REG - Capital Metals PLC - Half-year Report
06/12/2023 13:45
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231206:nRSF9123Va&default-theme=true
RNS Number : 9123V Capital Metals PLC 06 December 2023
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.
6 December 2023
Capital Metals plc
("Capital Metals" or the "Company")
Unaudited Interim Results for the Six Months Ended 30 September 2023
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 its unaudited results for the six months ended 30
September 2023 (the "Half Year").
Key Points:
During the Half Year
· Offtake Memorandum of Understanding ("MoU") signed with LB Group
(https://www.lomonbillions.global/) (002601:SHENZHEN; Market Cap: US$6
billion), the world's No. 1 manufacturer of high-performance titanium dioxide
pigments, in May 2023 to fund the Project into production
o 50/50 Joint Venture ("JV") - LB Group fully funds capex to 1.65Mtpa
capacity estimated at US$81m; thereafter funding according to JV interests
o LB Group guarantees 100% offtake of ilmenite and Heavy Mineral Concentrate
o Capital Metals receives 50% of profits from start of production (estimated
12 months after construction starts)
· Raised gross proceeds of £0.86 million through a placing and
subscription for general working capital in June and July 2023
· Greg Martyr, previously Non-Executive Chairman, appointed as
Executive Chairman in July 2023 concurrent with Michael Frayne stepping down
as CEO and director
· Significant actions were undertaken during the Half Year to
resolve the illegal suspension of the Industrial Mining Licences ("IMLs"),
including:
o Lobbying actions which likely contributed to implementation of reforms in
mineral licensing procedures
o Local legal proceedings to position the Company to uphold its rights
in-country
o Local statutory appeal proceedings to overturn the cancellation of IMLs
o Preparation for international legal proceedings to position the Company to
prosecute its rights in international arbitration if necessary
Post Half Year
· Successful appeal against cancellation of IMLs in October 2023
o IMLs reinstated on 1 December 2023
· Plans underway for commencement of construction of the Project
· LB Group offtake MoU moving towards definitive agreement
Greg Martyr, Executive Chairman, commented:
"The illegal actions of the GSMB cost us the best part of a year, and dilution
at undesirable levels. We have come through that experience intact and with
extraordinary upside potential ahead of us, with a market capitalisation at
present of around a tenth of the independently assessed Base Case discounted
NPV of the Project*. The discussions with LB Group continue to progress
positively towards the creation of a JV that will unlock the funding for the
total capital expenditure for the Project. With 17.2Mt of resource at 17.6%
Total Heavy Minerals, we have one of the highest-grade heavy mineral sands
projects globally, with additional upside not yet included in the resource
that we expect to define from extensive undrilled lateral and depth extension.
We have a very exciting period ahead with mine construction planning
underway."
*Development Study and Preliminary Economic Assessment - May 2022 (see Company
notification of 12 May 2022).
For further information, please 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 3554
Neil Baldwin / James Keeshan
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:
Twitter: @MetalsCapital (https://twitter.com/MetalsCapital)
LinkedIn: @Capital Metals plc (https://uk.linkedin.com/company/capitalmetals)
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement.
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present the half year report for the six months ended 30
September 2023.
This was an extraordinary period during which we had to apply all available
legal and diplomatic pressure-points to resolve the illegal suspension of the
Company's Industrial Mining Licences ("IMLs"). It was a huge achievement when
on 1 December 2023 the IMLs were reinstated following a successful statutory
appeal decision announced on 19 October 2023. To have emerged successfully
from this experience, while at the same time securing an offtake Memorandum of
Understanding ("MoU") with a global leader to fund the Project into
production, is a testament to the perseverance of our team and the quality of
our Project, and I would like to thank all my colleagues both within and
outside Sri Lanka.
Review of Activity
Activity during the Half Year was dominated by the actions to resolve the
illegal suspension of the IMLs. There were broadly three strands to the
strategy: lobbying; the preparation for breach of international treaty
proceedings; and local legal proceedings.
