Sovereign Metals: Follow-Up Drilling

Follow-Up Drilling

- 0.4km Drill Programme at Kasiya

- 70+ hole target area up to 20km North of MRE boundary

- 4 hand-auger drilling teams deployed

Drilling to be completed in coming weeks

- Followed by processing at Company’s Lilongew lab facility

- Analysis at International Certified labs thereafter

Southern MRE Extension

- Hand-Auger drilling completed South of MRE

- Identified significant strike extension of c. 8km

- Parallel mineralised zones from 0.4km to 2km wide

- Between 20-30 vertical metres from surface

Market Intelligence

- Commercialising the World’s largest rutile resource

- PFS post tax NPV8 of $1.6Bn

- Industry leading cost metrics

- Rio Tinto is a “Strategic Investor” at 15%

- Strong balance sheet with Cash & Equiv. of $39.4m

- Potential to expand MRE at Kasiya