REG - Cornish Metals Inc. - UPDATED PEA OF THE SOUTH CROFTY PROJECT

Cornish MetalsAnnouncement

30/09/2025 07:00

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RNS Number : 3105B  Cornish Metals Inc.  30 September 2025

 

CORNISH METALS COMPLETES AN UPDATED PEA OF THE SOUTH CROFTY CRITICAL MINERAL
PROJECT WITH AN NPV OF £180 MILLION AND 20% IRR

 

Vancouver, September 29, 2025

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company") is
pleased to report the results of a detailed review and updated Preliminary
Economic Assessment study ("PEA" or "Study")  for its wholly owned and
permitted South Crofty critical mineral project in Cornwall, United Kingdom,
the highest grade known tin resource not in production and potentially the
first primary producer of tin in Europe or North America.

Since the highly successful £57 million fundraise earlier this year, bringing
in the UK's National Wealth Fund and further investment from Vision Blue
Resources, the pace of development has quickened and the project review has
advanced. The review was led by Cornish Metals' newly reinforced leadership
team of highly experienced mine builders and operators and supported by top
tier consultants, Technical Management Group and Worley, and other subject
matter experts to align with current leading industry standards. A detailed
capex review was completed incorporating process design and plant layout
reviews, quotations and bill of quantities.

While on-site construction is already underway, the team rigorously validated
key assumptions, optimised project parameters, and further refined cost
estimates, significantly advancing and de-risking multiple elements of the
project design and execution plan.

This updated PEA, constrained by the current Mineral Resource, which was
reported in accordance with National Instrument 43-101 ("NI 43-101") with an
effective date of 6 September 2023, confirms South Crofty's compelling
economics: an after-tax Net Present Value ("NPV(6%)") of £180 million (US$235
million) and Internal Rate of Return ("IRR") of 20%, underpinned by a low-cost
operating profile. All-In Sustaining Cost ("AISC") is estimated at
approximately US$14,500 /tonne over the Life of Mine ("LOM"), compared to a
tin price recently trading at approximately US$35,000 /tonne - positioning
South Crofty in the lowest quartile of the industry cost curve and among the
lowest cost producers. Pre-production capital is estimated at £198 million,
with pay back in 3.3 year and annual average earnings before interest, taxes,
depreciation and amortisation ("EBITDA") of approximately £70 million in the
first five years of full production.

This Study is constrained by the current NI 43-101 Mineral Resource,
supporting a 14-year LOM. Importantly, the South Crofty Mineral Resource
remains open at depth, along strike and within the current mine envelope. On
final investment decision, subject to funding, the Company will re-commence
underground resource conversion and expansion drilling in parallel with mine
construction and development - simultaneously driving growth and delivery.
Over the last 25 years in operation, South Crofty has consistently replaced
mined tonnes to extend its life of mine and the Company is targeting a
continuation of this trend.

Don Turvey, CEO and Director of Cornish Metals, stated: "Completion of the
project review and updated Study marks another important step for South Crofty
as we advance towards first tin production by mid-2028. We are delighted with
the attractive economics that the project offers and, once in operation, we
expect South Crofty to be a long life, lowest quartile cost producer and
highly cash generative with EBITDA margins in excess of 60%.

"The project continues to be supported by robust economics with an increased
NPV and a short payback period of only 3.3 years.

"Additionally, the upside potential through further Mineral Resource expansion
is material, as evidenced by the mine's historical record of consistently
replacing mined tonnes and adding to the resource base, a trend that we expect
will be replicated once we are in a position to start an underground near-mine
drilling programme on commencement of underground development. The programme
is structured to build on historical resource replacement and de-risk the mine
plan aiming at accelerated resource growth targeting defined in-mine
exploration zones to expand inventory and extend mine life. We believe that
the current South Crofty Mineral Resource, which constrains the current
study's 14-year mine life, is only a small deposit within a much broader tin
system in the South Crofty mining permission area that will support a
multigenerational asset, as it was once before.

