Cornish Metals: OPERATIONS UPDATE FOR THE SOUTH CROFTY TIN PROJECT

Cornish MetalsAnnouncement

Today 07:00

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OPERATIONS UPDATE FOR THE SOUTH CROFTY TIN PROJECT

10 June 2026

Cornish Metals plc (AIM: TIN) (“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
provide an update on the progress of activities at South Crofty.

Highlights

* Market conditions remain robust and the current tin price of approximately
  US$53,000 /tonne further supports the South Crofty project economics with
  the NPV6% at current spot market prices estimated at approximately £500
  million 1 
* Surface civil works at Roskear shaft are complete, with the winder house
  under construction
* New workshop and stores facility is nearing completion, with minor exterior
  works and landscaping remaining
* Construction activities for the north and south winders infrastructure are
  underway to support planned winder mechanical installation in H2 2026
* New Cook’s Kitchen (“NCK”) offices are now open with upgraded security, site
  access and welfare facilities completed
* Front-End Engineering Design (“FEED”) of the process plant completed with
  Detailed Engineering being progressed, with both engagements led by Ausenco
* Excavation at the pre-concentration building is approximately 50% complete,
  with civil works expected to continue as planned throughout 2026
* Dewatering underway through the fully commissioned 195-level pump station
* Development at the 25-level is advancing, with employee training ongoing
* FEED for the underground loading, unloading and hoisting infrastructure is
  being progressed by Optimult
* Orders being placed for long-lead items including shaking tables for the
  process plant and skips and cages for the NCK shaft

Don Turvey, CEO of Cornish Metals commented:

“I am pleased to report continued strong progress across multiple workstreams
at South Crofty. On surface, our new NCK offices are now operational, while
construction of the workshop and stores building is nearing completion.
Activity at Roskear has also intensified, with erection of the winder house
well advanced and early-stage shaft refurbishment commencing. Further, the
completion of FEED for the process plant marks a significant step in advancing
the project.

“Underground activities are progressing with dewatering underway through the
fully commissioned 195-level pump station for the first time in over 28 years.
Development at the 25-level continues to advance and is also being used as a
training facility for newly recruited employees. As we continue to grow the
team, developing a skilled workforce remains a key priority to ensure South
Crofty is well positioned as it transitions through development and into
production.”

Surface activities

Surface activity at South Crofty continues at pace with several significant
milestones achieved as the project advances towards operational readiness.

Construction of the new workshop and stores building at the site of the former
Bartles Foundry is nearly complete with only minor exterior works and
landscaping remaining. The facility will provide permanent maintenance,
storage and engineering support infrastructure for the mine, with completion
expected in the coming weeks.

 
A building with solar panels and cars parked in front of it

AI-generated content may be incorrect.
(https://storage.mfn.se/bec06a3c-80ec-4234-948c-982179c9f478/image2.jpg?size=w-2048)Image 1: Workshop and stores building is nearing completion.

In addition, the new NCK offices are now operational, providing improved
modern working facilities for the expanding on-site team. Several site
infrastructure and security upgrades have also been completed.

At Roskear, surface activities have progressed in parallel with underground
works. Earthworks, foundation, the primary steel structure and building
cladding installation for the winder house are now complete.

The image depicts a green metal storage shed with a tarp and a few storage
containers, under a clear sky with some trees in the background.

AI-generated content may be incorrect.
(https://storage.mfn.se/7a47e6e8-d384-47f1-8313-ad858e8ccaf6/image3.jpg?size=w-2048)Image 2: Roskear shaft winder house.

At NCK shaft, civil works within the winder foundation area for the production
and service winders have also commenced, supporting the planned equipment
mechanical installation programme during the second half of 2026.

The second phase of excavation for the new pre-concentration plant has reached
50% of completion and is progressing according to plan, with civil works
expected to continue throughout the year. In parallel, FEED for the process
plant has been completed, representing a significant milestone in advancing
the project's engineering definition and construction readiness. Ausenco is
responsible for the engineering design of the process facilities, while
Paterson & Cooke is leading the backfill paste plant design. Overall
engineering completion is expected by year-end.

 
The image depicts a large, barren construction site surrounded by greenery,
with visible machinery and a few buildings in the distance.

AI-generated content may be incorrect.
(https://storage.mfn.se/26af4bc1-a3b1-4f06-8d97-cdfd03de41fa/image4.jpg?size=w-2048)Image 3: Pre-concentration plant excavation.

Across the surface programme, the scale and pace of activity reflects the
Company’s continued disciplined and methodical approach to advancing South
Crofty. With multiple workstreams progressing simultaneously, meaningful
progress has been achieved across infrastructure, facilities and site
preparation activities, supporting the next phase of construction and
development.

Underground activities

Underground works at South Crofty are progressing across multiple workstreams,
advancing the physical development of South Crofty’s underground
infrastructure in parallel with ongoing engineering design activities. At NCK
shaft, dewatering is ongoing and on-track towards the 400-level (approximately
730 metres below surface) in H1 2027. Refurbishment activities are
progressing, including engineering design work for the shaft infrastructure
across all key workstreams. Pre-production development at the 290-level
(approximately 530 metres below surface) is now expected to commence in Q4
2026, from Q3 2026, with the underground drilling programme also set to start
shortly thereafter.

Development from the Tuckingmill decline at the 25-Level, approximately 45
metres below surface, continues alongside training activities for recently
recruited miners. The 25-Level development serves multiple purposes within the
overall project plan, including establishing future rock-handling and skip
discharge infrastructure and supporting workforce capability development.
Building a skilled and experienced workforce alongside critical mine
infrastructure remains a core priority for the Company, ensuring the
operational team is well prepared ahead of South Crofty returning to
production.

image5.jpg
(https://storage.mfn.se/340af812-3728-4b0c-a5b3-34a6a32d791c/image5.jpg?size=w-2048)Image 4: 25-Level underground development.

At Roskear shaft, located approximately 850 metres west of the NCK shaft,
early-stage refurbishment preparations continue to advance with scaffolding in
place, the shaft cover removed and work platforms being installed. Roskear
shaft is planned to serve as the mine’s primary ventilation shaft and
secondary means of egress.

The image shows a brick wall being demolished, with workers wearing safety
gear and equipment set up around the structure.

AI-generated content may be incorrect.
(https://storage.mfn.se/3040a21c-d573-4823-9069-82e91b33e881/image6.jpg?size=w-2048)Image 5: Roskear shaft.

Corporate

The Company continues to make good progress with the appointment of an
independent Non-Executive Director following Ken Armstrong’s retirement from
the Board, and is now in the final stages of the recruitment process. The
Board expects to announce the successful candidate in due course and looks
forward to further strengthening its governance and expertise.

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/PB2apP

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        | Charlie Bouverat | Tel: +44 203 470 0470       |
| Finance LLP               | Adam Cowl        |                             |
| (Nominated Adviser)       | Ewan Leggat      |                             |
|                           |                  |                             |
|                           |                  |                             |
+---------------------------+------------------+-----------------------------+
|                           |                  |                             |
|                           |                  |                             |
+---------------------------+------------------+-----------------------------+
| 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    |                             |
+---------------------------+------------------+-----------------------------+

The Bartles Foundry project is part-funded by the UK Government through the UK
Shared Prosperity Fund. Cornwall Council is responsible for managing projects
funded by the UK Shared Prosperity Fund through the Cornwall and Isles of
Scilly Good Growth Programme.

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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.

 1  Based on the Preliminary Economic Assessment (“PEA”) and adjusting for
spot LME metal prices and exchange rates on 9 June 2026.

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