#SVML Sovereign Metals – Issue of Equity

Sovereign Metals Limited (Sovereign or the Company) (ASX:SVM, AIM:SVML) advises that it has issued  7,444,000 fully paid ordinary shares (Shares) upon the exercise of unlisted options as detailed below.

· Cashless exercise of 6,125,000 unlisted options exercisable at A$0.14 each on or before 30 June 2022 for the issue of 4,410,000 Shares;

· Exercise of 250,000 unlisted options exercisable at A$0.14 each on or before 30 June 2022 for the issue of 250,000 Shares for proceeds of A$35,000;

· Cashless exercise of 1,850,000 unlisted options exercisable at A$0.18 each on or before 30 June 2022 for the issue of 1,184,000 Shares;

· Cashless exercise of 2,500,000 unlisted options exercisable at A$0.18 each on or before 31 July 2022 for the issue of 1,600,000 Shares.

An application will be made for the Shares to be admitted to trading on AIM (Admission) and it is expected that Admission will become effective on or around 30 June 2022.

Total Voting Rights

For the purposes of the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTRs), following Admission of the Shares, Sovereign will have 470,725,023 Ordinary Shares in issue with voting rights attached. The figure of 470,725,023 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the ASX Listing Rules or the DTRs.

Following the issue of Shares, Sovereign has the following securities on issue:

· 470,725,023 ordinary fully paid ordinary shares;

· 150,000 unlisted options exercisable at A$0.18 each on or before 30 June 2022;

· 11,105,125 unlisted options exercisable at A$0.80 each on or before 13 May 2023;

· 5,120,000 performance rights subject to the “Feasibility Study Milestone” expiring on or before 31 December 2023; and

· 7,320,000 performance rights subject to the “Decision to Mine Milestone” expiring on or before 31 October 2025.

Shares on exercise of unlisted options have issued to Directors of the Company are detailed below. 

ENQUIRIES