REG - Cornish Metals Inc. - UPDATE FOR THE SOUTH CROFTY TIN PROJECT

Cornish MetalsAnnouncement

04/06/2025 07:00

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RNS Number : 2850L  Cornish Metals Inc.  04 June 2025

 

CORNISH METALS PROVIDES AN UPDATE FOR THE SOUTH CROFTY TIN PROJECT

Orders Placed for Key Long Lead Items

TMG Engaged to Provide Project Management Services

 

Vancouver, June 3, 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, is
pleased to provide a project update. The Company has placed long lead item
orders for two winders and has engaged Technical Management Group Ltd ("TMG")
to provide project management consulting services for the development of South
Crofty.

Winder Orders

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. The two winders are long-lead items and constitute an
important use of proceeds from the recently completed fundraise.

Qualter Hall is a UK-based company with a history spanning over 160 years,
specialising in engineering solutions, particularly in the fields of bridges,
water and flood control, mining, and shipbuilding. They provide comprehensive
engineering services, including design, manufacture and installation and have
a longstanding relationship with South Crofty.

The 3.2 metre ("m") single drum 1,200 kilowatt ("kW") service winder has a
maximum hoisting capacity of 12,500kg gross at a speed of up to 7.3 metres per
second ("m/s") and will be used for production personnel and equipment.  This
winder will replace the existing 2.3m single drum 132 kW winder currently
in-place and used for pre-production access and shaft refurbishment activities
that will be relocated to the Roskear shaft.

The 3.2m single clutch, double drum 1,200kW production winder will be used to
hoist rock from depth to near-surface. With a maximum hoisting capacity of
11,500kg gross at a speed of up to 7.9 m/s, it is designed to handle the
hoisting demands required for the proposed production rates as detailed in the
South Crofty Preliminary Economic Assessment.

TMG Appointment

TMG has been engaged to provide project management consulting services to
Cornish Metals to further the development of South Crofty by supplementing the
Company's owner's team resources through the construction phase and ramp-up to
full production with experienced project management, project controls,
procurement and engineering professionals. TMG is the best suited partner for
the Company and will integrate with the existing Cornish Metals team.

TMG specialises in project management for the mining, energy and
infrastructure sectors, serving clients around the world and providing
comprehensive services for projects across their various lifecycles. TMG
unites consultants, suppliers, contractors, and executive teams, ensuring the
right expertise is applied at the right time to drive project success, while
helping to optimise resources and mitigate risks.

Don Turvey, CEO and Director of Cornish Metals, stated: "Placing the orders
with Qualter Hall for the winders to be used at South Crofty's NCK shaft is a
vital step to maintaining the momentum on-site, actioning one of the project's
critical path projects which will allow for the planned commencement of
pre-production underground development in H2 2026. The engagement of TMG
provides an immediate bolstering of our project development owner's team
through the addition of experienced professionals who will work alongside the
existing Cornish Metals team, ensuring that we are project ready and setup for
project success to bring South Crofty back to production."

Gifford Brown, Managing Director of Qualter Hall, stated: "Qualter Hall has
been supporting activities at South Crofty for over 50 years. We are therefore
immensely proud to maintain this relationship with Cornish Metals by taking a
key role in this important project. The full turnkey scope of work
incorporates complete in-house capability, from initial design and
manufacturing right through to final installation and commissioning, all
delivered by our dedicated team here in Barnsley. This collaboration
underscores Qualter Hall's continued expertise and leadership in the design
and delivery of critical mining and hoisting infrastructure and we look
forward to working with the South Crofty team again."

Kenny MacEwen, President of TMG, stated: "South Crofty represents more than
just a return to production-it's a statement of what's possible when the right
team is assembled with clarity of purpose. TMG is here to bring structure,
discipline, and momentum to the project alongside Cornish Metals. Our mandate
is clear: support a successful build and help position South Crofty as a
modern mining operation ready to thrive."

 

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

 

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.

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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