Responsibly Sourced Tin for a Low Carbon Economy

Cornish Metals Inc. (AIM / TSX-V:CUSN), is a dual-listed company working towards re-opening its 100% owned, fully permitted South Crofty underground tin mine located in Cornwall, UK. South Crofty is one of the highest-grade tin resources globally with potential to become a new, low-cost global producer. Cornish Metals is currently advancing South Crofty’s re-opening through mine dewatering, continued resource drilling and completion of a Feasibility Study as well as evaluating additional downstream opportunities. The Company also holds other mineral rights in Cornwall with potential for discovery of tin, copper, lithium, tungsten, zinc and silver mineralisation.

South Crofty has a long history of mining, with over 400 years of recorded production. Existing mine infrastructure, including multiple shafts, can be used for future operations. The Project possesses an underground mining permit to 2071, Planning Permission to construct a new processing plant and all necessary site infrastructure, and an Environmental Permit to dewater the mine. South Crofty benefits from strong local community and regional and national government support.

The 2024 Preliminary Economic Assessment for South Crofty validates the Project’s potential:

• US$201 M after-tax NPV8% and 29.8% IRR
• 3-year after-tax payback
• 4,700t annual tin metal production in years 2-6
• Life of mine all-in sustaining cost of US$13,700 /t of payable tin
• Total after-tax cash flow of US$626 million from start of production

The full South Crofty PEA Technical report can be found here.

Vision Blue Resources, a resource investment fund focused on metals essential to the energy transition, became a strategic investor in Cornish Metals, investing £25M out of a £40.5M financing completed in May 2022.  Vision Blue Resources owns approximately 26% of CUSN’s issued and outstanding shares.

Tin connects almost all electronic and electrical infrastructure, making it critical to the energy transition. It is fundamental to growth in the technology sector and is used in key fast growing technological applications including batteries, robotics, renewable power, 5G and cloud-based data storage. Tin demand is projected to grow by approximately 30% in the next decade.

Tin is a Critical Metal as designated by the UK, USA, and Canada, and there is no primary tin production in Europe or North America. Approximately two-thirds of the tin mined today is sourced from Asia, mainly from China, Myanmar and Indonesia.

The Company believes that demand for ethically / responsibly / domestically mined tin will continue to increase.