Cornish Metals Files Technical Report for the South Crofty Tin Project Updated PEA on Sedar+

Executive Summary

• Cornish Metals filed a NI 43‑101 technical report for the South Crofty tin project, presenting an updated PEA with strong economics: after‑tax NPV₆% of £180 M, IRR 20%, and a 3.3‑year payback.
• The update highlights average annual after‑tax cash flow of ~£57 M (years 2‑6), EBITDA of £70 M with a 62 % margin, and low AISC of US$13,420/t payable tin, positioning South Crofty in the lowest cost quartile globally.
• The company outlines significant growth potential from underground extensions and a sizable exploration target (6–13 Mt at 0.5‑1.8 % tin), plus strong community and governmental support.

Key Details

• Technical Report: “South Crofty PEA Update” prepared by AMC Consultants (UK) Ltd.; QPs include Dominic Claridge, Nick Szebor, Mike Hallewell, Barry Balding, Steve Wilson. Reviewed/approved by Stephen Holley (Technical Services Manager).
• Economic Highlights:
• After‑tax NPV₆% = £180 M; Pre‑tax NPV₆% = £237 M.
• After‑tax IRR = 20%; Pre‑tax IRR = 23%.
• Capital payback period ≈ 3.3 years after start of production.
• Cumulative after‑tax cash flow from start of production ≈ £558 M; average £57 M per year (yrs 2‑6).
• Average annual EBITDA ≈ £70 M; EBITDA margin ≈ 62 % (yrs 2‑6).
• Production & Cost Metrics:
• Average annual tin production ≈ 4,700 t (≈1.6 % of global output) in yrs 2‑6.
• Pre‑concentrated head grade ≈ 2.11 % tin (up from mined grade 1.04 %).
• AISC ≈ US$13,420/t payable tin (yrs 2‑6); US$14,460/t over LOM.
• Operational Highlights:
• Low‑impact underground operation; no surface tailings disposal.
• 100 % renewable electricity supply with optional on‑site generation.
• Potential direct employment >300 people; up to 1,000 indirect jobs.
• Exploration Target: 6–13 Mt at 0.5‑1.8 % tin identified near the mine; resource drilling programme to start with underground development and continue alongside production.
• Project Infrastructure & Permitting: Existing shafts and infrastructure retained; mining permission valid through 2071; full planning approval for processing plant in place.
• Leadership & Advisory Team: Newly appointed General Manager/Project Director aligning project to global best practice; top‑tier third‑party consultants independently verified design, cost estimation, and parameters.
• Stakeholder Support: Strong backing from local communities, regional/national governments, and the UK government.

Notable Quotes

“Reinforced leadership team delivering global best practice… Solid project economics and cash generation.” – Don Turvey, CEO & Director

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