Cornish Metals plc announced that, further to its announcement on 15 May 2026 regarding the secured credit facilities entered into with the National Wealth Fund Limited and Vision Blue Resources Limited it has drawn down the second tranche of the Facilities.

The second tranche, which was uncommitted and available at the lenders’ discretion, comprises £13.9 million from the National Wealth Fund and US$9.1 million (approximately £6.7 million) from Vision Blue. This drawdown reflects the continued support of the Company’s two largest shareholders and provides additional funding to maintain the pace of development at South Crofty.

Proceeds will be applied to continue underground development, construction of surface facilities and infrastructure, and the Company’s general operating and corporate purposes. The terms of the Facilities are unchanged from those set out in the announcement of 15 May 2026.

The Company continues to progress the broader project financing package for South Crofty, including discussions with strategic offtakers and institutional investors regarding the funding package for the project’s development.

Don Turvey, CEO of Cornish Metals, commented:

“Drawing the second tranche keeps South Crofty moving at pace while we finalise the longer-term funding package on terms that are favourable for investors. Maintaining momentum on-site is essential as we continue to advance South Crofty towards a restart of tin production. The availability of this tranche reflects the continued backing of our two largest shareholders.”