NC home builders, lumber suppliers brace for impact of tariffs on Canada, Mexico
'There's a lot of unknowns with the administration in which way they plan on going forward with the tariff plan,' said Steven Webb, Director of Legislative Affairs for the North Carolina Home Builders Association.
Home builders and suppliers in North Carolina are less than thrilled with Trump administration's new 25% tariffs on goods from Canada and Mexico.
'Best case here: Quick resolution to the to the tariff issues, and we can move on,' Webb said.
Webb said there are a few key products in home building that could be impacted by the tariffs.
'You're going to see probably an issue with Canadian soft lumber, [which] goes into framing. Also, gypsum and lime come out of Mexico, so that could be an issue as well,' he said.
The good news is that Webb says over 90% of home building supplies are made in the U.S. and will not be impacted by tariffs.
However, an important supply, Canadian lumber, is already taxed and has been for years. Some of those taxes could be set to increase, separate from the new tariffs. The National Lumber and Building Material Dealers Association estimates that, with the tariffs, lumber could be taxed as high as 51%.
'We really don't know,' Webb said. 'But we know when there's additional cost, that's always going to be passed on to the consumer, unfortunately. So the consumer could see higher prices,' he said.
Uncertainty around tariffs is also a challenge for builders dealing with price fluctuations.
'You're buying your framing packages months in advance so by the time you buy the framing package, the price of the final home may change,' he said.
Webb adds he is hoping for this to be over quickly.
'We would like to see a trade deal worked out that will benefit the consumers,' Webb said. 'Let's bring down the cost of all the materials which can help bring down the cost of housing.'
Webb is also hoping to see lumber production in the U.S. ramp up. He said that will help keep costs down and prevent any supply chain issues.
Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Business Wire
9 minutes ago
- Business Wire
Organigram Reports Record Third Quarter Fiscal 2025 Results
TORONTO--(BUSINESS WIRE)--Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI), (the 'Company' or 'Organigram'), Canada's #1 cannabis company by market share 1, is pleased to announce its record results for the third quarter ended June 30, 2025 ('Q3 Fiscal 2025' or 'Q3'). Q3 FISCAL 2025 HIGHLIGHTS Record Gross Revenue: $110.2 million (+73% year-over-year, +7.2% sequential). Record Net Revenue: $70.8 million (+72% year-over-year, +7.9% sequential). International Revenue: $7.4 million (+208% year-over-year, +21% sequential). Adjusted EBITDA 2: $5.7 million (+64% year-over-year, +16% sequential). Free Cash Flow 2: $5.0 million versus ($4.8) million in the prior year period. Motif Synergies: $4.2 million to date, approximately $11 million annualized; on track to hit $15 million target within 24 months of acquisition. Total Cash: $85.9 million 3, including $35.9 million of unrestricted cash; and negligible debt. #1 Market Share in Canada: #1 in vapes, #1 in pre-rolls, #1 in milled flower, #1 in concentrates, #3 in edibles, #3 in dried flower 1. Canadian Beverage Growth: Expanded distribution in Alberta, Saskatchewan, and Manitoba. U.S. Expansion: Began generating U.S. revenue, expanded distribution into new states and gained important key account listings; launched U.S. DTC (direct-to-consumer) website expanding hemp-derived THC beverage availability to 25 states subsequent to quarter end. Record Moncton Harvest: of 24,210 kilograms, driven by capacity enhancing projects and seed-based cultivation; entire Moncton facility harvest averaged over 29% THC potency. 'In Q3, we delivered our second consecutive quarter of record revenue driven by the acquisition of Motif, Collective Project, and a further optimization of our product and brand portfolio,' said Beena Goldenberg, CEO of Organigram. 