Cornish Tin Limited (the “Company”) is pleased to provide an update on progress as follows:
 

• The Company’s Phase 3 exploration drilling program started at the beginning of September 2025, with 3 drillholes completed so far, and is scheduled to complete by January 2026. In this program our targets include lithium-enriched aplite-pegmatite sheets (“sheets”) in our new extension area of Tregonning South. We have previously discovered this style of mineralisation at Tregonning North, containing high lithium grades, (eg 0.3m @ 1.33% Li₂0; peak grade 1.4% Li₂0). We are also endeavouring to demonstrate that these sheets continue across the distance (approx 3.27 km) from our northernmost intercept at Tregonning North to Megiliggar Rocks at the southern boundary of our project area. Here, there are sheets visible in the cliff face with widths of up to ~2.5 metres:

• All the 3 holes drilled so far in Phase 3 have intercepted sheets at various levels.  Nearest to surface is a sheet (the “Valley Sheet”) intercepted in each of the first 3 holes with the true widths of the sheet as set out below: 
• TS25001 – 5.31 metres;
• TS25002 – 6.0 metres;
• TS25003 – 6.8 metres.
• Additionally, each of the first 3 holes drilled has also intercepted a slightly deeper level of sheets, tending to more of a cluster pattern so that, for example, in hole 2 (TS25002) there is an interval of 13.50 metres containing sheets with true widths together totalling ~ 6.04 metres.
• Pictured below is some of the core from hole 1 (TS25001) with the lithium-enriched Valley Sheet clearly shown as the paler band of core in consecutive coreboxes, which starts in the middle of row 2 of the first box and ends in row 2 of the third box. 

Sally Norcross-Webb, CEO and Founder, commented: “We believe the Tregonning Lithium Project is of great importance to the UK. The JORC Exploration Target Report of February 2025 on Tregonning North demonstrates the enormous potential of the new lithium field discovered by Cornish Tin. Tregonning South has never before been explored using modern methods, but the prevalence and widths of the aplite-pegmatite sheets we have discovered so far in Phase 3 are very significant. Phase 3 assay results are targeted for release in Q1 2026. It’s too early to make any assumptions about grades and tonnage in Tregonning South, but we will be issuing further updates as Phase 3 continues. We are also aiming to implement our next tin-focused exploration drilling program in 2026, if funds allow.”

Further information about Cornish Tin
 

• Tax refunds for Cornish Tin investors – Enterprise Investment Scheme (EIS):

Following the grant by HMRC of EIS status to the Company in December 2024, the Company has now been granted Advance Assurance by HMRC in May 2025 as a Knowledge Intensive Company. This means that, as a KIC, the amount of equity funding qualifying for EIS tax relief increased from GBP 12M to GBP 20M.
As a result of our successful Crowdcube raise which completed in August 2025, and funds raised in our current private placing (which is still continuing) the Company currently still has approx GBP 16.67M available for equity funding with EIS tax refunds and potential tax-free gains for investors.
 

• New Articles of Association: The Company intends to adopt updated Articles of Association and Written Resolutions will shortly be sent to all existing shareholders: in the case of our investors who have invested through Crowdcube, please note that the documents will be sent to Crowdcube Nominees Limited as your nominee shareholder.

Cornish Tin is a private company limited by shares registered in the UK under company number 10935627, incorporated in 2017. The Board comprises two directors, Sally Norcross-Webb (Founder and CEO) and Clive Newall (Chairman and co-founder).