Capital Metals PLC AGM Statement (3124B)
September 30 2022 - 2:00AM
UK Regulatory
TIDMCMET
RNS Number : 3124B
Capital Metals PLC
30 September 2022
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 September 2022
Capital Metals plc
("Capital Metals" or the "Company")
AGM Statement
Capital Metals (AIM: CMET), a mineral sands company approaching
mine development stage at the Eastern Minerals project in Sri Lanka
(the "Project"), announces that James Leahy, Non-Executive
Director, will make the following statement at the Annual General
Meeting of the Company, which he will Chair, to be held later
today:
"The last 18 months have been an extremely busy period for the
Company culminating in the grant of our Project's first two
Industrial Mining Licences.
A great deal of work has gone into that process, including the
approval of the Environmental Impact Assessment. That we were able
to progress these IMLs during the peak of Sri Lanka's recent
economic difficulties reflects both the quality of the Project and
our shared interest in getting it into production as fast as
possible.
The IMLs were a major step forward in advancing the ongoing
discussions with offtakers, debt providers and other strategic
funding parties. While the details of discussions with these
parties are commercially sensitive, I am pleased to confirm that we
are in discussions with a range of parties including large pigment
producers out of Asia. Some of those parties have concluded site
visits, conducted detailed testing and analysis of our proposed
mineral products, and reviewed our Development Plan. As previously
stated, it is the Company's expectation that any agreement would
contribute capital to help fund the development of the Project.
The focus of the Company is on finalising those discussions,
concluding the lease agreement for Oluvil Port, which the Ports
Authority has formally confirmed it wishes to enter into, and
further refining the technical, engineering, and economic aspects
of the Project in preparation for construction.
The strong current and forecast prices for our minerals, coupled
with the clear potential for further expansion of our high-grade
resource, provides excellent potential to further enhance the
economics of the Project which are already compelling. We thank our
shareholders for their continuing support as we remain focused on
our objective of delivering sustainable value to you, Sri Lanka,
and our local communities."
A presentation will be given by Michael Frayne, Chief Executive
Officer, and a copy of this is now available within the Investor
Relations section of the Company's website at www.capitalmetals.com
.
For further information, please visit the website 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, 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
expansions funded through cashflows from the Project, which is
forecast to deliver US$645M of revenue and net operating cashflows
of US$391M.
CMET's 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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