Lapse of Performance Rights

SOVEREIGN METALS LIMITED

NEWS RELEASE | 6 JUNE 2023

Lapse of Performance Rights

The Company advises that, in accordance with the Company's shareholder approved Employee Incentive Plan, the following performance rights have been cancelled for no consideration following cessation of employment with the Company:

· 450,000 performance rights subject to the "Feasibility Study Announcement Milestone" expiring on or before 31 December 2025.

Following the cancellation, Sovereign has the following securities on issue:

· 470,875,023 ordinary fully paid shares;

· 6,100,000 performance rights subject to the "Pre-Feasibility Study Announcement Milestone" expiring on or before 31 December 2023; and

· 7,810,000 performance rights subject to the "Feasibility Study Announcement Milestone" expiring on or before 31 October 2025.

Classification: 2.5 Total number of voting rights and capital

ENQUIRIES