REG - Capital Metals PLC - Drilling Update

Capital MetalsAnnouncement

15/08/2024 13:15

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RNS Number : 6419A  Capital Metals PLC  15 August 2024

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
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INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

15 August 2024

 

Capital Metals PLC

 

("Capital Metals" or the "Company")

 

Drilling Update

 

Capital Metals (AIM: CMET), a mineral sands company approaching mine
development stage at the high-grade Eastern Minerals Project in Sri Lanka (the
"Project"), announces it has elected to postpone its drilling programme to
accommodate a broader request by the Geological Survey and Mines Bureau
("GSMB") to reduce operations on government-controlled land until the Sri
Lankan presidential elections on 21 September 2024.

 

The purpose of the drilling is to increase the resource, as well as to help
with design and engineering, mine planning and to obtain greater geological
confidence in the proposed mining areas. All approvals remain in place and
equipment will remain on or near site ahead of recommencement of activities.

 

Greg Martyr, Executive Chairman of Capital Metals, commented:

"While we are entitled to proceed immediately, given the much improved and
productive relationship with the GSMB, the Company believes it is in its
interests to demonstrate goodwill and acquiesce to the department's request
for a short postponement."

 

 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)
 SPARK Advisory Partners (Nominated Adviser)  +44 (0)20 3368 3550

 Neil Baldwin / James Keeshan / Adam Dawes
 Tavira Financial                             +44 (0)20 7100 5100

 Jonathan Evans / Oliver Stansfield

 

About Capital Metals

 

Capital Metals is a UK company listed on the London Stock Exchange (AIM:
CMET). We are developing the Eastern 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$130m 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 (formerly Twitter): @MetalsCapital (https://twitter.com/MetalsCapital)

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

 

 

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