NEWS RELEASE I 13 NOVEMBER 2024

MINING TRIALS CONCLUDE SUCCESSFULLY

Hydraulic mining trials at Kasiya were successfully concluded as part of the Kasiya Optimisation Study. Prior to the hydraulic mining trials, a dry mining trial successfully excavated a test pit to a depth of 20 metres. The mining trials confirm that the soft, friable Kasiya ore can be efficiently mined.

Managing Director and CEO, Frank Eagar commented: "I am pleased with the results of the mining trials at the test pit and now look forward to the rehabilitation demonstration stage, with backfilling of the pit already underway. Our findings from this Pilot Phase are constantly improving our understanding of Kasiya and how to optimise operations at this genuine Tier 1 project."

Following the conclusion of mining trials, land rehabilitation demonstrations are now underway commencing with the backfilling of the test pit. The test pit, which was excavated using conventional dry mining techniques and a simple mobile excavator fleet, covered an area of 120 metres by 110 metres and was mined to a depth of 20 metres through the weathered ore at Kasiya. Mined material is being placed back into the pit and all areas will be graded. The backfilling stage is expected to conclude in December 2024.

As part of the Pilot Phase, the Company has constructed small rehabilitation demonstration pits that will be used to demonstrate multiple rehabilitation processes. Sovereign's objective is to restore land after mining to conditions that achieve the same or better agricultural yields than prior to mining operations.

The Pilot Phase will demonstrate to local communities the successful rehabilitation of land for agricultural use post-mining. Results will also allow Sovereign to determine optimal approaches, providing critical information for Kasiya's Environmental and Social Impact Assessment.

Sovereign remains focused on becoming a leading global supplier to the titanium and graphite industries. Kasiya is the world's largest natural rutile deposit - the purest, highest-grade naturally occurring titanium feedstock - and the world's second-largest flake graphite deposit - a battery mineral essential for the energy transition.

Figure 1: Hydraulic mining of Kasiya test pit

Figure 2: Water monitor demonstrating hydraulic mining of Kasiya material

Figures 3 & 4: Test pit during hydro-mining trials (above) and aerial view of test pit being backfilled

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.