Appointment of Non-Executive Directors

Capital Metals

04/08/2025 07:53

RNS Number : 8059T

Capital Metals PLC

04 August 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

4 August 2025

Capital Metals PLC

 

("Capital Metals" or the "Company")

 

Appointment of Non-Executive Directors

 

Prominent Sri Lankan directors join Board:

Cricket legend and business magnate Aravinda De Silva and leading investment specialist Savanth Sebastian

 

Capital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Taprobane Minerals Project in Sri Lanka (the "Project"), is pleased to announce the appointments of Aravinda De Silva and Savanth Sebastian as Non-Executive Directors of the Company with immediate effect.

 

Aravinda De Silva

Former Sri Lanka cricket Captain, World Cup Winner, and ICC Hall of Fame inductee

 

Mr De Silva has made a lasting impact in both sports and finance. Best known for his legendary cricket career, he played a pivotal role in Sri Lanka's rise to prominence in the sport, including a standout performance in the 1996 Cricket World Cup where he earned Man of the Match in both the semi-final and final.

 

Post-retirement from cricket, Mr De Silva successfully transitioned into business and, through his family office, has led investments marked by innovation and long-term vision. Mr De Silva has assisted the technology solutions provider Millennium IT ESP to expand its footprint within and outside of Sri Lanka across multiple industries, including telecommunications, media, banking and finance, manufacturing, retail, healthcare, transportation, and government institutions. He currently serves as Chairman of Ideal Holdings, where he drives innovation and expansion across multiple verticals, including logistics, transport, and the automotive sector. His leadership has been instrumental in shaping the company's growth trajectory and strengthening its market position.

 

Savanth Sebastian

Director of Ambeon and highly accomplished Sri Lankan financial services and industrial sector leader

 

Mr Sebastian has been appointed as Ambeon's director representative. He is an experienced financial services professional with over 20 years in the industry. He currently serves as a Director of Ambeon, helping to shape the group's financial and investment strategies, including its recent strategic investment in Sri Lanka's mineral sands sector via Capital Metals.

 

Prior to his current role with Ambeon, Mr Sebastian was an Independent Non-Executive Director at Nations Trust Bank PLC of Sri Lanka and also serves as the Chairman of Colombo City Holdings PLC and on the Board of Millenium IT, Sri Lanka's largest IT company.

 

Mr Sebastian was previously Senior Economist at Commonwealth Bank of Australia Global Markets where he provided strategic advice to federal and state governments, high-net-worth clients, and the Commonwealth Bank's leadership on macroeconomic trends and financial strategy. He also managed the international trading desk at Commonwealth Securities Limited.  

 

During his role at Commonwealth Bank, Mr Sebastian contributed extensively to the Australian financial industry, frequently publishing research on macroeconomic policy and equity markets and contributing to major media outlets such as Sky News, CNBC, and Bloomberg.

 

Greg Martyr, Executive Chairman of Capital Metals, commented:

"It gives me great pleasure to welcome two respected Sri Lankan business leaders to the Board of Capital Metals as we work together to develop the first major modern mineral sands operation in Sri Lanka, and one of the highest-grade mineral sands projects globally.

 

Aravinda De Silva is a big hitter in every sense; an ICC Cricket Hall of Fame inductee and national hero who played a crucial part in Sri Lanka's 1996 World Cup-winning team. He is making a significant positive impact in Sri Lanka as a businessman and investor, and he is already playing a key role in the development of the Taprobane Minerals Project.

 

Savanth Sebastian is a leading business figure in Sri Lanka with considerable knowledge and expertise. He helped spearhead the transformation and modernisation of a leading apparel company in Sri Lanka with thousands of employees. His experience and connections are already proving invaluable.

 

Aravinda and Savanth have played key roles in cementing Ambeon's strategic investment in Capital Metals and outlining the path to fund the Project at the Final Investment Decision to commence construction.

 

We are working hard with Aravinda and Savanth and the Ambeon team on many fronts to develop a project that will create sustainable value for Sri Lanka in the form of jobs, skills, revenue, education, and training."

 

Aravinda De Silva, Non-Executive Director of Capital Metals, commented:

 

"Sri Lanka is blessed with deposits of highly mineralised sands such as those found at Capital Metals' Taprobane Minerals Project. Now is the time to open this sector, applying modern technology, upskilling local workers, and growing the prosperity of the Eastern Province. I have proudly led the country on the cricket pitch and am honoured to play a role in leading the country's development of a new industrial sector."

