Sovereign Metals Limited announced the appointment of Mr. Frank Eagar as Managing Director and Chief Executive Officer (CEO), effective from 20 October 2023. Mr. Eagar has over 20 years' experience in the financing, permitting, development and operation of mining projects with a strong focus in southern Africa. Mr. Eagar is a Chartered Accountant who has gained extensive corporate, commercial and technical experience in the mining sector throughout his career.

Mr. Eagar has previously held a number of senior executive positions in the resources sector, more recently with African mining focused private equity firm AMED Funds, which included acting as Chief Financial Officer (CFO) for AMED's controlled company, Central Copper Resources PLC (Central Copper). Prior to Central Copper, Mr. Eagar was the CEO (and prior to that the CFO) of Baobab Steel Limited (Baobab) another AMED controlled company, where he managed the completion of a Definitive Feasibility Study (DFS) and a joint venture with the World Bank's IFC to procure strategic investors and raise project finance for Baobab's USD 1 Billion, fully permitted, integrated 500ktpa Steel and Vanadium Project in Mozambique. Mr. Eagar joined Sovereign in December 2022 as General Manager in Malawi, where he has already expanded the team with a focus on Malawian nationals, developed strong relationships with Government and demonstrated a clear understanding of the Kasiya Project and its development landscape.

Dr. Stephens has been Managing Director of Sovereign since June 2016 and has been instrumental in the Company's growth and development. He first identified rutile mineralisation in Malawi and then led the team that discovered Sovereign's world-class Kasiya rutile-graphite deposit.