Lobbying
Lobbying actions were directed towards the Sri Lankan Government, financial
stakeholders such as the International Monetary Fund, and other diplomatic
stakeholders including from the United Kingdom and Australia, with a view to
resolving our issues amicably with the Geological Survey and Mines Bureau
("GSMB").
We believe our actions had a positive impact, with the conduct of the chairman
of the GSMB and Minister of Environment coming under intense scrutiny. We were
also pleased to note that a Sri Lankan government cabinet paper setting out a
change in mineral licensing procedures was approved in late July 2023.
Pursuant to this new policy, the Board of Investment of Sri Lanka (the "BOI"),
the investment promotion agency with which we enjoy a constructive
relationship, will now be involved in the appraisal of and recommendation for
the approval of mineral licences. The GSMB, with which we are also beginning
to enjoy a more productive relationship under its new leadership, will have a
continuing role in managing licences. The Company is in the final stages of
establishing a BOI company which will ultimately hold all its interests in Sri
Lanka and will be afforded the direct protections against nationalisation
under the Constitution of Sri Lanka as well as other fiscal incentives.
International Proceedings
Preparatory work was undertaken with Boies Schiller Flexner to pursue a claim,
if necessary, against the Government of Sri Lanka under the Bilateral
Investment Treaty agreement between the Government of the United Kingdom and
Northern Ireland and the Government of Sri Lanka for the promotion and
protection of investments. A Notice of Dispute was sent to the Attorney
General of Sri Lanka pursuant to the treaty and we are reserving our rights in
regards to pursuing this action further.
Local Proceedings
During the Half Year, the Company prepared for the first hearing in the
proceedings issued by the Company in the Court of Appeal of the Democratic
Socialist Republic of Sri Lanka which was held on 29 August 2023. While the
main proceedings to overturn the cancellation of the Company's IMLs will not
be required to be continued following the reinstatement of the IMLs on 1
December 2023, a separate further hearing to receive guidance on any
outstanding matters in connection of the Company's multiple pending
applications for additional IMLs related to the Project is due to take place
on 7 December 2023. These applications were approved by the GSMB in 2020 and
2021 and have recently been discussed with the GSMB at length and as a result
we are confident of reinstating these applications in the normal course of
business.
Separately, the statutory appeal hearing against the cancellation of the IMLs
was prepared for and heard before the Secretary to the Ministry of Environment
(the "Secretary") on 27 September 2023. The Company's Country Manager and I,
as well as our legal counsel, made submissions in the capacity of the
appellant; while the Chairman, Director General, and other senior officers of
the GSMB and legal counsel appeared for the respondent. The Director General
of the GSMB refused to speak at the statutory appeal hearing despite all the
correspondence regarding the temporary suspension and notice of cancellation
of the IMLs coming from him, which was noted with some concern by the
Secretary.
Offtake MoU
A major achievement during the Half Year was the signing of an MoU with LB
Group (https://www.lomonbillions.global/) (002601:SHENZHEN; Market Cap: US$6
billion), the world's No. 1 manufacturer of high-performance titanium dioxide
pigments, in May 2023 to fund the Project into production. This MoU was
extended in August 2023 through to 31 December 2023.
Pursuant to the MoU, the parties will form a 50/50 Joint Venture ("JV"), with
LB Group fully funding the estimated US$81m capex to 1.65Mtpa production
capacity, and thereafter the parties contributing funding according to their
JV interests. LB Group will guarantee 100% of the offtake of ilmenite and
Heavy Mineral Concentrate and Capital Metals will receive 50% of the profits
from the start of production (estimated 12 months after construction starts).
The Company and LB Group are now moving towards a definitive agreement.
Funding
During the Half Year, the Company raised gross proceeds of £500,000 through a
placing (the "Placing") as well as an additional gross £364,705 through a
subscription (the "Subscription") for general working capital. The Placing and
Subscription were necessary to secure the Company's ability to continue its
successful actions to resolve the licence issues with the GSMB and get Project
development back on track.