 

Savanth Sebastian, Non-Executive Director of Capital Metals, commented:

 

"I am excited to be part of the journey to unlock sustainable value from Sri Lanka's rich mineral deposits and to be at the forefront of an important new sector for our country and its economic recovery. Our goal is to help unlock the nation's true potential and drive generational economic growth.''

 

 

Further information regarding the appointments of Mr De Silva and Mr Sebastian in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies (the "AIM Rules") is set out in the appendix of this announcement.

 

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

 

Capital Metals plc
Greg Martyr (Executive Chairman)
Via Vigo Consulting
Vigo Consulting (Investor Relations)
Ben Simons / Peter Jacob
+44 (0)20 7390 0234
capitalmetals@vigoconsulting.com
Strand Hanson Limited (Nominated Adviser)
Ritchie Balmer / Christopher Raggett / David Asquith
+44 (0)20 7409 3494
Hannam & Partners (Broker & Financial Advisor)Andrew Chubb / Leif Powis
+44 (0)20 7907 8500

 

About Capital Metals

 

Capital Metals is a UK company listed on the London Stock Exchange (AIM: CMET). We are developing the Taprobane Minerals Project in Sri Lanka, approximately 220km east of Colombo, containing industrial minerals including ilmenite, rutile, zircon, and garnet. The Project is one of the highest-grade mineral sands projects globally, with potential for further grade and resource expansion. In 2022, a third-party Preliminary Economic Assessment provided a Project NPV of US$155-235m based on existing resources, with further identified optimisation potential. We are committed to applying modern 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$150m in direct government royalties and taxes to be paid.

 

Visit our website:

www.capitalmetals.com

 

Follow us on social media:

 

X: @MetalsCapital

LinkedIn: @Capital Metals plc

 

 

APPENDIX

 

Regulatory disclosures (in accordance with Rule 17 and Schedule two paragraph (g) of the AIM Rules)

 

Save for the information set out above and below, there are no further disclosures to be made in accordance with Rule 17 and Schedule Two paragraph(g) of the AIM Rules in respect of the appointments of the directors.

 

Aravinda De Silva (aged 59) holds or has held the following directorships or partnership in the past 5 years:

 

Current Directorships / Partnerships
Former Directorships / Partnerships within last 5 years
Ideal Premier (Private) Limited
Digital Tech Creations (Pvt) Ltd.
ICON Engineering Enterprises (Pvt) Ltd
Ideal First Choice (Pvt) Ltd.
Arcasia Investment & Trading (Pvt) Ltd
Ideal Industries (Pvt) Ltd.
Arvana Investments (Private) Limited
Ideal Modicon Engineering (Pvt) Ltd.
Bluesky Aviation (Pvt) Ltd
Ideal Wheels & Tyres (Pvt) Ltd
EMG Logistics (Pvt) Ltd
Mahindra Ideal Finance Limited
Gateway International Campus (Private) Limited
Mahindra Ideal Lanka (Pvt) Ltd
Good Earth Fertilizers (Pvt) Ltd
Sita Holdings (Pvt) Ltd.
Hatton Plantations PLC
Ideal Drive (Private) Limited
Luxe Asia (Private) Limited
Mayfair Capital (Pvt) Ltd
Prompt Xpress (Pvt) Ltd
Skynet WWE (Pvt) Ltd
Steam ED Global (Private) Limited
Thomas Cook Lanka (Pvt) Ltd


 

 

Savanth Laleen Sebastian (aged 44) holds or has held the following directorships or partnership in the past 5 years:

 

Current Directorships / Partnerships
Former Directorships / Partnerships within last 5 years
ACP Corum Pty Ltd
Nations Trust Bank PLC
ACP Investments Holdings Limited (BVI)
Vogue Tex (Private) Limited
Ambeon Capital PLC
Ambeon Holdings PLC
Arpico Ataraxia Asset Management (Private) Limited
Colombo City Holdings PLC
Dankotuwa Porcelain PLC
Good Earth Fertilizers (Private) Limited
Mayfair Capital (Pvt) Ltd
Millennium IT ESP (Pvt) Ltd


 

Neither Mr. de Silva nor Mr. Sebastian hold a direct interest in the Company's issued share capital, however it is noted that Mr. de Silva and Mr. Sebastian hold interests in Ambeon, the Company's largest shareholder, and Mr. Sebastian has been appointed as a nominee director for Ambeon.  

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