PAL Equatorial Palm Oil Plc

TIDMCMET

RNS Number : 5192E

Capital Metals PLC

28 October 2022

28 October 2022

Capital Metals plc

("Capital Metals" or the "Company")

Result of General Meeting

Capital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the Eastern Minerals project in Sri Lanka, announces that at the General Meeting ("GM") held earlier today the resolution put to the meeting was duly approved by shareholders:

 
       Ordinary Resolutions                                FOR       AGAINST   WITHHELD 
       To receive and consider the audited Statement 
        of Accounts and the Reports of the Directors 
        and the Auditor of the Company for the 
 1.     year ended 31 March 2022.                       24,669,564         0      2,740 
      -----------------------------------------------  -----------  --------  --------- 
 

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

 
 Capital Metals plc                                 Via Vigo Consulting 
  Michael Frayne (CEO) 
  James Mahony (CFO) 
 Vigo Consulting (Investor Relations)               +44 (0)20 7390 0234 
  Ben Simons / Peter Jacob                           capitalmetals@vigoconsulting.com 
 SPARK Advisory Partners (Nominated 
  Adviser) 
  Neil Baldwin / James Keeshan                      +44 (0)20 3368 3554 
 WH Ireland Limited (Joint Broker) 
  Harry Ansell / Katy Mitchell                      +44 (0)20 7220 1666 
 Tavira Financial (Joint Broker) 
  Jonathan Evans / Oliver Stansfield                +44 (0)20 7100 5100 
 

About Capital Metals

Capital Metals is developing the Eastern Minerals Project in Sri Lanka (the "Project"), approximately 220km east of Colombo. The Project is one of the highest-grade mineral sands projects globally, with a current JORC Resource of 17.2Mt with an average grade of 17.6% Total Heavy Minerals, and potential for significant resource extension. In May 2022, a third-party Preliminary Economic Assessment ("PEA") provided an NPV for the Project of US$155-235M based on existing resources, with further identified optimisation potential. The PEA outlined an attractive low funding requirement of US$37.3M, with expansion funded through cashflows from the Project, which is forecast to deliver US$645M of revenue and net operating cashflows of US$391M.

Capital Metals' goal is to become a high margin producer of mineral sands for the international market, with a commitment to applying best-in-class 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$100m in direct government royalties and taxes to be paid.

For more information, visit our website www.capitalmetals.com and follow us on social media:

LinkedIn: https://www.linkedin.com/company/capitalmetals/

Twitter: https://twitter.com/MetalsCapital

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END

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(END) Dow Jones Newswires

October 28, 2022 07:06 ET (11:06 GMT)

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