Board Changes
With effect from 1 July 2023, I transitioned from Non-Executive Chairman to
Executive Chairman. I have since spent considerable time in Sri Lanka, and
connecting with stakeholders throughout the world, lobbying and building
relationships which should stand us in good stead now we are able to get the
Project back on track. Michael Frayne stepped down as Chief Executive Officer
and as a director of the Company at the same time. The Board thanks Michael
for his contributions towards the development of the Project. With the IML
situation resolved, we are now looking to build the team out to position us to
commence construction of the Project as soon as possible.
Post Half Year
We were encouraged by news in October 2023 that the Supreme Court in Sri Lanka
determined that a decision by the Sri Lanka Muslim Congress to expel Naseer
Ahamad from its party membership to be legally valid. As a result of his
expulsion, Mr Ahamad lost his parliamentary seat and therefore his position as
Minister of Environment with responsibility for the GSMB. Mr Ahamad and the
Chairman of the GSMB, whom the Minister of Environment appointed to the
position, were named by the Company as respondents in the Company's local
legal proceedings. A New Minister of Environment has been appointed. The
Director General and Chairman of the GSMB have both subsequently left office
and a new Chairman and Acting Director General were appointed at the GSMB last
month, both of whom the Company has recently met with on several occasions.
The most significant development was announced on 19 October 2023 when, having
considered the written and oral submissions, the Secretary determined that the
cancellation of the IMLs was not correct and ordered the GSMB to reissue the
IMLs to the Company's Sri Lankan subsidiary, Damsila Exports (Pvt) Limited. In
his decision, the Secretary criticised the conduct of the GSMB noting that it
had violated certain provisions within the Mines and Minerals Act in its
suspension and cancellation of the IMLs.
This cleared the path for the Company to start work towards finalising an
offtake and financing agreement with LB Group and resuming mine construction
planning - with both workstreams now in full swing.
The IMLs were reinstated on 1 December 2023.
Outlook
The illegal actions of the GSMB cost us the best part of a year, and dilution
of shareholders at undesirable levels, given the consequent requirement to
raise equity finance during the period. We have come through that experience
intact and with extraordinary upside potential ahead of us, with a market
capitalisation at present of around a tenth of the independently assessed Base
Case discounted NPV of the Project (Development Study and Preliminary Economic
Assessment - May 2022). The discussions with LB Group continue to progress
positively towards the creation of a JV that will unlock the funding for the
total capital expenditure for the Project. With 17.2Mt of resource at 17.6%
Total Heavy Minerals, we have one of the highest-grade heavy mineral sands
projects globally, with additional upside not yet included in the resource
that we expect to define from extensive undrilled lateral and depth extension.
We have a very exciting period ahead with mine construction planning underway.
Greg Martyr
Executive Chairman
6 December 2023
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Notes 6 months to 30 September 2023 Unaudited 6 months to 30 September 2022 Unaudited
$ $
Continuing operations
Revenue - -
Administration expenses (384,470) (382,400)
Share based payments (19,149) -
Foreign exchange (4,571) 1,681
Operating loss (408,190) (380,719)
Finance income 558 2,531
Loss before income tax (407,632) (378,188)
Income tax - -
Loss for the period (407,632) (378,188)
Other comprehensive income
Items that may be reclassified to profit or loss
Currency translation differences 79,989 (1,064,932)
Total comprehensive loss for the period (327,643) (1,443,120)
Basic and diluted 5 (0.069)p (0.069)p
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at As at As at
30 September 2023 Unaudited 31 March 2023 Audited 30 September 2022 Unaudited
