REG - Cornish Metals Inc. - EXERCISE OF STOCK OPTIONS, ISSUE OF EQUITY & PDMR

Cornish MetalsAnnouncement

15/10/2025 07:00

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RNS Number : 3806D  Cornish Metals Inc.  15 October 2025

 

CORNISH METALS ANNOUNCES EXERCISE OF STOCK OPTIONS AND ISSUE OF EQUITY &
PDMR DEALINGS

 

Vancouver, October 14, 2025

Cornish Metals Inc. (AIM/TSXV: CUSN) ("Cornish Metals" or the "Company"), a
mineral exploration and development company focused on advancing its wholly
owned and permitted South Crofty tin project in Cornwall, United Kingdom,
announces that Non-Executive Chairman, Mr Patrick F. N. Anderson, has
exercised 750,000 options over common shares (the "New Common Shares") in the
Company at an exercise price of 10 cents per common share for an aggregate
consideration of C$75,000 (equivalent to £40,079).

Following this purchase, Mr Anderson has a beneficial interest in 1,425,271
common shares representing 0.11% of the issued share capital in the Company.

The New Common Shares will rank pari passu with the existing shares and
application has been made for the 750,000 New Common Shares to be admitted to
trading on AIM ("Admission"). It is expected that Admission will become
effective and dealings in the New Common Shares will commence at 8:00am on or
around October 20, 2025. The New Common Shares will also trade on the TSX
Venture Exchange.

Following Admission, Cornish Metals' Issued and Outstanding share capital will
consist of 1,254,501,619 common shares. The Company does not hold any common
shares in treasury. Shareholders may use this figure 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.

Following the issue of the New Shares, the Company's outstanding stock options
and performance share units are as set out in the table below:

                          Outstanding      Exercise Price          Exercisable  Expiry date
 Options                  7,066,667               C$0.33(1)        5,066,867    July, 17, 2028
                          800,000          C$0.33(1)               266,640      October 1, 2028
                          9,600,000        C$0.16(2)               3,266,667    August 19,2029
                          2,500,000        C$0.16(2)               -            October 21, 2029
 Performance Share Units  12,315,951       -                       -            May 23, 2035

(1) Pursuant to the terms of the share option award, the exercise price of
these options is £0.18 for non-Canadian option holders or $0.30 for Canadian
option holders. The exercise price of C$0.33 reflects the weighted average
price of the options based on the latest exchange rate.

(2) Pursuant to the terms of the share option award, the exercise price of
these options is £0.085 for non-Canadian option holders or $0.14 for Canadian
option holders. The exercise price of C$0.16 reflects the weighted average
price of the options based on the latest exchange rate.

The notification below, made in accordance with the requirements of the UK
Market Abuse Regulation, provides further detail.

 

 1       Details of the person discharging managerial responsibilities / person closely
         associated
 a)      Name                                                         Patrick F. N. Anderson

 2       Reason for the notification
 a)      Position/status                                              Non-Executive Chairman
 b)      Initial notification /Amendment                              Initial notification
 3       Details of the issuer, emission allowance market participant, auction
         platform, auctioneer or auction monitor
 a)      Name                                                         Cornish Metals Inc.
 b)      LEI                                                          8945007GJ5APA9YDN221
 4       Details of the transaction(s): section to be repeated for (i) each type of

       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
         place where transactions have been conducted
 a)      Description of the financial instrument, type of instrument  Common shares
         Identification code                                          CA21948L1040

 b)      Nature of the transaction                                    Exercise of share options pursuant to Company's share option plan

 c)      Price(s) and volume(s)                                       750,000 options exercised at 10 cents

 d)      Aggregated information
         - Aggregated volume
         - Price

 e)      Date of the transaction                                      13 October 2025
 f)      Place of the transaction                                     Outside of a trading venue

ABOUT CORNISH METALS

Cornish Metals is a mineral exploration and development company that is
advancing the South Crofty tin project towards production. South Crofty:

