REG - Cornish Metals Inc. - GRANT OF PERFORMANCE SHARE AWARDS

Cornish MetalsAnnouncement

27/05/2025 07:00

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RNS Number : 1346K  Cornish Metals Inc.  27 May 2025

 

GRANT OF PERFORMANCE SHARE AWARDS UNDER LONG TERM INCENTIVE PLAN AND PDMR
SHAREHOLDINGS

 

Vancouver, May 26, 2025

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 on 23 May 2025, the Company granted conditional performance
share awards ("Performance Awards") under the new Cornish Metals Long Term
Incentive Plan ("LTIP") which was approved by shareholders on 18 March 2025.

Performance Awards have been granted over a total of up to 12,837,423 common
shares of the Company to certain employees pursuant to the LTIP. In
determining the number of awards, the Company has used a share price of 8.15p,
being the closing price on 22 May 2025.

The LTIP awards will vest on 31 December 2027, subject to meeting certain
strategic, operational, financial and shareholder return performance criteria
and the continued employment of the participant. The targets are in relation
to the following performance conditions:

1.  achievement of milestone KPI's, namely project execution, full project
financing, mineral resource conversion and key ESG targets (50% weighting);
and

2.  relative total shareholder return ("TSR") measured over a period of three
calendar years (up to 31 December 2027) against the constituents of the AIM
Basic Resources Index and a peer group of listed global tin producers and
developers (50% weighting).

Following these grants there are 12,837,423 unvested Performance Awards under
the Company's LTIP, equating to approximately 1.03% of the issued share
capital of the Company.  There are also 25,916,667 share options under the
legacy Share Option Plan, equating to approximately 2.07% of the issued share
capital of the Company.  No further awards under the legacy Share Option Plan
will be made.

PDMR Grants

Don Turvey, Matthew Hird and Fawzi Hanano have been granted the following
Performance Awards:

 Name                  Position                   Number of Performance Awards
 Lodewyk "Don" Turvey  Chief Executive Officer    3,680,982
 Matthew Hird          Chief Financial Officer    2,024,540
 Fawzi Hanano          Chief Development Officer  1,978,528

 

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.    Lodewyk Turvey

                                                                      2.    Matthew Hird

                                                                      3.    Fawzi Hanano
 2       Reason for the notification
 a)      Position/status                                              1.    Chief Executive Officer

                                                                      2.    Chief Financial Officer

                                                                      3.    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  Common shares
         Identification code                                          CA21948L1040

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

                                                                                        Price(s)           Volume(s)
                                                                                        1.    0 pence      1.    3,680,982

                                                                                        2.    0 pence      2.    2,024,540

                                                                                        3.    0 pence      3.    1,978,528

 d)      Aggregated information

         - Aggregated volume                                          7,684,049
         - Price                                                      0 pence

 e)      Date of the transaction                                      23 May 2025
 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 permitted to commence underground mining (valid to 2071),
construct a new processing facility 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)
");

·    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.

 

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/MP7LNy
(https://investors.cornishmetals.com/link/MP7LNy)

 

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

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.

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