"South Crofty was the last mine in the region to close, and we are proud to be
on the cusp of making it the first to re-open, producing tin, a critical
mineral that is essential to the green economy. The project is effectively
already in construction with major works underway including the shaft and pump
station refurbishment, construction of the workshop and stores building,
process plant site excavation and critical site utilities. Key long-lead
equipment has been ordered and locked in, including the production and service
winders and other important systems. We are deploying best practice
initiatives including real-time monitoring for safer operations, productivity
enhancement, equipment availability, and continuous optimisation, and we are
also designing operational buffers to maximise flexibility and uptime. We have
a comprehensive development plan for South Crofty and the backing of the
community and government.

"South Crofty remains a flagship project within the UK Government's Critical
Minerals Strategy. The Company benefits from direct investment and strong
strategic support from the UK Government, alongside backing from leading
industry partners in the critical minerals space."

"We look forward to restarting production and bringing significant value to
Cornwall, including the creation of more than 300 direct jobs, and a further
1,000 indirect jobs. The detailed project human resources plan envisages the
establishment of an on-site training centre to harness and upskill local
talent in preparation for developing and operating the mine."

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

·    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$13,400
/tonne of payable tin for years two through six, US$14,500 /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 1.05% 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

Cornish Metals will host a presentation on 30 September 2025 at 3:00pm London
time. Please access the webinar here
(https://us06web.zoom.us/j/81797006994?pwd=e0nJcinOdRozNNxti05WfK4Ud5ZM8T.1)
using the following passcode: 363356.

A Technical Report prepared in accordance with NI 43-101 will be filed on
SEDAR+ within 45 days of this announcement.

 Summary Operating & Financial Metrics
 Operations             Mine throughput                                      500 ktpa
                        Processed throughput (post pre-concentration)        250 ktpa
                        LOM                                                  14 years
                        Total LOM tonnes mined                               5,938 kt
                        Average mined tin grade                              0.94%
                        Contained tin                                        55,982 t
                        Total LOM concentrator tonnes processed              2,874 kt
                        Average processed tin grade                          1.89%
                        Average tin recovery                                 87.8%
                        Total LOM tin produced                               49,168t
                        Total LOM copper produced                            3,842 t
                        Total LOM zinc produced                              3,223 t
                        Years 2-6 average annual tin production              4,695 t
 Capital costs          Pre-production                                       £198 million
                        Post-production sustaining                           £43 million
 Operating costs        Average net cash cost in years 2-6                   US$12,302 /tonne tin payable
                        Average LOM net cash cost                            US$13,494 /tonne tin payable
                        Average AISC in years 2-6                            US$13,419 /tonne tin payable
                        Average LOM AISC                                     US$14,461 /tonne tin payable
 Economic assumptions   Tin price                                            US$33,900 /tonne
                        GB£:US$                                              1.30
                        UK corporate tax rate                                25%
 Financials             NPV ((6% Real)) - Pre-tax / After-tax                £237 million / £180 million
                        IRR - Pre-tax / After-tax                            23% / 20%
                        Capital payback period after-tax                     3.3 years
                        Total LOM net Revenue                                £1.2 billion
                        Total LOM EBITDA                                     £693 million
                        After-tax Free Cash Flow (from start of production)  £558 million
                        Years 2-6 average annual after-tax Free Cash Flow    £57 million
                        Years 2-6 average annual EBITDA / EBITDA margin      £70 million / 62%

Table 1: South Crofty operating and economic summary

Notes:

-   NPV effective as at 1 April 2026;

-   Mine plan and financial modelling include Inferred Mineral Resources.

The evaluation at this level of study includes Indicated and Inferred blocks
and consequently it is not possible to define a Mineral Reserve. This study is
preliminary in nature and includes Inferred Mineral Resources that are
considered too speculative geologically to have economic considerations
applied that would enable them to be categorised as Mineral Reserves. There is
no certainty that this study will be realised.

Capital and Operating Costs

The pre-production capital cost of the South Crofty project commencing from 1
April 2026 is estimated to be £198 million. The LOM sustaining capital is
estimated to be a further £43 million, comprising mainly underground
development and a process plant upgrade to treat polymetallic material.

