REG - Cornish Metals Inc. - CHANGE IN FINANCIAL YEAR END AND GRANT OF OPTIONS

Cornish MetalsAnnouncement

02/10/2023 07:00

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RNS Number : 2648O  Cornish Metals Inc.  02 October 2023

 

CORNISH METALS CHANGE IN FINANCIAL YEAR END AND GRANT OF STOCK OPTIONS

 

Vancouver, October 1, 2023

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a
mineral exploration and development company focused on its South Crofty tin
project in Cornwall, United Kingdom, announces that it is changing its
financial year end from 31 January to 31 December and that it has granted
800,000 incentive stock options over common shares without par value in the
Company (the "options") to Executive Management.

Change of Year-End

The Company has decided to change its financial year end to 31 December to
better align the Company's financial reporting periods to that of its peer
group in the mineral resources sector. In addition, the calendar year end
coincides with traditional financial, taxation and operational cycles.

As a result of the change of the financial year end, key dates in the
Company's future reporting calendar will be as follows:

·    Publication of unaudited accounts for the nine month period ending 31
October 2023 no later than 1 January 2024;

·    Publication of audited accounts for the eleven month period ending 31
December 2023 no later than 29 April 2024;

·    Publication of unaudited accounts for the three month period ending
31 March 2024 no later than 30 May 2024; and

·    Publication of unaudited accounts for the six month period ending 30
June 2024 no later than 29 August 2024.

Further details on the Company's reporting periods required pursuant to the
Company's listing on the TSX-V are set out in the Notice filed on Sedar.

PDMR Option Grant

The Board of Directors has approved the issuance of 800,000 options to Fawzi
Hanano, Chief Development Officer. To ensure alignment with the Company's
shareholders, the options granted herein have an exercise price of £0.18 per
share, the same as the options granted earlier this year (see news release
dated July 17, 2023
(https://cornishmetals.com/news/2023/cornish-metals-corporate-update-and-grants-incentive-stock-options/)
) and as the investment price paid by Vision Blue Resources when the Company
raised £40.5M (~C$65M) in May 2022 (see news release dated May 23, 2022
(https://cornishmetals.com/site/assets/files/5505/2022-05-23_closing.pdf) ).
These options have a five-year term, whereby the options vest over a
three-year period, with one third of the options vesting at the end of each
year. The options will expire on September 30, 2028.

The Company's Stock Option Plan allows for the issuance of up to 10% of the
Issued Capital of the Company. Prior to this grant, the Company had 16,150,000
options issued, representing 3.02% of the Issued Capital of the Company
(535,270,712). The current issuance of 800,000 options takes the total number
of options granted to 16,950,000, representing 3.17% of the Issued Capital.

Fawzi Hanano was granted the following options:

 Name          Position                   Number of shares subject to the options granted  Total Share options Held
 Fawzi Hanano  Chief Development Officer  800,000                                          800,000

The notification below, made in accordance with the requirements of the UK
Market Abuse Regulation, provides further detail.

 

 1       Details of the person discharging managerial responsibilities / person closely
         associated
 a)      Name                                                         1.    Fawzi Hanano
 2       Reason for the notification
 a)      Position/status                                              1.    Chief Development Officer
 b)      Initial notification /Amendment                              Initial notification

 3       Details of the issuer, emission allowance market participant, auction
         platform, auctioneer or auction monitor
 a)      Name                                                         Cornish Metals Inc.
 b)      LEI                                                          8945007GJ5APA9YDN221
 4       Details of the transaction(s): section to be repeated for (i) each type of

       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
         place where transactions have been conducted
 a)      Description of the financial instrument, type of instrument  options over common shares without par value

         Identification code                                          CA21948L1040

 b)      Nature of the transaction                                    Grant of options pursuant to the Company LTIP
 c)      Price(s) and volume(s)

                                                                                        Price(s)              Volume(s)
                                                                                        1.    18.00 pence     1.    800,000

 d)      Aggregated information                                       N/A

         - Aggregated volume                                          N/A
         - Price                                                      18 pence

 e)      Date of the transaction                                      30 September 2023
 f)      Place of the transaction                                     Outside of a trading venue

 

ABOUT CORNISH METALS

Cornish Metals is a dual-listed company (AIM and TSX-V: CUSN) focused on
advancing the South Crofty high-grade, underground tin Project through to
delivery of a Feasibility Study, as well as exploring its additional mineral
rights, all located in Cornwall, United Kingdom. Cornish Metals has a growing
team of skilled people, local to Cornwall. The former producing South Crofty
tin mine is located beneath the towns of Pool and Camborne, and closed in 1998
following over 400 years of continuous production.

An updated Mineral Resource was completed in September 2023 as summarised
below:

 South Crofty Summary (JORC 2012) Mineral Resource Estimate
 Area        Classification  Mass   Grade       Contained Tin /

                             (kt)               Tin Equivalent

                                                (kt)
 Lower Mine  Indicated       2,896  1.50% Sn    43.6
             Inferred        2,626  1.42% Sn    37.4
 Upper Mine  Indicated       260    0.99% SnEq  2.6
             Inferred        465    0.91% SnEq  4.2

 

The Mineral Resource Estimate for South Crofty was updated in September 2023
(see news release dated September 13, 2023
(https://cornishmetals.com/site/assets/files/5612/2023-09-13_mre_final.pdf) ).
An updated NI 43-101 Technical Report will be filed on SEDAR within 45 days of
the September 13 news release.

The technical information in this news release has been compiled by Mr. Owen
Mihalop who has reviewed and takes responsibility for the data and geological
interpretation. Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is
Chief Operating Officer for Cornish Metals Inc. and has sufficient experience
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined under the JORC Code (2012) and as a Qualified
Person under NI 43-101. Mr. Mihalop consents to the inclusion in this
announcement of the matters based on his information in the form and context
in which it appears.

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Richard D. Williams"

Richard D. Williams, P.Geo

 

 

For additional information please contact:

 

In North America: Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com (mailto:irene@cornishmetals.com)

 

 

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

 (Nominated Adviser & Joint Broker)                                     Charlie Bouverat

                                                                        Grant Barker

 Hannam & Partners                                                      Matthew Hasson     Tel: +44 207 907 8500

 (Joint Broker)                                                         Andrew Chubb       email: cornish@hannam.partners (mailto:cornish@hannam.partners)

                                                                        Jay Ashfield

 BlytheRay                                                              Tim Blythe         Tel: +44 207 138 3204

 (Financial PR/IR-London)                                               Megan Ray          email: tim.blythe@blytheray.com (mailto:tim.blythe@blytheray.com)

                                                                                                       megan.ray@blytheray.com
                                                                                           (mailto:megan.ray@blytheray.com)

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.

 

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 contains "forward-looking statements".  Forward-looking
statements, while based on management's best estimates and assumptions at the
time such statements are made, 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 COVID-19 global pandemic
and any variants of COVID-19 which may arise; 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; outcome of the current Feasibility Study;
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.

Although Cornish Metals has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Cornish Metals undertakes no obligation or responsibility to
update forward-looking statements, except as required by law.

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