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TITANIUM · GRAPHITE · HEAVY RARE EARTHS Redefining Western critical minerals supply chains OCTOBER 2026 ASX: SVM | AIM: SVML | OTCQX: SVMLF | ABN: 71 120 833 427
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DISCLAIMERS & DISCLOSURES SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 2 Disclaimer Notice This presentation has been prepared as a summary only and does not contain all information Sovereign Metals Limited’s (Sovereign) assets and liabilities, financial position and performance, profits and losses, prospects, and the rights and liabilities attaching to Sovereign’s securities. The securities issued by Sovereign are considered speculative and there is no guarantee that they will make a return on the capital invested, that dividends will be paid on the shares or that there will be an increase in the value of the shares in the future. Sovereign does not purport to give financial or investment advice. No account has been taken of the objectives, financial situation or needs of any recipient of this report. Recipients of this report should carefully consider whether the securities issued by Sovereign are an appropriate investment for them in light of their personal circumstances, including their financial and taxation position. The material in this presentation(“material”) is not and does not constitute an offer, invitation or recommendation to subscribe for, or purchase any security in Sovereign nor does it form the basis of any contract or commitment. Sovereign makes no representation or warranty, express or implied, as to the accuracy, reliability or completeness of this material. Sovereign, its directors, employees, agents and consultants shall have no liability, including liability to any person by reason of negligence or negligent misstatement, for any statements, opinions, information or matters, express or implied, arising out of, contained in or derived from, or for any omissions from this material except liability under statute that cannot be excluded. Statements contained in this material, particularly those regarding possible or assumed future performance, costs, dividends, production levels or rates, prices, resources, reserves or potential growth of Sovereign, industry growth or other trend projections are, or maybe, forward looking statements. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. Actual results and developments may differ materially from those expressed or implied by these forward-looking statements depending on a variety of factors. Forward-looking Statement Certain statements contained in this presentation, including information as to the future financial or operating performance of Sovereign and its project interests are ‘forward-looking statements’. They include indications of, and guidance on, future matters. Forward-looking statements include, but are not limited to, statements preceded by words such as "targeted", "planned", “expected”, "projected", "estimated", “may”, "scheduled",intends”,“anticipates”,“believes”, "potential",“could”, “likely”,“nominal”, "conceptual",“propose”,“will”,“forecast”,“estimate”, and other similar expressions within the meaning of securities laws of applicable jurisdictions and include, but are not limited to, anticipated future activities at the Kasiya Project, production targets, financial forecasts, estimates and assumptions in respect of mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, capital expenditures and operating expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These‘forward-lookingstatements’ are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Sovereign, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied in any forward-looking statement and deviations are both normal and to be expected. Competent Persons Statements Definitive Feasibility Study The information in this presentation that relates to the DFS (including Mine Engineering, Mine Scheduling, Processing, Infrastructure, Capital and Operating Costs, Production Target and Ore Reserves and other financial forecasts) is extracted from an announcement dated 16 April 2026, 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 included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant CompetentPersons’ findings are presented in this presentation have not been materially changed from the original announcement. The information in this presentation that relates to the Mineral Resource Estimate is extracted fromSovereign’s announcement dated 18 March 2026 entitled‘Kasiya Mineral Resource Estimate Significantly Upgraded Ahead ofDFS’ (MRE announcement), which is available to view at www.sovereignmetals.com.au, and 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 (RPO) included in a list promulgated by ASX from time to time. Mr Witley is a principal of MSA Group, an independent consulting company. 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 included in the original announcement continue to apply and have not materially changed; and c) the form and context in which the relevant CompetentPersons’ findings are presented in original announcement have not been materially changed from the disclosure in the original announcement. The information in this presentation that relates to the exploration results (rutile and graphite metallurgy) is extracted from announcements dated 28 September 2023, 8 May 2024, 15 May 2024, 4 September 2024, 21 January 2026 and 27 May 2026, 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 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 changed from the original announcement.
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DISCLAIMERS & DISCLOSURES (Continued) SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 3 Competent Persons Statements (Continued) Monazite Scoping Study The information in this presentation that relates to the Scoping Study (including Infrastructure, Capital and Operating Costs, Production Target and economic analysis and other financial forecasts) exploration results and metallurgical testwork is extracted from an announcement dated 9 September 2026 entitled“Scoping Study ConfirmsKasiya’s Potential as a Globally Significant And Strategic Source Of Critical RareEarths”, 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 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 changed from the original announcements. The information in this presentation that relates to the Mineral Resource Estimate (Monazite) is extracted from Sovereign’s announcement dated 9 September 2026, which is available to view at www.sovereignmetals.com.au, and 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 RPO included in a list promulgated by ASX from time to time. Mr Witley is a principal of MSA Group, an independent consulting company. 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 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 original announcement have not been materially changed from the disclosure in the original announcement. Cautionary Statement The REC Scoping Study referred to in this presentation assesses the potential incremental recovery of monazite from mineral streams that potentially may be generated by the Kasiya Project as included in the April 2026 DFS. The Scoping Study is based on low-level technical and economic assessments, supported by project-specific metallurgical testwork and the existing DFS production schedule. Consistent with the preliminary nature of a Scoping Study, it is not sufficient to support the estimation of Ore Reserves for the additional products or to provide assurance of an economic development case for those products at this stage. Further evaluation and appropriate studies are required before the additional products can be assessed as to whether they can be estimated as Ore Reserves and be incorporated into a definitive development case. The Scoping Study has been prepared to an accuracy level of ±30%. The results should not be considered a profit forecast or production forecast. Authorisation statement This presentation has been approved and authorised for release by theCompany’s Managing Director & CEO, Mr Frank Eagar.
