Capital Metals

Capital Metals is listed on theLondon Stock Exchange (AIM: CMET). It is developing the Taprobane Minerals Project in Sri Lanka, approximately 220km east of Colombo, containing ilmenite, rutile, zircon, and garnet. The project is one of the highest-grade mineral sands deposits 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 and upside potential following 2025 drilling.

Capital Metals is committed to applying modern mining practices and bringing significant positive benefits to Sri Lanka and the local community. It expects over 300 direct new jobs to be created and over US$150m in direct government royalties and taxes to be paid.

Capital Metals is developing Sri Lanka’s most advanced mineral sands project with production in reach.

Mine & Plant Construction Plan Advancing

• 17.2Mt resource at 17.6% Total Heavy Minerals, with significant upside – among the highest grades globally
• Two Initial Industrial Mining Licences issued, additional applications advancing
• Service Agreements with Mineral Technologies and Access Group to support engineering/design
• Mineral Technologies to supply pre-designed Flex Series plant

Clear Development Strategy

• Company funded through to FID following strategic investment from Sri Lanka’s Ambeon Capital and MoU for $20 million equity/debt at project level to fund to positive cashflow
• Stage 1 capex reduced by approximately one third to just US$20.9m
• Engaging with potential off takers

High Re-Rate Potential

• Project NPV8 (post tax) Base Case: US$155m; Upside Case: US$235m (per May 2022 Preliminary Economic Assessment)
• Equates to 27p & 41p per share based on issued share capital
• Significant potential for undrilled lateral and depth extension of resource - 2025 drilling down to 15m, with high grade samples seen >60% Total Heavy Minerals
• Further resource expansion from optimising cut-off grade

Greg Martyr, Executive Chairman

• +30 years’ resource investment banking experience
• Former President 500koz Americas gold producer
• Previously Global Head of Mining and Metals Advisory for Standard Chartered
• 10 years international business development for Normandy Mining, including President Americas

James Leahy, Non-Executive Director

• +34 years’ experience in stockbroking, investment banking and commodities
• Director of Geiger Counter and AEG
• Former director of Mineral Commodities whilst Tormin Mineral Sands Project moved into production

Bruce Griffin, Non-Executive Director

• +20 years’ resources industry experience with significant background within mineral sands
• Executive Chairman of Sheffield Resources, Director of Savannah Resources PLC, CVW CleanTech Inc, and Mawson Gold Limited
• Previously LB Group, TZ Minerals International, and BHP

Teh Kwan Wey, Non-Executive Director

• Corporate finance, corporate treasury, general management and investment banking experience
• Head of Corporate for Kuala Lumpur Kepong Berhad, Malaysia
• Formerly with Lazard, UK
• Engineering Master’s degree, Imperial College London

James Mahony, Chief Financial Officer

• Partner of Westend Corporate LLP
• Bachelor of Applied Science (Hons), Master ofAccounting and Qualified Certified Practising Accountant
• Focus includes natural resources, technology, biomedical sectors

Stuart Forrester, Chief Operational Officer

• Experienced engineering professional specialising in mining, processing, and project management
• Track record throughout lifecycle of mineral sands projects from mine construction to reclamation
• Formerly Rio Tinto, Iluka Resources, and The Chemours Company

Iranga Dunuwille, Sri Lanka Country Manager

• +20 years’ CFO and general management experience in Sri Lanka
• Overseeing in-country activity
• UK Qualified Chartered Management Accountant and MBA

Richard Stockwell, Technical Manager

• Geologist with +20 years’ experience in mineral sands
• +12 years with Iluka Resources prior to drilling and geological services to mineral sands industry

Harsha Udawatta, Operations Manager

• +20 years’ combined experience in Sri Lanka corporate and governmental sectors
• Previous community relations projects experience at the Pacific Partnership 2018 and other NGOs
• Bachelor of Arts (Hons) in Naval Studies and an MA in Conflict and Peace Studies

Niloosha Dodanwala, Human Resources Manager

• +20 years’ experience in people management in manufacturing and services sector
• Previously Assistant Vice President, Learning and Development, at HSBC Global Resourcing
• Bachelor of Arts (Hons) in Economics and an MBA

Sanjeewa Rajashilpa, Project Manager

• +20 years’ experience in project management within various industries, including mining and heavy mechanical services
• Proven track record in leading projects from planning through execution
• Bachelor of Science in Production Engineering (Mechanical based)

GRADE IS TRULY KING: Very high grades (17.6% THM)

FUNDED: To FID with MoU ($20m) signed for project funding through to cashflow positive

SIMPLICITY: Straightforward plant design with high recoveries

EXPLORATION UPSIDE: Indications of exceptional high grades at depth

STRONG ECONOMICS: Base Case NPV₈ of $155m equates to 27p per share, before resource extension potential