'With our strong Canadian market leadership now in place, we are committed to bringing our Canadian successes, underpinned by innovation and a commitment to quality, to international markets. We have grown our export business, expanded into the US, and are set to launch new brands internationally, all building towards our ambition of becoming a truly global cannabis player.' THIRD QUARTER FISCAL 2025 FINANCIAL OVERVIEW Net revenue: Net revenue increased 72% to $70.8 million, from $41.1 million in the third quarter ended June 30, 2024 ('Q3 Fiscal 2024'), primarily driven by contributions from the Motif Labs Ltd. ('Motif') acquisition and increased international sales. Adjusted gross margin 2: Adjusted gross margin was $24.2 million, or 34% of net revenue, compared to $14.6 million, or 36%, in Q3 Fiscal 2024. Organigram's standalone adjusted gross margin excluding Motif was approximately 37% in Q3. Management expects adjusted gross margin to improve over the coming quarters as Motif acquisition-related synergies are realized. Selling, general & administrative ('SG&A') expenses: SG&A increased 70% to $24.5 million from $14.4 million in Q3 Fiscal 2024. The increase was attributable to the inclusion of Motif SG&A in Organigram's consolidated financials as well as higher trade investments to support the growth of the business. As a proportion of net revenue, SG&A remained flat at 35%, compared to 35% in Q3 Fiscal 2024. Included in SG&A was an incremental investment of $1.2 million into ERP versus the prior year and higher amortization of $1.6 million associated with Motif and Collective Project Limited ('Collective Project') acquisitions. Net loss: Net loss was $6.3 million compared to net income of $2.8 million in Q3 Fiscal 2024. The decrease in net income from the prior period is primarily attributable to higher fair value changes recognized in relation to the preferred shares and top-up-rights held by British American Tobacco p.l.c ('BAT'), and other financial instruments. Adjusted EBITDA 4: Adjusted EBITDA was $5.7 million compared to $3.5 million in adjusted EBITDA in Q3 Fiscal 2024. The increase was primarily attributable to higher recreational revenue, including Motif contributions, and higher international revenue. Net cash from operating activities: Net cash from operating activities was $14.6 million, compared to cash used of $3.7 in Q3 Fiscal 2024. The increase was primarily attributable to improved working capital utilization. 'In Q3 we delivered solid revenue and adjusted EBITDA growth sequentially and year-over-year while making significant progress toward the full integration of our recent acquisitions,' said Greg Guyatt, CFO of Organigram. 'As our business continues to scale domestically and abroad, and the realization of cost synergies related to our Motif acquisition begin to positively impact future earnings, we are confident in our trajectory toward sustained profitability and free cash flow in the near-term.' CANADIAN RECREATIONAL MARKET INTRODUCTIONS As Canada's market leader in recreational cannabis, Organigram remains committed to delivering consumer focused innovations and products to its customers. Some notable recent highlights include: SHRED Max10 Party Pack: Ten individual 10mg gummies separately packaged within a container to provide consumers with 100mg THC per container. Big Bag O' Buds: New strains in Blueberry Dream, UK Cheddar Cheese, and Comboz (Ultra Sour & Blueberry Dream). SHRED Flower Power: The return of the OG SHRED blend — A sativa blend boasting strong sweet and floral aromas. BOXHOT IPRs: Pear Herer & Strawberry Diesel infused pre-rolls. Trailblazer Blunts: Tube-style blunts wrapped in tea leaf-based blunt paper for a smooth and unique flavour profile. Rizzlers Vapes: Lime Frizz & Passion Plunge all-in-one switch-hit vapes. INTERNATIONAL SALES In Q3 Fiscal 2025, Organigram achieved $7.4 million in international sales compared to $2.4 million in the same prior year period, and expects to continue growing its international sales over time. Organigram continues to await EU-GMP certification for its Moncton facility. In Q3 Fiscal 2025, Organigram began generating U.S. recreational revenue from hemp-derived THC beverage pursuant to the acquisition of Collective Project. BALANCE SHEET & LIQUIDITY As of June 30, 2025, the Company had total cash (including restricted cash and short-term investments) of $85.9 million. Select Key Financial Metrics (in $000s unless otherwise indicated) Q3-2025 Q3-2024 % Change Gross revenue 110,205 63,605 73 % Excise taxes (39,413 ) (22,545 ) 75 % Net revenue 70,792 41,060 72 % Cost of sales 48,369 27,173 78 % Gross margin before fair value changes to biological assets & inventories sold 22,423 13,887 61 % Realized fair value on inventories sold and other inventory charges (14,461 ) (13,728 ) 5 % Unrealized gain on changes in fair value of biological assets 18,184 13,849 31 % Gross margin 26,146 14,008 87 % Adjusted gross margin (1) 24,226 14,586 66 % Adjusted gross margin % (1) 34 % 36 % (2 )% Selling (including marketing), general & administrative expenses 24,504 14,376 70 % Net (loss) income (6,294 ) 2,818 nm Adjusted EBITDA (1) 5,694 3,465 64 % Net cash used in