14th Feb 2025 11:54
(Alliance News) - Capital Metals PLC on Friday said the Geological Survey & Mines Bureau have agreed to provide technical services at its Taprobane minerals project.
The mineral sands exploration company focused on Sri Lankan projects said it is currently finalising the last renewal of land access permissions necessitated to launch its resampling and drilling programme, and that it has its air core drilling rig on standby.
The drilling programme was previously delayed due to Sri Lankan elections, which resulted in "widespread minsterial and senior personnel changes across all departments".
Capital Metals does not anticipate any impact to its target of reaching a final investment decision in the second quarter of 2025, and continues to expect a nine to twelve month construction period until first production.
Executive Chair Greg Martyr said: "We wanted to have the GSMB actively involved in the drilling programme, and I am pleased we now have their agreement in hand to facilitate their participation with a view to commencing as soon as the final land access approval has been refreshed."
Martyr continued: "On the financing side, we continue to advance dialogue with offtakers, vendor financiers, and potential Sri Lankan project partners to finance the project in a way that minimises or eliminates the requirement to raise market equity."
Taprobane is the new name for Capital Metal's Eastern minerals project, "chosen for its positive historical significance and community resonance as the ancient Greek name for Sri Lanka".
Shares in Capital Metals were down 1.2% at 1.43 pence in London on Friday morning.
By Emily Parsons, Alliance News reporter
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