REG - Cornish Metals Inc. - UNAUDITED FINANCIAL STATEMENTS FOR Q3 2025
Today 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251113:nRSM3171Ha&default-theme=true
RNS Number : 3171H Cornish Metals Inc. 13 November 2025
CORNISH METALS RELEASES UNAUDITED FINANCIAL STATEMENTS AND MANAGEMENT'S
DISCUSSION AND ANALYSIS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025
Vancouver, November 12, 2025
Cornish Metals Inc. (AIM/TSXV: CUSN) ("Cornish Metals" or the "Company"), a
mineral exploration and development company focused on advancing its wholly
owned and permitted South Crofty tin project in Cornwall, United Kingdom, is
pleased to announce that it has released its unaudited financial statements
and management, discussion and analysis ("MD&A") for the nine months ended
September 30, 2025. The reports are available under the Company's profile on
SEDAR+ (www.sedarplus.ca (http://www.sedarplus.ca) ) and on the Company's
website (www.cornishmetals.com (http://www.cornishmetals.com/) ).
Highlights for the nine months ended September 30, 2025 and for the period
ending November 12, 2025
(All figures expressed in Canadian dollars unless otherwise stated)
· Updated South Crofty Preliminary Economic Assessment ("PEA") (news
releases dated September 29
(https://investors.cornishmetals.com/announcements/7175588) and October 15
(https://investors.cornishmetals.com/announcements/7212154) , 2025)
o After-tax Net Present Value ("NPV") of £180 million and Internal Rate of
Return ("IRR") of 20%;
o Average annual tin production of over 4,700 tonnes for years two through
six, at a lowest quartile All-In Sustaining Cost ("AISC") of under US$13,500
per tonne;
o Total after-tax cash flow of approximately £558 million from start of
production;
o Sizeable Exploration Target potential.
· Strategic investment and fundraise (the "Fundraise") (news releases
dated January 28-31, 2025
(https://cornishmetals.com/investors/2025-fundraise/) ):
o The Fundraise totaling £57.4 million announced on January 28-31, 2025 was
anchored by the National Wealth Fund Limited ("NWF") and Vision Blue Resources
Limited ("Vision Blue"), investing £28.6 million and £18.1 million,
respectively, with a further £10.7 million from existing shareholders and new
investors, including £1.4 million from a retail offer;
o The Fundraise is expected to enable the Company to further de-risk the
South Crofty tin project and advance towards a formal final investment
decision in 2026.
· Grant funding investment (news release dated June 11, 2025
(https://investors.cornishmetals.com/announcements/7001910) ):
o South Crofty's Bartles Foundry project received grant funding of up to
£4.2 million from the Cornwall and Isles of Scilly Good Growth Programme,
which is managed by Cornwall Council and funded by the UK Government through
the UK Shared Prosperity Fund;
o The first claim in the amount of approximately £0.7 million was received
in August 2025, with the second claim of approximately £0.5 million expected
to be received by the end of November 2025.
· Key long-lead item orders (news release dated June 3, 2025
(https://investors.cornishmetals.com/announcements/6988483) ):
o Orders have been placed with Qualter Hall & Company Limited ("Qualter
Hall") for the design, manufacture, supply, installation and commissioning of
the production and service winders to be used at South Crofty's New Cook's
Kitchen ("NCK") shaft.
· Mine dewatering and NCK shaft refurbishment progress (news releases
dated August 12 (https://investors.cornishmetals.com/announcements/7102725)
and September 10 (https://investors.cornishmetals.com/announcements/7151676) ,
2025):
o Mine dewatering and shaft refurbishment reached the mid-shaft pump station
at approximately 360 metres below surface in August 2025 with the work area
secured and stabilisation of the underground chamber of the pump station
complete;
o Removal of the old pumps, pipes and steelwork completed and lifted to
surface, enabling the installation of new permanent pumps that has now
commenced.
· Surface works at South Crofty (news release dated September 10, 2025
(https://investors.cornishmetals.com/announcements/7151676) ):
o Surface redevelopment at South Crofty started in early July 2025 with
refurbishment of the Mine Dry building and demolition of the old Bartles
Foundry buildings;
o The first phase of the Mine Dry refurbishment is now complete and
installation of the steel frame for the new stores and workshop building is
also finished, with work underway on the next stages of the development.
o The first phase of the excavation and earthworks for the processing plant
commenced in August 2025 with the second phase commencing in November 2025.
