Cornish Metals Inc. (AIMTSXV: CUSN) (“Cornish Metals” or the “Company”) is pleased to announce that it has submitted a technical report in accordance with National Instrument 43-101 Standards for Disclosure for Mineral Projects (“NI 43-101”) for its wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom, under the profile of Cornish Metals on Sedar+ ( www.sedarplus.com) and is also available at www.cornishmetals.com.
The company’s press release dated September 29, 2025 summarizes the positive results of the updated Preliminary Economic Assessment (“PEA”), see highlights below:
Highlights
- Strengthened leadership team delivering global best practices
- The newly appointed General Manager and Project Director aligned the project with global best practices for current work, project delivery and final operations
- Top-level external consultants independently verified all project parameters – from technical design to real-time cost estimation – ensuring accuracy, transparency and execution confidence
- Solid project economics and cash generation
- £180 million net present value after tax 6% Real and 20% IRR at a tin price of US$33,900/ton
- £237 million net present value before tax 6% Real and 23% IRR
- Capital payback period of 3.3 years after taxes after start of production
- Cumulative after-tax cash flow of approximately £558 million from start of production
- Average annual after-tax cash flow of approximately £57 million in years two to six
- Average annual EBITDA of £70 million and an EBITDA margin of 62% in years two to six, expected to continue as additional mineral resources are added from planned underground drilling of known ore body extensions
- A low-cost, high-quality, responsible tin company with strong ESG credentials
- Lowest quartile producer – Average AISC of approximately US$13,420/ton of affordable tin for years two to six, US$14,460/ton above LOM, positioning South Crofty in the lowest quartile of the cost curve
- Average annual tin production of approximately 4,700 tonnes for years two through six (equivalent to approximately 1.6% of global mined tin production)
- Average pre-concentrated tin content of 2.11% in years two to six, upgraded from an average mined tin content of 1.04%
- Low impact underground operation, without surface waste removal
- Use of 100% renewable electricity supply with optional renewable energy generation
- Potential to directly employ more than 300 people and create up to 1,000 indirect jobs
- Great potential for exploration targets
- Near mine Exploration target indicates potential additional mineralization of 6 to 13 million tonnes (“Mt”), at a tin content of 0.5% to 1.8%
- South Crofty has a reputation for consistently replacing mined tonnes to extend the life of the mine and the company aims to continue this trend
- The company has a good view of higher quality extensions that could eventually enable a further optimized mine plan, depending on the success of the exploration drilling
- The company has developed a resource drilling program that is expected to commence with the commencement of underground development and continue alongside production
- Further growth opportunities through longer term exploration within the South Crofty mining license area and within Cornish Metals’ extensive mineral rights holdings in Cornwall
- Well supported project
- Support from local communities and government, and the UK government
- Permitted project with existing mining infrastructure, mining permit until 2071 and full construction permit for the construction of the processing plant to recover tin concentrate
The technical report entitled “South Crofty PEA Update” (the “Technical Report”) was prepared by AMC Consultants (UK) Limited on behalf of Cornish Metals. The Qualified Persons (“QPs”) for the updated PEA are Mr Dominic Claridge, FAusIMM, Principal Mining Engineer (AMC); Mr Nick Szebor, MCSM, CGeol, EurGeol, FGS, Director/Global Lead – Geosciences and Chief Geologist (AMC); Mr Mike Hallewell, FIMMM, FSAIMM, FMES, CEng (Independent Advisor); Mr Barry Balding, PGeo, EurGeol, Technical Director – Mining Advisory Europe (SLR); Mr Steve Wilson, ACSM, CEng, FIMMM, Managing Director: Europe (P&C). Qualified persons under National Instrument 43-101 (NI 43-101) and competent persons as defined under the JORC Code (2012).
This press release has been reviewed and approved by Mr Stephen Holley, (BSc (Hons), ACSM, MSc, MSCM, CEng FIMMM), Technical Services Manager for Cornish Metals Inc, who is the designated QP for the company.
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 government, with a growing team of skilled people, local to Cornwall, and could generate more than 300 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/P2zo3P
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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.
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