REG - Cornish Metals Inc. - CORNISH METALS APPOINTS DON TURVEY AS CEO

Cornish MetalsAnnouncement

12/08/2024 07:00

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RNS Number : 9718Z  Cornish Metals Inc.  12 August 2024

 

CORNISH METALS APPOINTS DON TURVEY AS CHIEF EXECUTIVE OFFICER

 

Vancouver, August 11, 2024

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), a
mineral exploration and development company focused on advancing its 100%
owned and permitted South Crofty tin project in Cornwall, United Kingdom, is
pleased to announce the appointment of Don Turvey as Chief Executive Officer
("CEO") and a Director of the Company. The appointment, which is intended to
be effective September 1, 2024, is subject to approval of a UK work visa. Mr.
Turvey will relocate from South Africa to Cornwall, where he will be based.

Don is an experienced mining executive with more than 40 years of experience
in the sector, including senior management roles in production, project
execution, business development, and minerals resource management. Since 2008,
Don has been CEO of private, ASX and AIM-listed mining companies where he has
successfully funded and taken new projects and historic mines to production,
as well as leading a number of M&A transactions. Prior to this, Don spent
over 20 years at BHP Billiton, in roles including General Manager and Vice
President Project Development where he headed up the project, geological,
mineral resource and financial analyst teams. Don holds a Bachelors Degree in
Mining Engineering from the University of Pretoria, and a Masters in Business
Leadership from the University of South Africa.

Patrick Anderson, Chair of Cornish Metals, stated: "On behalf of the Board of
Directors, I am delighted to welcome Don as CEO of Cornish Metals following a
competitive search process. I am confident that Don, with his extensive
commercial, operations and project execution experience, will capably lead
Cornish Metals forward in order to realise the best potential for the Company
and our stakeholders as we advance South Crofty towards production in 2027.

"I would also like to thank Ken Armstrong for stepping in as Interim CEO as
the Company progressed critical aspects of the South Crofty project over the
last several months."

Don Turvey, incoming CEO of Cornish Metals, stated: "I look forward to joining
Cornish Metals' management and working directly with the project team to
develop South Crofty to production and to realise the corporate vision to
bring responsible tin mining back to Cornwall."

Following Mr. Turvey's appointment, Patrick Anderson will return to the
position of Non-Executive Chair of the Board of Directors of the Company, and
Ken Armstrong as Non-Executive Director.

The following disclosures are required regarding Mr. Don Turvey's appointment
pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies (the
"AIM Rules").

Mr. Lodewyk Daniel (Don) Turvey (aged 65) is currently, or has during the past
five years been, a director of the following companies:

 Current directorships and/or partnerships:  Former directorships and/or partnerships (within the last five years):
 Inani Lethu ICT (Pty) Ltd                   Mooiplaats Coal Holdings (Pty) Ltd

 Inani Lethu Industrial Supplies (Pty) Ltd   Mooiplaats Mining Limited

 Inani Lethu Advisory Services (Pty) Ltd     Mooiplaats Colliery (Pty) Ltd

 Inani Lethu Properties (Pty) Ltd            Cross Culture City Church NPC

 Thoriso Resources (Pty) Ltd                 Conti Meco Conveyors (Pty) Ltd

 Harbour Town Home Owners Association NPC    Inani Lethu Construction (Pty) Ltd

 DLT Advisory (Pty) Ltd

 DLT Ventures (Pty) Ltd

Mr. Don Turvey does not currently hold any common shares in the Company.

Mr. Don Turvey was CEO of Continental Coal Limited from May 2010 to February
2014, which entered into a 90-day standstill arrangement with its creditors in
February 2014 prior to the liquidation in 2016.

ABOUT CORNISH METALS

Cornish Metals is a dual-listed mineral exploration and development company
(AIM and TSX-V: CUSN) focused on advancing the South Crofty high-grade,
underground tin project through to a construction decision, as well as
exploring its additional mineral rights, located in Cornwall, United Kingdom.

