Cornish Metals plc has announced 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