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SOVEREIGN METALS LIMITED 29 January 2021 DECEMBER 2020 QUARTERLY REPORT Sovereign Metals Limited ( Company or Sovereign ) is pleased to provide its quarterly report for the period ended 31 December 2020. The Company's primary focus was on the very large and high - grade Kasiya Rutile Deposit ( " Kasiya ” ) in Malawi . HIGHLIGHTS Working towards a substantial maiden rutile Mineral Resource Estimate ( MRE ) at Kasiya which is expected in the March quarter . Continued resource definition and regional exploration drilling is ongoing with teams deployed across Kasiya and other regional rutile prospects . A significant number of sample batches are in various stages of completion , including some that are well advanced , with results to be reported throughout the quarter . Mining and tailings studies continue and will feed into a future Scoping Study . Preparations for feasibility level variability metallurgical test - work have commenced with a significant samples obtained . Very positive feedback from rutile product sample assessment by major industry end - users . Commencement of metallurgical test - work on rutile tailings to assess the potential for a by - product from Kasiya . Recent improvements in the graphite market have led the Company to re - examine its PFS - level low cost Malingunde Graphite Project . A focus will be on sustainability with Sovereign already demonstrating the ability to produce a range of premium - quality graphite products , providing the potential to sell into the rapidly growing lithium - ion battery markets . Sovereign's Managing Director Dr Julian Stephens commented : " It was another productive quarter for Sovereign as we continued with a number of different work fronts , with the primary focus on defining the maiden resource for rutile at Kasiya . In addition to this , Sovereign has front - run a number of other work programs to accelerate the Scoping Study . The Company continues to have the view that Kasiya is a globally significant rutile deposit " . ENQUIRIES Dr Julian Stephens ( Perth ) Managing Director Sam Cordin ( Perth ) +61 ( 8 ) 9322 6322 +61 ( 8 ) 9322 6322 Sapan Ghai ( London ) +44 207 478 3900 Sovereign Metals Limited | ASX : SVM T : +61 8 9322 6322 | F : +61 8 9322 6558 | E : info@sovereignmetals.com.au | www.sovereignmetals.com.au Level 9 , 28 The Esplanade , PERTH WA 6000 | ABN : 71 120 833 427