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Cornish Metals Releases Unaudited Financial Statements and Management’s Discussion and Analysis for the Three Months Ended 31 March 2024

23.05.2024  |  GlobeNewswire

VANCOUVER, May 22, 2024 - Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to announce that it has released its unaudited financial statements and management, discussion and analysis ("MD&A") for the three months ended March 31, 2024. The reports are available under the Company's profile on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.cornishmetals.com).

Highlights for the three months ended March 31, 2024 and for the period ending May 22, 2024

(All figures expressed in Canadian dollars unless otherwise stated)

  • South Crofty Preliminary Economic Assessment ("PEA") completed, validating the South Crofty tin project's economic viability (news release dated April 30, 2024):
    • After-tax Net Present Value ("NPV") of US$201 million and Internal Rate of Return ("IRR") of 29.8%;
    • Average annual tin production of over 4,700 tonnes for years two through six, totaling 49,310 tonnes over a 14-year Life of Mine;
    • Total after-tax cash flow of approximately US$626 million from start of production.
  • Purchase of land totaling 7.7 acres located immediately adjacent to South Crofty surface infrastructure (news release dated May 21, 2024):
    • The purchased land removes reliance on existing right-of-passage agreements, providing the Company with direct access to all surface infrastructure as well as additional space for future site works, opportunities for potential operating cost savings, renewable energy initiatives and improved overall property security.
  • Refurbishment of NCK shaft has commenced:
    • Rephasing shaft refurbishment will improve the functionality of New Cook's Kitchen ("NCK") shaft and enable larger equipment to access the mine at an earlier stage in its re-development (news release dated March 3, 2024);
    • Winders and cages are now installed, fully commissioned and certified to allow for safe transport of equipment and workers within NCK shaft.
  • Mine dewatering continues with the submersible pumps and Water Treatment Plant ("WTP") operating to specifications:
    • Water level in NCK shaft is being maintained at approximately 280 meters below surface with the rate of dewatering being reduced to allow shaft refurbishment and dewatering to proceed concurrently;
    • Treated water being discharged to the Red River continues to exceed the standards permitted by the Environment Agency.
  • The Company announced the appointment of Ken Armstrong, a non-executive director, as Interim Chief Executive Officer ("CEO") effective March 31, 2024, replacing Richard Williams, who also stepped down from the Company's Board:
    • Patrick Anderson, Chairman of the Board, became the Executive Chairman of the Company for the transition period until a permanent CEO is appointed (news release dated March 15, 2024);
    • The process for the appointment of a permanent CEO has commenced with the assistance of an appointed executive search consultant.
  • Samantha Hoe-Richardson joined the Board as independent non-executive director effective January 8, 2024 (news release dated January 8, 2024).

Ken Armstrong, Interim CEO and Director of Cornish Metals, stated, "The Cornish Metals team has recently accomplished an important milestone for the Company, completing a Preliminary Economic Assessment of the South Crofty project that confirms the Project's potential to be a low-cost and long-life tin mining operation. The PEA results are compelling with a post-tax NPV8% of US$201 million and IRR of about 30%, representing a strong foundation for further evaluation of the Project and enabling the Company to move forward with additional preparation work and progress towards a construction decision."

Financial highlights for the three months ended March 31, 2024 and April 30, 2023

Three months ended (unaudited)
March 31, 2024 April 30, 2023
(Expressed in Canadian dollars)
Total operating expenses 2,759,198 924,120
Loss for the period 2,561,669 206,802
Net cash used in operating activities 1,148,564 1,030,901
Net cash used in investing activities 7,895,388 7,027,003
Net cash used in financing activities 85,646 723
Cash at end of the period 17,015,749 49,078,875

  • Increase in operating expenses impacted by higher travel and marketing expenditure arising from increased investor engagement and termination settlement payable to the former CEO;
  • Expenditure of $1.0 million on new or replacement equipment for the mine, including the final payments for the permanent pumps for the underground pump station, cages and the new winders;
  • Dewatering costs of $1.3 million for power, reagents, sludge disposal and maintenance of the WTP;
  • Other project related expenditure of $2.5 million relating to the advancement of South Crofty to a potential construction decision, primarily for the ongoing feasibility study and NCK shaft re-access;
  • Costs of $0.8 million incurred for the continuation of the exploration program at Carn Brea; and
  • Cash decreased by $9.1 million to $17.0 million at the period end mainly due to ongoing development activities at the South Crofty tin project.

