Member Info for jonny_five

The last interview with Greg covered this a bit - essentially the banks had told him there is no rush getting the finances sorted until near the time construction is starting (or something like that IIRC, my memory is hazy but I remember thinking at the time it sounded like a foregone conclusion), But yes, an update on where we are at is well overdue either way.

Oh and the suspension was actually following the judgement in 2024 so is not recent.

This is the current statuses of Capitals licences:

Industrial Mining Licences (IMLs)

First Two Primary IMLs: Fully active. The temporary suspension issued by the GSMB in December 2022 (stemming from statutory shareholding and corporate structure disputes) was entirely overturned. Following a local corporate restructuring to satisfy Sri Lankan ownership intent, the GSMB fully reinstated these critical mining licences.

Pending/Additional IML Applications: Under active processing. To facilitate Stage 1 of production, Capital Metals has lodged subsequent IML applications covering 47 grids previously protected under its EL infrastructure to expand the initial mining area footprint.

Exploration Licences (ELs)

EL 168: Secured and transitioning. The geographical area covered under this exploration block is currently secured by active IML applications as parts of the project area pivot from exploration to extraction.

EL 199: Under retention status. The company is completing the required Environmental Impact Assessment (EIA) for this block before lodging formal IML conversion requests.

EL 430: Active and under renewal. This licence extends the project boundary 12 km to the north (encompassing the Oluvil Port area) and is being processed for routine regulatory extensions to accommodate expanded exploration drilling

I think it's just to do with certain licences after the Supreme Court ruled unsolicited exploration licensing procedures unconstitutional. The gsMB were just dishing out licences to their mates or via backhanders. Consequently, the GSMB suspended unsolicited exploration licenses while a committee review them to identify companies progressing with operations versus those merely holding land rights. It's to stop the holding of licences with no intention to develop the land but just hold on to for financial gain. It's part of the ongoing clean up of corruption and is a good thing. Shouldn't affect Capital as they are clear in their aims to develop mining. This all actually stemmed largely in part from when Capital had their licences suspended by corrupt officials a couple of years ago!

If they can get the FID done and financed through bank debt and offtake which seems highly likely based on the recent interview I can see this being 10p over the summer heading to 15p on construction starting. Notnsure if i was reading too much into it but Greg seemed to be talking as if the banks are ready to sign on the dotted line.

What have you heard? If you're going to post that and not elaborate its just baseless nonsense.

Based on what?

Based on what?

Agreed. It was a very positive session. I got the impression FID is all but ready pending the outstanding approvals. I did like the comment that they could start construction tomorrow if they wanted to

Certainly not beyond the realms of possibility. Good and reassuring update - this is really turning into a professional outfit. Can see the SP steadily rising into Q2.

£125k Buy?

Operational update expected shortly.

As per the last RNS we should get an operational update shortly.

You could have put that ramble in one post not 18....

Q1 was clearly looking like a stretch anyway, but the fact they are still anticipating FID and construction commencement in Q2 actually was pleasantly surprising to me. Its not long.

"encouragement of mineral-based industries"

Great news

Yeah this is good news. Sheffield need the money and interesting that its Ambeon linked buyers. That explains the large round buys and sells over the last few weeks. The fact that the SP hasn't really been affected and has actually increased the last couple of weeks is a good sign!

Expecting FID and commencement of construction this 1st quarter. Confirmed in the HY report last month so not expecting any delays with it being so close...

I think magic orb is right about the bucket shop though. Those 'large buys' everyone has been crowing about are almost certainly worked sells from the placing. Not one has shifted the SP and the transaction price also suggests this. Good news is that there wont be many left to work through so could move north quickly soon.