UK-based Capital Metals issues new shares as Lankan mineral sands project advances

Monday, 27 October 2025 03:47 - - {{hitsCtrl.values.hits}}

Ambeon Capital-linked Taprobane Minerals Project has NPV of $ 155-235 m, Capital Metals says
Expects to generate $ 150 m in royalties, taxes for SL; create 300 direct jobs
Mineral deposit located 220km outside in East said to hold ilmenite, rutile, zircon, and garnet used in manufacturing, engineering industries
Says project ranks among higher-grade mineral sands deposits globally

UK-listed Capital Metals PLC recently issued 638,029 ordinary shares to its financial adviser Hannam & Partners as payment for commission and advisory services related to its operations, notably in Sri Lanka.

Capital Metals, listed on the London Stock Exchange AIM Board under the ticker CMET, is developing the Taprobane Minerals Project in Sri Lanka, located about 220 kilometres east of Colombo.

The project contains deposits of industrial minerals such as ilmenite, rutile, zircon, and garnet, which are used in manufacturing and engineering industries. In May 2025, Ambeon Capital PLC said it was investing Rs. 600 million for an initial 14% stake in the project located in the Eastern Province.

According to earlier assessments, the project ranks among the higher-grade mineral sands deposits globally, with an estimated net present value of between $ 155-235 million.

The company has said it expects to generate over $ 150 million in royalties and taxes for Sri Lanka and create around 300 direct jobs once production begins.

The shares were issued at 2.8610 pence per share, amounting to £ 18,254, and are based on the 30-day volume-weighted average price of the company’s stock.

The company also granted 150,000 warrants to Hannam & Partners, exercisable at 2.75 pence per share after 12 months and valid for five years. The shares began trading on London’s Alternative Investment Market (AIM) around 20 October, bringing Capital Metals’ total issued share capital to 491.8 million ordinary shares.