WRAP Retail Offer for up to £300,000

Capital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Taprobane Minerals Project in Sri Lanka (the "Project"), is pleased to announce a retail offer, via the Winterflood Retail Access Platform ("WRAP"), for up to £300,000 (the "WRAP Retail Offer") through the issue of new Ordinary shares in the capital of the Company (the "WRAP Retail Offer Shares").

Under the WRAP Retail Offer, up to 12,000,000 new Ordinary shares (the "WRAP Retail Offer Shares") will be made available at a price of 2.5 pence per share (the "Issue Price"), which is the same price as the strategic investment of US$2 million by Ambeon Capital PLC ("Ambeon") announced at 7 a.m. BST today (the "Ambeon Subscription"). The terms of and reasons for the Ambeon Subscription and use of proceeds are detailed in today's earlier announcement. The proceeds of the WRAP Retail Offer will be utilised in the same way.

The WRAP Retail Offer is conditional on the Ambeon Subscription Shares (as defined in the announcement issued at 7 a.m. BST today) and thereafter the WRAP Retail Offer Shares being admitted to trading on AIM. It is anticipated that admission of the Ambeon Subscription Shares will become effective and that dealings in the Ambeon Subscription Shares will commence on AIM at 8 a.m. on or around 4 June 2025, and that admission of the WRAP Retail Offer Shares will become effective and that dealings in the WRAP Retail Offer Shares will commence on AIM at 8 a.m. on or around 6 June 2025.

WRAP Retail Offer

Therefore, the Company is making the WRAP Retail Offer open to eligible investors in the United Kingdom, being existing shareholders of Capital Metals, following release of this announcement and through certain financial intermediaries.

The WRAP Retail Offer is expected to close at 9 a.m BST on 2 June 2025. Eligible shareholders should note that financial intermediaries may have earlier closing times.

There is a minimum subscription of £500 per investor under the WRAP Retail Offer. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges.

It is a term of the WRAP Retail Offer that the total value of the WRAP Retail Offer Shares available for subscription at the Issue Price does not exceed £300,000, or such size as agreed by the Company.

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Nominated Adviser

SPARK Advisory Partners Limited ("SPARK") is the Company's Nominated Adviser and is authorised and regulated by the FCA. SPARK's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. SPARK is not acting for and will not be responsible to any other persons for providing protections afforded to customers of SPARK nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

The Company's LEI number is: 213800RR4MW1ETEMS859