The Company changed its financial year end from January 31 to December 31 with effect from December 31, 2023 with the result that the current period of reporting is the three months ended March 31, 2024. The comparative period of reporting is the three months ended April 30, 2023.

The Company has allocated funding for near term opportunities to progress the project, the most significant being the purchase of the land located immediately adjacent to South Crofty surface infrastructure. As a consequence of pursuing these opportunities, additional financing will be required before the end of 2024.


The Company is advancing the South Crofty tin project to a potential construction decision. The Company's objectives are as follows:

  • Dewater South Crofty mine and refurbish NCK shaft by September 2025;
  • Advancing all stages of the Feasibility Study;
  • Complete the 14-hole / 9,000 metre Wide Formation exploration drill programme, and
  • Commence basic and detailed engineering studies, construction of the processing plant, refurbishment of underground facilities and other on-site early works.

The follow-up exploration drill programme at the Wide Formation target will also continue subject to the receipt of satisfactory drill results.


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 NPV8% 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.


The technical information in this news release has been compiled by Mr. Owen Mihalop who has reviewed and takes responsibility for the data and geological interpretation. Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief Operating Officer for Cornish Metals Inc. and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012) and as a Qualified Person under NI 43-101. Mr. Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.


"Kenneth A. Armstrong"
Kenneth A. Armstrong P.Geo.

Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/WrAnXP

For additional information please contact:

Cornish Metals

Fawzi Hanano
Irene Dorsman
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
Cavendish Capital Markets Limited
(Joint Broker)
Derrick Lee
Neil McDonald
Leif Powis
Tel: +44 131 220 6939

Tel: +44 207 220 0500
Hannam & Partners
(Financial Adviser)
Matthew Hasson
Andrew Chubb
Jay Ashfield
Tel: +44 207 907 8500

(Financial PR)
Tim Blythe
Megan Ray
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 contains 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, including but not limited to: mineralisation at South Crofty, mine dewatering and NCK Shaft refurbishment expectations, timing of completion of a technical report summarising the results of the PEA; the development, operational and economic results of the PEA, including cash flows, capital expenditures, development costs, extraction rates, recovery rates, mining cost estimates; estimation of mineral resources; statements about the estimate of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of the South Crofty project mine plan; future operations; the completion and timing of future development studies; anticipated advancement of mineral properties or programmes; Cornish Metals' exploration drilling programme, exploration potential and project growth opportunities for the South Crofty tin project and other Cornwall mineral properties and the timing thereof, timing and results of Cornish Metals' feasibility study, the Company's ability to evaluate and develop the South Crofty tin project and other Cornwall mineral properties, strategic vision of Cornish Metals and expectations regarding the South Crofty mine, timing and results of projects mentioned. 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; outcome of the current Feasibility Study; 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. Accordingly, readers should not 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.


(Expressed in Canadian dollars)

March 31, 2024
December 31, 2023

Cash $ 17,015,749 $ 25,791,552
Marketable securities 2,795,644 2,665,454
Receivables 1,092,930 1,112,638
Prepaid expenses 686,699 591,264
Deferred financing fees 224,867 135,242
21,815,889 30,296,150
Deposits 87,380 85,954
Property, plant and equipment 24,235,161 23,788,325
Exploration and evaluation assets 56,705,272 50,050,323
$ 102,843,702 $ 104,220,752
Accounts payable and accrued liabilities $ 4,434,411 $ 5,063,940
4,434,411 5,063,940
NSR liability 9,286,879 9,064,817
13,721,290 14,128,757
Capital stock 128,394,652 128,394,652
Capital contribution 2,007,665 2,007,665
Share-based payment reserve 889,839 711,690
Foreign currency translation reserve 2,783,083 1,369,146
Deficit (44,952,827 ) (42,391,158 )
89,122,412 90,091,995
$ 102,843,702 $ 104,220,752


