Capital Metals : Presentation - January 2022

C A P I T A L ME T A L S

Developing High-Grade Mineral

Sands in Sri-Lanka

JANUARY 2022

Disclaimer and Forward-Looking Statements

This presentation (the "Presentation") has been prepared by Capital Metals Plc ("CMET" or "The Company")

This presentation contains general and background information about CMET's activities current as at the date of the presentation, and (i) does not purport to be completed; and (ii) should not be considered to be comprehensive or to comprise all the information that an investor should consider when making an investment decision. The information is provided in summary form, has not been independently verified, and should not be considered to be comprehensive or complete. The Company is not responsible for providing updated information and assumes no responsibility to do so.

The contents of this Presentation have not been reviewed, authorised or otherwise approved by the UK Financial Conduct Authority (FCA) or any other regulatory body.

Reliance on this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested. If you are in doubt about the content of this Presentation and/or any action you should take, you are strongly recommended to seek your own independent financial advice immediately from your stockbroker, lawyer, accountant or other independent financial adviser authorised by the FCA. This Presentation contains both historical facts and statements relating to the Company's current plans,, estimates, objectives and strategies which are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond the Company's control that could cause the actual results,

performance or	achievements of the Company to be materially
different from	future results, performance or achievements
expressed or implied by such	forward-looking statements.
Accordingly, any reliance you	place on such forward-looking

statements will be at your sole risk.

The information contained in this Presentation is subject to change without notice. No representation or warranty, express or implied, is given as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and no liability is accepted by the Company or any of its directors, members, officers, employees, agents or advisers for any such information or opinions.

No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of the Company, or Brandon Hill Capital Limited or WH Ireland (the "Joint Brokers") or any of their respective directors, officers, partners, employees, agents or advisers, or any other person, as to the accuracy or completeness of the information or opinions contained in these slides or the Presentation. Accordingly, no responsibility or liability is accepted by any of them for any such information or opinions or for any errors, omissions, misstatements, negligence or otherwise for any other communication, written or otherwise, but except that nothing in this paragraph will exclude liability for any undertaking, representation, warranty or other assurance made fraudulently.

The Joint Brokers, who are regulated by the Financial Conduct Authority, are advising the Company and no one else (whether or not a recipient of these slides and will not be responsible to anyone, other than the Company, for providing the protections afforded to customers of the Joint Brokers respectively nor for providing advice in relation to the Company.

The Joint Brokers have not authorised the contents of these slides or any of them. These slides are for distribution in or from the UK only to persons authorised or exempted within the meaning of those expressions under FSMA 2000 or any order made under it or to those persons to whom these slides may be lawfully distributed pursuant to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 ("Financial Promotion Order") as amended, including Investment Professionals as defined in article 19(5) and high net worth entities as defined in article 49(2) of the Financial Promotion Order. Persons who do not fall within any of these definitions should not rely on these slides nor take any action upon them.

This Presentation and the information contained in it do not constitute a prospectus and do not form any part of an offer of, or invitation to apply for, securities. Neither this Presentation, nor any part of it, nor the fact of its use, should form the basis of, or be relied on in connection with, any contract or commitment or investment decision. Some or all of the information contained in these slides and the Presentation (and any other information which may be provided) may be inside information relating to

the securities of the Company within the meaning of the Criminal Justice Act 1993 and the Market Abuse Regulation (EU/596/2014) (MAR). Recipients of this information shall not disclose any of this information to another person or use this information or any other information to deal, or to recommend or induce another person to deal in the securities of CMET (or attempt to do so). Recipients of this information shall ensure that they comply or any person to whom they disclose any of this information complies with this paragraph and also with MAR. The term "deal" is to be construed in accordance with the Criminal Justice Act 1993 and with MAR.

This Presentation does not constitute an offer to sell, or a solicitation to buy securities in any jurisdiction in which such offer or solicitation is unlawful. In particular, this Presentation is not, subject to certain exceptions, for distribution in or into the United States, Canada, Australia, the Republic of South Africa, the Republic of Ireland or Japan. The Company's shares have not been and will not be registered under the United States Securities Act of 1933, as amended, nor under the securities legislation of any state of the United States or any province or territory of Canada, Australia, the Republic of South Africa, the Republic of Ireland or Japan or in any country, territory or possession where to do so may contravene local securities laws or regulations. Accordingly, CMET's shares are not, subject to certain exceptions, to be offered or sold directly or indirectly in or into the United States, Canada, Australia, the Republic of South Africa, the Republic of Ireland or Japan or to any national, citizen or resident of the United States, Canada, Australia, the Republic of South Africa or Japan.

