Cornish Metals announces exercise of share options and issuance of share and PMMR transactions

Cornish Metals Inc. (AIMTSXV: CUSN) (“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, announces that Matthew Hird (CFO) has exercised 750,000 options on the Company’s common shares using the net exercise method.

Using this method, which is permitted under the terms of the Company’s stock option plan as approved by the shareholders on June 29, 2023, the Company issues shares equal to the value of the net profit, being the difference between the exercise price and the market value on the exercise date. Accordingly, only 249,626 ordinary shares without par value in the share capital of the Company (the “New Ordinary Shares”) have been issued. The New Ordinary Shares will rank pari passu with the existing shares and an application has been made for the 249,626 Ordinary Shares to trade on AIM (“Admission”). It is expected that the admission will become effective and trading in the new common shares will commence at 8:00 a.m. on or about October 14, 2025. The new common shares will also trade on the TSX Venture Exchange.

Mr. Hird also requested that the Company’s brokers sell the New Ordinary Shares. The New Ordinary Shares were sold at a price of 7.80 pence per share, with settlement on 14 October 2025. Following these transactions, Mr Hird’s economic interest will remain unchanged as he has no shareholding in the Company.

Upon admission, the issued and outstanding share capital of Cornish Metals will consist of 1,253,751,619 ordinary shares. The Company does not hold any ordinary shares under its own management. Shareholders can use this figure as the denominator for the calculations that will determine whether they are required to report their interest in, or a change in their interest in, the Company.

Following the issuance of the New Shares, the outstanding stock options, warrants and performance shares of the Company are as set out in the table below:

_{¹ Pursuant to the terms of the stock option grant, the exercise price of these options is £0.18 for non-Canadian option holders or $0.30 for Canadian option holders.}

_{² Pursuant to the terms of the stock option grant, the exercise price of these options is £0.085 for non-Canadian option holders or $0.14 for Canadian option holders.}

The notice below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further details.

ABOUT CORNISH METALS

Cornish Metals is a mineral exploration and development company bringing the South Crofty tin project to production. South Crofty:

• is a historic, high-grade, underground tin mine located in Cornwall, United Kingdom and benefits from existing mining infrastructure, including multiple shafts that can be used for future operations;
• may begin underground mining (valid until 2071), construction of a new processing facility and all necessary site infrastructure;
• would be the only primary tin producer in Europe or North America. Tin is a critical mineral as defined by the British, American and Canadian governments as it is used in almost all electronic devices and electrical infrastructure. About two-thirds of the tin mined today comes from China, Myanmar and Indonesia;
• benefits from strong support from the local community, regional and national authorities, with a growing team of skilled people, local to Cornwall, and could generate up to 320 direct jobs.

ON BEHALF OF THE BOARD OF DIRECTORS

“Don Turvey”
Don Turvey
CEO and director

Contact us directly via our investor hub. Register at: https://investors.cornishmetals.com/link/P4xj9P

For additional information please contact:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .

Caution Regarding Forward-Looking Statements

This press release may contain certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”). Forward-looking statements include forecasts, projections, prospects, guidance, estimates and forecasts and other statements regarding future plans, the realization, costs, timing and extent of estimates of mineral resources or mineral reserves, estimation of commodity prices, exchange rate fluctuations, estimated future exploration expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting timelines, additional capital requirements and the Company’s ability to obtain financing when necessary and on terms acceptable to the Company, the future or estimated life of the mine and other operations or performance of Cornish Metals. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “anticipate,” “believe,” “plan,” “estimate,” “predict,” “expect,” “potential,” “project,” “goal,” “plan,” “budget,” and “intend” and statements that an event or outcome “may,” “will,” “should,” “could,” “would” or “would” can’ take place or be achieved and other similar statements. expressions and includes their negatives. All statements other than statements of historical fact included in this press release are forward-looking statements that involve various risks and uncertainties and no assurance can be given that such statements will prove to be accurate or that actual results and future events may differ materially from those anticipated in such statements.

Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, but not limited to: risks related to the receipt of regulatory approvals, risks related to general economic and market conditions; risks associated with the availability of financing; the timing and content of upcoming work programmes; actual results of proposed exploration activities; possible variations in mineral resources or quality; expected dates for starting mining activities; the failure of facilities, equipment or processes to operate as expected; accidents, labor disputes, property disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining activities, tax rules and regulations. The list is not exhaustive of the factors that could affect Cornish’s forward-looking statements.

Cornish Metals’ forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and, therefore, readers are cautioned not to place undue reliance on forward-looking statements. Cornish Metals assumes no obligation to update any forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law.

Disclosure of Market Abuse Regulation (MAR).

The information contained in this announcement is considered by the Company to be inside information in accordance with Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law under the European Union (Withdrawal) Act 2018, as amended.