Capital Metals PLC (AIM: CMET) recorded a net loss of $2.05 million for the year ended March 31, 2026, compared with a loss of $1.14 million in the prior year. The increase was driven by higher administrative expenses, which rose to $1.75 million from $1.17 million, and a sharp rise in share‑based payment charges to $469,277 from $4,611.
During the period the company secured $4 million from its Sri Lankan partner Ambeon Capital PLC and approximately $1 million from existing shareholders, boosting its year‑end cash position to $3.47 million, up from $1.35 million at the end of 2025. Total assets grew to $11.02 million from $7.66 million.
Capital Metals issued 147.3 million new ordinary shares at prices ranging from 2.5 to 2.75 pence per share. The company also completed Phase 1 Aircore drilling at its Taprobane Minerals Project in Sri Lanka, increasing the resource estimate for the initial mining area from 897,000 tonnes to 13.1 million tonnes at an average grade of 5.5% heavy minerals. Consequently, the Stage 1 capital expenditure estimate was reduced from $20.9 million to $17.7 million.
Licensing work showed that the Southern EL199 area exploration licence entered a retention period in July 2024 and technically lapsed on July 9, 2026. An Environmental Impact Assessment was submitted in December 2025, but processing remains pending approval of new standard operating procedures following Sri Lanka’s National Minerals Policy announcement in February 2026.
