Grant Funding Investment at South Crofty Tin Project

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VANCOUVER, British Columbia, June 12, 2025 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (AIM/TSX-V: CUSN) ('Cornish Metals' or the 'Company'), a mineral exploration and development company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to announce that South Crofty's Bartles Foundry project has received grant funding of up to £4,190,500 from the Cornwall and Isles of Scilly Good Growth Programme, which is managed by Cornwall Council and funded by the UK Government through the UK Shared Prosperity Fund ('SPF').
The grant funding is equivalent to a maximum of 62% of the total Bartles Foundry project cost estimated at approximately £6.8 million for the construction of workshops, stores and offices on the Bartles Foundry site. This will support the requirements associated with South Crofty moving to production and includes the cost for the previously announced purchase of 4.5 acres of land from Cornwall Council (see press release dated April 1, 2025). Conditional planning approval for the development was granted in January 2025. This project follows on from the SPF part-funded study in 2024 which concluded that the site was suitable for development.
Don Turvey, CEO and Director of Cornish Metals, stated: 'We are delighted to be awarded this grant funding by Cornwall Council, demonstrating ongoing local support for South Crofty and following on from the investment by the UK's National Wealth Fund earlier this year. This funding will enable the construction of the Bartles Foundry project that will support South Crofty as we move into the underground development phase, which will provide local employment opportunities during the construction and operational phase.'
Cllr Tim Dwelly, Cornwall Council's Cabinet Member for Economic Regeneration and Investment, said: 'South Crofty is a big priority for us. Not only are they supporting high-quality well-paid jobs in the area, they are also helping the security of the whole UK by strengthening the domestic supply of essential minerals. I am proud to support this next step towards bringing tin mining back to Cornwall.'
ABOUT CORNISH METALS
Cornish Metals is a dual-listed mineral exploration and development company (AIM and TSX-V: CUSN) that is advancing the South Crofty tin project towards production. South Crofty:
is a historical, high-grade, underground tin mine located in Cornwall, United Kingdom and benefits from existing mine infrastructure including multiple shafts that can be used for future operations;
is permitted to commence underground mining (valid to 2071), construct a new processing facility and for all necessary site infrastructure;
has a 2024 Preliminary Economic Assessment that validates the Project's potential (see news release dated April 30, 2024 and the Technical Report entitled 'South Crofty PEA');
would be the only primary producer of tin in Europe or North America. Tin is a Critical Mineral as defined by the UK, American, and Canadian governments as it is used in almost all electronic devices and electrical infrastructure. Approximately two-thirds of the tin mined today comes from China, Myanmar and Indonesia;
benefits from strong local community, regional and national government support with a growing team of skilled people, local to Cornwall, and could generate up to 320 direct jobs.
About The UK Shared Prosperity Fund and Cornwall and Isles of Scilly Good Growth Programme
UK Shared Prosperity FundThe UK Shared Prosperity Fund proactively supports delivery of the UK-government's five national missions: pushing power out to communities everywhere, with a specific focus to help kickstart economic growth and promoting opportunities in all parts of the UK. For more information, visit https://www.gov.uk/government/publications/uk-shared-prosperity-fund-prospectus.
Cornwall and Isles of Scilly Good Growth Programme The Good Growth Programme is managing the delivering of the UK Shared Prosperity Fund in Cornwall and Isles of Scilly. Cornwall Council has been chosen by Government as the lead authority for the fund which is being invested in accordance with the Good Growth SPF Investment Plan. For more information, visit https://ciosgoodgrowth.com.
ON BEHALF OF THE BOARD OF DIRECTORS
'Don Turvey'Don TurveyCEO and Director
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For additional information please contact:
Cornish Metals
Fawzi HananoIrene Dorsman
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SP Angel Corporate Finance LLP (Nominated Adviser & Joint Broker)
Richard Morrison Charlie Bouverat Grant Barker
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Hannam & Partners(Joint Broker)
Matthew HassonAndrew Chubb Jay Ashfield
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BlytheRay(Financial PR)
Tim Blythe Megan Ray
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