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THREE SUPPLY CHAINS, ONE PATTERN OF DEPENDENCE America’s exposure - titanium, graphite, heavy rare earths Sources: U.S. Geological Survey (USGS) Mineral Commodity Summaries 2026; U.S. Government arrangements as publicly announced. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 4 TITANIUM 100% U.S. import reliance Titanium “sponge” - the metal of airframes, naval and aerospace systems for U.S. defence and aerospace primes is produced by Japan Japan needs unencumbered feedstock to maintain titanium sponge supply China is actively pursuing a strategy to control this supply chain NATURAL GRAPHITE 100% U.S. import reliance ~77% of flake graphite production and ~100% of anode processing by China China has weaponized its monopoly through export controls HEAVY RARE EARTHS 100% U.S. import reliance No U.S. commercial-scale production of Dy, Tb or Y; overall rare earth import reliance still ~67% China continues to weaponize supply through export controls Washington’s response has included price floors, stockpiles and offtake vehicles. The vulnerability is structural.
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ONE DEPOSIT, THREE CRITICAL MINERALS FOR AMERICA Sovereign Metals - Kasiya Critical Minerals Project, Malawi Note: Per the Kasiya DFS (April 2026) and REC Scoping Study (September 2026). Refer to those announcements for material assumptions and cautionary statements. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 5 TITANIUM • World’s largest natural rutile resource • Cleanest, highest-grade titanium mineral • 1st rutile-dominant deposit found in over 50 years • 26.3Mt contained rutile at 95%+ TiO₂ • 222ktpa at steady state PRODUCT QUALIFICATION Toho — validated for all and any end uses Verified premium product for welding GRAPHITE • World’s 2nd largest flake graphite resource • Both battery and industrial grade • 37.3Mt contained flake graphite • 275ktpa at steady state • By-product with production costs ~25% below China PRODUCT QUALIFICATION Industrial grade: refractories, expandables, high-purity Battery grade: in line with, and better than, BTR (China’s largest anode producer) HEAVY RARE EARTHS • Monazite concentrate with five of the seven China export-controlled rare earths • Dy, Tb, Y, Sm, Gd all at elevated levels • NdPr levels in line with current producers • Lowest product costs as a by-product • ~2.6ktpa @ ~57% TREO at steady state PRODUCT QUALIFICATION In progress: testwork underway with Western refiners
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KASIYA MINERAL RESOURCE Tier-1 scale in three critical minerals Sources: See Appendices 1, 2 and 3 for MRE tables SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 6 3.4Bt TOTAL COMBINED RESOURCE 26.3Mt CONTAINED RUTILE World’s #1 37.3Mt CONTAINED GRAPHITE World’s #2 69kt CONTAINED MONAZITE Significant heavy rare earths
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STUDIED, PILOTED AND PARTNERED De-risking profile Note: Per the Kasiya DFS (April 2026) and REC Scoping Study (September 2026). SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 7 DFS complete Definitive Feasibility Study for rutile & graphite - April 2026 Monazite study complete Rare earths circuit - September 2026, with maiden monazite MRE (74% Indicated) U.S. engagement Integrating into U.S. legislative and executive (White House) discussions on critical mineral supply chains inc. Project Vault Rio Tinto Technical input throughout mining, process and ESG Pilot mining complete Real-world mining inputs, completed ahead of the DFS IFC/World Bank Collaboration Agreement Environmental & social input - IFC Performance Standards alignment Financing rights to fund Kasiya – debt & equity
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MINING · PROCESSING · LOGISTICS · REHABILITATION Simple by design - mine to market Note: Per the Kasiya DFS (April 2026) and REC Scoping Study (September 2026). SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 8 01 MINING Dry mechanical mining. Draglines + 100t dump trucks. • No drilling or blasting • No crushing, grinding or milling • Average pit depth of 14 metres • Fleet confirmed by 2024 Pilot Mining 02 PROCESSING Low-energy gravity separation. Off-the-shelf equipment. • 97.6% rutile recovery • 70.4% avg graphite recovery • No chemical processes in primary circuit • Two 12Mtpa plants (Yrs 1 & 5) • Rutile >95% TiO₂, graphite >96% TGC 03 LOGISTICS Rail direct to deep-water port. Operational infrastructure. • 6km rail spur to Nacala Corridor • Heavy-haul rail to Port of Nacala • Containerised export from site • US$117/t product transport cost • Beira Corridor as secondary route 04 REHABILITATION Progressive in-pit backfill. No conventional TSF. • Disposal into mined pits • No tailings dam • Rehabilitation program increases soil quality • Conservation farming: 5.2 t/ha maize yield (vs ~1 t/ha local average) PER KASIYA DFS MINING 24Mtpa PROCESSING PLANT per DFS flowsheet 22 Ti Natural rutile 222ktpa 6 C Natural graphite 275ktpa PER SCOPING STUDY ADDED MONAZITE CIRCUIT rare earth concentrate (REC) - ~2,626tpa @ ~57% TREO Non-conductor tailings stream from first 23 years 60 Nd 59 Pr 66 Dy 65 Tb 39 Y 62 Sm 64 Gd Five of seven rare earths subject to Chinese export controls since April 2025
