Cornish Metals: CORNISH METALS COMPLETES SUCCESSFUL PLACEMENT OF US$210 MILLION NORDIC BOND ISSUE

Cornish MetalsAnnouncement

07/05/2026 07:00

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NOT FOR DISTRIBUTION IN THE UNITED STATES

CORNISH METALS COMPLETES SUCCESSFUL PLACEMENT OF US$210 MILLION NORDIC BOND
ISSUE

7 May 2026

Cornish Metals plc (AIM: TIN) (“Cornish Metals” or the “Company”), is pleased
to announce that it has successfully completed an oversubscribed placement of
US$210 million of new six-year, callable senior secured bonds with a coupon
rate of 13.5 per cent. per annum. The bond placement completed on 6 May and
was met with strong investor demand across European, North American, and other
international markets.

Highlights

* Oversubscribed senior secured bond financing raising gross debt proceeds of
  US$210 million
* The main terms of the Bond debt financing structure are as follows:
  * Simple structure with a fixed 13.5% p.a. coupon rate (payable quarterly)
    and six-year tenor
  * Issue price of 98% of the nominal amount and maturity of 103.5% of the
    nominal amount
  * No principal repayments for 48 months; thereafter quarterly amortisation
    of 5% of the nominal amount and a 60% bullet repayment at maturity (in
    each case at 103.5% of the nominal amount)
  * The bonds will be secured over the assets of the Company and its
    wholly-owned subsidiaries
* Proceeds of the bonds will be applied towards funding the development and
  construction of the South Crofty tin project
* Demand for the bonds was significantly higher than the amount raised and was
  supported by international institutional funds and natural resource
  specialist investors
* The directors believe that strong investor participation reflects confidence
  in the development case and robust economics of the South Crofty tin project

Don Turvey, CEO of Cornish Metals commented:

“We are very pleased to have successfully completed this US$210 million bond
fundraising, securing the debt portion for the South Crofty project financing.
We are delighted to welcome our new bondholders to the Cornish Metals story,
and we are grateful for the continued support of our existing shareholders.
Project financing is progressing well and we expect to be fully funded and to
announce the final investment decision for the South Crofty tin project this
summer. With strong stakeholder support, robust economics and clear
development momentum, we are well positioned to advance South Crofty towards
production in mid-2028 and to deliver a secure domestic supply of tin for the
western world.”

Settlement and conditions precedent

The issue of the bonds is expected to occur on or about 21 May 2026, subject
to certain conditions precedent to settlement including customary requirements
and the Company being able to and having funded the escrow account.

The proceeds of the issue of the bonds will be held in an escrow account and
will not be capable of being drawn down by the Company until the conditions
precedent to release from escrow have been satisfied. An important condition
precedent is for the Company to have completed an equity fundraising of at
least US$161 million. Once capable of being drawn down, the net proceeds from
the new bond issue will be used towards financing the development of the South
Crofty tin project and for general corporate purposes.

The new bonds are callable at the Company’s option after three years.

Application will be made for listing of the bonds on the Nordic Alternative
Bond Market (“ABM”).

ADVISORS

Endeavour Financial is acting as financial advisor to the Company in relation
to the project financing of the South Crofty tin project.

Clarksons Securities AS acted as Lead Manager and Bookrunner for the bond
issue.

Cornish Metals is being advised on UK law by Fieldfisher LLP and Norwegian law
by Wikborg Rein Advokatfirma AS. The Lead Manager is being advised on
Norwegian law by Advokatfirmaet Schjødt AS.

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/PmdLMr

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

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
EU REGULATION 596/2014 (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("EUWA")) ("UK MAR"). IN ADDITION, MARKET
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Not for publication or distribution in or into the United States of America

This announcement is not for publication or distribution in or into the United
States of America. This announcement is not an offer of securities for sale
into the United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States, except pursuant to an
applicable exemption from registration. No public offering of securities is
being made in the United States.

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