Capital Metals Plc · LSE:CMET
Capital Metals — Investor Presentation (May 2026)
23 slides from Capital Metals's investor presentation, May 1, 2026
Slide 1: Production Within Reach
PRODUCTION WITHIN REACH Exceptionally high-grade Taprobane Mineral Sands Project Sri Lanka |Q2 2026
Slide 2: Disclaimer
DISCLAIMER This presentation (the “Presentation”) has been prepared by statements will be at your sole risk. relied on in connection with, any contract or commitment or Capital Metals Plc (“CMET” or the “Company”). investment decision. Some or all of the information contained in The information cont
Slide 3: Project Overview
PROJECT OVERVIEW • 17.2Mt resource at 17.6% THM, with significant upside from drilling • 2 IMLs issued, with only 1 additional IML required to commence construction • Fixed sum with Mineral Technologies for engineering, procurement and supply of key plant/equipment, incl. Flex Series spiral plant Cl
Slide 4: Key Project Metrics
KEY PROJECT METRICS 108km2 Size project area 17.2Mt Resource of current Initial JORC 17.6% Total Heavy Minerals (THM) 75 % Valuable Heavy Minerals 90% THM recoveries 300+ New Jobs Created • 2025 drilling confirmed consistent high grades and 3.2x mineralisation surface area increase in Initial Mining
Slide 5: Exceptional In-Situ Grade
EXCEPTIONAL IN-SITU GRADE • 17.6% THM grade driving increased value and efficiency Capital Metals Already an outlier & resource is growing o Simplicity o Lower CAPEX o Lower OPEX o Higher plant recovery and grades o Reduced environmental footprint • Outlier - chart shows Capital Metals project in si
Slide 6: Strong Project Economics
STRONG PROJECT ECONOMICS H I G H M A R G I N, S H O R T PAY B A C K Internal financial model expected to be further enhanced by increased resources expanding an initial 9-year mine life and throughput Revenues Operating Cashflows Free Cash Flow (9 years) (9 years) (9 years) $845m $524m $308m Upside
Slide 7: Well Connected Major Shareholder
WELL CONNECTED MAJOR SHAREHOLDER • Ambeon Capital PLC became a major shareholder (12.1%) in 2025 - driver of a ~$5m raise • Colombo Stock Exchange listed diversified conglomerate with strong in-country connections • Ambeon already assisting in improving information flow and communications with natio
Slide 8: Sri Lanka's Minerals Sector Opening
SRI LANKA’S MINERALS SECTOR OPENING As the Minister of Industries…I am committed to advancing…the mineral resources industry to strengthen the national economy, • In Feb-26 Sri Lanka published first National Minerals Policy since 1999 – aims enhance export earnings, and to unlock mineral wealth and
Slide 9: Mineral Sands Conference 2026
MINERAL SANDS CONFERENCE 2026 • The Ceylon Chamber of Commerce (CCC) announced inaugural mineral sands industry conference in Sri Lanka for Jun-26 • Conference partnership with Capital Metals’ contractor - Mineral Technologies • Senior government decision makers, industry leaders, investors, mineral
Slide 10: Road to Production
ROAD TO PRODUCTION Jun 2016 Nov 2021 Apr 2022 1 2 3 May 2022 MINERAL RESOURCE ENVIRONMENTAL STRONG DRILL RESULTS 4 IMPACT ASSESSMENT RESULTS OF ESTIMATE Confirmed higher grade and DEVELOPMENT STUDY Among the highest Comprehensive consulting potential for resource process completed Strong economics a
Slide 11: Simple Proven Processing
SIMPLE PROVEN PROCESSING P H Y S I C A L M I N I N G & P R O C E S S I N G O N LY No blasting. No chemicals. Continuous rehabilitation. 11
Slide 12: Engineering Studies for Stage 1 FID Largely Complete