operating activities before working capital changes (686 ) (182 ) 277 % Net cash provided by (used in) operating activities after working capital changes 14,626 (3,730 ) nm Note (1) Adjusted gross margin, adjusted gross margin % and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers; please refer to 'Non-IFRS Financial Measures' in this press release for more information. Expand Select Balance Sheet Metrics (in $000s) JUNE 30, 2025 SEPTEMBER 30, 2024 % Change Cash & short-term investments (including restricted cash) 85,931 133,426 (36 )% Biological assets & inventories 125,186 82,524 52 % Other current assets 66,666 46,269 44 % Accounts payable & accrued liabilities 89,803 47,097 91 % Current portion of long-term debt 40 60 (33 )% Working capital 170,508 208,897 (18 )% Property, plant & equipment 123,537 96,231 28 % Long-term debt — 25 (100 )% Total assets 564,615 407,860 38 % Total liabilities 179,119 101,871 76 % Shareholders' equity 385,496 305,989 26 % Expand The following table reconciles the Company's adjusted EBITDA to net loss. Adjusted EBITDA Reconciliation (in $000s unless otherwise indicated) Q3-2025 Q3-2024 Net (loss) income as reported $ (6,294 ) $ 2,818 Add/(deduct): Investment income, net of financing costs (73 ) (1,179 ) Income tax (recovery) expense (9,903 ) — Depreciation and amortization 4,789 3,039 ERP implementation costs 1,217 7 Acquisition and other transaction costs 654 421 Inventory and biological assets fair value and NRV adjustments (2,787 ) 578 Acquisition-related fair value adjustment to inventory sold 897 — Share-based compensation 1,007 2,087 Other (income) expenses(1) 13,511 (6,687 ) Research and development expenditures, net of depreciation 2,676 2,381 Adjusted EBITDA $ 5,694 $ 3,465 Note 1: Other (income) expenses includes share of loss from investments in associates, (gain) loss on disposal of property, plant and equipment, change in fair value of derivative liabilities, preferred shares, contingent consideration and other financial assets, and certain other non-operating (income) expenses. Expand The following table reconciles the Company's adjusted gross margin to gross margin before fair value changes to biological assets and inventories sold: The following table reconciles the Company's Free Cash Flow to net cash and restricted cash provided by (used in) operating activities: Third Quarter Fiscal 2025 Conference Call The Company will host a conference call to discuss its results with details as follows: Date: August 13, 2025 Time: 8:00 am Eastern Time To register for the conference call, please use this link: To ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call. To access the webcast: A replay of the webcast will be available within 24 hours after the conclusion of the call at and will be archived for a period of 90 days following the call. Non-IFRS Financial Measures This news release refers to certain financial performance measures (including adjusted gross margin, adjusted gross margin %, adjusted EBITDA and Free Cash Flow) that are not defined by and do not have a standardized meaning under IFRS as issued by the International Accounting Standards Board. Non-IFRS financial measures are used by management to assess the financial and operational performance of the Company. The Company believes that these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and prospects in a similar manner to the Company's management. As there are no standardized methods of calculating these non-IFRS measures, the Company's approaches may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted EBITDA is a non-IFRS measure that the Company defines as net income (loss) before: net of financing costs; income tax expense (recovery); depreciation, amortization, impairment, normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges, (gain) loss on disposal of property, plant and equipment (per the consolidated statement of cash flows); share-based compensation (per the consolidated statement of cash flows); share of loss (gain) from investments in associates including impairment loss; change in fair value of contingent consideration; change in fair value of derivative liabilities, other financial assets and preferred shares; expenditures incurred in connection with research and development ("R&D") activities (net of depreciation); unrealized gain on changes in fair value of biological assets; realized fair value on inventories sold and other inventory charges; provisions and net realizable value adjustments related to inventory and biological assets; government subsidies, insurance recoveries and other non-operating