$ $ $
Notes
Non-Current Assets
Property, plant and equipment 22,569 25,591 23,396
Other loans 131,730 125,371 -
Intangible assets 6 4,707,101 4,451,811 4,061,939
4,861,400 4,602,773 4,085,335
Current Assets
Trade and other receivables 109,035 40,017 61,475
Cash and cash equivalents 501,225 216,213 812,246
610,260 256,230 873,721
Total Assets 5,471,660 4,859,003 4,959,056
Non-Current Liabilities
Trade and other payables 600,000 600,000 600,000
600,000 600,000 600,000
Current Liabilities
Trade and other payables 731,180 841,891 731,711
731,180 841,891 731,711
Total Liabilities 1,331,180 1,441,891 1,331,711
Net Assets 4,140,480 3,417,112 3,627,345
Capital and Reserves Attributable to
Equity Holders of the Company
Share capital 7 6,278,412 6,062,403 6,062,403
Share premium 7 49,767,108 48,946,676 48,946,676
Capital contribution and contingent shares 3,218,750 3,218,750 3,218,750
Other reserves (40,046,992) (39,136,359) (39,790,729)
Retained losses (14,968,789) (15,570,928) (14,809,755)
Non-controlling interest (108,009) (103,430) -
Total Equity 4,140,480 3,417,112 3,627,345
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Attributable to owners of the Parent
Note Share capital Share premium Capital contribution and contingent shares Other reserves Retained losses Total equity Non-controlling interest Total equity
$ $ $ $ $ $ $ $
Balance as at 1 April 2022 6,062,403 48,946,676 3,218,750 (38,725,797) (14,431,567) 5,070,465 - 5,070,465
Loss for the period - - - - (378,188) (378,188) - (378,188)
Other comprehensive income for the period - - - (1,064,932) - (1,064,932) - (1,064,932)
Total comprehensive loss for the period - - - (1,064,932) (378,188) (1,443,120) - (1,443,120)
Total transactions with owners, recognised in equity - - - - - - - -
Balance as at 30 September 2022 6,062,403 48,946,676 3,218,750 (39,790,729) (14,809,755) 3,627,345 - 3,627,345
Balance as at 1 April 2023 6,062,403 48,946,676 3,218,750 (39,136,359) (15,570,928) 3,520,542 (103,430) 3,417,112
Loss for the period - - - - (407,632) (407,632) - (407,632)
Other comprehensive loss for the period - - - 79,989 - 79,989 - 79,989
Total comprehensive loss for the period - - - 79,989 (407,632) (327,643) - (327,643)
Shares issued 216,009 864,036 - - - 1,080,045 - 1,080,045
Cost of capital - (43,604) - - - (43,604) - (43,604)
Grant of options & warrants - - - 19,149 - 19,149 - 19,149
Cancelled options - - - (1,009,771) 1,009,771 - - -
Foreign exchange movements on NCI - - - - - - (4,579) (4,579)
Total transactions with owners, recognised in equity 216,009 820,432 - (990,622) 1,009,771 1,055,590 (4,579) 1,051,011
Balance as at 30 September 2023 6,278,412 49,767,108 3,218,750 (40,046,992) (14,968,789) 4,248,489 (108,009) 4,140,480
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
6 months to 30 September 2023 6 months to 30 September 2022 Unaudited
Unaudited $
$
Notes
Cash flows from operating activities
Loss before taxation (407,632) (378,188)
Adjustments for:
Share based payments 19,149 -
Depreciation 3,782 3,196
Interest income (470) (2,518)
(Increase) in trade and other receivables (73,063) (25,823)
(Decrease)/increase in trade and other payables (110,713) 6,017
Foreign exchange 3,221 46,117
Net cash used in operations (565,726) (351,199)
Cash flows from investing activities
Purchase of property, plant and equipment (262) (3,376)
Disposal of property, plant and equipment 423 -
Exploration and evaluation activities 6 (183,438) (368,585)
Interest received 470 2,518
Net cash used in investing activities (182,807) (369,443)
Cash flows from financing activities - -
Proceeds from share issues 7 1,080,045 -
Cost of share issues 7 (43,604) -
Net cash generated from financing activities 1,036,441 -
Net increase/(decrease) in cash and cash equivalents 287,908 (720,642)
Exchange differences on cash (2,896) (242,866)
Cash and cash equivalents at beginning of period 216,213 1,775,754
Cash and cash equivalents at end of period 501,225 812,246
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
Capital Metals plc is a mineral exploration company with its shares admitted
to trading on the AIM Market of the London Stock Exchange.