(Expressed in Canadian dollars)

Three months ended
March 31, 2024 April 30, 2023
Travel and marketing $ 214,138 $ 89,590
Insurance 203,063 172,430
Office, miscellaneous and rent 56,505 51,613
Professional fees 275,093 200,735
Generative exploration costs 1,191 2,607
Regulatory and filing fees 29,265 33,274
Share-based compensation 123,799 -
Salaries, directors' fees and benefits 1,856,144 373,871
Total operating expenses (2,759,198 ) (924,120 )
Interest income 265,666 388,384
Foreign exchange gain (loss) (18,900 ) 370,892
Unrealized loss on marketable securities (49,237 ) (41,958 )
Loss for the period (2,561,669 ) (206,802 )
Foreign currency translation 1,413,937 2,963,722
Total comprehensive income (loss) for the period $ (1,147,732 ) $ 2,756,920
Basic and diluted income (loss) per share $ (0.00 ) $ 0.01
Weighted average number of common shares outstanding: 535,270,712 535,265,094


(Expressed in Canadian dollars)

For the three months ended
March 31, 2024 April 30, 2023
Loss for the period $ (2,561,669 ) $ (206,802 )
Items not involving cash:
Share-based compensation 123,799 -
Unrealized loss on marketable securities 49,237 41,958
Foreign exchange loss (gain) 18,900 (370,892 )
Changes in non-cash working capital items:
Decrease (increase) in receivables 19,706 (528,374 )
Increase in prepaid expenses (16,527 ) (167,194 )
Increase in accounts payable and accrued liabilities 1,217,990 200,403
Net cash used in operating activities (1,148,564 ) (1,030,901 )
Acquisition of property, plant and equipment
(2,369,406 ) (3,179,655 )
Acquisition of exploration and evaluation assets (5,525,982 ) (3,818,598 )
Increase in deposits - (28,750 )
Net cash used in investing activities (7,895,388 ) (7,027,003 )
Increase in deferred financing fees (85,646 ) -
Lease payments - (723 )
Net cash used in financing activities (85,646 ) (723 )
Change in cash during the period (9,129,598 ) (8,058,627 )
Cash, beginning of the period 25,791,552 55,495,232
Impact of foreign exchange on cash 353,795 1,642,270
Cash, end of the period $ 17,015,749 $ 49,078,875
Cash paid during the period for interest $ - $ -
Cash paid during the period for income taxes $ $ -


(Expressed in Canadian dollars)

Capital stock subscriptions
Number of received in
shares Amount advance
equity - total
Balance at January 31, 2023 535,020,712 $ 128,377,152 $ 17,500 $ 2,007,665 $ 384,758 $ (648,962 ) $ (39,677,003 ) $ 90,461,110
Warrant exercise 250,000 17,500 (17,500 ) - - - - -
Foreign currency translation - - - - - 2,963,722 - 2,963,722
Loss for the period - - - - - - (206,802 ) (206,802 )
Balance at April 30, 2023 535,270,712 $ 128,394,652 $ - $ 2,007,665 $ 384,758 $ 2,314,760 $ (39,883,805 ) $ 93,218,030
Balance at December 31, 2023 535,270,712 $ 128,394,652 $ - $ 2,007,665 $ 711,690 $ 1,369,146 $ (42,391,158 ) $ 90,091,995
Foreign currency translation - - - - - 1,413,937 - 1,413,937
Share-based compensation - - - - 178,149 - - 178,149
Loss for the period - - - - - - (2,561,669 ) (2,561,669 )
Balance at March 31, 2024 535,270,712 $ 128,394,652 $ - $ 2,007,665 $ 889,839 $ 2,783,083 $ (44,952,827 ) $ 89,122,412

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