Capital Metals PLC - mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka - Says that discussions with LB Group will now be continuing on a non-exclusive basis, after the board decided not to renew exclusivity beyond December 31. LB Group is a manufacturer of high-performance titanium dioxide pigments and sponge. Explains that this decision was made because of additional interest to fund the project into production, following the full reinstatement of the Industrial Mining Licences announced in December.
Executive Chair Greg Martyr says: "While we continue to work with LB Group to progress the Memorandum of Understanding announced on 9 May 2023 to a definitive agreement, the company's opportunity set has broadened, and we determined it was in the best interest of all stakeholders to be free to pursue additional options and funding structures in parallel with the negotiations with LB Group to deliver the project in a timely manner and maximise value."
Current stock price: 3.30 pence, down 20% in London on Friday
12-month change: up 48%
By Holly Beveridge, Alliance News reporter
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Capital Metals (CMET)