Kasiya Mineral Resource Estimate Significantly Upgraded Ahead of DFS

Measured & Indicated Resources Increase by 32% Cementing Kasiya as the World’s Largest Natural Rutile Deposit

KEY HIGHLIGHTS

-          Total Rutile Mineral Resource increases to 2.1 billion tonnes at 0.96% rutile for 20.3Mt contained rutile with 0.95% TGC for 20.0Mt contained graphite (M,I&I)

-          Measured and Indicated (M&I) contained rutile surges 32% to 16.1Mt (1.6 billion tonnes at 0.98% rutile) – a material increase in resource confidence ahead of DFS

-          Measured Resource planned to be mined and processed in first six years of operations – highest confidence JORC Code category, achieved at Kasiya for the first time

-          Resource upgrade delivers the classification standard required for bankable DFS – a critical milestone on the path to project financing

18 March 2026 - Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX:SVMLF) (Sovereign or the Company) is pleased to announce an updated Mineral Resource Estimate (MRE) for its flagship Kasiya Rutile-Graphite Project (Kasiya or Project) in Malawi.

The updated MRE will serve as the resource base for the Kasiya Definitive Feasibility Study (DFS) mine schedule, replacing the previous April 2023 MRE (Previous MRE).

Combined Measured and Indicated rutile Resources have grown 38% to 1,652Mt, now representing 77% of the total Resource base. This material improvement in Resource confidence reflects the extensive infill drilling programs completed and provides a robust foundation for the forthcoming DFS. Importantly, Kasiya has achieved a Measured Resource for the first time, which represents at least the first six years of planned operations.

Managing Director and CEO Frank Eagar commented:

“This updated MRE is a significant milestone for Sovereign as we advance Kasiya through the Definitive Feasibility Study. The 32% increase in Measured and Indicated contained rutile, together with our first-ever Measured Resource, reflects both the quality of our geological dataset and the exceptional nature of this deposit. The rigour of the updated resource estimation gives our strategic and commercial partners and us high confidence in the resource base underpinning our potential mine schedule. Kasiya remains unmatched globally as a source of natural rutile, and this MRE update reinforces its potential as a long-life, low-cost supplier to critical global supply chains.”

UPDATED MINERAL RESOURCE ESTIMATE

Table 1: Kasiya Rutile Mineral Resource Estimate (March 2026)

Note: Rutile Mineral Resource defined from a pit shell with mineralisation defined as >= 0.75% Rut95 for the pit shell optimisation run. A rutile concentrate net price of US$1,400 was used to determine economic value. Graphite had no value for this run. The Rutile MRE is reported based on all rutile mineralisation >=0.4% Rut95 within the optimised pit shell. Any apparent differences in totals are due to rounding.

Table 2: MRE Comparison – Previous vs. Updated

Figure 1: Increase in Kasiya MRE across categories

The updated MRE provides the resource foundation for the upcoming DFS mine schedule and mine optimisation study. The step-up in Measured and Indicated resource confidence is a critical input for the DFS, enabling the Company to present a resource base with the classification level required for bankable project financing and offtake discussions.

Sovereign’s DFS is progressing across all workstreams including mining, processing, infrastructure, environmental and social studies, and commercial arrangements.

MRE EMPHASISES SOVEREIGN’S STRATEGIC SIGNIFICANCE FOR GLOBAL SUPPLY CHAINS

Kasiya is a uniquely diversified source of critical minerals essential to defence, industrial and energy security. The updated MRE demonstrates Kasiya's potential to supply titanium-bearing rutile and graphite for several decades and its position as the world's single most strategically important source of rutile.

Natural rutile is a critical mineral essential to titanium metal production for aerospace, defence and medical applications. According to leading titanium consultants TZ Minerals International Pty Ltd (TZMI), demand for rutile from the titanium metals industry is forecast to grow 3% annually, while global supply is expected to decline by 7% per year over the next decade. The market faces a widening structural deficit.

Natural rutile commands a significant premium over alternative titanium feedstocks due to its superior grade (95%+ TiO₂), lower processing costs, and smaller environmental footprint. With no meaningful domestic production in key consuming nations, Kasiya’s scale and quality position it as the single most strategically important source of natural rutile outside of current producing regions.

With the updated MRE, Kasiya is positioned to address this critical supply gap at a time when new sources of natural rutile are urgently needed.

The graphite resource further enhances Kasiya's strategic value with a second critical mineral. With graphite demand forecast to grow 9% annually across battery and industrial applications (Benchmark Mineral Intelligence), the Project's 20.0Mt contained graphite provides significant exposure to a valuable by-product.

KASIYA MRE TECHNICAL DETAILS

The Kasiya MRE has been prepared by Sovereign under guidance by MSA Group and is reported in accordance with the JORC Code (2012) (JORC).

Rutile mineralisation lies in laterally extensive, near-surface, flat “blanket” style bodies in areas where the weathering profile is preserved and not significantly eroded. The high-grade zones are relatively geologically consistent with limited variability along and across strike. The mineralisation style is illustrated best in Figure 2 below.

Figure 2: MRE with E-W Cross Sections 8,479,200N (A-B) and E-W Cross Sections 8,467,600N (C-D) (cross section are at +/- 100m with 30x vertical exaggeration)

Link to the original English news:

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Enquiries

Frank Eagar, Managing Director & CEO

South Africa / Malawi

+27 21 140 3190

Sapan Ghai, CCO

London

+44 207 478 3900

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.

Competent Persons Statement

The information in this announcement that relates to the Mineral Resources Estimate is based on, and fairly represents, information compiled by Mr Jeremy Witley, a Competent Person, who is a member of the South African Council for Natural Scientific Professions (SACNASP Pr. Sci. Nat.), a Recognised Professional Organisation’ included in a list promulgated by ASX from time to time. Mr Witley is a principal of MSA Group, an independent consulting company. Mr Witley has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration, and to the activity he is undertaking, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Witley consents to the inclusion of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Exploration Results is based on, and fairly represents, information compiled by Mr Malcolm Titley, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy and member of Australian Institute of Geoscientists. Mr Titley is the Technical Services Manager of Sovereign and is a holder of unlisted performance rights in Sovereign. Mr Titley has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Titley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to Production Targets, Processing, Infrastructure and Capital and Operating Costs is extracted from an announcement dated 22 January 2025, which is available to view at www.sovereignmetals.com.au. Sovereign confirms that: a) it is not aware of any new information or data that materially affects the information included in the original announcement; b) all material assumptions and technical parameters underpinning the Production Target, and related forecast financial information derived from the Production Target included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant Competent Persons’ findings are presented in this presentation have not been materially modified from the original announcement.

This announcement has been approved and authorised for release by the Company’s Managing Director & CEO, Frank Eagar.

Link to the original English news:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03069465-6A1316853&v=undefined