Cornish Metals Increases Land Ownership at South Crofty Tin Project

Land Purchase Removes Reliance on Third Party Right-Of-Access Agreements

VANCOUVER, British Columbia, May 22, 2024 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (AIM/TSX-V: CUSN) (“Cornish Metals” or the “Company”), is pleased to announce that it has purchased approximately 7.7 acres of land located immediately adjacent to important surface infrastructure at its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom.

Ken Armstrong, Interim CEO and Director of Cornish Metals, stated: “The acquisition of this land parcel is of strategic importance to Cornish Metals, increasing the total land area owned by the Company to 28.5 acres (11.5 ha). The purchased land includes the location of the North Winder for New Cook’s Kitchen shaft, South Crofty’s main production shaft, as well as a large area adjacent to the proposed site of the project’s permitted processing plant. The land will provide additional space for future site works as well as opportunities for potential operating cost savings, renewable energy initiatives and improved overall property security. Importantly, the enlarged surface footprint for South Crofty now removes reliance on existing right-of-passage agreements and allows the Company complete control over the timing for refurbishment of the North Winder.”

Click here to see an aerial view of South Crofty’s existing surface infrastructure and the land acquired.

ABOUT CORNISH METALS

Cornish Metals is a dual-listed mineral exploration and development company (AIM and TSX-V: CUSN) focused on advancing the South Crofty high-grade, underground tin project through to a construction decision, as well as exploring its additional mineral rights, located in Cornwall, United Kingdom.

• South Crofty is a historical, high-grade, underground tin mine that started production in 1592 and continued operating until 1998 following over 400 years of continuous production;
• The Project possesses Planning Permission for underground mining (valid to 2071), to construct new processing facilities and all necessary site infrastructure, and an Environmental Permit to dewater the mine;
• South Crofty has one of the highest grade tin Mineral Resources globally and benefits from existing mine infrastructure including multiple shafts that can be used for future operations;
• The 2024 Preliminary Economic Assessment for South Crofty validates the Project’s potential (see news release dated April 30, 2024):

• US$201 million after-tax NPV_8% and 29.8% IRR
• 3-year after-tax payback
• 4,700 tonnes average annual tin production in years two through six
• Life of mine all-in sustaining cost of US$13,700 /tonne of payable tin
• Total after-tax cash flow of US$626 million from start of production

• Tin is a Critical Mineral as defined by the UK, American, and Canadian governments;
• Approximately two-thirds of the tin mined today comes from China, Myanmar and Indonesia;
• There is no primary tin production in Europe or North America;
• Tin connects almost all electronic and electrical infrastructure, making it critical to the energy transition – 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, regional and national government support.
• Cornish Metals has a growing team of skilled people, local to Cornwall, and the Project could generate up to 320 direct jobs.

TECHNICAL INFORMATION