                                            (£ million)   %
 Mine development and pre-production        48.8          25%
 Process plant                              51.7          26%
 Site development and ancillary facilities  4.0           2%
 Other surface infrastructure               7.4           4%
 Tailings management                        10.0          5%
 Owners cost                                39.2          20%
 Indirects                                  19.9          10%
 Contingency                                17.3          9%
 Total pre-production capital               198.3         100%

Table 2: South Crofty pre-production capital costs (1 April 2026)

 

The pre-production capital estimate increased from the 2024 PEA estimate of
£142 million reflecting, among other things, changes to scope, labour costs,
longer mine dewatering and shaft refurbishment costs, extended timeline and
general cost escalation.

The South Crofty underground mining operation is estimated to have a low total
unit operating cost, averaging approximately £85 per tonne of mineralised
material, totalling approximately £520 million over the 14-year LOM.

                                  Unit Cost  Total LOM Cost  %

                                  (£/t)      (£ million)
 Mining & hoisting                52.6       313.4           60%
 Processing                       16.0       95.5            18%
 Pumping and water treatment      6.4        38.2            7%
 G&A, including closure cost      12.5       74.2            14%
 Total                            87.5       521.3           100%

Table 3: South Crofty operating costs

Average LOM net unit cash costs, inclusive of treatment charges and by-product
credits from copper and zinc are estimated to be US$13,494 per tonne of
payable tin sold. The LOM AISC is estimated at US$14,461 per tonne. Over the
first full five years of production the net cash cost and AISC are estimated
at US$12,302 per tonne and US$13,419 per tonne, respectively, potentially
positioning South Crofty within the first quartile of the global tin industry
cost curve.

Figure 1: South Crofty expected to be a lowest quartile cost tin producer
(2030 net cash cost of production).

Source: International Tin Association

Cash Flow Generation

South Crofty's estimated low operating costs and a well-supported tin price
environment are expected to translate to high margin tin sales and strong cash
generation. After-tax free cash flow is estimated to total approximately £357
million across the Project (£558 million from start of production), averaging
approximately £57 million in years two through six and peaking at £67
million in the third year of production. The Company hopes to replicate this
in later years through planned exploration programmes and extended mine
production plans.

Figure 2: South Crofty after-tax free cash flow profile

Sensitivity Analysis

South Crofty project economics are well supported at a range of tin price
assumptions and discount rates.

 After-tax NPV                   Commodity Price

  (£ million)
                       -20%      -10%  0%    +10%  +20%
 Discount Rate (Real)  5%        71    138   204   269   335
                       6%        57    119   180   242   304
                       7%        43    101   160   218   276
                       8%        31    86    140   195   250
                       9%        19    71    123   174   226

Table 4: Metal price and discount rate sensitivity analysis

 

The base-case tin price of US$33,900 /tonne, based on Project Blue's latest
price forecast from the Q3 2025 Medium-Term Outlook analysis published in July
2025, reflects a tin market environment of supply falling short of demand in
the medium-term that will drive the market into a deficit. The spot tin price,
recently trading at approximately US$35,000 /tonne, above our assumption, at
which level the estimated NPV(6%) would increase by approximately £20 million
to approximately £200 million. A sensitivity analysis was performed on the
study's pre-tax NPV to examine project sensitivity to metal prices, capital
and operating costs, grades and process recoveries.

Figure 3: Pre-tax NPV(6%) sensitivity analysis to various project parameters

 

Production Profile

South Crofty's production profile is based on an annual mined throughput of
approximately 500,000 tonnes and annual processing of approximately 250,000
tonnes following pre-concentration at an average tin grade of 1.89%. Tin in
concentrate production over a 14-year LOM is expected to total slightly more
than 49,000 tonnes, averaging approximately 4,700 tonnes of tin in concentrate
per year in the first five years post ramp-up (years two through six) (see
blue box in Figure 4).

