Sovereign Metals (ASX:SVM, AIM:SVML, OTCQX:SVMLF) – Quarterly Update for period ended 31 December 2024.

·   In January 2025, the Optimised Prefeasibility Study (OPFS) was completed with oversight from Sovereign-Rio Tinto Technical Committee

· Results of the OPFS reaffirm Kasiya’s potential to become the largest and lowest-cost producer of natural rutile and natural flake graphite while generating exceptional economics

· Various optimisations have led to superior project delivery, operational flexibility, environmental and social outcomes compared to the 2023 Prefeasibility Study (PFS)

·  In December 2024 material mined and stockpiled during the Pilot Mining and Land Rehabilitation (Pilot Phase) was placed back in the test pit filling it to its original ground level

·  On-site soil remediation and land rehabilitation activities are underway testing Sovereign’s proposed rehabilitation approach and demonstrating how mined land can support sustainable farming post-closure

·    In November 2024 Sovereign announced that preliminary tests confirmed that graphite concentrate produced from Kasiya exhibits prerequisite characteristics for selling graphite to the refractory materials sector

·    In October 2024 Sovereign announced the completion of an infill drilling program designed to upgrade Kasiya’s Mineral Resource Estimate (MRE) and to facilitate conversion of Ore Reserves from Probable to Proven category

·    Over the course of the next quarter, Sovereign will advance the Definitive Feasibility Study (DFS), provide updates on the rehabilitation component of the Pilot Phase, publish an upgrade to the MRE, continue with further graphite testwork to support potential offtake discussions and further its community and social development programs in Malawi.