Update re Ministry of Environment

RNS REACH

13 October 2023

Capital Metals plc

("Capital Metals" or the "Company")

Update re Ministry of Environment

Capital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka (the "Project"), notes a Gazette notification issued in Sri Lanka announcing that the Ministerial Portfolio of Environment, which includes responsibility for the Geological Survey and Mines Bureau, is being brought under the purview of President Ranil Wickremesinghe.

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About Capital Metals

Capital Metals plc is a British company listed on the AIM segment of the London Stock Exchange and one of only a few foreign investors in Sri Lanka's mining industry. After investing US$11 million in exploration and development activities including detailed environmental assessments between 2017 and 2022, the Company's Sri Lankan subsidiary, Damsila Exports (Pvt) Limited, was issued an initial two licences in August 2022 to mine heavy mineral sands in the Eastern Province, containing industrial minerals including ilmenite, rutile, zircon, and garnet.