Grant Funding Investment at South Crofty Tin Project
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
Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/lPdOLr
For additional information please contact:
Cornish Metals
Fawzi HananoIrene Dorsman
investors@cornishmetals.com info@cornishmetals.com
Tel: +1 (604) 200 6664
SP Angel Corporate Finance LLP (Nominated Adviser & Joint Broker)
Richard Morrison Charlie Bouverat Grant Barker
Tel: +44 203 470 0470
Hannam & Partners(Joint Broker)
Matthew HassonAndrew Chubb Jay Ashfield
cornish@hannam.partners Tel: +44 207 907 8500
BlytheRay(Financial PR)
Tim Blythe Megan Ray
cornishmetals@blytheray.com Tel: +44 207 138 3204
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.This news release may contain certain 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements'). Forward-looking statements include predictions, projections, outlook, guidance, estimates and forecasts and other statements regarding future plans, the realisation, cost, timing and extent of mineral resource or mineral reserve estimates, estimation of commodity prices, currency exchange rate fluctuations, estimated future exploration expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, requirements for additional capital and the Company's ability to obtain financing when required and on terms acceptable to the Company, future or estimated mine life and other activities or achievements of Cornish Metals. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'believe', 'plan', 'estimate', 'forecast', 'expect', 'potential', 'project', 'target', 'schedule', 'budget' and 'intend' and statements that an event or result 'may', 'will', 'should', 'could', 'would' or 'might' occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, are forward-looking statements that involve various risks and uncertainties and there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the availability of financing; the timing and content of upcoming work programmes; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; projected dates to commence mining operations; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. The list is not exhaustive of the factors that may 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 accordingly readers are cautioned not to place undue reliance on forward-looking statements. Cornish Metals does not assume any obligation to update 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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