Cornish Metals Provides an Update for the South Crofty Tin Project - Seite 2

Feasibility Study Progress

In addition to ore-sorting testwork, the following Feasibility Study components have also been completed:

• Headframe structural modelling and refurbishment;
• Schedule and costing for the refurbishment and recommissioning of New Cooks Kitchen and New Roskear shafts;
• Televiewer investigations and geotechnical rock testing to confirm known historical structural and rock mass property data;
• Conceptual numerical modelling of the proposed underground mining methods and stope designs. Back analysis supports historical operating data. Ground conditions and excavation stability are expected to be very good;
• Phase 1 of the metallurgical testwork programme (mineralogy, physical competency, characterisation and gravity response testwork). The gravity response results are very good and confirm previous operational results;
• Concept engineering on paste backfill options and sighter testwork; and
• Ground investigations for the new mineral processing plant.
  

The following Feasibility Study components are currently underway:

• Mineral processing plant design, layout and capital cost study, incorporating the results of the metallurgical testwork programme reported today and potential future throughput expansions;
• Underground mine design and optimisation using the latest South Crofty Mineral Resource Estimate published in September 2023 (see news release dated September 13, 2023);
• A mine ventilation study, underground infrastructure design and hoisting analysis;
• A Feasibility Study level engineering design for the paste backfill plant;
• Hydrogeology, environmental, social, marketing and closure studies; and
• AMC Mining Consultants has been appointed to independently review and compile the Feasibility Study with initial gap analysis and site visits completed.

Cornish Metals has published an updated corporate presentation to its website that can be accessed at Cornish Metals Presentations.

Background

• South Crofty is a historical, high-grade, underground tin mine that started production in the sixteenth century, and continued operating until 1998;
• The Project possesses Planning Permission for underground mining, valid to 2071, Planning Permission to construct a mine water treatment plant, new processing facilities, all necessary site infrastructure, and an Environmental Permit to dewater the mine;
• South Crofty has the 4^th highest grade tin Mineral Resource globally and benefits from the presence of multiple shafts that can be used for future operations;
• Tin is a Critical Mineral as defined by the UK, USA, and Canadian governments, with approximately 75% of the tin mined today coming from China, Myanmar and Indonesia;
• There is no primary tin production in Europe or North America;
• Responsible sourcing of critical minerals and security of supply are key factors in the energy transition and technology growth;
• South Crofty benefits from strong local community and regional and national government support. The Project could generate 250 – 300 direct jobs.