On
A technical report documenting the PEA and prepared in accordance with NI 43-101 is well underway and will be filed on SEDAR+ within 45 days of the
As noted on
The Company will release its unaudited financial statements and management discussion and analysis (“MD&A”) for the three months ended
ABOUT
- 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 andIndonesia ; - There is no primary tin production in
Europe orNorth 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 toCornwall , and the Project could generate up to 320 direct jobs.
TECHNICAL INFORMATION
This news release has been reviewed and approved by Mr Owen Mihalop, MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng, Chief Operating Officer for
ON BEHALF OF THE BOARD OF DIRECTORS
“Kenneth A. Armstrong”
Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/WrvlNy
For additional information please contact:
investors@cornishmetals.com info@cornishmetals.com Tel: +1 (604) 200 6664 | ||
(Nominated Adviser & Joint Broker) | Tel: +44 203 470 0470 | |
Cavendish (Joint Broker) | Tel: +44 131 220 6939 Tel: +44 207 220 0500 | |
(Financial Adviser) | cornish@hannam.partners Tel: +44 207 907 8500 | |
BlytheRay (Financial PR) | tim.blythe@blytheray.com megan.ray@blytheray.com Tel: +44 207 138 3204 | |
Neither the
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
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.
Source:
2024 GlobeNewswire, Inc., source