C A P I T A L M E T A L S

01

Overview - Eastern Minerals Project

High-grade Mineral Sands in Sri Lanka

NEAR TERM PRODUCTION AND PATHWAY TO EARLY CASHFLOW

Over 4 years of development and studies to date with two stage construction strategy

AMONGST HIGHEST GRADE IN GLOBAL PEER GROUP

17.6% Total Heavy Minerals (THM) incl ilmenite, zircon, rutile & garnet

SHALLOW RESOURCE FROM SURFACE

17.2Mt JORC resource 17.6% THM from first 3m from surface

DIRECTORS ESTIMATE A US$35M LOW CAPEX	Kalpitiya

Simple, non-chemical, processing route

Development Study targeted for Q1 2022

Jaffna

THE PORT OF

TRINCOMALEE

Wilpattu

Sigiriya

Pasikuda

Kandy

PROVEN LEADERSHIP TEAM

Substantial listed company, finance, mineral sands & Sri Lankan operational experience

KEY MILESTONES

EIA Process complete, focus now on issue of Mining License. Multiple development milestones

Colombo

Pinnawala

THE PORT OF OLUVIL

Kitulgala	Eastern Minerals Project
	Ella

SRI LANKA

Supportive government as evidenced by EIA approval

Hikkaduwa

THE PORT OF HAMBANTHOTA

Galle fort

C A P I T A L M	02
E T A L S

Corporate

AT A GLANCE	SIGNIFICANT SHAREHOLDERS

Market Cap GBP £16.48*

Share Price 9.60 p*

Shares on Issue 172,436,766

12 Month Range 8.6p - 23.7p

Nomad-Spark

Joint Broker-WH Ireland/Tavira Securities

• As at 14 January 2022
  SHARE PRICE - CMET : AIM

Brent Holdings Limited (Family office)	14.38%
Roman Resources Management Pty Ltd	8.36%
Stanton Investments Ltd	7.35%
KL Kepong International Limited	6.49%
Chulu Holding	5.13%
Bart Properties Pty Ltd (Family office)	3.19%

25

20

15

POTENTIAL FOR AN INCREASE IN SHARE PRICE

Mining Licence

Resource Upgrade

10

Drilling

Studies

5

							0
Jan 18, 2021	Mar 29, 2021	Jun 11, 2021	Aug 20, 2021	Nov 01, 2021	Jan 13, 2022

Offtake

Financing

Strategic Partner

C A P I T A L M	03
E T A L S

A Team To Deliver

International & local team with proven experience in mineral sands project

Greg Martyr / Non- Executive Chairman

+25 years' resource investment banking experience

Former President 500kozs Americas gold producer

Previously Global Head of Mining & Metals Advisory for Standard Chartered

Michael Frayne / CEO + Executive Director

+25 years' technical and commercial experience in resource sector

Experienced in corporate strategy & executive management.

Previously Ernst & Young, Great Central Mines Ltd, Anaconda Nickel Ltd and Asia Energy Plc (now GCM Resources Plc).

James Mahony/ Chief Financial Officer

Partner of Westend Corporate LLP and holds a Bachelor of Applied Science (Hons), Master of Accounting and is a qualified Certified Practising Accountant.

Works with listed companies on the LSE Main Market, AIM and AQSE as well as private companies in the pre-IPO phase.

Focused on companies in mining, resource exploration, technology, biomedical and medicinal cannabis sectors.

Iranga Dunuwille / Sri Lanka Country Manager

15 years CFO and general management experience in Sri Lanka and has finance and regulatory experience in the UK.

Based in Sri Lanka overseeing in-country activity

UK Qualified Chartered Management Accountant & MBA

Good knowledge of Sri Lanka government processes and regulations

James Leahy / Non- Executive Director

+34 years' experience in stockbroking, investment banking and commodities

Currently a director of Geiger Counter Ltd, Savannah

Resources plc and AEG plc

Former director of MRC whilst Tormin Mineral Sands Project moved from feasibility into production

Richard Stockwell / Technical Manager

Geologist with +20 years' experience in mineral sands

Expertise covers mineral exploration, resource development and mine planning

Over 12 years with Iluka Resources then set up drilling + geological services to the mineral sands industry

C A P I T A L M	04
E T A L S