SOVEREIGN METALS LIMITED
NEWS RELEASE I 27 SEPTEMBER 2024
ISSUE OF PERFORMANCE RIGHTS
Sovereign Metals Limited (Sovereign or Company) (ASX:SVM, AIM:SVML, OTCQX:SVMLF) advises that it has today issued 2,000,000 unlisted performance rights to Directors following shareholder approval on 12 September 2024 as follows:
· 600,000 unlisted performance rights subject to the "Definitive Feasibility Study Milestone" expiring on or before 31 October 2025;
· 600,000 performance rights subject to the "Grant of Mining Licence Milestone" expiring on or before 31 March 2026; and
· 800,000 performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026.
The Company has also issued 2,725,000 unlisted performance rights to key staff (not PDMRs) as part of their incentive remuneration as follows:
· 917,500 unlisted performance rights subject to the "Definitive Feasibility Study Milestone" expiring on or before 31 October 2025;
· 917,500 performance rights subject to the "Grant of Mining Licence Milestone" expiring on or before 31 March 2026; and
· 890,000 performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026.
Further, the following unlisted performance rights lapsed following cessation of employment (non-PDMR):
· 125,000 performance rights subject to the "Grant of Mining Licence Milestone" expiring on or before 31 March 2026; and
· 300,000 performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026.
Following the issue and cancellation of these unlisted performance rights, the Company has the following securities on issue:
· 599,879,879 fully paid ordinary shares (of no par value);
· 10,977,500 unlisted performance rights subject to the "Definitive Feasibility Study Milestone" expiring on or before 31 October 2025;
· 4,992,500 unlisted performance rights subject to the "Grant of Mining Licence Milestone" expiring on or before 31 March 2026; and
· 6,190,000 unlisted performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026.
Change of Directors' Interest Notices are provided below.
ENQUIRIES
| Dylan Browne Company Secretary info@sovereignmetals.com |
| Nominated Adviser on AIM and Joint Broker |
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| SP Angel Corporate Finance LLP | +44 20 3470 0470 |
| Ewan Leggat Charlie Bouverat | |
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| Joint Brokers |
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| Stifel | +44 20 7710 7600 |
| Varun Talwar |
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| Ashton Clanfield |
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| Berenberg | +44 20 3207 7800 |
| Matthew Armitt |
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| Jennifer Lee |
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| Buchanan | + 44 20 7466 5000 |
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 |
A)
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 | Benjamin Stoikovich |
| Date of last notice | 24 November 2023 |
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.
| Selwyn Capital Limited (beneficial interest)
|
| Date of change | 27 September 2024 |
| No. of securities held prior to change | (a) 4,190,000 (b) 600,000 (c) 350,000 (d) 500,000 |
| Class | (a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the "Definitive Feasibility Study Milestone" expiring 31 October 2025 (c) Unlisted Performance Rights subject to the "Grant of Mining Licence Milestone" expiring 31 March 2026 (d) Unlisted Performance Rights subject to the "Final Investment Decision Milestone" expiring 30 June 2026 |
| Number acquired | (b) 300,000 (c) 300,000 (d) 400,000 |
| Number disposed | Not applicable |
| Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
| Not applicable - see nature of change below |
| No. of securities held after change | (a) 4,190,000 (b) 900,000 (c) 650,000 (d) 900,000 |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Issue of Performance Rights following shareholder approval |
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 | Not applicable |
| Nature of interest
| Not applicable |
| Name of registered holder (if issued securities)
| Not applicable |
| Date of change | Not applicable |
| 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
| Not applicable |
| Interest acquired | Not applicable |
| Interest disposed | Not applicable |
| Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
| Not applicable |
| Interest after change | Not applicable |
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 |
| Initial notification/Amendment | Initial |
| LEI | 213800NSPXSASTENFQ34 |
| Place of transaction | Australian Securities Exchange (ASX) |
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 |
B)
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 | Francis (Frank) Eagar |
| Date of last notice | 20 October 2023 |
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 |
| Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
| |
| Date of change | 27 September 2024 |
| No. of securities held prior to change | (a) 500,000 (b) 1,000,000 (c) 500,000 (d) 700,000 |
| Class | (a) Ordinary Fully Paid Shares (b) Unlisted Performance Rights subject to the "Definitive Feasibility Study Milestone" expiring 31 October 2025 (c) Unlisted Performance Rights subject to the "Grant of Mining Licence Milestone" expiring 31 March 2026 (d) Unlisted Performance Rights subject to the "Final Investment Decision Milestone" expiring 30 June 2026 |
| Number acquired | (b) 300,000 (c) 300,000 (d) 400,000 |
| Number disposed | Not applicable |
| Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation
| Not applicable - see nature of change below |
| No. of securities held after change | (a) 500,000 (b) 1,300,000 (c) 800,000 (d) 1,100,000 |
| Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back | Issue of Performance Rights following shareholder approval |
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 | Not applicable |
| Nature of interest
| Not applicable |
| Name of registered holder (if issued securities)
| Not applicable |
| Date of change | Not applicable |
| 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
| Not applicable |
| Interest acquired | Not applicable |
| Interest disposed | Not applicable |
| Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation
| Not applicable |
| Interest after change | Not applicable |
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 |
| Initial notification/Amendment | Initial |
| LEI | 213800NSPXSASTENFQ34 |
| Place of transaction | Australian Securities Exchange (ASX) |
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