· Senior management appointments (news release dated April 27, 2025
(https://investors.cornishmetals.com/announcements/6929801) ):
o Strengthening of the project and operations teams at South Crofty with the
appointments of Dave Howe as General Manager and Guillermo Alcazar as Project
Director;
o Mr. Howe has 35 years of open pit and underground hard rock mining
(including narrow vein) operational and exploration experience, of which 24
years were in executive and senior management roles;
o Mr. Alcazar is a project executive with over two decades of global
experience leading and overseeing multimillion-dollar complex portfolios of
mining, heavy industrial and infrastructure projects across diverse
development stages.
· Sale of North American Assets:
o Mactung and Cantung royalties: the deferred consideration of US$1.5
million was received from Elemental Altus Royalties Corp. ("Elemental Altus")
on July 23, 2025;
o Nickel King: the Company received the final cash payment of $250,000 from
Northera Resources Ltd. ("Northera") on July 30, 2025 with a definitive sales
agreement being executed thereafter;
o Sleitat: discussions are underway for the disposal of the Sleitat
tin-silver exploration asset located in Alaska.
· Purchase of 4.5 acres of land from Cornwall Council (news release
dated April 1, 2025
(https://investors.cornishmetals.com/announcements/6893563) ):
o The purchased land is immediately adjacent to existing surface land owned
by South Crofty and provides direct access to the main road at Dudnance Lane,
where a new entrance to the mine site is planned and where new mine workshops
and stores are being constructed.
· Publication of sustainability report and Digbee rating (news releases
dated June 25 (https://investors.cornishmetals.com/announcements/7024272) and
August 11 (https://investors.cornishmetals.com/announcements/7100530) , 2025):
o The Company published its inaugural sustainability report for the 2024
reporting year marking a meaningful milestone;
o The report outlines the Company's performance and progress across key
sustainability pillars, including governance and ethics, social responsibility
and environmental stewardship, establishing a baseline for future reporting;
o Cornish Metals was awarded an inaugural overall sustainability rating of
"A" by Digbee.
· The Company has mailed and filed a management information circular
and related materials for a special meeting of shareholders to be held on
December 3, 2025 in connection with which Cornish Metals Inc will be
re-domiciled from Canada to the UK (news release dated November 3, 2025
(https://investors.cornishmetals.com/announcements/7242000) ):
o In connection with the re-domicile, Cornish Metals plc will apply for
admission to trading of its shares on the AIM market of the London Stock
Exchange only;
o Each shareholder in the Company will receive one (1) Cornish Metals plc
share for every ten (10) Cornish Metals Inc shares held, rounded down to the
nearest whole number;
o The process is expected to be completed by 18 December 2025.
Don Turvey, CEO and Director of Cornish Metals, stated: "The pace of
activities at South Crofty continues to rise with current work underground
mainly focused on the mid-shaft pump station and commencement of the Level 1
development, while on surface, excavation work and construction of the
workshop and stores buildings are well underway. The recent completion of the
project review and updated PEA marks another important step for South Crofty
as we advance towards first tin production by mid-2028. We are pleased with
the attractive economics that the project offers and, once in operation, we
expect South Crofty to be a long life, lowest quartile cost producer and
highly cash generative."
Financial highlights for the nine months ended September 30, 2025 and
September 30, 2024
Nine months ended
September 30, 2025 September 30, 2024
(Expressed in Canadian dollars)
Total operating expenses 10,690,412 6,495,774
Profit (loss) for the period (10,493,952) 482,935
Net cash used in operating activities (9,060,081) (4,024,494)
Net cash used in investing activities (28,271,892) (19,339,613)
Net cash provided by (used in) financing activities 87,593,355 (228,966)
Cash at end of the period 60,688,280 3,301,452
· Operating expenses have risen reflecting increased professional fees
associated with the recently announced re-domiciliation of the Company from
Canada to the UK and costs relating to more corporate activity as the South
Crofty tin project is advanced;
· Unrealized loss of $1.9 million arising from the revaluation of the
Company's holding in Cornish Lithium Plc reflecting the placing price of 7
pence per share used in the most recently announced fundraise;
· Purchases of property, plant & equipment ("PPE") of $6.9 million
mainly relating to the purchase of land, underground mining equipment,
construction work for the new workshop and stores at the old Bartles Foundry
site and the new North and South winders;
· Other project related expenditure of $17.6 million primarily relating
to NCK shaft re-access & refurbishment, refurbishment of the mid-shaft
pump station at 360 metres depth, refurbishment of surface facilities and
ongoing project engineering studies;
· Dewatering costs of $4.8 million for power, reagents, sludge disposal
and maintenance of the water treatment plant ("WTP");
· Receipt of $2.3 million relating to the disposal of non-core assets
(Mactung and Cantung royalties and the Nickel King property) in North America;
· Receipt of $87.5 million in net proceeds from the Fundraise after
repayment of the debt facility with Vision Blue which was settled through a
set-off with the Fundraise; and
· Cash increased by $50.3 million to $60.7 million at the period end
due to the proceeds received from the Fundraise offset by ongoing development
activities at the South Crofty tin project.
