Capital Metals’ full-year results underscored operational highlights including regulatory approval for its Eastern Minerals project in Sri Lanka and a significant expansion of an existing exploration licence.
Post-year-end, AIM-listed Capital Metals was also granted two additional industrial mining licences (IMLs).
Full-year operating losses were reduced by 76% due to placing costs incurred in 2021.
The group had a cash balance of US$1.78mln as of March 31, roughly equivalent to the previous full-year result.
Chairman George Martyr said: "This has been an extremely busy period and we are delighted that the activities undertaken led to the grant, in August 2022, of the first two IMLs.
“The IMLs are a major step forward in enabling the commencement of mining activities, and the advancement of ongoing discussions with offtakers, debt providers and other strategic funding parties.”
Going forward, Capital Metals said it “will need to raise further funds within the next 12 months, in order to meet its expected expenditures, and progress the Group into the next phase of definitive feasibility, and then into construction and finally into production".