expenses (income); legal provisions (recoveries); incremental fair value component of inventories sold from acquisitions; ERP implementation costs; transaction costs; share issuance costs; and provision for expected credit losses . Adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and derive expectations of future financial performance for the Company, and excludes adjustments that are not reflective of current operating results. Adjusted gross margin is a non-IFRS measure that the Company defines as net revenue less cost of sales, before the effects of (i) unrealized gain on changes in fair value of biological assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) provisions and impairment of inventories and biological assets; and (iv) provisions to net realizable value. Adjusted gross margin % is calculated by dividing adjusted gross margin by net revenue. Management believes that these measures provide useful information to assess the profitability of our operations as they represent the normalized gross margin generated from operations and exclude the effects of non-cash fair value adjustments on inventories and biological assets, which are required by IFRS. Free Cash Flow is a non-IFRS measure that the Company defines as net cash provided by or used in operating activities less the purchase of property, plant and equipment. Management believes this measure is a useful indicator of the Company's capacity to fund operations from internally generated cash flows, without the need for additional borrowings or use of existing cash reserves under normal operating conditions. The most directly comparable measure to adjusted EBITDA, calculated in accordance with IFRS is net income (loss) and beginning on page 5 of this press release is a reconciliation to such measure. The most directly comparable measure to adjusted gross margin calculated in accordance with IFRS is gross margin before fair value changes to biological assets and inventories sold and beginning on page 5 of this press release is a reconciliation to such measure. The most directly comparable measure to Free Cash Flow is net cash and restricted cash provided by (used in) operating activities, and beginning on page 5 of this press release is a reconciliation to such measure. About Organigram Global Inc. Organigram Global Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly-owned subsidiaries include Organigram Inc., a licensed cultivator or cannabis and manufacturer of cannabis-derived goods in Canada. Through its recent acquisition of Collective Project, Organigram Global participates in the U.S. and Canadian cannabinoid beverages markets. Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the Company's global footprint. Organigram has also developed a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O' Buds, SHRED, SHRED'ems, Monjour, Tremblant Cannabis, Trailblazer, Collective Project, BOXHOT and DEBUNK. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Québec, with a dedicated manufacturing facility in Winnipeg, Manitoba. The Company also operates two additional cannabis processing facilities in Southwestern Ontario; one in Aylmer and the other in London. The facility in Aylmer houses best-in-class CO2 and Hydrocarbon extraction capabilities, and is optimized for formulation refinement, post-processing of minor cannabinoids, and pre-roll production. The facility in London will be optimized for labelling, packaging, and national fulfillment. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada). Forward-Looking Information This news release contains forward-looking information. Forward-looking information, in general, can be identified by the use of forward-looking terminology such as 'outlook', 'objective', 'may', 'will', 'could', 'would', 'might', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'continue', 'budget', 'schedule' or 'forecast' or similar expressions suggesting future outcomes or events. They include, but are not limited to, statements with respect to expectations, projections or other characterizations of future events or circumstances, and the Company's objectives, goals, strategies, beliefs, intentions, plans, estimates, forecasts, projections and outlook, including statements relating to the Company's future performance, the Company's positioning to capture additional market share and sales including international sales, expectations for consumer demand, expected improvement to gross margins before fair value changes to biological assets and inventories, expectations regarding adjusted gross margins, adjusted EBITDA, Free Cash Flow and net