#SVML Sovereign Metals – Key Mgmt Appointments for Development at Kasiya

Highlights

·      Appointment of experienced African based mining executive, Mr Frank Eagar, as the new Managing Director and CEO

·      Existing Managing Director Dr Julian Stephens to transition to Non-Executive Director

·      Key technical appointments of experienced African engineering, social and environmental teams to work on project optimisation and advancing the development of the Kasiya Project

·     Management changes bring a strong track record of successful large-scale project development in southern Africa

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce the appointment of Mr Frank Eagar as Managing Director and Chief Executive Officer (CEO), effective from 20 October 2023.

Mr Eagar has over 20 years’ experience in the financing, permitting, development and operation of mining projects with a strong focus in southern Africa.

Mr Eagar is a Chartered Accountant who has gained extensive corporate, commercial and technical experience in the mining sector throughout his career. Mr Eagar has previously held a number of senior executive positions in the resources sector, more recently with African mining focused private equity firm AMED Funds, which included acting as Chief Financial Officer (CFO) for AMED’s controlled company, Central Copper Resources PLC (Central Copper).

Prior to Central Copper, Mr Eagar was the CEO (and prior to that the CFO) of Baobab Steel Limited (Baobab) another AMED controlled company, where he managed the completion of a Definitive Feasibility Study (DFS) and a joint venture with the World Bank’s IFC to procure strategic investors and raise project finance for Baobab’s US$1 Billion, fully permitted, integrated 500ktpa Steel and Vanadium Project in Mozambique.

Mr Eagar joined Sovereign in December 2022 as General Manager in Malawi, where he has already expanded the team with a focus on Malawian nationals, developed strong relationships with Government and demonstrated a clear understanding of the Kasiya Project and its development landscape.

Sovereign has also made several key technical appointments as the Company transitions into project optimisation and development of the Kasiya Project and is poised to become a significant supplier of natural rutile and graphite. These key appointments bring a strong track record of successful large-scale project development and operations management, as well as extensive experience in southern Africa.

These management changes come at an important time for the Company as it transitions from the Pre-Feasibility Study (PFS) into the next phase of project optimisation, community and stakeholder engagements and ultimately the completion of a DFS.

Effective from 20 October 2023 current Managing Director, Dr Julian Stephens, will transition to a Non-Executive Director of Sovereign, remaining as a consultant assisting and supporting the incoming technical and management team.

Dr Stephens has been Managing Director of Sovereign since June 2016 and has been instrumental in the Company’s growth and development. He first identified rutile mineralisation in Malawi and then led the team that discovered Sovereign’s world-class Kasiya rutile-graphite deposit.

The Board would like to take this opportunity to thank Dr Stephens for his significant contribution to the Company and look forward to his continual involvement with Sovereign as the Company continues the development of the Kasiya Project.

Dr Julian Stephens commented: “It has been a privilege to lead Sovereign through the discovery and early study phases and it is now a logical time for leadership transition as the Company continues through the next phases of development. I am extremely proud of the significant achievements our team has accomplished during my time. With the appointment of Frank as MD and CEO, plus the technical team enhancements, I am confident that the Company is in very good hands and in a strong position to establish itself as a globally significant supplier of natural rutile and graphite.”

Incoming Managing Director, Mr Frank Eagar commented: “Securing Rio Tinto as a strategic investor alongside the completion of the high-quality PFS, provides the foundation for what will be an extremely exciting time in the Company’s development story.  I am very honoured and look forward to taking on my new role as MD and CEO. The Kasiya Project is multi-generational, has the potential to deliver a valuable, long-term source of low-CO₂ critical minerals and generate substantial economic and socio-economic returns.”

Sovereign’s Chairman Ben Stoikovich commented: “Today’s management changes and appointments mark a pivotal step for the Company as it lays the foundation for project optimisation and development. With Rio Tinto’s investment and the release of a world-class PFS, the Company is entering an exciting new phase. I would like to thank outgoing MD, Julian Stephens, who has done a tremendous job in the discovery of Kasiya, a truly once-in-generation deposit, and growing Sovereign to where it is today.  The Company is looking forward, in collaboration with Rio Tinto, to conducting the optimisation review, progressing to the Definitive Feasibility Study and delivering the significant potential of Kasiya to all stakeholders.”

Details of Mr Eagar’s remuneration are included in Appendix A.

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