Grant of Performance Share Awards Under Long Term Incentive Plan and PDMR Shareholdings

Hamilton Spectator

27-05-2025

VANCOUVER, British Columbia, May 27, 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, announces that on 23 May 2025, the Company granted conditional performance share awards ('Performance Awards') under the new Cornish Metals Long Term Incentive Plan ('LTIP') which was approved by shareholders on 18 March 2025.
Performance Awards have been granted over a total of up to 12,837,423 common shares of the Company to certain employees pursuant to the LTIP. In determining the number of awards, the Company has used a share price of 8.15p, being the closing price on 22 May 2025.
The LTIP awards will vest on 31 December 2027, subject to meeting certain strategic, operational, financial and shareholder return performance criteria and the continued employment of the participant. The targets are in relation to the following performance conditions:
Following these grants there are 12,837,423 unvested Performance Awards under the Company's LTIP, equating to approximately 1.03% of the issued share capital of the Company. There are also 25,916,667 share options under the legacy Share Option Plan, equating to approximately 2.07% of the issued share capital of the Company. No further awards under the legacy Share Option Plan will be made.
PDMR Grants
Don Turvey, Matthew Hird and Fawzi Hanano have been granted the following Performance Awards:
The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.
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:
ON BEHALF OF THE BOARD OF DIRECTORS
'Don Turvey'
Don Turvey
CEO and Director
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https://investors.cornishmetals.com/link/MP7LNy
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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.