Capital Metals plc (GB:CMET) has released an update.
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Capital Metals PLC has announced the end of the co-exclusivity period with Sheffield Resources Limited, indicating a decision to proceed with them as a partner for the development of the high-grade Eastern Minerals Project in Sri Lanka. The finalized agreements for the joint venture, which would make Sheffield a 50% stakeholder in the project, are expected by the end of May 2024. The deal is subject to shareholder approval as Sheffield, already a substantial shareholder, is considered a related party under AIM rules.
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