Sovereign Metals Limited — Director's Dealing 2021

May 20, 2021

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	SOVEREIGN METALS LIMITED
ABN	71 120 833 427

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Mark Pearce
Date of last notice	20 March 2019

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and Indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	•Mr Mark Pearce and Mrs Natasha Pearce (trustee and beneficial interest) •Apollo Group Pty Ltd (director and indirect shareholder) •Crystal Brook Investments Pty Ltd (director and beneficial interest)
Date of change	See change of director’s interests in contracts below
No. of securities held prior to change	4,070,842
Class	Ordinary Fully Paid Shares
Number acquired	Nil
Number disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Not applicable
No. of securities held after change	4,070,842
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	See change of director’s interests in contracts below

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	Subject to shareholder approval, offer of Performance Rights in the Company to Mr Pearce (or his nominee)
Nature of interest	As above
Name of registered holder (if issued securities)	Mr Pearce (or his nominee)
Date of change	17 May 2021
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	(a) Nil - Performance rights subject to the “Scoping Study Milestone” expiring on or before 31 December 2021 (b) Nil - Performance rights subject to the “Feasibility Study Milestone” expiring on or before 31 December 2023 (c) Nil - Performance rights subject to the “Decision to Mine Milestone” expiring on or before 31 October 2025
Interest acquired	(a) 225,000 (b) 225,000 (c) 300,000
Interest disposed	Nil
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	Not applicable
Interest after change	(a) 225,000 (b) 225,000 (c) 300,000

Part 3 –[+] Closed period

Part 3 –+Closed period
Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	Not applicable
If prior written clearance was provided, on what date was this provided?	Not applicable

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011