Cornish Metals Announces Update Regarding the Last Day of Trading on AIM in Relation to Its Proposed Re-Domicile

The most recent news release, dated December 15, 2025, announces an update regarding the proposed re-domiciliation of Cornish Metals Inc. (Cornish Canada) to Cornish Metals plc (Cornish UK). This release provides the final key dates for the corporate action: - The last day of trading of Cornish Canada shares on AIM and suspension of trading will be December 15, 2025, at 16:30 (London time). - The effective date of the Plan of Arrangement is December 16, 2025. - Delisting of Cornish Canada shares from the TSX Venture Exchange (TSXV) will occur on December 16, 2025. - Cancellation of trading of Cornish Canada shares on AIM will be on December 18, 2025, at 07:00 (London time). - Admission and commencement of dealings of Cornish UK shares on AIM will be on December 18, 2025, at 08:00 (London time), with CREST accounts expected to be credited the same day. The re-domiciliation involves a share exchange on a 1-for-10 basis, where existing Cornish Canada shares are exchanged for new Cornish UK shares. This plan has received court approval (December 12, 2025) and shareholder approval (December 3, 2025).

This news is a procedural update regarding a previously announced and approved corporate action. The re-domiciliation from Canada to the UK, along with the 1-for-10 share consolidation, has been a central theme in recent news releases since October 2025. Shareholders approved the reorganization on December 3, 2025, and the court granted its final order on December 12, 2025. This latest release simply confirms the final timetable for the implementation of the arrangement.

While the re-domiciliation itself is a material corporate action, aiming to simplify the company's structure, align with its UK operational focus, reduce costs, and potentially improve liquidity on AIM, the latest news merely confirms the previously communicated schedule. There are no new surprises, changes to the terms, or significant deviations from earlier expectations. Therefore, this specific news release does not introduce new material positive or negative information but rather reinforces the execution of a defined strategic plan. Its impact on the stock price is likely to be neutral as the market has already factored in this corporate reorganization.

Cornish Metals Inc. is a mineral exploration and development company focused on advancing the South Crofty Tin Project in Cornwall, United Kingdom. South Crofty is a historical, high-grade, underground tin mine that holds the permits for underground mining (valid to 2071), a new processing facility, and all necessary site infrastructure. If brought back into production, it would be the only primary producer of tin in Europe or North America, positioning it as a strategic source of a critical mineral for the clean energy transition, electronics, and electric vehicles.

The project is currently in the construction and development phase, with ongoing mine dewatering and shaft refurbishment at the New Cook's Kitchen (NCK) shaft, surface infrastructure development (workshops, stores, processing plant groundwork), and detailed engineering studies. The company completed an updated Preliminary Economic Assessment (PEA) in September 2025 (filed October 2025), which reported an after-tax NPV6% of £180 million and an IRR of 20%, projecting average annual tin production of over 4,700 tonnes for years two through six at AISC under US$13,500 per tonne. The target for first tin production has been revised to mid-2028 (previously 2027).