ENGINEERING STUDIES FOR STAGE 1 FID LARGELY COMPLETE • Fixed construction plant and services lump sum price negotiated with Mineral Technologies for Wet Concentrator Plant (right) • Access Engineering study completed covering plant construction and site civil works • Site access study completed with
Slide 13: Mine & Plant Overview – Stage 1
MINE & PLANT OVERVIEW – STAGE 1 Low Impact Mining • Based on 175tph plant feed rate (to achieve 0.7Mtpa of throughput) • Truck and shovel approach with tails returned immediately to prior mine void Simple Plant Scope • Clean beach sand means minimal screening required • Only a two-stage spiral circu
Slide 14: Concept Study for MSP
CONCEPT STUDY FOR MSP • Mineral Technologies has completed the concept design for the proposed first stage of a Mineral Separation Plant (MSP) to produce ilmenite and garnet finished products, along with rutile and zircon concentrates • Provides flexibility to accelerate the initial stage of the MSP
Slide 15: Coastal Regeneration Centres
COASTAL REGENERATION CENTRES • Multiple centres planned along project length • Planning finalised and construction of 1st CRC commenced • Demonstrates commitment to responsible mining, sustainable coastal management and progressive rehabilitation • Creates local employment, education and training •
Slide 16: Good Revenue Spread Across Product Mix
GOOD REVENUE SPREAD ACROSS PRODUCT MIX MINERAL ASSEMBLAGE: JORC Resource Category Resource % Ilmenite 34.7% ‘OOOt THM Zircon 5.0% Rutile 3.7% Measured 5,819 19.9 Garnet 24.2% Indicated 8,602 16.6 ESTIMATED SALES VALUE: Inferred 2,791 16.0 Ilmenite 41% Zircon 28% TOTAL 17,212 17.6 Rutile 19% Garnet 1
Slide 17: Resource Upside
RESOURCE UPSIDE • 2016 MRE (17.2Mt at 17.6% HM) was from only 2,621m of drilling to an avg depth of only 1.6m, with max. depth of 3.5m and 5% bottom cut • 2025 Stage 1 drilling delivered ~15x increase in MRE tonnes in the proposed Initial Mining Area alone (IMA previously 5% of total MRE) ▪ Maintain
Slide 18: IMA MRE Coloured by HM% & Showing Drill Locations
IMA MRE COLOURED BY HM% & SHOWING DRILL LOCATIONS 18
Slide 19: Community Initiatives Strengthening Social Operating Licence
COMMUNITY INITIATIVES STRENGTHENING SOCIAL OPERATING LICENCE • Growing Site Team: Now 13, including local Environment Specialist, to lead education and community programmes • Job Creation: ~300 direct jobs created in Sri Lanka, with additional roles via 5× multiplier, supported by strengthened local
Slide 20: Experienced Leadership
• Former Sri Lanka cricket Captain, World Cup Winner, and ICC Hall of EXPERIENCED LEADERSHIP Fame inductee • Major shareholder in Ambeon Capital • Chairman of Ideal Holdings (Pvt) Ltd., a major automotive company in Sri Lanka • +30 years’ resource investment banking experience • Former President 500
Slide 21: Technical & Local Leadership
TECHNICAL & LOCAL LEADERSHIP • Geologist with +20 years’ experience in mineral sands • +20 years’ CFO and general management experience in • +12 years with Iluka Resources prior to drilling and geological services to Sri Lanka mineral sands industry • Overseeing in-country activity • UK Qualified Ch
Slide 22: Corporate Overview
CORPORATE OVERVIEW ~$34m Market Cap at 5.10p Vs $180m Base Case project NPV8 Key Info Major Shareholders 12.1% Ambeon Capital PLC ~492 million Shares in issue 8.9% Bart Properties Pty Limited ~42 million Options / Warrants 5.1% Skyfall Properties Limited As last disclosed to the company by the share
Slide 23: Summary
SUMMARY STRONG PROGRESS TO FID GRADE IS TRULY KING Advancing key engineering, regulatory and stakeholder Super high grades enable a rapid, low-cost solution with workstreams relatively low risk RESOURCE UPSIDE FUNDED Already delivered ~15x increase in MRE tonnes in Funded beyond FID and project fund