Cornish Metals: CORNISH METALS ANNOUNCES £52 MILLION CREDIT FACILITY WITH STRATEGIC SHAREHOLDERS

Cornish MetalsAnnouncement

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CORNISH METALS ANNOUNCES £52 MILLION CREDIT FACILITY WITH STRATEGIC
SHAREHOLDERS

15 May 2026

Cornish Metals plc (AIM: TIN) (“Cornish Metals” or the “Company”), is pleased
to announce that, further to the Company's announcement of 7 May 2026 in
respect of the successful placement of US$210 million of Nordic bonds (the
"Bonds"), it has entered into secured credit facilities with each of the
National Wealth Fund Limited (the “National Wealth Fund”) and Vision Blue
Resources Limited (“Vision Blue”) totalling up to approximately £52 million
(the “Facilities”) to support the continued development of its wholly-owned
South Crofty tin project in Cornwall, United Kingdom.

The proceeds of the Facilities are expected to be used as follows:

* Up to approximately £16 million will be used to credit the escrow account
  which has been set up in connection with the Bonds and is to be funded as a
  condition to issuance of the Bonds;
* for underground mine development and shaft refurbishment;
* for surface facilities and infrastructure;
* for the Company’s general operating and corporate purposes.

Don Turvey, CEO of Cornish Metals commented:

“This funding provides the Company with the financial runway to progress
through to the final investment decision for the South Crofty project while
continuing to advance and derisk the project by maintaining the high level of
activities across site. It also signals the National Wealth Fund’s and Vision
Blue’s continued support for Cornish Metals and our goal to restart tin mining
in Cornwall, providing a sustainable supply of this critical mineral to the
West. As part of the project financing process, the Company has been engaging
with investment parties, including strategic offtakers and institutional
investors, interested in financing the development of South Crofty, and we are
pleased with the level of interest we are receiving, further highlighting the
significance of this project. We thank the National Wealth Fund and Vision
Blue for their continued support.”

Related Party Transactions

The National Wealth Fund and Vision Blue are each a Substantial Shareholder
(as defined by the AIM Rules for Companies) of Cornish Metals, holding 28.45%
and 29.08%, respectively, of the Company’s issued share capital.

The facility which the Company has entered into with the National Wealth Fund
(the "NWF Facility") is deemed to constitute a related party transaction for
the purpose of AIM Rule 13. The Company's independent directors for the
purposes of the NWF Facility, being all Directors other than James Whiteside
(being the National Wealth Fund's appointed Director) having consulted with SP
Angel Corporate Finance LLP, the Company's nominated adviser, consider that
the terms of the NWF Facility are fair and reasonable insofar as shareholders
are concerned.

The facility which the Company has entered into with Vision Blue (the "Vision
Blue Facility") is deemed to constitute a related party transaction for the
purpose of AIM Rule 13. The Company's independent directors for the purposes
of the Vision Blue Facility, being all Directors other than Tony Trahar (being
Vision Blue's appointed Director) having consulted with SP Angel Corporate
Finance LLP, the Company's nominated adviser, consider that the terms of the
Vision Blue Facility are fair and reasonable insofar as shareholders are
concerned.

In accordance with the AIM Rules (Schedule 4), the following information
regarding the Facilities is provided below:

