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SOVEREIGN METALS LIMITED 29 April 2021 MARCH 2021 QUARTERLY REPORT Sovereign Metals Limited ( Company or Sovereign ) is pleased to provide its quarterly report for the period ended 31 March 2021. The Company's primary focus was on the very large and high - grade rutile province that includes the flagship Kasiya and the recently discovered Nsaru deposits . Sovereign's very large and expanding rutile footprint in Malawi could prove to be one of the world's most significant source of the highest purity and most environmentally sustainable titanium feedstock . HIGHLIGHTS Drilling continued to extend and define the large , high - grade Kasiya rutile deposit ( 66km² mineralised footprint ) with further broad zones of very high - grade rutile from surface intersected . Discovery of Nsaru ( ~ 25km² mineralised footprint ) , a new high - grade deposit adjacent to Kasiya . Step - out drilling at Kasiya and Nsaru continuing with multiple field drilling teams deployed . Working toward the maiden rutile Mineral Resource Estimate ( MRE ) at Kasiya which is expected in the June quarter , which will now include a largely expanded portion of the extensive mineralised footprint of Kasiya . Successful completion of an A $ 8m placement to Northern Hemisphere - based Institutional investors . Life Cycle Assessments confirmed Sovereign's natural rutile could potentially eliminate significant global titanium industry CO2 emissions . Assessment of options to unlock the value of graphite assets with the recent improvement in the graphite market . Sovereign's Managing Director Dr Julian Stephens commented : " This was a significant quarter for Sovereign as we continued to unlock a new , globally significant source of low carbon , direct feed natural rutile . The discovery of Nsaru and the successful eight million dollar placement supported by existing and new high - calibre investors places the Company in an excellent position to forge ahead rapidly with the immediate goals being the maiden MRE followed by a Scoping Study . " ENQUIRIES Dr Julian Stephens ( Perth ) Managing Director Sam Cordin ( Perth ) Sapan Ghai ( London ) +61 ( 8 ) 9322 6322 +44 207 478 3900 +61 ( 8 ) 9322 6322 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