The Company is domiciled in the United Kingdom and incorporated and registered
in England and Wales, with registration number 05555087. The Company's
registered office is 6 Heddon Street, London, W1B 4BT.
2. Basis of Preparation
The condensed consolidated interim financial statements have been prepared in
accordance with the requirements of the AIM Rules for Companies. As permitted,
the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The condensed interim financial
statements should be read in conjunction with the annual financial statements
for the year ended 31 March 2023, which have been prepared in accordance with
UK adopted international accounting standards.
The interim financial information set out above does not constitute statutory
accounts within the meaning of the Companies Act 2006. It has been prepared on
a going concern basis in accordance with the recognition and measurement
criteria of UK adopted international accounting standards.
Statutory financial statements for the year ended 31 March 2023 were approved
by the Board of Directors on 14 September 2023 and delivered to the Registrar
of Companies. The report of the auditors on those financial statements was
unqualified with a material uncertainty in relation to the Company's ability
to continue as a going concern. The condensed interim financial statements are
unaudited and have not been reviewed by the Company's auditor.
Going concern
These financial statements have been prepared on the going concern basis.
Given the Group's current cash position and its demonstrated ability to raise
capital, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of accounting
preparing the condensed interim financial statements for the period ended 30
September 2023.
Notwithstanding the above, a material uncertainty exists that may cast
significant doubt on the Group and Parent Company's ability to continue as a
going concern, due to low cash at the period end and further funding being
required to continue activities in particular to prepare for project
construction to commence , and therefore, the Group and Parent Company may be
unable to realise their assets or settle their liabilities in the ordinary
course of business. As a result of their review, and despite the
aforementioned material uncertainty, the Directors have confidence in the
Group and Parent Company's forecasts and have a reasonable expectation that
the Group and Parent Company will continue in operational existence for the
going concern assessment period and have therefore used the going concern
basis in preparing these consolidated and Parent Company financial statements.
The factors that were extant at 31 March 2023 are still relevant to this
report and as such reference should be made to the going concern note and
disclosures in the 2023 Annual Report and Financial Statements ("2023 Annual
Report").
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Company's medium term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the 2023 Annual Report, a copy of which is available on the
Company's website: www.capitalmetals.com (http://www.capitalmetals.com) . The
key financial risks are liquidity risk, credit risk, market risk and fair
value estimation.
Critical accounting estimates
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities at the end of the reporting period. Significant items subject
to such estimates are set out in Note 2 the 2023 Annual Report. The nature and
amounts of such estimates have not changed significantly during the interim
period.
3. Accounting Policies
Except as described below, the same accounting policies, presentation and
methods of computation have been followed in these condensed interim financial
statements as were applied in the preparation of the Company's annual
financial statements for the year ended 31 March 2023.
3.1 Changes in accounting policy and disclosures
(a) New and amended standards adopted by the Group and Company
A number of new and amended standards and interpretations issued by the
International Accounting Standards Board (IASB) have become effective for the
first time for financial periods beginning on (or after) 1 April 2023 and have
been applied by the Company and Group in these interim financial statements.
None of these new and amended standards and interpretations had a significant
effect on the Company or Group because they are either not relevant to the
Company or Group's activities or require accounting which is consistent with
the Company or Group's current accounting policies.
(b) New standards, amendments and Interpretations in issue but not yet
effective or not yet endorsed and not early adopted
There are a number of standards, amendments to standards, and interpretations
which have been issued by the IASB that are effective in future accounting
periods and which have not been adopted early.
4. Dividends
No dividend has been declared or paid by the Company during the six months
ended 30 September 2023 (six months ended 30 September 2022: $nil).