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A COMMONWEALTH DEMOCRACY IN THE WESTERN CAMP Malawi - stable · democratic · Western-aligned Sources: World Bank Group (metals & minerals compacts, Apr 2026; Malawi minerals roadmap); Government of Japan; Malawi Chamber of Mines and Energy; U.S. Department of War. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 9 MALAWI New U.S. Embassy, Lilongwe - under construction COMMONWEALTH DEMOCRACY Multi-party democracy since 1994 · English common law · English official language DEEPENING U.S. ENGAGEMENT U.S. Deputy Assistant Secretary of State visited Sovereign’s Malawi facilities ACTIVE AFRICOM ENGAGEMENT Strong bilateral U.S. relations · AFRICOM (U.S. DOW) · U.S. Air Forces Africa WORLD BANK-BACKED MINING One of four inaugural metals & minerals compact countries; US$30B export roadmap to 2040 CHAMBER OF MINES LEADERSHIP Presided over by Sovereign’s Country Manager, Maxwell Kazako INFRASTRUCTURE BEING UPGRADED US$350M grid grant · 375MW hydro (2030) · US$7Bn Nacala corridor Active in Malawi: World Bank · IFC · IMF · AfDB · Afreximbank · DFC · JICA · JOGMEC · JBIC · KfW · BII · Norfund · EIB / EC · EDF · TotalEnergies
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CONNECTED TO GLOBAL MARKETS · RAIL TO PORT, COSTED TO AMERICA Existing rail to two deep-water ports Note: Per the Kasiya DFS (April 2026) and REC Scoping Study (September 2026); corridor investment per Government of Japan announcements. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 10 EXISTING RAIL Operational today – 6km rail spur to connect to Kasiya TWO DEEP-WATER PORTS Nacala corridor, with the Sena line to Beira as optionality US$7BN CORRIDOR UPGRADE Japan-led, with an explicit critical-minerals focus ~US$3.68/KG CIF TEXAS REC costed landed in a U.S. Gulf port, end to end
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RUTILE · THE WORLD’S LARGEST, AND THE FIRST IN 50 YEARS The cleanest, highest-grade titanium feedstock Note: Per the Kasiya DFS (April 2026). Peer resources per Appendix 4. See Appendix 10 for end use equivalents source data. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 11 26.3Mt WORLD’S LARGEST RESOURCE Contained natural rutile (>95% TiO₂) 1st in 50 yrs FIRST MAJOR DISCOVERY SINCE THE 1970s Most preferred titanium mineral - in structural deficit ~55,000 F-35-CLASS AIRFRAMES ~92t rutile per airframe KASIYA 26.3 Wimmera 5.8 Sembehun 5.5 Moma 4.3 Goschen 2.8 Area 1 2.2 Balranald 2.0 Eneabba 1.9 McCalls 1.7 Euston 1.5 Toliara 1.1 KM 0.8 Cataby 0.7 Tajiri 0.6 Ouyen 0.5 Contained rutile (Mt) COMMERCIAL GRADES OF TITANIUM FEEDSTOCK (%TiO₂) 95%+ Natural Rutile 80–94% Synthetic Rutile 70–85% Titanium Slag 50–65% Ilmenite TITANIUM METAL MOST PREFERRED LEAST PREFERRED
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GRAPHITE · BREAKING CHINA’S MONOPOLY Flake graphite at a cost China cannot match Note: Per the Kasiya DFS (April 2026); peer C1 costs and production per Appendix 5; China production 914,774t and cash costs per Benchmark Resource Intelligence (2025). See Appendix 10 for end use equivalents source data. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 12 Africa North America South America Australia 100 200 300 400 500 600 700 800 900 1,000 C1 CASH COST (US$/T FOB) KASIYA US$216/t CHINA US$288/t Malingunde|NGX Lac Knife Focus Graphite Matawinie Nouveau Monde Balama | Syrah Mahenge|Black Rock Siviour | Renascor Santa Cruz|South Star Orom Cross Blencowe Molo | NextSource Epanko | EcoGraf Maniry | Evion Bunyu | Volt Chilalo | Evolution Graphite Creek | Graphite One 2025 Global Demand ≈ 1.4Mtpa SOVEREIGN METALS (275ktpa) China (weighted average cost of active producers) Listed, active graphite projects at or beyond the pre-feasibility stage ANNUAL PRODUCTION (KTPA) → 37.3Mt WORLD’S 2ND LARGEST RESOURCE Contained natural flake graphite (96% C) ~25% below China LOWEST COST PRODUCER C1 production costs of US$216/t vs China US$288/t ~2,200 GWh OF BATTERY CELLS 3x America’s 2031 requirement
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RARE EARTH CONCENTRATE · HEAVY, LANDED IN AMERICA, UNCOMMITTED A heavy REE basket with potential to feed U.S. refiners Note: Per the REC Scoping Study (September 2026). LOM: life of mine of 23 years per REDC Scoping Study. See Appendix 10 for end use equivalents source data. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 13 5 of 7 EXPORT-CONTROLLED RARE EARTHS Dy, Tb, Y, Sm, Gd in the basket ~US$3.68/kg ALL-IN COST, CIF TEXAS Low-cost delivery into the U.S. ~57% TREO CONCENTRATE A heavies-rich concentrate ~7 million HUMANOID ROBOTS’ MAGNETS OVER LOM ~35% OF CURRENT ANNUAL U.S. YTTRIUM DEMAND ~23 years OF U.S. SAMARIUM SUPPLY OVER SCOPING STUDY LOM
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RARE EARTH BASKET · HIGH VALUE IN USE FOR PROCESSORS A basket weighted to high-value heavy rare earths Note: Basket values per the REC Scoping Study (September 2026), See Appendix 9 for source data. Prices: S&P Global Platts (30Sep 2026); Asian Metal (12 Aug 2026) and historical yttrium range, as reported by Petra Capital Pty Ltd (2 Sep 2026). SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 14 A HIGHER-VALUE BASKET (US$/kg) 139.21 KASIYA Sovereign 30.29 MOUNTAIN PASS MP Materials 59.94 MT WELD Lynas NdPr DyTb Y Sm Gd HIGHER VALUE IN USE What a richer basket means for a processor 01 More payable heavies from a fixed nameplate 02 Diversifies feed beyond one or two sources 03 Fits new and emerging heavy circuits in the U.S. and allied markets EX-CHINA HEAVY RARE EARTH PRICES AT RECORD HIGHS Oxide prices, US$/kg - latest available assessment for each, dates as shown Tb TERBIUM US$7,500/kg ~7x the China FOB price S&P Platts CIF N. America · 30 Sep 2026 Dy DYSPROSIUM US$3,250/kg +171% since March 2026 S&P Platts CIF N. America · 30 Sep 2026 Y YTTRIUM US$667.5/kg 49x in twelve months Asian Metal Europe · 12 Aug 2026
