake to subsequently update or revise forward-looking statements made in this press release to reflect conditions or events after the date of the press release.

This ASX announcement has been approved and authorized to be published by Julian Stephens, the managing director of the company.

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Sovereign Metals Limited published this content on November 21, 2021, and is solely responsible for the information contained in it. 21:33:07 UTC on November 21, 2021, distributed by the public, unedited and unaltered.