·    South Crofty is a historical, high-grade, underground tin mine that
started production in 1592 and continued operating until 1998 following over
400 years of continuous production;

·    The Project possesses Planning Permission for underground mining
(valid to 2071), to construct new processing facilities and all necessary site
infrastructure, and an Environmental Permit to dewater the mine;

·    South Crofty is one of the highest grade tin Mineral Resources
globally and benefits from existing mine infrastructure including multiple
shafts that can be used for future operations;

·    The 2024 Preliminary Economic Assessment for South Crofty validates
the Project's potential (see news release dated April 30, 2024
(https://investors.cornishmetals.com/announcements/6315981) and the Technical
Report entitled "South Crofty PEA
(https://cornishmetals.com/site/assets/files/4962/0423037_south_crofty_pea_-_24_may_2024_sedar.pdf)
"):

o  US$201 million after-tax NPV(8%) and 29.8% IRR

o  3-year after-tax payback

o  4,700 tonnes average annual tin production in years two through six

o  Life of mine all-in sustaining cost of US$13,660 /tonne of payable tin

o  Total after-tax cash flow of US$626 million from start of production

·    Tin is a Critical Mineral as defined by the UK, American, and
Canadian governments;

·    Tin connects almost all electronic and electrical infrastructure,
making it critical to the energy transition - responsible sourcing of critical
minerals and security of supply are key factors in the energy transition and
technology growth;

·    Approximately two-thirds of the tin mined today comes from China,
Myanmar and Indonesia;

·    There is no primary tin production in Europe or North America;

·    South Crofty benefits from strong local community, regional and
national government support.

·    Cornish Metals has a growing team of skilled people, local to
Cornwall, and the Project could generate up to 320 direct jobs.

The 2024 Preliminary Economic Assessment for South Crofty is preliminary in
nature and includes inferred mineral resources that are considered too
speculative geologically to have the economic considerations applied to them
that would enable them to be categorised as mineral reserves. There is no
certainty that the 2024 Preliminary Economic Assessment will be realised.
Mineral resources that are not mineral reserves do not have economic
viability.

TECHNICAL INFORMATION

This news release has been reviewed and approved by Mr. Owen Mihalop, MCSM,
BSc (Hons), MSc, FGS, MIMMM, CEng, Chief Operating Officer for Cornish Metals
Inc. who is the designated Qualified Person under NI 43-101 and a Competent
Person as defined under the JORC Code (2012). 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

 

"Kenneth A. Armstrong"

Kenneth A. Armstrong P.Geo.

 

Engage with us directly at our investor hub. Sign up at:
https://investors.cornishmetals.com/link/WPG3gP
(https://investors.cornishmetals.com/link/WPG3gP)

 

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

 Cavendish Capital Markets Limited                                      Derrick Lee        Tel: +44 131 220 6939

 (Joint Broker)                                                         Neil McDonald

                                                                        Leif Powis         Tel: +44 207 220 0500

 Hannam & Partners                                                      Matthew Hasson     cornish@hannam.partners (mailto:cornish@hannam.partners)

 (Financial Adviser)                                                    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

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 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
and operations, 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, including but not limited to: the balance of
the cash consideration due to Cornish in respect of the sale of the Mactung
and Cantung royalty interests; mineralisation at South Crofty, mine dewatering
and construction requirements; the development, operational and economic
results of the preliminary economic assessment, including cash flows, capital
expenditures, development costs, extraction rates, recovery rates, mining cost
estimates and returns; estimation of mineral resources; statements about the
estimate of mineral resources and production of minerals; magnitude or quality
of mineral deposits; anticipated advancement of the South Crofty project mine
plan; exploration potential and project growth opportunities for the South
Crofty tin project and other Cornwall mineral properties, the Company's
ability to evaluate and develop the South Crofty tin project and other
Cornwall mineral properties, strategic vision of Cornish Metals and
expectations regarding the South Crofty mine, timing and results of projects
mentioned. 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; outcome of any future feasibility studies; 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. Accordingly, readers should not 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.

Caution regarding non-IFRS measures

This news release contains certain terms or performance measures commonly used
in the mining industry that are not defined under International Financial
Reporting Standards ("IFRS"), including "all-in sustaining costs". Non-IFRS
measures do not have any standardized meaning prescribed under IFRS, and
therefore they may not be comparable to similar measures employed by other
companies. The data presented is intended to provide additional information
and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS and should be read in conjunction
with Cornish Metals' consolidated financial statements and Management
Discussion and Analysis, available on its website and on SEDAR+ at
www.sedarplus.ca.

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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