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MONAZITE · STRENGTHENING THE FINANCING CASE Monazite potentially broadens Kasiya’s funding options Note: Per the REC Scoping Study (September 2026). Rutile (Mitsui) and graphite (Traxys) agreements are non-binding MOUs. Funding outcomes are illustrative and not assured. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 15 THREE CONTRACTABLE PRODUCTS RUTILE Mitsui - non-binding MOU GRAPHITE Traxys / Project Vault - non-binding MOU RARE EARTH CONCENTRATE NEW - uncommitted, offtake to be contracted More contracted revenue WHAT IT CAN MEAN FOR FUNDING DEBT CAPACITY Binding offtake is revenue lenders can count in debt sizing, across a more diversified banking case CUSTOMER FUNDING Scarce ex-China heavy feed can attract prepayments, project- level or corporate equity PATH TO VALUE CUSTOMER QUALIFICATION samples into Western processors BINDING OFFTAKE demand into contracted revenue DFS INTEGRATION FID progression
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THE ECONOMICS US$2.2B definitive foundation, potential high-return rare earths Note: Per the Kasiya DFS (April 2026) and REC Scoping Study (September 2026). Floors applied as a downside assumption only; Kasiya is not party to any floor arrangement. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 16 NPV (PRE -TAX) CAPEX NPV ÷ CAPEX ANNUAL EBITDA OPERATING MARGIN Kasiya DFS (Apr 2026) Rutile & graphite · 25-year LOM US$2.2B 25-year initial LOM US$727M to first production 3.0x as published US$476M steady state 64% FOB Nacala REC Study (Sep 2026) Monazite · 23-year LOM (Accuracy ±30%) ~US$722M 151% IRR · 1.5-yr payback ~US$29M no additional mining ~24.9x incremental basis ~US$84M steady state ~90% CIF Texas vs current market cap: ~US$210M Downside tested - at U.S. Government floor prices the rare earths circuit still returns ~US$183M NPV₈, a ~43% IRR and ~6.3x its capital, pre-tax
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THE TEAM AND CAPITAL STRUCTURE TO BUILD IT Corporate, ownership & the team SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 17 CAPITAL STRUCTURE & OWNERSHIP Share price | shares on issue A$0.46 / 24.5p | 656M Market capitalisation A$300M / US$210M Cash / debt (30 Jun 2026) A$25M / no debt Rio Tinto ~18% Board & management ~11% OFFTAKE PARTNERS • Mitsui (rutile MOU) · Traxys – Project Vault (graphite MOU) • Further US and US-allied offtake discussions underway TEAM • Over 200 years of mine feasibility, financing, construction and operating experience • Over 10 mining projects taken from feasibility to construction / operation • Successful track record of mine development financing via debt, offtake, strategic investment and equity UPCOMING CATALYSTS • Binding offtake agreements • Rare earth studies and testwork • Permitting • FID Note: Share price information as at 13th October 2026.
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KASIYA A GLOBALLY STRATEGIC CRITICAL MINERALS ASSET DEFINITIVE STRATEGIC DE -RISKED CONTACT Frank Eagar Managing Director & CEO +27 21 140 3190 · South Africa / Malawi Sapan Ghai Chief Commercial Officer +44 207 478 3900 · London sovereignmetals.com.au | ASX: SVM | AIM: SVML | OTCQX: SVMLF | ABN: 71 120 833 427
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APPENDICES SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 19
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A P P E ND I X 1 Kasiya rutile & graphite Mineral Resource Estimates SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 20 Category Class Tonnes Rutile Grade Rutile TGC TGC Rutile Eq. (Mt) (%) (Mt) (%) (Mt) (%) Rutile Mineralisation Measured 107 1.05 1.12 1.56 1.67 1.94 >=0.4% Rut95 Indicated 1,545 0.97 14.99 1.05 16.26 1.57 Inferred 452 0.91 4.12 0.45 2.02 1.17 Total Rutile MRE 2,105 0.96 20.24 0.95 19.95 1.51 Rutile Mineralisation <0.4% Rut95 Measured 1 0.24 0 1.88 0.02 1.32 Indicated 40 0.25 0.1 1.92 0.77 1.35 Inferred 7 0.22 0.02 1.69 0.12 1.19 Total internal waste in RPEEE 48 0.24 0.12 1.88 0.91 1.32 Total Rutile in Pit Shell 2,153 0.95 20.35 0.97 20.86 1.5 Note: Rutile Mineral Resource defined from an optimised pit shell with mineralisation defined as >= 0.75% Rut95. A rutile concentrate net price of US$1,400 was used to maximise economic value. Graphite had no value for this run. Kasiya March 2026 Model – Rutile Mineral Resource Kasiya March 2026 Model – Graphite Mineral Resource Category Class Tonnes TGC TGC Rutile Grade Rutile Rutile Eq. Dry BD (Mt) (%) (Mt) (%) (Mt) (%) TGC>=0.6% Measured 30 1.99 0.59 0.52 0.15 1.67 1.74 Indicated 629 1.86 11.69 0.4 2.53 1.47 1.69 Inferred 201 1.7 3.42 0.3 0.61 1.28 1.7 Subtotal HG 860 1.83 15.7 0.38 3.29 1.43 1.69 TGC<0.6% Measured 0.6 0.23 0 0.68 0 0.81 1.66 Indicated 195 0.23 0.45 0.65 1.27 0.78 1.6 Inferred 220 0.15 0.33 0.65 1.42 0.73 1.57 Subtotal MG 415 0.19 0.78 0.65 2.69 0.76 1.59 Total Graphite MRE 1,275 1.29 16.48 0.47 5.98 1.21 1.66 Note: Graphite Mineral Resource is all material inside the total MRE pit shell after depletion of the Rutile Mineral Resource.
