REG - Cornish Metals Inc. - OPERATIONS UPDATE FOR THE SOUTH CROFTY TIN PROJECT

Cornish MetalsAnnouncement

01/12/2025 07:00

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RNS Number : 5398J  Cornish Metals Inc.  01 December 2025

OPERATIONS UPDATE FOR THE SOUTH CROFTY TIN PROJECT

 

Vancouver, November 30, 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, is
pleased to provide an update on the progress of activities at South Crofty.

Underground activities

Refurbishment work on the New Cook's Kitchen ("NCK") mid-shaft pump station
(at approximately 360 metres below surface) is progressing to plan with
removal of the old pumps, pipes and steelwork complete and installation of the
new permanent pumps well advanced (see images 1 and 2). Work on the pump
station is expected to be completed before the end of the year after which the
submersible pumps will be lowered to below the lower pump station level
(approximately 730 metres below surface). Mine dewatering will resume at that
point and is expected to reach the lower pump station level in mid-2026.

Underground development at the No. 1 level (approximately 50 metres below
surface) has now started, consisting of approximately 600 metres of lateral
development, which is required to establish the skip discharge and rock
handling facilities for the NCK Shaft rock-hoisting system. This development
programme is also being used to facilitate training of the Company's mining
crews in modern, mechanised development mining methods, utilising the recently
purchased single-boom jumbo drill rigs and other trackless equipment Cornish
Metals is acquiring as it builds its Life of Mine mobile fleet (see image 3).

Surface activities

The second phase of excavation for the new pre-concentration plant commenced
in late November, as planned. Following the initial phase of topsoil removal
which has been underway since August 2025, the second phase of work is focused
on the removal of the overburden and rock across the footprint of the building
(see image 4).

Construction activities for the new workshop and stores facility located at
the old Bartles Foundry site are progressing well with the bulk excavation,
foundations, and steelwork complete and the building cladding now underway.
Major works are expected to be completed by the end of Q1 2026, in-line with
the schedule (see images 5 and 6).

Additionally, Phase 1 of the Mine Dry refurbishment, which includes the
changing room facilities and canteen, was completed in October 2025. Phase 2
of the Mine Dry, which includes additional changing facilities and office
space is currently underway, and it expected to be completed in Q1 2026.

Don Turvey, CEO of Cornish Metals, commented: "The work programme at South
Crofty has continued this year following the successful fundraise completed in
Q1, and is progressing in line with our latest guidance. On surface,
excavation and construction activities continue to advance across the site.
Underground, significant progress has been made at the New Cook's Kitchen
mid-shaft pump station, with the area cleared, installation of new permanent
pumps well underway, and the start of development at the No. 1 level serving
as an important step that will provide a training platform for newly recruited
miners."

Image 1: New Cook's Kitchen shaft pump station - installation of pump bases.

Image 2: New Cook's Kitchen shaft pump station - mounting of the new permanent
pumps.

Image 3: No. 1 level underground development - test run of Epiroc MT2010 haul
truck down Tuckingmill decline.

Image 4: Pre-concentration plant excavation work.

Image 5: Workshop and stores building steel frame.

Image 6: Workshop and stores building cladding underway.

 

ABOUT CORNISH METALS

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

·    is a historical 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 the highest grade known tin resource not in production;

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

·    would be potentially the first 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 over 300 direct jobs.

 

ON BEHALF OF THE BOARD OF DIRECTORS

"Don Turvey"

Don Turvey

CEO and Director

 

ENDS

 

 

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

 

For additional information please contact:

 

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

                                          Emily Allhusen     info@cornishmetals.com (mailto:info@cornishmetals.com)
                                                             Tel: +44 (0) 1209 715 777

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

 (Nominated Adviser & Joint Broker)       Charlie Bouverat

 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

The Bartles Foundry project is part-funded by the UK Government through the UK
Shared Prosperity Fund. Cornwall Council is responsible for managing projects
funded by the UK Shared Prosperity Fund through the Cornwall and Isles of
Scilly Good Growth Programme.

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.

 

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