Cornish Metals has released its unaudited financial statements and management,
discussion and analysis (“MD&A”) for the nine months ended September 30, 2025. The reports are available under the Company’s profile on SEDAR+ and on the Company’s website.
Highlights for the nine months ended September 30, 2025 and for the period ending November 12, 2025
(All figures expressed in Canadian dollars unless otherwise stated)
o Updated South Crofty Preliminary Economic Assessment (“PEA”) (news releases dated September 29 and October 15, 2025)
o After-tax Net Present Value (“NPV”) of £180 million and Internal Rate of Return (“IRR”) of 20%;
o Average annual tin production of over 4,700 tonnes for years two through six, at a lowest quartile All-In Sustaining Cost (“AISC”) of under US$13,500 per tonne;
o Total after-tax cash flow of approximately £558 million from start of production;
o Sizeable Exploration Target potential.
o Strategic investment and fundraise (the “Fundraise”) (news releases dated January 28-31, 2025):
o The Fundraise totaling £57.4 million announced on January 28-31, 2025 was anchored by the National Wealth Fund Limited (“NWF”) and Vision Blue Resources Limited (“Vision Blue”), investing £28.6 million and £18.1 million, respectively, with a further £10.7 million from existing shareholders and new investors, including £1.4 million from a retail offer;
o The Fundraise is expected to enable the Company to further de-risk the South Crofty tin project and advance towards a formal final investment decision in 2026.
o Grant funding investment (news release dated June 11, 2025):
o South Crofty’s Bartles Foundry project received grant funding of up to £4.2 million from the Cornwall and Isles of Scilly Good Growth Programme, which is managed by Cornwall Council and funded by the UK Government through the UK Shared Prosperity Fund;
o The first claim in the amount of approximately £0.7 million was received in August 2025, with the second claim of approximately £0.5 million expected to be received by the end of November 2025.
o Key long-lead item orders (news release dated June 3, 2025):
o Orders have been placed with Qualter Hall & Company Limited (“Qualter Hall”) for the design, manufacture, supply, installation and commissioning of the production and service winders to be used at South Crofty’s New Cook’s Kitchen (“NCK”) shaft.
o Mine dewatering and NCK shaft refurbishment progress (news releases dated August 12 and September 10, 2025):
o Mine dewatering and shaft refurbishment reached the mid-shaft pump station at approximately 360 metres below surface in August 2025 with the work area secured and stabilisation of the underground chamber of the pump station complete.