About Us

Cornish Metals (AIM / TSX-V:CUSN) is a dual-listed mineral exploration and development company and working towards re-opening its 100% owned, fully permitted South Crofty underground tin mine located in Cornwall, UK. In addition, the Company holds 15,000 ha in exploration licences across the county with potential for discovery of tin, copper, lithium, tungsten, zinc and silver mineralisation. It also maintains an interest in the Sleitat project, an exploration property which is prospective for tin and tungsten in Alaska. 

South Crofty 

On the back of the May 2022 investment of £40.5M, led by Vision Blue Resources, the Company’s focus is to advance South Crofty towards a construction decision, and ultimately production. The Company benefits from South Crofty’s existing mine infrastructure preserved for future mining activities, including five shafts and a decline. South Crofty has an active mine permit valid to 2071, planning permission to construct a new processing plant and an environmental permit to dewater the mine. 

It is increasingly clear that domestic supplies of the metals critical to the energy transition is becoming a dominant theme globally. Tin is essential to all things electronic, Cornwall is a “world class” tin belt, and South Crofty is the jewel in the crown of Cornish tin mining. 

A processing facility at South Crofty also opens up the potential to serve as a central hub to other projects within reasonable transport distance, including projects like United Downs. Downstream opportunities such as smelting and refining prospects will also be assessed as the South Crofty project advances.

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

Favourable Tin Market Conditions

Tin is fundamental to growth in the technology sector and the transition to a low carbon economy and are used in key fast growing technological applications including batteries, robotics, solar power, 5G and cloud storage.

Independent market analysts are predicting a growing deficit of supply for the tin market over the next four to five years as the shift to electric vehicles, roll-out of 5G networks and growth in the internet of things continues. The demand for responsibly sourced / mined metals important to the energy transition and the need for security of supply will only grow in the near to mid-term.

There is no primary tin production in Europe or North America and security of a supply is a key issue with tin being listed as a critical mineral by the US, Canada and UK governments. Compounding the problem is the lack of investment into exploration, discovery and development of new tin deposits as well as increasing scrutiny over supply chains and requirements for “clean tin” i.e. low environmental impact, non-exploitation of child labour and not funding conflict. Cornish Metals is in a position to potentially deliver tin to meet some of the UK’s domestic needs.