Outlook
As described above, the Company continues to advance and de-risk the South
Crofty tin project towards production. The Company's near-term objectives are
as follows:
· Complete dewatering of South Crofty mine and refurbishment of NCK
shaft;
· Advance detailed engineering and Front End Engineering Design
("FEED");
· Place orders for other long lead items of plant and equipment;
· Advance early project works, including initial construction of the
groundworks for the processing plant; and
· Arrange project financing for the South Crofty tin project.
ABOUT CORNISH METALS
Cornish Metals is a mineral exploration and development company that is
advancing the South Crofty critical mineral project towards production. South
Crofty:
· is a historical 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 the highest grade known tin resource not in production;
· is permitted to commence underground mining (valid to 2071),
construct a new processing facility and for all necessary site infrastructure;
· would be potentially the first 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 over 300 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/PBJzJP
(https://investors.cornishmetals.com/link/PBJzJP)
For additional information please contact:
Cornish Metals Fawzi Hanano investors@cornishmetals.com (mailto:investors@cornishmetals.com)
Emily Allhusen info@cornishmetals.com (mailto:info@cornishmetals.com)
Tel: +44 (0) 1209 715 777
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
Said Izagaren
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.
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.
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(Expressed in Canadian dollars)
September 30, 2025 December 31, 2024
ASSETS
Current
Cash $ 60,688,280 $ 9,589,029
Marketable securities 1,194,833 2,874,696
Receivables 2,019,896 2,697,326
Prepaid expenses 599,432 504,902
Deferred financing fees 637,718
64,502,441 16,303,671
Deposits 113,364 64,341
Property, plant and equipment 32,709,927 27,132,244
Exploration and evaluation assets 110,841,719 79,961,014
$ 208,167,451 $ 123,461,270
LIABILITIES
Current
Accounts payable and accrued liabilities $ 6,360,253 $ 4,045,083
Deferred income - 150,000
Loan liability 13,457,169
6,360,253 17,652,252
NSR liability 9,534,763 9,869,289
15,895,016 27,521,541
SHAREHOLDERS' EQUITY
Capital stock 229,569,066 128,394,652
Capital contribution 2,007,665 2,007,665
Share-based payment reserve 1,665,859 1,353,933
Foreign currency translation reserve 12,865,274 7,640,757
Deficit (53,835,429) (43,457,278)
192,272,435 95,939,729
$ 208,167,451 $ 123,461,270
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(Unaudited)
(Expressed in Canadian dollars)
Three months ended Nine months ended
September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024
EXPENSES
Travel and marketing $ 183,813 $ 216,556 $ 621,391 $ 664,044
Insurance 187,191 197,445 551,350 596,952
Office, miscellaneous and rent 168,099 48,515 400,154 166,722
Professional fees 1,181,917 523,478 3,942,767 1,332,245
Generative exploration expense 21,469 125 23,748 5,829
Regulatory and filing fees 22,969 26,358 75,447 78,019
Share-based compensation 167,210 93,098 318,816 223,897
Salaries, directors' fees and benefits 1,139,129 828,406 4,756,739 3,428,066
Total operating expenses (3,071,797) (1,933,981) (10,690,412) (6,495,774)
Interest income 706,833 61,950 1,696,907 470,504
Interest expense - - (486,337) -
Foreign exchange gain (loss) (108,014) 350,703 545,009 322,663
Gain (loss) on receipt of non-refundable
deposits 223,227 (6,328) 373,227 84,968
Impairment reversal of royalties - 1,500,000 - 1,500,000
Gain on disposal of royalties - 4,675,904 - 4,675,904
Unrealized loss on marketable securities (1,912,489) (39,056) (1,932,346) (75,330)
Profit (loss) for the period (4,162,240) 4,609,192 (10,493,952) 482,935
Foreign currency translation 11,061 4,166,641 5,224,517 6,558,113
