REG - Capital Metals PLC - Appointment of Non-Executive Directors

Capital MetalsAnnouncement

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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
(http://www.capitalmetals.com) or contact:

 

 Capital Metals plc                                      Via Vigo Consulting

 Greg Martyr (Executive Chairman)
 Vigo Consulting (Investor Relations)                    +44 (0)20 7390 0234

 Ben Simons / Peter Jacob                                capitalmetals@vigoconsulting.com (mailto:capitalmetals@vigoconsulting.com)
 Strand Hanson Limited (Nominated Adviser)               +44 (0)20 7409 3494

 Ritchie Balmer / Christopher Raggett / David Asquith
 Hannam & Partners (Broker & Financial Advisor)          +44 (0)20 7907 8500
 Andrew Chubb / Leif Powis

 

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 (http://www.capitalmetals.com)

 

Follow us on social media:

 

X: @MetalsCapital (https://twitter.com/MetalsCapital)

LinkedIn: @Capital Metals plc (https://uk.linkedin.com/company/capitalmetals)

 

 

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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