Sovereign Metals (SVM) investor relations material

Strategic supply context

• U.S. import reliance is 100% for titanium, natural graphite and heavy rare earths; China dominates graphite processing and has imposed export controls on graphite and rare earths.

• Kasiya is positioned to supply three critical minerals from Malawi: natural rutile, flake graphite and a heavy-rare-earth-rich monazite concentrate.

• The deposit is described as the world's largest natural rutile resource and second-largest flake graphite resource, with 3.4Bt of combined rutile and graphite resources.

Resources and production

• Resources contain 26.3Mt rutile, 37.3Mt graphite and 69kt monazite; the monazite MRE totals 524.4Mt at 0.0132% grade, 74% Indicated.

• DFS steady-state output is 222ktpa rutile at 95%+ TiO2 and 275ktpa graphite at 96% TGC; the graphite resource is described as 25% below China's C1 production cost.

• The REC Scoping Study adds 2,626tpa of concentrate at ~57% TREO over a 23-year LOM, including Dy, Tb, Y, Sm and Gd.

• Rutile and graphite have product qualification support; rare-earth concentrate qualification testwork with Western refiners is underway.

Development and logistics

• The April 2026 DFS covers rutile and graphite; a September 2026 Scoping Study assessed incremental monazite recovery using project-specific testwork and the DFS production schedule.

• Pilot mining is complete, Rio Tinto provided technical input on mining, processing and ESG, and IFC collaboration includes environmental and social input and financing rights.

• Proposed operations use dry mechanical mining and gravity separation, with 97.6% rutile recovery and 70.4% average graphite recovery; no chemical processes in the primary circuit.

• Existing rail links toward Nacala and Beira ports; the 6km spur to Kasiya is planned, and REC delivery is costed at US$3.68/kg CIF Texas.

• The monazite study is preliminary, has ±30% accuracy and does not support Ore Reserve estimation for the additional products; further evaluation and studies are required.