Total comprehensive income (loss) for the period $ (4,151,179) $ 8,775,833 $ (5,269,435) $ 7,041,048
Basic and diluted income (loss) per share $ (0.00) $ 0.02 $ (0.00) $ 0.01
Weighted average number of common shares outstanding: 1,253,225,499 535,270,712 1,059,339,684 535,270,712
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
(Expressed in Canadian dollars)
For the nine months ended
September 30, 2025 September 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit (loss) for the period $(10,493,952) $ 482,935
Items not involving cash:
Share-based compensation 318,816 223,897
Interest expense 486,337 -
Foreign exchange gain (545,009) (322,663)
Gain on receipt of non-refundable deposits (373,227) (84,968)
Impairment reversal of royalties - (1,500,000)
Gain on disposal of royalties - (4,675,904)
Unrealized loss on marketable securities 1,932,346 75,330
Changes in non-cash working capital items:
Decrease (increase) in receivables (1,387,868) 530,148
Decrease in prepaid expenses 4,038 165,929
Increase in accounts payable and accrued liabilities 998,438 1,080,802
Net cash used in operating activities (9,060,081) (4,024,494)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment (6,440,799) (6,446,743)
Acquisition of exploration and evaluation assets (24,049,848) (17,224,234)
Proceeds on receipt of non-refundable deposits 223,227 234,968
Proceeds from disposal of royalties 2,041,350 4,099,004
Increase in deposits (45,822) (2,608)
Net cash used in investing activities (28,271,892) (19,339,613)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the Fundraise 91,566,076 -
Share issue costs (4,052,721) -
Proceeds from exercise of share options 80,000 -
Increase in deferred financing fees - (228,966)
Net cash provided by (used in) financing activities 87,593,355 (228,966)
Change in cash during the period 50,261,382 (23,593,073)
Cash, beginning of the period 9,589,029 25,791,552
Impact of foreign exchange on cash 837,869 1,102,973
Cash, end of the period $ 60,688,280 $ 3,301,452
Cash paid during the period for interest $ - $ -
Cash paid during the period for income taxes $ - $ -
CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS'
EQUITY
(Unaudited)
Foreign
Capital stock Share-based currency
Number of Capital payment translation Shareholders'
shares Amount contribution reserve reserve Deficit equity - total
Balance at December 31, 2023 535,270,712 $ 128,394,652 $ 2,007,665 $ 711,690 $ 1,369,146 $ (42,391,158) $ 90,091,995
Foreign currency translation - - - - 6,558,113 6,558,113
-
Share-based compensation - - - 372,462 - - 372,462
Profit for the period - - - - - 482,935 482,935
Balance at September 30, 2024 535,270,712 $ 128,394,652 $ 2,007,665 $ 1,084,152 $ 7,927,259 $ (41,908,223) $ 97,505,505
Balance at December 31, 2024 535,270,712 $ 128,394,652 $ 2,007,665 $ 1,353,933 $ 7,640,757 $ (43,457,278) $ 95,939,729
Share issuance pursuant to Fundraise 717,143,367 105,361,387 - - - 105,361,387
-
Share issue costs - (4,382,774) - - - - (4,382,774)
Exercise of share options 1,087,914 195,801 - (115,801) - - 80,000
Expiry of share options - - - (115,801) - 115,801 -
Foreign currency translation - - - - 5,224,517 5,224,517
-
Share-based compensation - - - 543,528 - - 543,528
Loss for the period - - - - - (10,493,952) (10,493,952)
Balance at September 30, 2025 1,253,501,993 $ 229,569,066 $ 2,007,665 $ 1,665,859 $ 12,865,274 $ (53,835,429) $ 192,272,435
(Expressed in Canadian dollars)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRTUUOBRVOUAAAA
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Cornish Metals
See all newsREG - Cornish Metals Inc. - UNAUDITED FINANCIAL STATEMENTS FOR Q3 2025
AnnouncementREG - AIM Cornish Metals Inc. - Schedule One - Cornish Metals plc
AnnouncementREG - Cornish Metals Inc. - FILING OF MATERIALS REGARDING PROPOSED RE-DOMICILE
AnnouncementREG - AIM - AIM Notice - 20/10/2025
AnnouncementREG - Cornish Metals Inc. - TECHNICAL REPORT FILED ON SEDAR+ FOR UPDATED PEA
Announcement