revenue in Fiscal 2025 and beyond, expectations regarding cultivation capacity, the Company's plans and objectives including around the PDC, availability and sources of any future financing, availability of cost efficiency opportunities, the ability of the Company to fulfill demand for its revitalized product portfolio with increased staffing, expectations relating to greater capacity to meet demand due to increased capacity at the Company's facilities, expectations around lower product cultivation costs, the ability to achieve economies of scale and ramp up cultivation, expectations pertaining to the increase of automation and reduction in reliance on manual labour, expectations around the launch of higher margin dried flower strains, expectations around market and consumer demand and other patterns related to existing, new and planned product forms; expectations regarding the Company's acquisition, integration and synergy realization of Motif and Collective Project; expectations around FASTTM nanoemulsion technology; expectations regarding EU-GMP certification; timing for launch of new product forms, ability of those new product forms to capture sales and market share, estimates around incremental sales and more generally estimates or predictions of actions of customers, suppliers, partners, distributors, competitors or regulatory authorities; statements regarding the future of the Canadian and international cannabis markets and, statements regarding the Company's future economic performance. These statements are not historical facts but instead represent management beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management control. Forward-looking information has been based on the Company's current expectations about future events. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. These risks, uncertainties and factors include: general economic factors; international trade disputes sparked by tariffs and retaliatory tariffs or other non-tariff measures; changes to government laws, regulations or policies, including customs, tariffs, trade or environmental law, regulations or policies, or the enforcement thereof; receipt of regulatory approvals or consents and any conditions imposed upon same and the timing thereof; the Company's ability to meet regulatory criteria which may be subject to change; change in regulation including restrictions on sale of new product forms; change in stock exchange listing practices; the Company's ability to manage costs, timing and conditions to receiving any required testing results and certifications; results of final testing of new products; changes in governmental plans including those related to methods of distribution; timing and nature of sales and product returns; customer buying patterns and consumer preferences not being as predicted given this is a new and emerging market; material weaknesses identified in the Company's internal controls over financial reporting; the completion of regulatory processes and registrations including for new products and forms; market demand and acceptance of new products and forms; unforeseen construction or delivery delays including of equipment and commissioning; increases to expected costs; competitive and industry conditions; change in customer buying patterns; and changes in crop yields. These and other risk factors are disclosed in the Company's documents filed from time to time under the Company's issuer profile on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval+ ('SEDAR') at and reports and other information filed with or furnished to the United States Securities and Exchange Commission ('SEC') from time to time on the SEC's Electronic Document Gathering and Retrieval System ('EDGAR') at including the Company's most recent management discussion and analysis ('MD&A') and annual information form. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward looking information is subject to risks and uncertainties that are addressed in the 'Risk Factors' section of the MD&A dated August 12, 2025 and there can be no assurance whatsoever that these events will occur. This news release contains information concerning our industry and the markets in which we operate, including our market position and market share, which is based on information from independent third-party sources. Although we believe these sources to be generally reliable, market and industry data is inherently imprecise, subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey or data collection process. We have not independently verified any third-party information contained herein.
