Capital Metals PLC - London-based, Sri Lanka-focused mineral sands mining company - Extends memorandum of understanding with LB Group to December 31, in order to fund the project into production. LB Group is a manufacturer of high-performance titanium dioxide pigments and sponge. The agreement, previously announced in May, is to fund the Eastern Minerals project into production. LB Group will ‘fully’ fund the project, which is estimated to cost $81 million.

Executive Chair Greg Martyr says: ‘We continue to have a constructive relationship with our prospective future partner in the project which is reflected in their renewed commitment and our mutual desire to extend the MoU while we work to have the suspension of our mining licences lifted...We look forward to getting the project back on track and to concluding this offtake agreement with LB Group.’

Current stock price: 1.25 pence, up 8.7% on Thursday

12-month change: down 75%

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