Capital Metals PLC - Sheffield Subscription/Grant of Options

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.

4 September 2025

Capital Metals PLC

("Capital Metals" or the "Company")

Sheffield Resources Subscription

&

Grant of Share Options

Further to the 2 September 2025 announcement, Capital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Taprobane Minerals Project in Sri Lanka (the "Project"), announces a subscription for 6,689,418 new Ordinary shares in the Company (the "Sheffield Subscription Shares") by Sheffield Resources Limited (ASX: SFX) ("Sheffield") at a price of 2.75 pence per share (the "Sheffield Subscription"), for a total sum of £183,959. The Sheffield Subscription is conditional on the admission of the Ambeon Subscription Shares¹.  

The Sheffield Subscription is a result of Sheffield, the 50% owner of the Thunderbird mineral sands mine in Western Australia, exercising its right, pursuant to the Relationship Agreement it signed with the Company in March 2024, to participate in any share issuance of the Company on the same terms as other investors in order to maintain its 10% shareholding in the Company as set out in the 15 March 2024 announcement.

Admission and Total Voting Rights

Application will be made for the Sheffield Subscription Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence at 8.00 a.m. on or around 12 September 2025. The Sheffield Subscription Shares will rank pari passu with the Ordinary shares of the Company in issue.

Following Admission, the total number of Ordinary shares in the capital of the Company in issue will be 491,191,440 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to (i) the Company's Articles, (ii) the Financial Conduct Authority's Disclosure Guidance and Transparency Rules and/or (iii) the AIM Rules for Companies issued by the London Stock Exchange plc as amended from time to time.

Upon Admission, Sheffield will hold 49,173,418 Ordinary shares in the Company, equivalent to 10% of the enlarged share capital following the admissions of the Ambeon Subscription Shares¹ and the Sheffield Subscription Shares. 

¹ As defined in the 2 September 2025 announcement

Grant of Share Options

As announced on 29 May 2025, in connection with the Ambeon Subscription² and the Ambeon Option², Capital Metals has granted share options to subscribe for 20,000,000 new Ordinary shares in the Company to advisers that assisted with those transactions ("Adviser Options"). The advisers are connected with a shareholder of Ambeon. The Adviser Options will be exercisable on the terms below for up to five years from the date of grant, subject to the following vesting conditions having been satisfied:

(i)            One third are exercisable at 3 pence per share following completion of the Ambeon Subscription²

(ii)           One third will be exercisable at 4 pence per share on completion of the Redgate Equity transaction²

(iii)          One third will be exercisable at 5 pence per share on completion of the Redgate Debt transaction²

² As defined in the 29 May 2025 announcement

For further information, please visit www.capitalmetals.com or contact:

About Capital Metals

Capital Metals is a UK company listed on the London Stock Exchange (AIM: CMET). We are developing the Taprobane Minerals Project in Sri Lanka, approximately 220km east of Colombo, containing industrial minerals including ilmenite, rutile, zircon, and garnet. The Project is one of the highest-grade mineral sands projects 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 potential. We are committed to applying modern 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$150m in direct government royalties and taxes to be paid.

Visit our website:

www.capitalmetals.com

Follow us on social media:

X: @MetalsCapital

LinkedIn: @Capital Metals plc