·    is a historical, high-grade, underground tin mine located in
Cornwall, United Kingdom and benefits from existing mine infrastructure
including multiple shafts that can be used for future operations;

·    is permitted to commence underground mining (valid to 2071),
construct a new processing facility and for all necessary site infrastructure;

·    would be the only primary producer of tin in Europe or North America.
Tin is a Critical Mineral as defined by the UK, American, and Canadian
governments as it is used in almost all electronic devices and electrical
infrastructure. Approximately two-thirds of the tin mined today comes from
China, Myanmar and Indonesia;

·    benefits from strong local community, regional and national
government support with a growing team of skilled people, local to Cornwall,
and could generate up to 320 direct jobs.

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Don Turvey"

Don Turvey

CEO and Director

 

Engage with us directly at our investor hub. Sign up at:
https://investors.cornishmetals.com/link/yOOzmy
(https://investors.cornishmetals.com/link/yOOzmy)

 

For additional information please contact:

 

 Cornish Metals                                                         Fawzi Hanano       investors@cornishmetals.com (mailto:investors@cornishmetals.com)

                                                                        Irene Dorsman      info@cornishmetals.com (mailto:info@cornishmetals.com)
                                                                                           Tel: +1 (604) 200 6664

 SP Angel Corporate Finance LLP                                         Richard Morrison   Tel: +44 203 470 0470

 (Nominated Adviser & Joint Broker)                                     Charlie Bouverat

                                                                        Grant Barker

 Hannam & Partners                                                      Matthew Hasson     cornish@hannam.partners (mailto:cornish@hannam.partners)

 (Joint Broker)                                                         Andrew Chubb       Tel: +44 207 907 8500

                                                                        Jay Ashfield

 BlytheRay                                                              Tim Blythe         cornishmetals@blytheray.com (mailto:cornishmetals@blytheray.com)

 (Financial PR)                                                         Megan Ray          Tel: +44 207 138 3204

                                                                        Said Izagaren

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Caution regarding forward looking statements

This news release may contain certain "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking statements").
Forward-looking statements include predictions, projections, outlook,
guidance, estimates and forecasts and other statements regarding future plans,
the realisation, cost, timing and extent of mineral resource or mineral
reserve estimates, estimation of commodity prices, currency exchange rate
fluctuations, estimated future exploration expenditures, costs and timing of
the development of new deposits, success of exploration activities, permitting
time lines, requirements for additional capital and the Company's ability to
obtain financing when required and on terms acceptable to the Company, future
or estimated mine life and other activities or achievements of Cornish Metals.
Forward-looking statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast",
"expect", "potential", "project", "target", "schedule", "budget" and "intend"
and statements that an event or result "may", "will", "should", "could",
"would" or "might" occur or be achieved and other similar expressions and
includes the negatives thereof. All statements other than statements of
historical fact included in this news release, are forward-looking statements
that involve various risks and uncertainties and there can be no assurance
that such statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such statements.

Forward-looking statements are subject to risks and uncertainties that may
cause actual results to be materially different from those expressed or
implied by such forward-looking statements, including but not limited to:
risks related to receipt of regulatory approvals, risks related to general
economic and market conditions; risks related to the availability of
financing; the timing and content of upcoming work programmes; actual results
of proposed exploration activities; possible variations in Mineral Resources
or grade; projected dates to commence mining operations; failure of plant,
equipment or processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and other risks
of the mining industry; changes in national and local government regulation of
mining operations, tax rules and regulations. The list is not exhaustive of
the factors that may affect Cornish's forward-looking statements.

Cornish Metals' forward-looking statements are based on the opinions and
estimates of management and reflect their current expectations regarding
future events and operating performance and speak only as of the date such
statements are made. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ from
those described in forward- looking statements, there may be other factors
that cause such actions, events or results to differ materially from those
anticipated. There can be no assurance that forward-looking statements will
prove to be accurate and accordingly readers are cautioned not to place undue
reliance on forward-looking statements. Cornish Metals does not assume any
obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change other than as
required by applicable law.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

 

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