Sovereign Metals Limited · ASX:SVM
Sovereign Metals — Investor Presentation (October 2026)
32 slides from Sovereign Metals's investor presentation, Oct 15, 2026
Slide 1: Redefining Western critical minerals supply chains
TI TANI U M · G R AP H I TE · H E A V Y R A R E E A R T H S rsonal use only Redefining Western critical minerals supply chains OCTOBER 2026 ASX: SVM | AIM: SVML | OTCQX: SVMLF | ABN: 71 120 833 427
Slide 2: Disclaimers & Disclosures
DISCLAIMERS & DISCLOSURES 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 atta
Slide 3: Disclaimers & Disclosures (Continued)
DISCLAIMERS & DISCLOSURES (Continued) 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)
Slide 4: Three supply chains, one pattern of dependence
THREE SUPPLY CHAINS, ONE PATTERN OF DEPENDENCE America’s exposure - titanium, graphite, heavy rare earths rsonal use only T I T A N IU M N A T U R A L G R A P H I TE H E A V Y R A R E E A R TH S 100% U.S. import reliance 100% U.S. import reliance 100% U.S. import reliance Titanium “sponge” - the met
Slide 5: One deposit, three critical minerals for America
ONE DEPOSIT, THREE CRITICAL MINERALS FOR AMERICA Sovereign Metals - Kasiya Critical Minerals Project, Malawi rsonal use only TITANIUM GRAPHITE HEAVY RARE EARTHS • World’s largest natural rutile resource • World’s 2nd largest flake graphite resource • Monazite concentrate with five of the seven China
Slide 6: Kasiya Mineral Resource
KASIYA MINERAL RESOURCE Tier-1 scale in three critical minerals rsonal use only 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 Sources: See Appendices 1, 2 and 3 for MRE tables SOVEREIGN META
Slide 7: Studied, piloted and partnered
STUDIED, PILOTED AND PARTNERED De-risking profile rsonal use only IFC/World Bank Rio Tinto Pilot mining complete Collaboration Agreement Technical input throughout mining, Real-world mining inputs, completed Environmental & social input - IFC process and ESG ahead of the DFS Performance Standards al
Slide 8: Simple by design - mine to market
MINING · PROCESSING · LOGISTICS · REHABILITATION Simple by design - mine to market rsonal use only 01 MINING 02 PROCESSING 03 LOGISTICS 04 REHABILITATION Dry mechanical mining. Low-energy gravity separation. Rail direct to deep-water port. Progressive in-pit backfill. Draglines + 100t dump trucks. O
Slide 9: A Commonwealth democracy in the Western camp
A COMMONWEALTH DEMOCRACY IN THE WESTERN CAMP Malawi - stable · democratic · Western-aligned rsonal use only COMMONWEALTH DEMOCRACY DEEPENING U.S. ENGAGEMENT Multi-party democracy since 1994 · English U.S. Deputy Assistant Secretary of State visited common law · English official language Sovereign’s
Slide 10: Existing rail to two deep-water ports
CONNECTED TO GLOBAL MARKETS · RAIL TO PORT, COSTED TO AMERICA Existing rail to two deep-water ports rsonal use only 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$7BN CORRIDOR UPGRADE Japan-led,
Slide 11: Rutile: the world's largest, and the first in years
RUTILE · THE WORLD’S LARGEST, AND THE FIRST IN 50 YEARS The cleanest, highest-grade titanium feedstock rsonal use only COMMERCIAL GRADES OF TITANIUM FEEDSTOCK (%TiO₂) KM Toliara 0.8 McCalls 95%+ 1.1 1.7 80–94% Cataby 0.7 70–85% Eneabba Euston 1.5 1.9 Goschen Area 1 50–65% 2.8 2.2 KASIYA Wimmera Taji
Slide 12: Graphite: breaking China's monopoly
GRAPHITE · BREAKING CHINA’S MONOPOLY Flake graphite at a cost China cannot match rsonal use only Africa North America South America Australia 1,000 900 800 Graphite Creek | Graphite One C1 CASH COST (US$/T FOB) 700 2025 Global Demand ≈ 1.4Mtpa 600 Chilalo | Evolution 500 Maniry | Evion Molo | NextSo
Slide 13: Rare earth concentrate: heavy, landed in America, uncommitted
RARE EARTH CONCENTRATE · HEAVY, LANDED IN AMERICA, UNCOMMITTED A heavy REE basket with potential to feed U.S. refiners rsonal use only 5 of 7 ~US$3.68/kg ~57% EXPORT-CONTROLLED RARE EARTHS ALL-IN COST, CIF TEXAS TREO CONCENTRATE Dy, Tb, Y, Sm, Gd in the basket Low-cost delivery into the U.S. A heavi
Slide 14: A basket weighted to high-value heavy rare earths
RARE EARTH BASKET · HIGH VALUE IN USE FOR PROCESSORS A basket weighted to high-value heavy rare earths rsonal use only A HIGHER-VALUE BASKET (US$/kg) HIGHER VALUE IN USE NdPr DyTb Y Sm Gd What a richer basket means for a processor 139.21 More payable heavies 01 from a fixed nameplate 59.94 Diversifi
Slide 15: Monazite potentially broadens Kasiya's funding options
MONAZITE · STRENGTHENING THE FINANCING CASE Monazite potentially broadens Kasiya’s funding options THREE CONTRACTABLE PRODUCTS WHAT IT CAN MEAN FOR FUNDING rsonal use only RUTILE Mitsui - non-binding MOU GRAPHITE DEBT CAPACITY CUSTOMER FUNDING Traxys / Project Vault - non-binding MOU Binding offtake
Slide 16: The economics
THE ECONOMICS US$2.2B definitive foundation, potential high-return rare earths NPV (PRE -TAX) CAPEX NPV ÷ CAPEX ANNUAL EBITDA OPERATING MARGIN rsonal use only Kasiya DFS (Apr 2026) Rutile & graphite · 25-year US$2.2B US$727M 3.0x US$476M 64% LOM 25-year initial LOM to first production as published s
