Sovereign Metals Board Exit Leaves Kasiya Discoverer With 13,157,518 Shares & Consulting Role

• Dr. Julian Stephens resigned as a Non-Executive Director of Sovereign Metals on October 2, 2026, effective immediately.
• Stephens first identified rutile mineralization in Malawi, led the team that discovered the Kasiya deposit, and served as Managing Director from June 2016 to October 2023.
• Stephens will continue to provide consulting services to the company after leaving the board.
• Stephens final director's interest notice records 13,157,518 ordinary fully paid shares held directly.
• Stephens also holds 600,000 unlisted performance rights subject to the Construction and Finance Milestone, expiring June 30, 2028.

What Has Happened

Sovereign Metals Limited (ASX: SVM | AIM: SVML | OTCQX: SVMLF) has confirmed that Dr. Julian Stephens resigned as a Non-Executive Director (NED) on October 2, 2026, effective immediately. Stephens will continue to provide consulting services to the company, so the change ends his board role without ending his working relationship with Sovereign.

Stephens was Managing Director (MD) from June 2016 until October 2023, a period in which Sovereign describes him as instrumental in the company's growth and development. He first identified rutile mineralization in Malawi, subsequently led the team that discovered the Kasiya deposit, and progressed the project through its scoping and pre-feasibility study (PFS) stages. In October 2023, he moved from MD to NED, where he supported the company's technical and management teams. His final director's interest notice, given under ASX Listing Rule 3.19A.3, records his holdings at the date he ceased to be a director. He holds 13,157,518 ordinary fully paid shares and 600,000 unlisted performance rights, all registered in his own name.

Board Seat Ends, Company Relationship Continues

The resignation changes Stephens's formal position at Sovereign. As a director, his holdings were disclosed through directors' interest notices, the last of which, before his resignation, was dated May 12, 2026. The Appendix 3Z recording his departure is a Final Director's Interest Notice, and thus the last disclosure of his holdings made in his capacity as a director.

The working link with the company stays in place through the consulting role. Sovereign's Board said it looks forward to his continued involvement in that consulting capacity. The company has not disclosed the scope, duration, or terms of the arrangement, and his final director's interest notice lists no interests in contracts.

13,157,518 Shares & 600,000 Performance Rights

Stephens holds 13,157,518 ordinary fully paid shares directly. His final notice lists no securities held through another registered holder, so his disclosed position consists entirely of securities in his own name.

The 600,000 unlisted performance rights are subject to the Construction and Finance Milestone and expire on June 30, 2028. The milestone's specific conditions are not detailed in the disclosure. By its name, the milestone links these rights to the company reaching construction and finance, within a window that closes on June 30, 2028. The shareholding and the performance rights together give Stephens a disclosed financial exposure to Sovereign that runs beyond his board tenure. The shares are held outright, while the performance rights remain conditional on the milestone up to their expiry date.

Technical Continuity After the Board Change

Stephens's involvement with Kasiya goes back to the start of the project. He first identified rutile mineralization in Malawi, then led the team that discovered the deposit, which Sovereign describes as world-class. He progressed the project through its scoping and PFS stages.

As an NED from October 2023, Stephens supported Sovereign's technical and management teams. The consulting role keeps that background available to the company after his departure from the board. Sovereign's executive leadership sits with MD & Chief Executive Officer Frank Eagar, and the consulting arrangement gives that team continued access to the person who led Kasiya through its early study stages.

Board Commentary & Leadership Structure

Sovereign's Board thanked Stephens for his long-standing and significant contribution to the company over more than a decade, and said it looks forward to his continued involvement in his consulting capacity. No replacement NED was named alongside the resignation.

Broader Context & What to Watch Next

Stephens had not held an executive role since October 2023, so his resignation leaves Sovereign's executive team unchanged. The governance change is confined to the board, while his technical history with Kasiya remains accessible to the company through his consulting work.

3 items will show how the relationship develops from here: any disclosure of the consulting arrangement's scope or terms, Sovereign's progress toward the Construction and Finance Milestone before his performance rights expire on June 30, 2028, and any update to board composition following his departure.

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