Cornish Metals Files Technical Report for the South Crofty Tin Project Preliminary Economic Assessment on Sedar+

VANCOUVER, British Columbia, May 29, 2024 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (AIM/TSX-V: CUSN) (“Cornish Metals” or the “Company”), is pleased to report that it has filed a technical report pursuant to National Instrument 43-101 – Standards for Disclosure for Mineral Projects (“NI 43-101”) for its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom under Cornish Metals’ profile on Sedar+ (www.sedarplus.com). The Company’s news release dated April 30, 2024 summarises the positive results of the Preliminary Economic Assessment (“PEA”).

The technical report, titled “South Crofty PEA” (the “Technical Report”) was prepared by AMC Consultants (UK) Limited on behalf of Cornish Metals. The Qualified Persons (“QPs”) for the PEA are Mr Nicholas Szebor, MCSM, CGeol, EurGeol, FGS, Regional Manager (UK) and Principal Geologist (AMC); Mr Dominic Claridge, FAusIMM, Principal Mining Engineer (AMC); Ms Angela Collins, Dip BA MRTPI, Principal Planner (SLR); Mr Barry Balding, P.Geo., EurGeol, Technical Director – Mining Advisory Europe (SLR); Mr Steve Wilson, ACSM, C.Eng., FIMMM, Managing Director: Europe (P&C); Mr Mike Hallewell, FIMMM, FSAIMM, FMES, C.Eng. (Independent Consultant); and Dr Barrie O’Connell, ACSM, FIMMM, C.Eng. (Independent Consultant). QPs under NI 43-101 and Competent Persons as defined under the JORC Code (2012).

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$13,660 /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.