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A P P E ND I X 2 Kasiya global Mineral Resource Estimates & Ore Reserves SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 21 Kasiya March 2026 – Global Mineral Resource – Rutile and Graphite Class Tonnes Rutile Grade Rutile TGC TGC Rutile Eq. Dry BD (Mt) (%) (Mt) (%) (Mt) (%) Measured 139 0.93 1.3 1.65 2.3 1.87 1.67 Indicated 2,409 0.78 18.9 1.21 29.2 1.48 1.62 Inferred 881 0.7 6.2 0.67 5.9 1.08 1.59 Total 3,428 0.77 26.3 1.09 37.3 1.39 1.62 Note: The Total MRE includes all rutile and graphite mineralisation within an optimised open pit shell using a 95%+TiO2 rutile (Rut95) concentrate revenue price of net US$1,400/t and a Graphite product price of net US$1,200/t; Mine Opex US$1.35/t; Process Opex US$5.44/t; Rutile recovery of 97.6%; Average Graphite recovery of 70.4%. Figures are rounded and may not sum exactly. Kasiya March 2026 – Ore Reserve - Rutile (Rut95) + Graphite (TGC) Class Tonnes Rutile Grade Rutile TGC TGC Rutile Eq. Dry BD (Mt) (%) (Mt) (%) (Mt) (%) Proved 78 1.03 0.80 1.65 1.28 1.87 1.67 Probable 458 0.94 4.29 1.54 7.07 1.47 1.62 Total 536 0.95 5.09 1.56 8.35 1.39 1.62 The Total Ore Reserve is all rutile and graphite mineralisation within an optimised open pit shell using a Rut95 concentrate revenue price of net US$1,286.81/t and a Graphite product price of net US$1,099.51/t; Mine Opex US$1.35/t; Process Opex US$5.44/t; Rutile recovery of 97.6%; Average Graphite recovery of 70.4%.
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A P P E ND I X 3 Kasiya monazite Mineral Resource Estimate SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 22 Kasiya September 2026 – Monazite mineral resource estimate Class Tonnes Monazite Grade (Mt) (%) Indicated 386.9 0.0135 Inferred 137.5 0.0125 Total 524.4 0.0132 Notes: 1. The mineral resource is constrained to the Kasiya rutile and graphite DFS open pits to satisfy RPEEE 2. No cut-off is applied and the total volume within the DFS open pits will be processed with monazite concentrate being produced as a by-product of the Kasiya rutile and graphite production 3. The grade % is the in-situ grade of monazite mineral calculated from the recovered magnetic concentrate fraction of the HMS within the sand fraction (>45um <600um)
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A P P E ND I X 4 Natural rutile resource information (slide 11) SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 23 Ref Company Project Stage of Development Source 1 Iluka Resources Wimmera DFS Ore Reserves and Mineral Resources statement 2025 https://www.iluka.com/media/ntnd53oo/iluka-resources-ore-reserves-and-mineral-resources-as-at-31-december- 2024.pdf 2 Leonoil (ex.Sierra Rutile) Sembehun DFS 2023 Annual Report https://sierra-rutile.com/media/52zon0go/sierra-rutile-2023-annual-report.pdf 3 Kenmare Resources Moma (Various) Production 2024 Annual Report https://wp-kenmare-2024.s3.eu-west-2.amazonaws.com/media/2025/04/2025-04-14-Kenmare-2024-Annual- Report.pdf#page=35 4 VHM Goschen DFS / Permitted Corporate Presentation (26 Mar 2026) https://wcsecure.weblink.com.au/pdf/VHM/03072246.pdf 5 Leonoil (ex.Sierra Rutile) Area 1 Production 2023 Annual Report https://sierra-rutile.com/media/52zon0go/sierra-rutile-2023-annual-report.pdf 6 Iluka Resources Balranald Construction Ore Reserves and Mineral Resources statement 2025 https://www.iluka.com/media/ntnd53oo/iluka-resources-ore-reserves-and-mineral-resources-as-at-31-december- 2024.pdf 7 Iluka Resources Eneabba Construction Ore Reserves and Mineral Resources statement 2025 https://www.iluka.com/media/ntnd53oo/iluka-resources-ore-reserves-and-mineral-resources-as-at-31-december- 2024.pdf 8 Image Resources McCalls Resource Corporate Presentation 30 May 2025 https://app.sharelinktechnologies.com/announcement-preview/asx/5953be32f215f379c7d1903671e85994 9 Iluka Resources Euston Resource Ore Reserves and Mineral Resources statement 2025 https://www.iluka.com/media/ntnd53oo/iluka-resources-ore-reserves-and-mineral-resources-as-at-31-december- 2024.pdf 10 Energy Fuels Toliara DFS NI 43-101 and S-K 1300 Feasibility Study https://www.energyfuels.com/wp-content/uploads/2026/01/FS-Vara-Mada-Project-Report-NI43-101-FINAL- 01.07.2026.pdf 11 MRG Metals Koko Massava Resource 2023 Annual Report https://wcsecure.weblink.com.au/pdf/MRQ/02717754.pdf 12 Iluka Resources Cataby Production Ore Reserves and Mineral Resources statement 2025 https://www.iluka.com/media/ntnd53oo/iluka-resources-ore-reserves-and-mineral-resources-as-at-31-december- 2024.pdf 13 Shenge Resources Tajiri Scoping Study 2024 Annual Report (Strandline Resources Limited) https://clients3.weblink.com.au/pdf/STA/02860612.pdf 14 Iluka Resources Ouyen Production Ore Reserves and Mineral Resources statement 2025 https://www.iluka.com/media/ntnd53oo/iluka-resources-ore-reserves-and-mineral-resources-as-at-31-december- 2024.pdf Notes: Does not include any projects where rutile is not reported separately within HMC assemblage.