Slide 17: Corporate, ownership & the team
THE TEAM AND CAPITAL STRUCTURE TO BUILD IT Corporate, ownership & the team CAPITAL STRUCTURE & OWNERSHIP rsonal use only TEAM Share price | shares on issue A$0.46 / 24.5p | 656M • Over 200 years of mine feasibility, financing, construction and operating experience Market capitalisation A$300M / US$2
Slide 18: Kasiya: a globally strategic critical minerals asset
KASIYA rsonal use only A GLOBALLY STRATEGIC CRITICAL MINERALS ASSET DEFINITIVE STRATEGIC DE-RISKED CONTACT Frank Eagar Sapan Ghai Managing Director & CEO Chief Commercial Officer +27 21 140 3190 · South Africa / Malawi +44 207 478 3900 · London sovereignmetals.com.au | ASX: SVM | AIM: SVML | OTCQX:
Slide 19: Appendices
rsonal use only APPENDICES SOVEREIGN METALS | ASX:SVM | AIM:SVML | OTCQX:SVMLF 19
Slide 20: Kasiya rutile & graphite Mineral Resource Estimates
APPENDIX 1 Kasiya rutile & graphite Mineral Resource Estimates Kasiya March 2026 Model – Rutile Mineral Resource Tonnes Rutile Grade Rutile TGC TGC Rutile Eq. rsonal use only Category Class (Mt) (%) (Mt) (%) (Mt) (%) Rutile Mineralisation Measured 107 1.05 1.12 1.56 1.67 1.94 >=0.4% Rut95 Indicated
Slide 21: Kasiya global Mineral Resource Estimates & Ore Reserves
APPENDIX 2 Kasiya global Mineral Resource Estimates & Ore Reserves Kasiya March 2026 – Global Mineral Resource – Rutile and Graphite rsonal use only Tonnes Rutile Grade Rutile TGC TGC Rutile Eq. Class 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.
Slide 22: Kasiya monazite Mineral Resource Estimate
APPENDIX 3 Kasiya monazite Mineral Resource Estimate Kasiya September 2026 – Monazite mineral resource estimate rsonal use only Tonnes Monazite Grade Class (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
Slide 23: Natural rutile resource information (slide 11)
APPENDIX 4 Natural rutile resource information (slide 11) Ref Company Project Stage of Development Source rsonal use only Ore Reserves and Mineral Resources statement 2025 1 Iluka Resources Wimmera DFS https://www.iluka.com/media/ntnd53oo/iluka-resources-ore-reserves-and-mineral-resources-as-at-31-d
Slide 24: Natural rutile resource information (slide 11) – cont.
APPENDIX 4 Natural rutile resource information (slide 11) – cont. Contained Contained Contained 1. Wimmera Mt Rutile Grade 5. Area 1 Mt Rutile Grade 10. Toliara Mt Rutile Grade Rutile Rutile Rutile Measured 246 0.31% 0.8 Measured 41.85 0.99% 0.41 Measured 597 0.06% 0.4 rsonal use only Indicated 535
Slide 25: Flake graphite operating cost information (slide 12)
APPENDIX 5 Flake graphite operating cost information (slide 12) Steady State rsonal use only C1 Cash Costs Company Project Stage of Development Production Notes Source US$/t tpa Company Presentation: Clean Energy Minerals in Africa (August 2024) NGX Malingunde PFS Complete 52000 396 - https://cdn-ap
Slide 26: Flake graphite operating cost information (slide 12) – cont.
APPENDIX 5 Flake graphite operating cost information (slide 12) – cont. Steady State rsonal use only C1 Cash Costs Company Project Stage of Development Production Notes Source US$/t tpa Technical Report: Updated Resources and Reserves Assessment and Pre-feasibility Study (18 March 2020) South Star B
Slide 27: Flake graphite operating cost information (slide 12) – cont.
APPENDIX 5 Flake graphite operating cost information (slide 12) – cont. Steady State rsonal use only C1 Cash Costs Company Project Stage of Development Production Notes Source US$/t tpa Company Announcement: Feasibility Study Update for Bunyu Graphite Project Stage 1, Tanzania, delivers Relates to s
Slide 28: Key DFS metrics (steady state)
APPENDIX 6 Key DFS metrics (steady state) OPERATING METRICS Units Results rsonal use only 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 Prod
Slide 29: Key REC Scoping Study metrics (steady state)
APPENDIX 7 Key REC Scoping Study metrics (steady state) (Accuracy ±30%) OPERATING METRICS Units Results rsonal use only 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% - o
Slide 30: Product specifications
APPENDIX 8 Product specifications Kasiya Rutile Specifications rsonal use only Kasiya Constituent (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 Gr
Slide 31: REE company specific sources (slide 14)
APPENDIX 9 REE company specific sources (slide 14) rsonal use only Project Company Status Source Data Link Vara Mada Feasibility Study https://www.energyfuels.com/wp- Mt Weld Lynas Rare Earths Ltd. Producing NI43-101 & S-K 1300 Technical Summary content/uploads/2026/01/FS-Vara-Mada-Project-Report-NI
Slide 32: End-use equivalents source data
APPENDIX 10 End-use equivalents source data 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); rsonal use only • net import reliance
Sovereign Metals — Investor Presentation (October 2026) on 6ix