Figure 4: South Crofty indicative production profile

The use of pre-concentration employing the latest X-Ray Transmission ("XRT")
ore sorting technologies reduces the volume of material processed and required
for backfilling to approximately half of the material mined. The impact to
concentrator feed grades is also significant, with LOM processed tin grades
averaging 1.89%, approximately double the average mined grade of 0.94% tin.
Estimated processed tin grades in years two through six average approximately
2.1%.

Figure 5: South Crofty mined and processed tin grades

Indicative timeline

The pace of activities at South Crofty continues to rise as the newly
reinforced leadership team works towards first tin production by mid-2028. Key
areas of focus and deliverables are outlined in the indicative timeline below:

Figure 6: Indicative timeline to first tin production

Opportunities

This study is constrained by the current South Crofty Mineral Resource
Estimate updated in September 2023 that produced a significant increase in
contained tin in the Indicated category of the lower mine. Additional in-mine
exploration provides the opportunity to extend South Crofty's mine life well
beyond the current constrained 14-year LOM. Near-mine exploration targets,
such as the Wide Formation, provide further potential to add to the existing
Mineral Resource base.

Historic production at South Crofty demonstrates consistent discovery of new
material and subsequent conversion to Reserves (Figure 7).

Figure 7: South Crofty cumulative metal mined and metal added to Reserve - 1974 to 1997.

In November 2024, Cornish Metals produced a near mine Exploration Target 1 
(#_ftn1) that points to potential additional mineralisation of 6Mt to 13Mt, at
a tin grade of 0.5% to 1.8%. The Company plans to test the Exploration Target
systematically alongside underground development and production at South
Crofty, with the purpose of definition of additional supplementary
mineralisation. This is expected to be carried out through targeted drilling
programmes aimed at extending the existing Mineral Resource both along strike
and down dip, particularly during the early years of operation.

The Company has developed a resource drilling programme that, subject to
funding, is planned to commence with the start of underground development and
continue alongside production. The South Crofty mine benefits from being a
brownfield operation through access to over 25 years of digitalised
exploration, development and production data. The programme will be focused on
resource definition and expansion with the aim of replacing mined resources,
continuing the resource replacement trend demonstrated through the mine's
production history.

The near mine exploration target demonstrates the potential to maintain a
stable and higher rate of production beyond the sixth year of production, as
well as an extended mine life well in excess of the study's constrained 14
years. The Company is also assessing the potential for increased throughput,
with further growth opportunities from longer term exploration activities
within Cornish Metals' wider mineral rights holdings in Cornwall.

The Study's production profile for South Crofty indicates total tin production
of slightly above 49,000 tonnes over a 14-year mine life, averaging
approximately 4,700 tonnes of tin per year in the first five years post
ramp-up (years two to six) with a declining trend in later years. The
production profile is constrained by the current South Crofty Mineral Resource
as last updated in September 2023.

The near mine Exploration Target points to potential additional mineralisation
at South Crofty and it is management's belief that the production profile in
years two through six might be prolonged if the Company replicates its
historical record of consistently replacing mined tonnes to extend its life of
mine. The Company is also assessing the potential for increased throughput,
with further growth opportunities from longer term exploration activities
within Cornish Metals' wider mineral rights holdings in Cornwall.

Figure 8: South Crofty tin production profile.

Qualified Persons

The Qualified Persons 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).

All QPs have reviewed the technical content of this news release for the South
Crofty deposit and have approved its dissemination.

A Technical Report disclosing the updated PEA in accordance with the
requirements of NI 43-101 will be prepared by AMC on behalf of Cornish Metals
and filed on SEDAR within 45 days of this news release. Messrs Claridge,
Szebor, Hallewell, Balding, Wilson and O'Connell, and Ms Collins consent to
the inclusion in this announcement of the matters based on their information
in the form and context in which it appears.

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 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;

·    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/Pm59nP
(https://investors.cornishmetals.com/link/Pm59nP)

 

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.

Appendix 1 - South Crofty summary LOM operating and financial model

 

 

 

 1  The potential quantity and average grade of the near mine Exploration
Target is conceptual in nature and is an approximation. There is insufficient
data to estimate a Mineral Resource in the area considered and it is uncertain
if further exploration will result in the definition of a Mineral Resource.

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