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A P P E ND I X 4 Natural rutile resource information (slide 11) – cont. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 24 1. Wimmera Mt Rutile Grade Contained Rutile Measured 246 0.31% 0.8 Indicated 535 0.29% 1.5 Inferred 1,327 0.38% 3.1 Total 2,108 0.28% 5.8 2. Sembehun Mt Rutile Grade Contained Rutile Measured 133.77 1.38% 1.85 Indicated 166.82 1.05% 1.75 Inferred 207.20 0.93% 1.93 Total 507.79 1.09% 5.53 3. Moma Mt Rutile Grade Contained Rutile Reserves not included in Resources 1,420 0.05% 0.8 Measured 363 0.06% 0.2 Indicated 2,879 0.05% 1.4 Inferred 4,296 0.04% 1.8 Total 8,958 0.05% 4.3 4. Goschen Mt Rutile Grade Contained Rutile Measured 25 0.5% 0.1 Indicated 360 0.3% 1.2 Inferred 500 0.3% 1.6 Total 890 0.3% 2.8 5. Area 1 Mt Rutile Grade Contained Rutile Measured 41.85 0.99% 0.41 Indicated 103.53 0.91% 0.94 Inferred 123.32 0.71% 0.88 Total 268.7 0.83% 2.23 6. Balranald Mt Rutile Grade Contained Rutile Measured 6 5.7% 0.3 Indicated 35 3.8% 1.3 Inferred 13 3.0% 0.4 Total 54 3.7% 2.0 7. Eneabba Mt Rutile Grade Contained Rutile Measured 249 0.4% 0.9 Indicated 177 0.4% 0.7 Inferred 93 0.4% 0.3 Total 518 0.4% 1.9 8. McCalls Mt Rutile Grade Contained Rutile Measured - - - Indicated 1,630 0.05% 0.8 Inferred 1,980 0.05% 0.9 Total 3,610 0.05% 1.7 9. Euston Mt Rutile Grade Contained Rutile Measured - - - Indicated 34 3.5% 1.2 Inferred 14 1.7% 0.2 Total 48 3.1% 1.5 10. Toliara Mt Rutile Grade Contained Rutile Measured 597 0.06% 0.4 Indicated 793 0.04% 0.3 Inferred 1,390 0.03% 0.4 Total 1,190 0.03% 1.1 11. Koko Massava Mt Rutile Grade Contained Rutile Measured - - - Indicated 557 0.05% 0.3 Inferred 977 0.05% 0.5 Total 1,531 0.05% 0.8 12. Cataby Mt Rutile Grade Contained Rutile Measured 105 0.2% 0.2 Indicated 63 0.1% 0.1 Inferred 65 0.1% 0.1 Total 233 0.3% 0.7 13. Tajiri Mt Rutile Grade Contained Rutile Measured 74 0.2% 0.1 Indicated 165 0.2% 0.4 Inferred 29 0.2% 0.1 Total 268 0.2% 0.6 14. Ouyen Mt Rutile Grade Contained Rutile Measured - - - Indicated 10 1.9% 0.2 Inferred 24 1.5% 0.4 Total 34 1.6% 0.5
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A P P E ND I X 5 Flake graphite operating cost information (slide 12) SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 25 Company Project Stage of Development Steady State Production tpa C1 Cash Costs US$/t Notes Source NGX Malingunde PFS Complete 52000 396 - Company Presentation: Clean Energy Minerals in Africa (August 2024) https://cdn-api.markitdigital.com/apiman- gateway/ASX/asx-research/1.0/file/2924-02844363- 6A1222369&v=fc9bdb61fe50ea61f8225e24ce041a0e155a9 400 Focus Graphite Lac Knife FS Complete 47781 413 Converted from Canadian Dollars to US Dollars based on exchange rate used in source document of 1.00 CAD / 0.736 USD Company Announcement: NI 43-101 Technical Report – Feasibility Study Update Lac Knife Graphite Project Québec, Canada (14 April 2023) https://focusgraphite.com/wp- content/uploads/2021/07/J5116-Focus-Lac-Knife-Tech-Rep- FSU-1.pdf Nouveau Monde Graphite Matawinie Construction 105882 419 - Press Release: Updated Feasibility Study for the Matawinie Mine https://nmg.com/updated-feasibility-study/ Syrah Resources Balama Production 240000 455 Production based on Company guidance of 20kt per month production rate. Operating costs based on midpoint of Balama C1 cost (FOB Nacala/Pemba) medium-term guidance of US$430- 480 per tonne. Company Presentation: Equity Raising and US Government Strategic Funding Proposals (26 March 2026) https://www.syrahresources.com.au/investors/asx- announcements# Black Rock Mining Mahenge Financing post eDFS 89000 466 Operating costs are for first 10 years therefore average production of first 10 years only shown Company Announcement: Black Rock Completes FEED and eDFS Update (10 October 2022) https://blackrockmining.com.au/wp- content/uploads/BlackRockCompletesFEEDAndeDFSUpdat e.pdf Renascor Siviour DFS Complete 150000 472 - Company Announcement: Siviour Battery Anode Material Study Results (8 August 2023) https://renascor.com.au/wp- content/uploads/2023/08/20230808-Siviour-Battery-Anode- Material-Study-Results-2588185.pdf
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A P P E ND I X 5 Flake graphite operating cost information (slide 12) – cont. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 26 Company Project Stage of Development Steady State Production tpa C1 Cash Costs US$/t Notes Source South Star Battery Metals Santa Cruz Production 25000 484 Transport costs per Benchmark minerals Technical Report: Updated Resources and Reserves Assessment and Pre-feasibility Study (18 March 2020) https://www.southstarbatterymetals.com/ydihapto/2021/0 4/NI43-101_PFS_Santa_Cruz_Mar18_2020.pdf Blencowe Resources Orom-Cross PFS Complete 97000 485 Costs are AISC Company Announcement: Definitive Feasibility Study Confirms Outstanding Economics for Orom-Cross Graphite Project (1 Dec 2025) https://blencoweresourcesplc.com/2025/12/01/dfs-results- confirms-outstanding-economics/ NextSource Materials Molo Production 150000 541 Figures relate to Molo expansion case. Operating Costs are US$392.59/t Minesite Operating Cost plus Selling Cost of US$148.80 Company Announcement: Nextsource Materials announces robust feasibility study results for Molo Mine expansion to 150,000 tonnes per annum of Superflake® graphite concentrate (12 December 2023) https://www.nextsourcematerials.com/nextsource- materials-announces-robust-feasibility-study-results-for- molo-mine-expansion-to-150000-tonnes-per-annum-of- superflake-graphite-concentrate/ Ecograf Epanko BFS Complete 73000 553 - Updated Epanko BFS (25 February 2026) https://www.ecograf.com.au/wp- content/uploads/2026/02/3029888.pdf Evion Maniry DFS Complete 56400 658 Production of 56.4ktpa is from year 4. Years 1 -3 production is 39ktpa BlackEarth Minerals Maniry Graphite Project Definitive Feasibility Study (3 November 2022) https://cdn-api.markitdigital.com/apiman- gateway/ASX/asx-research/1.0/file/2924-02593286- 6A1120357?access_token=83ff96335c2d45a094df02a206a3 9ff4
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A P P E ND I X 5 Flake graphite operating cost information (slide 12) – cont. SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 27 Company Project Stage of Development Steady State Production tpa C1 Cash Costs US$/t Notes Source Volt Resources Bunyu Stage 1 FS Complete 24780 670 Relates to stage 1 development which has had a feasibility study completed Company Announcement: Feasibility Study Update for Bunyu Graphite Project Stage 1, Tanzania, delivers significantly improved economics (14 August 2023) https://api.investi.com.au/api/announcements/vrc/d68bb 8a5-dc8.pdf Evolution Energy Chilalo DFS Complete 52000 773 Operating costs are for first 9 years of production Company Announcement: FEED and updated DFS confirms Chilalo as a standout high margin, low Capex and development-ready graphite project (20 March 2023) https://api.investi.com.au/api/announcements/ev1/67aa3 d24-039.pdf Graphite One Graphite Creek FS Complete 175000 982 Production and costs relate to Graphite Creek Mine and not the proposed graphite manufacturing facility Graphite Creek Project NI 43-101 Technical Report and Feasibility Study (25 March 2025) https://www.graphiteoneinc.com/wp- content/uploads/2025/04/NI- 43101_FS_Report_20250422_Final.pdf Notes: Analysis does not include projects: without at least a PFS-level study complete; owned by unlisted companies or companies in administration (voluntary or otherwise); in care and maintenance; with downstream studies which do not include a breakdown of graphite concentrate C1 costs
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A P P E ND I X 6 Key DFS metrics (steady state) SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 28 OPERATING METRICS Units Results Initial Life of Mine (LOM) Yrs 25 Total Ore Mined Mt 536 Phase 1 Plant Throughput (Yrs 1-4) Mtpa 12 Phase 2 Plant Throughput (Yrs 5-25) Mtpa 24 Annual Rutile Production (95%+ TiO2) ktpa 222 Annual Graphite Production (96% TGC) ktpa 275 FINANCIAL PERFORMANCE Total Revenue US$M 16,210 Annual Revenue US$M 728 Annual EBITDA US$M 476 Annual Free Cash Flow (pre-tax, unlevered) US$M 452 NPV8 (real, pre-tax) US$M 2,204 IRR (pre-tax) % 23% OPERATING AND CAPITAL EXPENDITURE Capex to First Production US$M 727 Total LOM Development Capex US$M 1,239 Total LOM Sustaining Capex US$M 431 Operating Costs (FOB Nacala) US$/t product 450
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A P P E ND I X 7 Key REC Scoping Study metrics (steady state) (Accuracy ±30%) SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 29 OPERATING METRICS Units Results Initial Life of Mine (LOM) Yrs 23 PRODUCTION TARGET (Steady State Average) Monazite REC tpa 2,626 Contained TREO tpa | % 1,485 | 56.6% - of which NdPr oxide tpa | % 310 | 20.8% - of which DyTb oxide tpa | % 36 | 2.5% - of which Yttrium oxide tpa | % 193 | 13.0% - of which Samarium + Gadolinium oxides tpa | % 82 | 5.5% FINANCIAL PERFORMANCE Base Case Western Supply Case Rare earth basket price assumption (CIF Texas) US$/kg REC 39.45 47.34 Incremental Operating costs (Site) US$/kg REC 0.90 Incremental Operating costs (CIF Texas) US$/kg REC ~3.68 ~4.07 Operating Margin % 90% 91% Annual EBITDA (Steady State) US$M 84 102 Annual Free Cash Flow (Steady State, Pre-tax, Unlevered) US$M 82 99 INCREMENTAL ECONOMICS (Pre-tax, Real) Incremental Capex to First Production US$M 29 NPV8 US$M 722 883 IRR % 151% 172% Payback on incremental capex Yrs 1.5 1.5 Notes: Base Case represents Argus Media group (Argus) rare earths price forecasts with payability of 50%; Western Supply Case represents Argus rare earths price forecasts and payability of 60% representing value attributable to ex-China monazite concentrate supply.