Axios
an hour ago
- Axios
Cops, cartels and the new drone wars on the border
On the U.S. side of the southern border, local law enforcement officials have begun using AI-programmed drones to locate drug traffickers and migrants. On the Mexico side, drug cartels are using their own drones to stake out desert areas in the U.S. to smuggle their products. Why it matters: The U.S. government — whose own patrol drones help create what it calls a "virtual wall" — has long fueled the tech war along the border. But now even small local agencies are stepping into this arms race against cartels and illegal immigration. The big picture: The drone wars are unfolding even as migrant traffic has dropped to its lowest levels in decades. They're being driven in part by staffing shortages in police and sheriff's departments, as well as cuts in federal aid that have limited traditional patrols. Local agencies in Arizona, for example, have begun using drones to investigate a range of headaches: illegal dumping, methamphetamine labs operating off isolated, rural roads, and rescuing migrants or hikers in the scorching desert. The number of U.S. law enforcement agencies using drones has jumped 150% since 2018, according to a report released this year. Most use them as "first responders" to emergencies to assess scenes. Zoom in: The sheriff's office in Arizona's Cochise County — which shares 84 miles of its border with Mexico — recently announced it's launching a drone pilot program powered by Canadian drone-maker Draganfly, whose UAVs (unmanned aerial vehicles) are used by groups in Ukraine to detect landmines. In the border city of Laredo, Texas, police said earlier this month they'll deploy BRINC Drones to help them respond to emergencies within seconds. Sunland Park, N.M., near El Paso, is already using drones to help its fire and police departments rescue stranded migrants and hikers on Mount Cristo Rey, and those struggling to cross the Rio Grande. The Texas National Guard and New Mexico State Police also are using drones. How they work: Unlike commercial consumer drones, the high-tech police drones can fly for hours, collect data using AI, recreate crash scenes in minutes and direct deputies and officers to scenes using GPS. Cochise County's AI-enhanced quadcopters, for example, have thermal imaging for search-and-rescue and nighttime operations, and to locate potential cartel traffic in the border county's 6,200 square miles. Laredo's drones will be able to follow car chases, find out if a domestic violence suspect is armed before police arrive and even drop off Narcan to help someone counter an opioid overdose. What they're saying: "Cochise County wanted surveillance tied to their AI system to understand what's happening in all those remote areas of the border," Draganfly CEO Cameron Chell told Axios. Chell said the county also wanted a drone that could provide close air support for their personnel, deliver equipment and help catch or locate suspects. "You can secure your border in a much more effective way than trying to rush a bunch of people around to spots where nobody's going to be anymore." The intrigue: Some drones can monitor anything from ground-penetrating radar to air quality and can measure a person's heart rate, respiratory rate, blood pressure, and oxygen level from 500 meters away, Chell said. State of play: The local drone race comes as suspected cartels in Mexico are flying thousands of drones over U.S. territory, U.S. Department of Homeland Security officials say. Steven Willoughby, deputy director of DHS's counter-drone program, told a U.S. Senate committee last month that cartel drones made more than 27,000 flights within 500 meters of the southern border during the last six months of 2024. They're "flying between the hours of 8 p.m. and 4 a.m., when the cover of darkness can obscure illicit activity," Willoughby testified. He said the drones can fly for more than 45 minutes, reach more than 100 mph and carry more than 100 pounds. Some drones operated by cartels have dropped explosives on rival factions in Mexico, Willoughby said, although no such actions have been reported on the U.S. side.
Business Upturn
3 hours ago
- Business Upturn
Cornish Metals Provides an Update on Dewatering and Shaft Refurbishment
By GlobeNewswire Published on August 13, 2025, 11:00 IST VANCOUVER, British Columbia, Aug. 13, 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 wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to announce that mine dewatering and refurbishment of New Cook's Kitchen ('NCK') shaft is progressing well and in-line with the latest update on 23 July 2025. Shaft refurbishment and mine dewatering have now reached the mid-shaft pump station located at approximately 360 metres below surface in NCK shaft. Securing the work area and stabilising of the underground chamber of the pump station, enabling the installation of new permanent pumps, has commenced. Shaft refurbishment and mine dewatering will continue in parallel with this work, down to the current level of the submersible pumps at approximately 380 metres below surface. Work on the pump station is expected to be completed during Q4 2025. The submersible pumps will then be lowered to the lower pump station level (approximately 730 metres below surface) and mine dewatering and shaft refurbishment will resume at that point. Mine dewatering and NCK shaft refurbishment to the lower pump station level are expected in mid-2026, as previously guided. 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; 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 over 300 direct jobs. ON BEHALF OF THE BOARD OF DIRECTORS 'Don Turvey' Don Turvey CEO and Director Engage with us directly at our investor hub. Sign up at: For additional information please contact: Cornish Metals Fawzi Hanano Irene Dorsman [email protected] [email protected] 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 [email protected] Tel: +44 207 907 8500 BlytheRay (Financial PR) Tim Blythe Megan Ray [email protected] 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 . Caution regarding forward looking statements 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. Market Abuse Regulation (MAR) Disclosure The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
