Capital Metals Regulatory News (CMET)

28 October 2022

Capital Metals plc

("Capital Metals" or the "Company")

Result of General Meeting

Capital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the Eastern Minerals project in Sri Lanka, announces that at the General Meeting ("GM") held earlier today the resolution put to the meeting was duly approved by shareholders:

For further information, please visit www.capitalmetals.com or contact: 

About Capital Metals

Capital Metals is developing the Eastern Minerals Project in Sri Lanka (the "Project"), approximately 220km east of Colombo. The Project is one of the highest-grade mineral sands projects globally, with a current JORC Resource of 17.2Mt with an average grade of 17.6% Total Heavy Minerals, and potential for significant resource extension. In May 2022, a third-party Preliminary Economic Assessment ("PEA") provided an NPV for the Project of US$155-235M based on existing resources, with further identified optimisation potential. The PEA outlined an attractive low funding requirement of US$37.3M, with expansion funded through cashflows from the Project, which is forecast to deliver US$645M of revenue and net operating cashflows of US$391M.

Capital Metals' goal is to become a high margin producer of mineral sands for the international market, with a commitment to applying best-in-class mining practices and bringing significant positive benefits to Sri Lanka and the local community. We expect over 300 direct new jobs to be created and over US$100m in direct government royalties and taxes to be paid.

For more information, visit our website www.capitalmetals.com and follow us on social media:

LinkedIn: https://www.linkedin.com/company/capitalmetals/

Twitter: https://twitter.com/MetalsCapital