5. Earnings per Share
The calculation of earnings per share is based on a retained loss of $407,632
for the six months ended 30 September 2023 (six months ended 30 September
2022: loss $378,188) and the weighted average number of shares in issue in the
period ended 30 September 2023 of 587,667,812 (six months ended 30 September
2022: 545,380,934).
No diluted earnings per share is presented for the six months ended 30
September 2023 or six months ended 30 September 2022 as the effect on the
exercise of share options would be to decrease the loss per share.
6. Intangible fixed assets
The movement in capitalised exploration and evaluation costs during the period
was as follows:
Exploration & Evaluation at Cost and Net Book Value $
Balance as at 1 April 2023 4,451,811
Additions 183,438
Foreign exchange 71,852
As at 30 September 2023 4,707,101
7. Share capital and premium
Group and Company Number of shares Share capital
No. Nominal value £ $
Ordinary shares 277,621,598 0.0020 555,243 726,412
Deferred shares 356,277,502 0.0099 3,527,147 5,552,000
Total 633,899,100 4,082,390 6,278,412
Number of Ordinary shares Share capital Share premium Total
Issued at 0.02 pence per share $ $ $
As at 31 March 2023 189,103,432 510,403 48,946,676 49,457,079
Issue of shares 50,000,000 122,014 488,056 610,070
Cost of capital - - (35,772) (35,772)
Issue of shares 36,470,566 88,998 355,993 444,991
Cost of capital - - (7,832) (7,832)
Issue of shares 2,047,600 4,997 19,987 24,984
As at 30 September 2023 277,621,598 726,412 49,767,108 50,493,520
On 20 June 2023, the Company issued 50,000,000 new ordinary shares of 0.2
pence at a price of 1p per share for gross proceeds of £500,000.
On 17 July 2023, the Company issued 36,470,566 new ordinary shares of 0.2
pence at a price of 1p per share for gross proceeds of £364,705.
On 1 August 2023, the Company issued 2,047,600 ordinary shares of 0.2 pence
each at a price of 1p per share to various service providers as consideration
for services rendered.
On 1 August 2023, the Company granted 11,050,000 share options to certain
directors, employees and consultants and 1,000,000 warrants to various service
providers and cancelled 8,750,000 historical share options.
Number of Deferred shares Share capital
Deferred Shares (nominal value of 0.0099 pence per share) $
As at 31 March 2023 356,227,502 5,552,000
As at 30 September 2023 356,227,502 5,552,000
8. Events after the balance sheet date
In October 2023 it was announced the Company had received a favourable
decision from the statutory appeal hearing against the notice of
cancellation of Industrial Mining Licences 16236 and 16237 (the "IMLs") which
were issued in May 2023 by the Geological Survey and Mines Bureau (the
"GSMB"). The Statutory Appeal was heard before the Secretary to the Ministry
of Environment on 27 September 2023. Having considered the written and oral
submissions, the Secretary determined that the cancellation of the IMLs was
not correct and ordered the GSMB to reissue the IMLs to the Company's Sri
Lankan subsidiary, Damsila Exports (Pvt) Limited.
On 23 October 2023, the Company issued 1,625,000 new ordinary shares pursuant
to the exercise of 1p warrants issued in connection with the Placing announced
in June 2023.
On 1 December 2023 it was announced that the GSMB had formally reinstated the
IMLs to the Company's Sri Lankan subsidiary, Damsila Exports (Pvt) Limited.
9. Approval of interim financial statements
The Condensed interim financial statements were approved by the Board of
Directors on 6 December 2023.
10. Availability of interim financial statements
Copies of these interim financial statements are available from the Capital
Metals website at www.capitalmetals.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FLFFVFDLRIIVRecent news on Capital Metals
See all newsREG - AIM - AIM Notice - 08/04/2025
AnnouncementREG - Capital Metals PLC - Issue of Equity
AnnouncementREG - Capital Metals PLC - Drilling Update
AnnouncementREG - Capital Metals PLC - Appointment of Broker & Financial Advisor
AnnouncementREG - Capital Metals PLC - Project Update
Announcement