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.
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
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
|
|
SPARK Advisory Partners (Nominated Adviser)
Neil Baldwin / James Keeshan / Adam
Dawes
|
+44 (0)20 3368 3550
|
|
Tavira Financial
Jonathan Evans / Oliver
Stansfield
|
+44 (0)20 7100 5100
|
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
Follow us on social
media:
X (formerly Twitter):
@MetalsCapital
LinkedIn: @Capital Metals
plc