+----------------------+-----------------------------------------------------+
| Principal (total):   | £35,000,000 (National Wealth Fund) and              |
|                      | US$22,750,000 (Vision Blue)                         |
+----------------------+-----------------------------------------------------+
|                      | Tranche 1: Committed facility of £21,100,000        |
|                      | (National Wealth Fund) and US$13,700,000 (Vision    |
|                      | Blue)                                               |
|                      | Tranche 2: Uncommitted facility (to be requested by |
|                      | the Company if required and made available at the   |
|                      | Lenders' discretion) of £13,900,000 (National       |
|                      | Wealth Fund) and US$9,050,000 (Vision Blue)         |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Lenders:             | National Wealth Fund Limited and Vision Blue        |
|                      | Resources Limited                                   |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Borrower:            | Cornish Metals plc                                  |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Guarantors:          | Cornish Metal Holdings Limited and South Crofty     |
|                      | Limited                                             |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Term:                | Six months from the date of the Agreement           |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Interest:            | 13% p.a. to be capitalised, compounding daily       |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Arrangement fee:     | 1.65% on funding of each tranche                    |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Security:            | Fixed and floating charges over assets of the       |
|                      | Borrower and Guarantors except mineral titles and   |
|                      | assets in the UK which are already pledged as       |
|                      | security                                            |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Repayment:           | On the repayment date (being the date falling six   |
|                      | months from the date of entry into the Agreement),  |
|                      | repayment of the full principal amount and accrued  |
|                      | interest up to and including the date of payment    |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Mandatory Prepayment | Facilities to be repaid within 10 Business Days of  |
|                      | a Qualifying Equity Raise (being any issue of       |
|                      | equity securities in the Company other than in      |
|                      | respect of employee share options or specific       |
|                      | agreements already in force)                        |
|                      |                                                     |
+----------------------+-----------------------------------------------------+
| Conditions:          | The Conditions Precedent, Representations and       |
|                      | Warranties, Undertakings and Events of Default are  |
|                      | all standard for a transaction of this nature. In   |
|                      | addition to existing reporting requirements to the  |
|                      | National Wealth Fund and Vision Blue, the Company   |
|                      | is required to hold a monthly technical forum to    |
|                      | which Lenders are invited to discuss Project        |
|                      | developments and to instigate a fortnightly capital |
|                      | forum.                                              |
+----------------------+-----------------------------------------------------+

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 Mineral Resource not in production with
  significant near-mine and regional Mineral Resource potential;
* is permitted to commence underground mining (valid to 2071), construct a new
  processing facility and for all necessary site infrastructure;
* is expected to produce approximately 4,700 tonnes of tin-in-concentrate
  annually in the first five years of full production at lowest-quartile
  all-in sustaining costs over an initial 14-year mine life;
* will be a low environmental impact underground mine with zero surface
  tailings;
* 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;
* is an opportunity for a secure domestic supply of tin in the UK supporting a
  low carbon economy.

ENDS

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

For additional information please contact:

+---------------------------+------------------+-----------------------------+
| Cornish Metals            | Fawzi Hanano     | investors@cornishmetals.com |
|                           | Emily Allhusen   | info@cornishmetals.com      |
+---------------------------+------------------+-----------------------------+
|                           |                  | Tel: +44 1209 715 777       |
|                           |                  |                             |
+---------------------------+------------------+-----------------------------+
| SP Angel Corporate        | Richard Morrison | Tel: +44 203 470 0470       |
| Finance LLP               | Charlie Bouverat |                             |
| (Nominated Adviser)       | Adam Cowl        |                             |
|                           |                  |                             |
|                           |                  |                             |
+---------------------------+------------------+-----------------------------+
| Berenberg                 | Jennifer Lee     | Tel: +44 20 3753 3040       |
| (Joint Broker)            | Ivan Briechle    |                             |
+---------------------------+------------------+-----------------------------+
|                           |                  |                             |
|                           |                  |                             |
| Peel Hunt                 | Ross Allister    | Tel: +44 20 7418 8900       |
| (Joint Broker)            | David McKeown    |                             |
+---------------------------+------------------+-----------------------------+
|                           |                  |                             |
|                           |                  |                             |
+---------------------------+------------------+-----------------------------+
| BlytheRay                 | Tim Blythe       | cornishmetals@blytheray.com |
| (Financial PR)            | Megan Ray        | Tel: +44 207 138 3204       |
|                           | Said Izagaren    |                             |
+---------------------------+------------------+-----------------------------+

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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