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.
30 May 2024
Capital Metals
PLC
("Capital
Metals" or the "Company")
Update re Project
Funding
Capital Metals (AIM: CMET), a
mineral sands company approaching mine development stage at the
high-grade Eastern Minerals Project in Sri Lanka (the "Project"),
is pleased to confirm that legal agreements are well advanced for
Sheffield Resources Limited (ASX: SFX) ("Sheffield") to acquire a
50% interest in the Project in consideration for providing
development capital by way of joint venture project equity. Whilst
the legal agreements will not be completed in May, Capital Metals
expects the transaction to close shortly. A further announcement
will be made only when all requisite approvals have been received
and legal and regulatory documents have been finalised and signed,
or when required by regulatory obligations.
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
About Sheffield Resources
Sheffield Resources is listed on the
Australian Securities Exchange with a market capitalisation of
approximately A$218 million. Sheffield recently commissioned its
flagship A$484 million Thunderbird Mineral Sands Project.
Thunderbird is a 50/50 joint venture between Sheffield and Yansteel
and is one of the largest and highest-grade mineral sands
discoveries in the last 30 years. Thunderbird has recently achieved
practical completion and made its maiden shipment of product in
January 2024.
In February 2023, Sheffield executed
a binding agreement with an option to acquire up to 20% of Rio
Grande Mineração S/A, which owns and operates the South Atlantic
Project in Southeast Brazil.
For more information on Sheffield
Resources, visit www.sheffieldresources.com.au.