Exercise of Warrants

Capital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka (the "Project"), announces that it has today issued 1,625,000 ordinary shares pursuant to the exercise of 1p warrants which were issued in connection with the placing announced on 20 June 2023.

Application will be made to the London Stock Exchange for admission of the 1,625,000 shares (the "Shares") to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Shares will commence at 8.00 a.m. on or around 27 October 2023. The Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing ordinary shares.

Total Voting Rights

Following Admission, the total number of ordinary shares in the capital of the Company in issue will be 279,246,598 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.