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SOVEREIGN METALS LIMITED 30 July 2021 JUNE 2021 QUARTERLY REPORT Sovereign Metals Limited ( Company or Sovereign ) is pleased to provide its quarterly report for the period ended 30 June 2021 . HIGHLIGHTS Maiden Mineral Resource Estimate ( MRE ) establishing Kasiya as one of the largest natural rutile deposits in the world . 644Mt@1.01% rutile ( 0.7 % cut - off , Inferred ) including a high - grade component of 137Mt @ 1.41 % rutile ( 1.2 % cut - off , Inferred ) Kasiya is a strategic and globally significant natural rutile discovery with substantial additional resource growth expected . The maiden MRE covers 49km² or just 43 % of the total 114km² ( Kasiya 89km² + Nsaru 25km² ) drill - defined rutile - mineralised footprint . All mineralisation within the MRE occurs in a single and coherent deposit with much of the high- grade material occurring within the top ~ 5 metres from surface . Key management appointments with the recruitment of mineral sands veteran , Mr Paul Marcos as Head of Development and highly experienced Study Manager , Mr Russell Bradford . Scoping Study well underway with the engagement of internationally recognised consultants to lead the study with completion targeted for late 2021 . The rutile market is in supply deficit with prices rising steadily over the last 12 months . Sovereign's Managing Director Dr Julian Stephens commented : " This was a very significant quarter for the Company . We released our maiden JORC mineral resource estimate showing Kasiya to be one of the largest rutile deposits in the world , all within 18 months since discovery . We continue our momentum with numerous work programs underway as we accelerate ahead targeting completion of the Scoping Study by the end of the year . " ENQUIRIES Dr Julian Stephens ( Perth ) Sam Cordin ( Perth ) Managing Director +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