REG - Cornish Metals Inc. - GRANT FUNDING INVESTMENT AT SOUTH CROFTY PROJECT

Cornish MetalsAnnouncement

12/06/2025 07:00

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RNS Number : 4871M  Cornish Metals Inc.  12 June 2025

 

GRANT FUNDING INVESTMENT AT SOUTH CROFTY TIN PROJECT

 

Vancouver, June 11, 2025

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), a
mineral exploration and development company focused on advancing its 100%
owned and permitted South Crofty tin project in Cornwall, United Kingdom, is
pleased to announce that South Crofty's Bartles Foundry project has received
grant funding of up to £4,190,500 from the Cornwall and Isles of Scilly Good
Growth Programme, which is managed by Cornwall Council and funded by the UK
Government through the UK Shared Prosperity Fund ("SPF").

The grant funding is equivalent to a maximum of 62% of the total Bartles
Foundry project cost estimated at approximately £6.8 million for the
construction of workshops, stores and offices on the Bartles Foundry site.
This will support the requirements associated with South Crofty moving to
production and includes the cost for the previously announced purchase of 4.5
acres of land from Cornwall Council (see press release dated April 1, 2025
(https://investors.cornishmetals.com/announcements/6893563) ). Conditional
planning approval for the development was granted in January 2025. This
project follows on from the SPF part-funded study in 2024 which concluded that
the site was suitable for development.

Don Turvey, CEO and Director of Cornish Metals, stated: "We are delighted to
be awarded this grant funding by Cornwall Council, demonstrating ongoing local
support for South Crofty and following on from the investment by the UK's
National Wealth Fund earlier this year. This funding will enable the
construction of the Bartles Foundry project that will support South Crofty as
we move into the underground development phase, which will provide local
employment opportunities during the construction and operational phase."

Cllr Tim Dwelly, Cornwall Council's Cabinet Member for Economic Regeneration
and Investment, said: "South Crofty is a big priority for us. Not only are
they supporting high-quality well-paid jobs in the area, they are also helping
the security of the whole UK by strengthening the domestic supply of essential
minerals. I am proud to support this next step towards bringing tin mining
back to Cornwall."

ABOUT CORNISH METALS

Cornish Metals is a dual-listed mineral exploration and development company
(AIM and TSX-V: CUSN) 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;

·    has a 2024 Preliminary Economic Assessment that validates the
Project's potential (see news release dated April 30, 2024
(https://investors.cornishmetals.com/announcements/6315981) and the Technical
Report entitled "South Crofty PEA
(https://cornishmetals.com/site/assets/files/4962/0423037_south_crofty_pea_-_24_may_2024_sedar.pdf)
");

·    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.

About The UK Shared Prosperity Fund and Cornwall and Isles of Scilly Good
Growth Programme

UK Shared Prosperity Fund

The UK Shared Prosperity Fund proactively supports delivery of the
UK-government's five national missions: pushing power out to communities
everywhere, with a specific focus to help kickstart economic growth and
promoting opportunities in all parts of the UK.

For more information, visit
https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus
(https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus)
.

Cornwall and Isles of Scilly Good Growth Programme

The Good Growth Programme is managing the delivering of the UK Shared
Prosperity Fund in Cornwall and Isles of Scilly. Cornwall Council has been
chosen by Government as the lead authority for the fund which is being
invested in accordance with the Good Growth SPF Investment Plan.

For more information, visit https://ciosgoodgrowth.com
(https://ciosgoodgrowth.com) .

 

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/lPdOLr
(https://investors.cornishmetals.com/link/lPdOLr)

 

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

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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.
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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.

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