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A P P E ND I X 8 Product specifications SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 30 Constituent Kasiya (Sovereign Metals) TiO2 % 95.7 ZrO2+HfO2 % 0.18 SiO2 % 0.7 Fe2O3 % 0.98 Al2O3 % 0.44 Cr2O3 % 0.1 V2O5 % 0.58 Nb2O5 % 0.37 P2O5 % 0.018 MnO % 0.007 MgO % 0.001 CaO % 0.011 S % 0.005 U+Th ppm 30 Kasiya Rutile Specifications Kasiya Graphite Specifications Particle Size Flake Category Weight Distribution TGC Micron (μ) Tyler Mesh (% w/w) (%) (%) 500 +32 Super Jumbo 11 96.2 300 +50 Jumbo 24.9 95.9 180 +80 Large 26.8 95.4 150 +100 Medium 9.2 96 -150 -100 Small 28.1 94.8 100 95.50%
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A P P E ND I X 9 REE company specific sources (slide 14) SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 31 Project Company Status Source Data Link Mt Weld Lynas Rare Earths Ltd. Producing Vara Mada Feasibility Study NI43-101 & S-K 1300 Technical Summary (7-Jan-26) https://www.energyfuels.com/wp- content/uploads/2026/01/FS-Vara-Mada-Project-Report-NI43- 101-FINAL-01.07.2026.pdf Mountain Pass MP Materials Corp. Producing SEC FILING: 10-K - Mineral Resource Estimate (28-Feb-25) https://d18rn0p25nwr6d.cloudfront.net/CIK- 0001801368/37126578-26fe-49e0-b0d2-12c6053a5a1b.pdf
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A P P E ND I X 1 0 End-use equivalents source data SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 32 1. U.S. rare earth production, consumption and import reliance • U.S. Geological Survey, Mineral Commodity Summaries 2026 (February 2026) • U.S. rare earth production of 8,900t REO-equivalent in 2025 (4,300t in 2024); • net import reliance approximately 67%; • yttrium among 13 minerals at 100% net import reliance, with China the dominant supplier; • no U.S. production of heavy rare earths (including Dy, Tb) at commercial scale; • U.S. mineral-reliant industries US$4.09 trillion of output, more than one-eighth of the U.S. economy • Yttrium consumption basis (~550tpa) per USGS yttrium statistics, 2021–2025 average. 2. Chinese export controls Ministry of Commerce of the People's Republic of China: export controls on seven medium and heavy rare earths (samarium, gadolinium, terbium, dysprosium, lutetium, scandium, yttrium), April 2025; controls extended to holmium, erbium, thulium, europium and ytterbium, October 2025. 3. U.S. Government floor prices and supply arrangements • MP Materials / U.S. Department of Defense partnership announcement (10 July 2025): ten-year US$110/kg NdPr floor price. (LINK) • Lynas Rare Earths ASX announcement (16 March 2026): U.S. Department of War supply arrangement applying the US$110/kg NdPr floor.(LINK) • U.S. Department of War / Serra Verde offtake structure (20 April 2026): US$1.55 billion government-backed vehicle; floor prices of US$575/kg dysprosium oxide and US$2,050/kg terbium oxide, escalating 2% per annum under a 15-year take-or-pay arrangement. (LINK) 4. Samarium inventories and defence content National Defense Magazine, "Stockpiles of Critical Mineral Needed for High-End Magnets Begin to Dwindle" (1 July 2026) 5. Platform rare earth content • U.S. Congressional Research Service / U.S. Department of Defense figures as publicly reported: approximately 410kg of rare earth materials per F-35 airframe; approximately 4.2t per Virginia-class submarine. • Adamas Intelligence: Per-unit content of electric vehicles and humanoid robots (~1–4kg) 6. End-use equivalents— bases of Sovereign's derivations • ~7 million humanoid robots: contained NdPr + DyTb over the initial 23-year mine life at per-robot magnet content per item 5 above • ≈18% of U.S. Dy/Tb separation nameplate: 36tpa contained DyTb against the 200tpa nameplate of the first U.S. heavy rare earth separation circuit (MP Materials, Q3 2025 results) • ≈35% of U.S. yttrium consumption: 193tpa Y₂O₃ against average annual U.S. consumption per item 1.