REG - Cornish Metals Inc. - TECHNICAL REPORT FILED ON SEDAR+ FOR UPDATED PEA

Cornish MetalsAnnouncement

16/10/2025 07:00

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RNS Number : 5675D  Cornish Metals Inc.  16 October 2025

 

CORNISH METALS FILES TECHNICAL REPORT FOR THE SOUTH CROFTY TIN PROJECT UPDATED
PEA ON SEDAR+

 

Vancouver, October 15, 2025

Cornish Metals Inc. (AIM/TSXV: CUSN) ("Cornish Metals" or the "Company") is
pleased to report that it has filed a technical report pursuant to National
Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI
43-101") for its wholly owned and permitted South Crofty tin project in
Cornwall, United Kingdom under Cornish Metals' profile on Sedar+
(www.sedarplus.com (http://www.sedarplus.com) ) and is also available at
www.cornishmetals.com (http://www.cornishmetals.com) .

The Company's news release dated September 29, 2025
(https://investors.cornishmetals.com/announcements/7175588) summarises the
positive results of the updated Preliminary Economic Assessment ("PEA"), see
highlights below:.

Highlights

Ø Reinforced leadership team delivering global best practice

·   Newly appointed General Manager and Project Director have aligned the
project with global best practice across current works, project delivery and
eventual operations

·    Top-tier third party consultants have independently verified all
project parameters-from technical design to real time cost estimation-ensuring
rigour, transparency, and execution confidence

Ø Solid project economics and cash generation

·    £180 million after-tax NPV(6% Real) and 20% IRR at a tin price of
US$33,900 /tonne

·    £237 million pre-tax NPV(6% Real) and 23% IRR

·    Capital payback period of 3.3 years after-tax after start of
production

·    Cumulative after-tax cash flow of approximately £558 million from
start of production

·    Average annual after-tax cash flow of approximately £57 million in
years two through six

·    Average annual EBITDA of £70 million and 62% EBITDA margin in years
two through six which is expected to be sustained when additional Mineral
Resources are added from planned underground drilling of known orebody
extensions

Ø A low-cost, high-grade, responsible tin operation with strong ESG
credentials

·    Lowest quartile producer - Average AISC of approximately US$13,420
/tonne of payable tin for years two through six, US$14,460 /tonne over LOM,
positioning South Crofty in the lowest quartile of the cost curve

·    Average annual tin production of approximately 4,700 tonnes for years
two through six (equivalent to approximately 1.6% of global mined tin
production)

·    Average pre-concentrated head grade of 2.11% tin in years two through
six, upgraded from an average mined grade of 1.04% tin

·    Low impact underground operation with no surface tailings disposal

·    Use of 100% renewable electricity supply with renewable power
generation optionality

·    Potential to directly employ over 300 people and create up to 1,000
indirect jobs

Ø Sizeable Exploration Target potential

·    Near mine Exploration Target points to potential additional
mineralisation of 6 to 13 million tonnes ("Mt"), at a tin grade of 0.5% to
1.8%

·    South Crofty has a record of consistently replacing mined tonnes to
extend its life of mine and the Company is targeting a continuation of this
trend

·    The Company has good visibility on higher grade extensions that can
allow a further optimised mine plan in due course subject to exploration
drilling success

·   The Company has developed a resource drilling programme that is
planned to commence with the start of underground development and continue
alongside production

·    Further growth opportunities from longer term exploration within the
South Crofty mining permission area and within Cornish Metals' extensive
mineral rights holdings in Cornwall

Ø Well supported project

·    Support from local communities and government, and UK government

·   Permitted project with existing mine infrastructure, mining permission
through to 2071 and full planning permission to construct the processing plant
to recover tin concentrate

The technical report, titled "South Crofty PEA Update" (the "Technical
Report") was prepared by AMC Consultants (UK) Limited on behalf of Cornish
Metals. The Qualified Persons ("QPs") for the updated PEA are Mr Dominic
Claridge, FAusIMM, Principal Mining Engineer (AMC); Mr Nick Szebor, MCSM,
CGeol, EurGeol, FGS, Director/Global Lead - Geosciences and Principal
Geologist (AMC); Mr Mike Hallewell, FIMMM, FSAIMM, FMES, CEng (Independent
Consultant); Mr Barry Balding, PGeo, EurGeol, Technical Director - Mining
Advisory Europe (SLR); Mr Steve Wilson, ACSM, CEng, FIMMM, Managing Director:
Europe (P&C). Qualified Persons under National Instrument 43-101 (NI
43-101) and Competent Persons as defined under the JORC Code (2012).

This news release has been reviewed and approved by Mr Stephen Holley, (BSc
(Hons), ACSM, MSc, MSCM, CEng FIMMM), Technical Services Manager for Cornish
Metals Inc, who is the designated QP for the Company.

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 over 300 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/P2zo3P
(https://investors.cornishmetals.com/link/P2zo3P)

 

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.

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