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

Cornish MetalsAnnouncement

24/07/2025 07:00

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RNS Number : 3231S  Cornish Metals Inc.  24 July 2025

 

CORNISH METALS PROVIDES AN ACTIVITIES UPDATE FOR THE SOUTH CROFTY TIN PROJECT

 

Vancouver, July 23, 2025

Cornish Metals Inc. (AIM/TSX-V: 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.

Highlights

·    The first major phase of surface redevelopment at South Crofty
started in early July with refurbishment of the Mine Dry building and
demolition of the old Bartles Foundry buildings. The latter will provide space
for construction of new stores and workshop facilities, in part funded by the
UK Government through the UK Shared Prosperity Fund (see press release
(https://investors.cornishmetals.com/announcements/7001910) dated 11 June
2025);

·    The placing of orders with UK-based Qualter Hall & Company
Limited ("Qualter Hall") for the production and service winders to be used at
New Cook's Kitchen ("NCK") shaft was an important milestone representing the
start of one of South Crofty's critical path projects (see press release
(https://investors.cornishmetals.com/announcements/6988483) dated 3 June
2025). Design and fabrication work for the winders are currently underway
in-line with the schedule contracted with Qualter Hall;

·    Excavation and earthworks for the processing plant are expected to
commence in August 2025;

·    Detailed engineering has commenced on critical path activities,
in-line with the execution schedule. Front-End Engineering Design ("FEED"),
along with further detailed engineering for the process plant and non-critical
surface infrastructure, is expected to begin in the coming weeks;

·    The recent addition of two Epiroc Boomer T1D drill rigs to South
Crofty's fleet will enable the start of underground development of the No. 1
level of the mine;

·    A jumbo drill operator training programme will soon begin at the No.
1 level;

·    As the water drops further down NCK shaft, providing access to lower
levels of the mine, additional work can commence alongside continued mine
dewatering and shaft refurbishment;

·    The Company has partnered with Tomahee Consulting Services, an
experienced mining consulting firm, to support the management and operational
teams in developing a fully integrated mining technology platform prioritising
health & safety, operational excellence, social responsibility and sound
financial management;

·    Mine dewatering progress in recent months has been slower than
planned reflecting reduced pump availability during staged maintenance of the
submersible pumps, particularly with delays in the servicing one of the pump
motors. This maintenance work is now complete and dewatering has resumed near
full capacity of 25,000m(3) per day in mid-July with the water level currently
at approximately 340 metres below surface;

·    Refurbishment of NCK shaft is progressing well, but the pace of
advance down the shaft has been held back by the rate of dewatering in recent
months. Refurbishment depth is currently down to approximately 330 metres
below surface with increased advance rates now back in-line with plan;

·    Shaft refurbishment and mine dewatering are anticipated to reach the
mid-shaft pump station at approximately 360 metres below surface in August
2025. Refurbishment of the pump station, including installation of permanent
pumps, will commence at that point. Shaft refurbishment and dewatering will
continue below the level of the pump station, in parallel with this work;

·    Mine dewatering and NCK shaft refurbishment to the lower pump station
level (approximately 730 metres below surface) are now expected in mid-2026,
from Q4-2025 previously;

·    First tin production from South Crofty is now expected in the first
half of 2028, from 2027 previously;

·    The Company is progressing a review of South Crofty, supported by
Technical Management Group and Worley, testing key assumptions, optimising
project parameters and further refining estimates. The review and an updated
project Technical Report are expected to be completed in September 2025.

Don Turvey, CEO and Director of Cornish Metals, stated: "Activities at South
Crofty have ramped up meaningfully following the financing in Q1 2025 with
works underway across the site on-surface and underground. With the work
completed this year, newly appointed technical advisers and the strengthened
senior management, operations and projects leadership, we are now better
positioned to build and deliver a world class project at South Crofty. We are
fully engaged and focused on advancing and derisking the project towards a
restart of tin production."

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

 

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

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",
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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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