REG - Cornish Metals PLC - OPERATIONS UPDATE FOR THE SOUTH CROFTY TIN PROJECT

Cornish MetalsAnnouncement

09/02/2026 07:00

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RNS Number : 2155S  Cornish Metals PLC  09 February 2026

 

OPERATIONS UPDATE FOR THE SOUTH CROFTY TIN PROJECT

 

9 February 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

Underground and surface works advancing in parallel, including:

·    New Cook's Kitchen ("NCK") shaft mid-shaft pump station refurbishment
completed

·    NCK shaft refurbishment has resumed below the mid-shaft pump station
and mine dewatering is ongoing

·    Project schedule continues to be optimised, including bringing
forward essential pre-production development at the 290-level to Q3 2026,
providing access to the Roskear shaft for through-ventilation and drilling
access

·    With this refocused execution strategy, shaft refurbishment and mine
dewatering are scheduled to be completed in early 2027. Guidance for first tin
production is unchanged at mid-2028

·    Process plant excavation is progressing according to plan, as are
Front-End Engineering Design ("FEED") and Detailed Engineering for the plant

·    Surface construction at Roskear shaft has commenced

·    Installation of roof cladding for the Bartles Foundry stores and
maintenance building is complete

·    Mine Dry Phase 2 construction is progressing as planned, with
completion targeted in Q1 2026

·    Surface exploration drilling programme is planned to commence in
March 2026 to target Mineral Resource expansion

Don Turvey, CEO of Cornish Metals commented:

"Activity levels at South Crofty continue to increase, with important
milestones achieved both underground and on surface.

"We have optimised our development sequence by shifting our immediate focus to
pre-production development of the 290-level. This mitigates certain execution
risks for the project, improves schedule flexibility and maintains our
guidance for first tin production in mid-2028. Further de-risking options are
constantly being reviewed. With multiple workstreams advancing in parallel, we
remain focused on disciplined execution as we continue to advance South Crofty
towards production. The tin price is very well supported by a tight physical
market, growing demand for technology applications and lagging supply,
amplifying the need for new and secure mined tin supply that South Crofty can
deliver."

Underground activities

Pump station, shaft refurbishment and mine dewatering: Refurbishment work on
NCK's mid-shaft pump station (at approximately 360 metres below surface) is
now complete following installation of the four new permanent pumps (see image
1). Further to the refurbishment of the pump station, and in addition to the
initial scope of work, the Old Pool dam located at this level was restored for
use. This brings significant advantages to the ongoing dewatering operation
now and throughout the production years, with the dam functioning as a
settling pond to remove suspended solids from the water prior to being pumped
through the permanent pumps. This will serve to extend the operating life of
the pumps and the water treatment plant.

Image 1: New Cook's Kitchen shaft pump station at approximately 360 metres
below surface.

Optimised sequencing and bringing forward mine development: The projects and
operations teams continually work towards optimising the execution schedule by
prioritising essential workstreams and identifying opportunities to further
de-risk the project. Pre-production development of the 290-level is being
brought forward to commence in Q3 2026. This is essential as this level will
provide access to Roskear shaft for through-ventilation and secondary egress.
Ramp access will also be established at the 290-level (approximately 530
metres below surface) where mining is planned during early production.

The effect of this re-sequencing mitigates certain execution risks for the
project, brings forward essential pre-production development, ventilation and
access to underground exploration and infill drilling. With this optimised and
refocused execution strategy, shaft refurbishment and mine dewatering are now
scheduled to be completed in early 2027. Guidance for first tin production
from South Crofty is unchanged at mid-2028.

25-level: Underground development at the 25-level (approximately 45 metres
below surface) is underway and multiple drill and blast rounds have been
completed (see image 2). Approximately 600 metres of lateral development is
planned on this level, which is required to establish the sub-terranean skip
discharge and rock handling facilities for the NCK shaft rock-hoisting system.
The development training programme is ready and new starter miner training is
now underway.

Image 2: 25-level underground development - jumbo drilling round.

Surface activities

Pre-concentration plant: The second phase of excavation for the new
pre-concentration plant, focused on removing overburden and rock across the
building footprint, is progressing according to plan (see image 3).

The FEED and Detailed Engineering contract for the processing facilities has
been awarded to Ausenco with completion expected in Q4 2026, enabling
construction of the pre-concentration plant to commence in Q1 2027.

Procurement of the main process equipment is expected to continue through
2026, with most key equipment planned to be ordered in the next 12 months.

 

Image 3: Pre-concentration plant excavation.

Roskear shaft: The first phase of surface work at Roskear shaft has been
completed, and the earthworks are now underway (see image 4). Roskear shaft,
located approximately 850 metres west of NCK shaft, is 610 metres deep with a
4.9 metre diameter and will be used for ventilation and secondary access for
the mine. Local communities in the area have been contacted, with a drop-in
session organised for early February to address any questions.

Image 4: Surface works at Roskear shaft.

Workshop and stores: Construction activities for the new workshop and stores
facility located at the old Bartles Foundry site are progressing well with the
roof panel installation now complete (see image 5) and the welfare area
currently under construction. Due to the recent wet weather experienced in
Cornwall, major works are now expected to be completed in April, from
end-March previously.

Image 5: Workshop and stores building - roof panel installation complete.

Mine Dry: Phase 2 of the Mine Dry, which includes additional changing
facilities and office space is progressing to plan and fit-out is currently
underway. Completion is on track for March 2026.

Surface exploration drilling: A surface exploration drilling programme is
scheduled to commence in March to explore the western edges of South Crofty's
Roskear lodes, with the potential to intersect other lodes. The planned 2,400
metre drill programme seeks to extend the Inferred Mineral Resource of the
Roskear lodes and demonstrate the potential to add to South Crofty's overall
Mineral Resource inventory.

Other

The exploration and option deed entered into with Cornish Lithium Plc in
January 2017, and extended through to 2025, was not extended for the upcoming
year and has now been terminated.

 

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;

·    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/P7bbor
(https://investors.cornishmetals.com/link/P7bbor)

 

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 1209 715 777

 SP Angel Corporate Finance LLP  Richard Morrison   Tel: +44 203 470 0470

 (Nominated Adviser)             Charlie Bouverat

 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                       Megan Ray          cornishmetals@blytheray.com (mailto:cornishmetals@blytheray.com)

 (Financial PR)                  Said Izagaren      Tel: +44 207 138 3204

 

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.

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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