REG - Cornish Metals Inc. - CORNISH METALS GRANT OF OPTIONS & PDMR DEALINGS

Cornish MetalsAnnouncement

22/10/2024 07:00

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RNS Number : 0087J  Cornish Metals Inc.  22 October 2024

 

CORNISH METALS GRANT OF OPTIONS & PDMR DEALINGS

 

Vancouver, October 21, 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,
announces that it has granted 2,500,000 incentive stock options over common
shares without par value in the Company (the "Options") to Don Turvey, Chief
Executive Officer.

The exercise price of the Options granted herein is £0.085 per share
(C$0.14). 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 October 21, 2029.

The Company's Stock Option Plan allows for the issuance of up to 10% of the
Issued Share Capital of the Company. Prior to this grant, the Company had
26,950,000 options issued, representing 5.03% of the Issued Share Capital of
the Company (535,270,712 shares). The current issuance of 2,500,000 options
takes the total number of options granted to 29,450,000, representing 5.50% of
the Issued Share Capital.

PDMR Option Grants

Lodewyk Daniel Turvey has been granted the following options:

 Name                   Position                 Number of Options granted  Total Share options Held
 Lodewyk Daniel Turvey  Chief Executive Officer  2,500,000                  2,500,000

 

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                                                         Lodewyk Daniel Turvey

 2       Reason for the notification
 a)      Position/status                                              Chief Executive 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.    8.50 pence     1.    2,500,000

 d)      Aggregated information

         - Aggregated volume                                          2,500,000
         - Price                                                      8.50 pence

 e)      Date of the transaction                                      21 October 2024
 f)      Place of the transaction                                     Outside of a trading venue

 

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 fully permitted to commence underground mining (valid to 2071),
construct new processing facilities and for all necessary site infrastructure;

·    Has a 2024 Preliminary Economic Assessment that 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

·    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 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 demonstrated
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 the AIM Rules
for Companies 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

 

"Don Turvey"

Don Turvey

 

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

 

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

 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 expected use
of proceeds from the secured credit facility with Vision Blue; 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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