REG - Cornish Metals Inc. - RESULTS OF 2023 ANNUAL GENERAL & SPECIAL MEETING

Cornish MetalsAnnouncement

30/06/2023 07:00

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RNS Number : 4671E  Cornish Metals Inc.  30 June 2023

CORNISH METALS ANNOUNCES RESULTS OF ITS 2023 ANNUAL GENERAL AND SPECIAL
MEETING OF THE SHAREHOLDERS

Vancouver, June 30, 2023

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company") is
pleased to announce the results of its 2023 Annual General and Special Meeting
of the shareholders of the Company held via live audio teleconference on June
29, 2023 (the "Meeting"). Proxies representing 261,370,202 common shares of
the Company ("Common Shares"), and shareholders holding 350,000 Common Shares,
being in aggregate 48.89% of the issued and outstanding Common Shares as at
the date hereof, were voted.  All resolutions were passed.

Mr. Grenville Thomas

Mr. Grenville Thomas, founder of Cornish Metals, did not stand for re-election
to the Board. Richard Williams, CEO and Director, and the Board of Directors,
would like to thank Gren for his contribution to the Company since he founded
it over 20 years ago. Mr. Thomas will continue to be associated with the
Company as Chairman Emeritus.

Meeting Results

Capitalized terms not otherwise defined in this news release shall have the
meanings ascribed thereto in the Company's Management Proxy Circular dated May
18, 2023 (the "Circular").

The voting results of the business of the Meeting are summarized as follows:

 MOTION                                                           Votes For    % For  Votes Against  % Against  Votes Withheld  % Withheld
 Number of directors set at seven                                 261,188,865  99.93  181,337        0.07       N/A             N/A
 Election of Patrick F.N. Anderson                                258,480,629  99.93  192,141        0.07       N/A             N/A
 Election of Richard D. Williams                                  258,491,629  99.93  181,141        0.07       N/A             N/A
 Election of Kenneth A. Armstrong                                 258,488,433  99.93  184,337        0.07       N/A             N/A
 Election of Donald Njegovan                                      258,489,629  99.93  183,141        0.07       N/A             N/A
 Election of John F.G. McGloin                                    258,496,933  99.93  175,837        0.07       N/A             N/A
 Election of Stephen T. Gatley                                    258,497,433  99.93  175,337        0.07       N/A             N/A
 Election of Anthony Trahar                                       258,488,629  99.93  184,141        0.07       N/A             N/A
 Appointment of Auditors                                          261,289,157  99.98  N/A            N/A        62,026          0.02
 Approval of the Stock Option Plan Resolution                     258,279,737  99.85  394,309        0.15       N/A             N/A
 Approval of the RSU Plan Resolution                              258,309,081  99.86  364,965        0.14       N/A             N/A
 Approval of the General Share Authority Resolution               258,443,431  99.91  230,615        0.09       N/A             N/A
 Approval of the Pre-Emptive Disapplication Authority Resolution  258,454,431  99.92  219,615        0.08       N/A             N/A
 Approval of the RSU Plan Share Authority Resolution              258,291,731  99.85  382,315        0.15       N/A             N/A

 

At the Meeting, pursuant to the Stock Option Plan Resolution, shareholders
approved the Amended Option Plan, which was amended in respect of certain
amendments as further described in the Circular, together with certain
clarifying, housekeeping changes which did not require shareholder approval.
The maximum number of Common Shares issuable under the Amended Option Plan,
together with the number of Common Shares issuable under outstanding security
based compensation granted otherwise than under the Amended Option Plan, shall
not exceed 10% of the issued and outstanding Common Shares from time to time.
As of the date hereof, the maximum number of Common Shares issuable under the
Amended Option Plan is equal to 53,527,071.

 

Further, at the Meeting, pursuant to the RSU Plan Resolution, shareholders
approved the adoption by the Company of the RSU Plan. The maximum number of
Common Shares issuable under the RSU Plan, together with the number of Common
Shares issuable under outstanding security based compensation granted
otherwise than under the RSU Plan, shall not exceed 10% of the issued and
outstanding Common Shares from time to time.  As of the date hereof, the
maximum number of Common Shares issuable under the RSU Plan is equal to
48,377,071.

The Amended Option Plan and the RSU Plan are subject to the final approval of
the TSX Venture Exchange.

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, South West England. 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. Since
acquiring the project in 2016, Cornish Metals has completed and published
maiden NI 43-101 Mineral Resources for South Crofty using the vast archive of
historical production data and more recent drilling completed between 2007 and
2013. Additionally, Cornish Metals has undertaken extensive pilot-scale water
treatment trials and successfully applied for and received the necessary
environmental permits to abstract, treat and discharge mine water in order to
dewater the mine. Planning permissions for the operation of the mine and
re-development of the surface facilities have been secured and construction of
the water treatment plant is currently well underway.

 

An updated Mineral Resource was completed in June 2021 as summarised below:

 

 South Crofty Summary (JORC 2012) Mineral Resource Estimate
 Area        Classification  Mass        ('000 tonnes)         Grade                    Contained Tin / Tin Equivalent ('000 tonnes)  Increase in contained Tin / Tin equivalent from 2016 MRE
 Lower Mine  Indicated       2,084                             1.59% Sn                 33                                            10.2%
             Inferred        1,937                             1.67% Sn                 32                                            129.8%

 Upper Mine  Indicated       277                               1.01% SnEq               3                                             9.5%
             Inferred        493                               0.93% SnEq               5                                             8.0%

 

The Mineral Resource Estimate for South Crofty (see news release dated June 9,
2021
(https://cornishmetals.com/news/2021/cornish-metals-reports-resultw-from-ongoing-united-downs-drill-programme/)
), is available in a report titled the "South Crofty Tin Project Mineral
Resource Update
(https://cornishmetals.com/site/assets/files/5449/421007_south_crofty_tin_project_mineral_resource_update_-_22_july_2021_-_sedar_copy.pdf)
" dated June 7, 2021, authored by Mr. N. Szebor, CGeol (London), EuroGeol,
FGS, of AMC Consultants (UK) Ltd, can be accessed through the link and on the
Company's SEDAR page.

 

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.

For additional information please contact:

 

In North America:

 

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

 

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

 (Nominated Adviser & Joint Broker)
                                          Richard Morrison
                                          Charlie Bouverat
                                          Grant Barker

 Hannam & Partners                        Tel:                                                                          +44 207 907 8500

 (Joint Broker)
                                          Matthew Hasson
                                          Andrew Chubb
                                          Jay Ashfield

 BlytheRay                                Tel:                                                                          +44 207 138 3204

 (Financial PR/IR-London)
                                          Tim Blythe                                                                    tim.blythe@blyther (mailto:tim.blythe@blytheray.com) ay
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                                          Megan Ray                                                                     megan.ray@blythe (mailto:megan.ray@blytheray.com) ray
                                                                                                                        (mailto:megan.ray@blytheray.com) .com (mailto:megan.ray@blytheray.com)

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Richard D. Williams"

Richard D. Williams, P.Geo

 

 

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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