TIDMSVML
RNS Number : 8867G
Sovereign Metals Limited
18 November 2022
SOVEREIGN METALS LIMITED
NEWS RELEASE | 18 NOVEMBER 2022
Results Annual General Meeting
The Annual General Meeting (AGM) of Sovereign Metals Limited
(Company) (ASX:SVM, AIM:SVML) was held today, 18 November 2022, at
10.00am (AWST).
The resolutions voted on were in accordance with the Notice of
AGM previously advised to the Australian Securities Exchange and
shareholders. All resolutions were decided on and carried by way of
poll.
In accordance with Section 251AA of the Corporations Act 2001
and ASX Listing Rule 3.13.2, the details of the poll and proxies
received in respect of each resolution are set out in the attached
summary. A summary of the amended terms of the performance rights
following the passing of Resolution 4 is also attached to this
announcement.
The Company has also released a new Constitution which will be
available to view at: http://sovereignmetals.com.au/aim-rule-26/
.
ENQUIRIES
Dylan Browne
Company Secretary
+61(8) 9322 6322
info@sovereignmetals.com
Nominated Adviser on AIM
RFC Ambrian
Bhavesh Patel / Andrew Thomson +44 20 3440 6800
Joint Brokers
Berenberg +44 20 3207 7800
Matthew Armitt
Jennifer Lee
Optiva Securities +44 20 3137 1902
Daniel Ingram
Mariela Jaho
Christian Dennis
Resolution Number of Proxy Votes Number and Percentage Voting
of Votes cast on the Poll Method
and
Result
For Against Abstain Proxy's For Against Abstain
Discretion
----------- ---------- ----------- ----------- ----------- ---------- -----------
Carried
1. Remuneration on vote
Report 4,353,276 142,906 20,435,842 8,138 6,245,414 142,906 20,435,842 by poll
(98%) (2%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
2. Re-election Carried
of Director - on vote
Mr Benjamin Stoikovich 23,207,518 1,684,506 40,000 8,138 25,099,656 1,684,506 40,000 by poll
(94%) (6%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
3. Election of Carried
Director - Mr on vote
Nigel Jones 24,883,224 8,800 40,000 8,138 26,775,362 8,800 40,000 by poll
(99.99%) (0.01%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
4. Amendment Carried
to terms of existing on vote
Performance Rights 18,696,476 151,706 6,083,842 8,138 20,588,614 151,706 6,083,842 by poll
(99%) (1%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
5. Issue of Performance
Rights to a Director Carried
- Mr Benjamin on vote
Stoikovich 6,523,599 1,684,506 16,723,919 8,138 8,415,737 1,684,506 16,723,919 by poll
(83%) (17%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
6. Ratify issue
of Placement
Shares issued Carried
pursuant to Listing on vote
Rule 7.1 24,832,224 8,800 91,000 8,138 26,724,362 8,800 91,000 by poll
(99.99%) (0.01%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
7. Ratify issue
of Placement
Options issued Carried
pursuant to Listing on vote
Rule 7.1 24,689,318 151,706 91,000 8,138 26,581,456 151,706 91,000 by poll
(99%) (1%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
8. Approval of
Remuneration Carried
of Non-Executive on vote
Directors 4,293,476 151,706 20,486,842 8,138 6,185,614 151,706 20,486,842 by poll
(98%) (2%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
Carried
9. Adoption of on vote
new Constitution 23,216,318 1,532,800 182,906 8,138 25,108,456 1,532,800 182,906 by poll
(94%) (6%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
10. Approval
of Additional Carried
10% Placement on vote
Capacity 24,841,024 - 91,000 8,138 26,733,162 - 91,000 by poll
(100%) (0%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
Carried
11. Appointment on vote
of Auditor 24,892,024 - 40,000 8,138 26,784,162 - 40,000 by poll
(100%) (0%)
----------- ---------- ----------- ----------- ----------- ---------- ----------- --------
Resolution 4 sought Shareholder approval, pursuant to Listing
Rule 6.23, to amend the terms of all existing Performance Rights
currently on issue and amend the Performance Criteria as detailed
below (Amendment).
TRANCHE ORIGINAL ORIGINAL AMED PERFORMANCE CRITERIA AMED NO. OF
PERFORMANCE EXPIRY EXPIRY PERFORMANCE
CRITERIA DATE DATE RIGHTS
Feasibility
Study
Milestone
means
announcement
of a
positive
Feasibility
Study for
the Malawi Pre-Feasibility Study Milestone means announcement of a
Rutile positive Pre-Feasibility Study for
Project in the Malawi Rutile Project (prepared in accordance with
accordance the provisions of the JORC Code) which
with the demonstrates the following:
provisions * A minimum net present value of US$1,000M (using a
of the JORC minimum discount rate of 8%);
Code.
Feasibility
Study has * A minimum life of mine of 20 years; and
the meaning 31 30
given in the December September
2 JORC Code. 2023 * A minimum internal rate of return of 25% . 2023 5,120,000
-------------- ---------- --------------------------------------------------------- ----------- ------------
3 Decision to 31 Definitive Feasibility Study Milestone means 31 October 7,320,000
Mine October announcement of a positive Definitive Feasibility 2025
Milestone 2025 Study (DFS) for the Malawi Rutile Project (prepared in
means accordance with the provisions of the
announcement JORC Code) which demonstrates the following:
of a * A minimum net present value of US$1,000M (using a
Decision to minimum discount rate of 8%);
Mine for the
Malawi
Rutile * A minimum life of mine of 20 years; and
Project.
Decision to
Mine means a * A minimum internal rate of return of 25% .
decision to
commence
mining
operations.
-------------- ---------- --------------------------------------------------------- ----------- ------------
Following shareholder approval of resolution 4, the expiry date
for the tranche two performance rights have been amended to 30
September 2023. Following the Amendment, Sovereign has the
following securities on issue:
Quoted:
SVM - Ordinary fully paid: 470,875,023
Unquoted:
SVMAP - Performance Right Expiring 30-SEP-2023 (PFS): 5,120,000
SVMAQ - Performance Right Expiring 31-OCT-2025 (DFS): 7,320,000
SVMAS - Option Expiring 13-MAY-2023 EX $0.80: 11,105,125
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END
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