Cornish Metals Inc. (
AIM/TSX-V:
CUSN) (“Cornish Metals” or the “Company”), is pleased to
report a positive independent Preliminary Economic Assessment
(“PEA”) for its 100% owned and permitted South Crofty tin project
(“South Crofty” or the “Project”) located in Cornwall, United
Kingdom.
The PEA validates South Crofty’s economic
viability, producing a base case after-tax Net Present Value
(“NPV”) of US$201 million and Internal Rate of Return (“IRR”) of
29.8%, and confirms the Project’s potential to be a low-cost and
long-life tin mining operation with a current 14-year life of mine
(“LOM”). South Crofty is expected to produce a clean, high-grade
tin concentrate and to be an important tin producer in
Europe, supplying into the growing demand for this critical metal
that is essential for the energy transition.
Highlights
-
Attractive project economics and financial metrics
- US$201 million after-tax NPV8% and 29.8% IRR at base case tin
price of US$31,000 /tonne
- US$235 million after-tax NPV8% and 32.8% IRR at the current
US$32,625 /tonne LME tin price
- Capital payback period of 3 years after-tax
- Total after-tax cash flow of approximately US$626 million from
start of production, peaking at US$82 million in the second year of
production
- Average annual earnings before interest, taxes, depreciation
and amortisation (“EBITDA”) of US$83 million and 62.1% EBITDA
margin in years 2 through 6
-
Considerable tin production with upside
opportunities
- 49,310 tonnes of tin metal in
concentrate produced over a 14-year LOM
- Average annual tin production of
over 4,700 tonnes for years 2 through 6 (~1.6% of global mined tin
production)
- Peak tin production of over 5,000
tonnes in year 4
- Average LOM processed head grade of
1.83% tin, upgraded from an average mined grade of 0.94% tin
through use of X-Ray Transmission ("XRT") ore sorting and Dynamic
Dense Media Separation (“DMS”)
- Growth opportunities from
additional in-mine and near-mine exploration with the potential to
materially extend the mine life and increase production
-
Permitted Project with low capital intensity and unit
costs
- Pre-production capital requirement
of US$177 million
- Fully permitted project with
existing mine infrastructure, mining permission through 2071 and
full planning permission to construct a processing plant to recover
tin concentrate
- LOM average all-in sustaining cash
cost (“AISC”) of US$13,661 /tonne of payable tin, positioning South
Crofty as a low cost tin producer
- Average AISC of US$12,375 /tonne of
payable tin for years 2 through 6
-
Sustainable mining operation with strong ESG
credentials
- Operations will use modern,
trackless, mechanised underground mining methods and latest tin
processing technologies
- Low impact underground operation
with paste backfilling of process tailings into existing, historic
mine workings
- Use of 100% renewable electricity
supply and exploring options for renewable power generation
- Preference for using local supply
chains supporting the local economy and building on the existing
capability and knowledge still present in Cornwall
- Potential to directly employ up to
320 people with permanent high-skilled and well-paid jobs and
create up to 1,000 indirect jobs
-
Cornish Metals will host a PEA presentation on 1 May 2024 at 3:00pm
London time. Please register at:
https://www.investormeetcompany.com/cornish-metals-inc/register-investor.
-
A technical report prepared in accordance with NI 43-101 will be
filed on SEDAR+ within 45 days of this announcement.
Ken Armstrong, Interim CEO and Director
of Cornish Metals, stated: “Congratulations to Cornish
Metals’ technical team on completion of this Preliminary Economic
Assessment of the South Crofty tin project. This PEA is an
important milestone for Cornish Metals and our goal of bringing
responsible tin mining back to Cornwall and the United Kingdom.
South Crofty is a strategic asset as tin is recognised as a
critical metal by the United Kingdom and other national
governments, while there is currently no primary tin production in
Europe or North America.
Most often PEAs are completed prior to entering
the mine permitting process. South Crofty has the advantage of
having already cleared these hurdles and benefits from an existing
mine permit and process plant construction permissions as well as
existing mining, transportation and renewable energy
infrastructure.”
Owen Mihalop, COO of Cornish Metals,
stated: “The PEA results are compelling with a post-tax
NPV8% of $201 million and IRR of about 30% at a tin price of
US$31,000. This represents a strong foundation for further
evaluation of the Project, enabling the Company to move forward
with additional preparation work and progress towards a
construction decision, with planned first tin production in
2027.
The low all-in sustaining cost of about
US$13,700 per tonne of payable tin is an important metric and
potentially positions the project within the lowest quartile of the
global tin industry cost curve. We believe the opportunities for
mineral resource expansion at South Crofty, and beyond, are
significant and this will come into focus when the current mine
dewatering and shaft refurbishment project is complete by Q3 2025,
and new mineral resource definition and exploration drilling can be
undertaken in parallel with a potential construction decision for
the Project.”
PEA Summary Outcomes |
|
Operations |
Mine throughput |
500 ktpa |
|
Processed throughput |
250 ktpa |
|
LOM |
14 years |
|
Total LOM tonnes mined |
5,955 kt |
|
Average mined tin grade |
0.94% |
|
Contained tin |
56,133 t |
|
Total LOM tonnes
processed |
2,988 kt |
|
Average processed tin
grade |
1.83% |
|
Average
tin recovery |
87.8% |
|
Total LOM tin produced |
49,310 t |
|
Total LOM copper produced |
3,844 t |
|
Total LOM zinc produced |
3,225 t |
|
Years 2–6 average annual tin
production |
4,728 t |
Capital costs |
Pre-production |
US$177 million |
|
Post-production+ |
US$54 million |
Operating costs |
Average LOM net cash cost |
US$12,705 /tonne tin payable |
|
Average
LOM AISC |
US$13,661 /tonne tin payable |
Economic assumptions |
Tin price |
US$31,000 /tonne |
GB£:US$ |
1.25 |
UK corporate tax rate |
25% |
Financials |
NPV (8%) – Pre-tax / After-tax |
US$264 million / US$201 million |
|
IRR – Pre-tax / After-tax |
33.4% / 29.8% |
|
Capital payback period
After-tax |
3.0 years |
|
Total LOM Revenue |
US$1,563 million |
|
Total LOM EBITDA |
US$806 million |
|
After-tax Free Cash Flow (from
start of production) |
US$626 million |
|
Years 2–6 average annual
EBITDA |
US$83 million |
|
Years 2–6 average annual
after-tax Free Cash Flow |
US$65 million |
Table 1: South Crofty PEA operating and economic
summaryNotes:
- NPV effective as at 1 January 2025;
- Pre-production capex excludes currently committed items;
- Project modelled in GB£, values converted to US$ using a flat
GB£:US$ rate of 1.25.
- Financial modelling includes Inferred Resources.
The evaluation at a PEA level of study includes
Indicated and Inferred blocks and consequently it is not possible
to define a Mineral Reserve. The PEA is preliminary in nature and
includes Inferred Mineral Resources that are considered too
speculative geologically to have economic considerations applied
that would enable them to be categorised as Mineral Reserves. There
is no certainty that the PEA will be realised.
Sensitivity Analysis
A sensitivity analysis was performed on the base
case pre-tax NPV to examine project sensitivity to metal prices,
capital and operating costs, grades and process recoveries. Please
click here to see a Pre-tax NPV8% sensitivity analysis to various
project parameters graph.
South Crofty Project economics are well
supported at a range of tin price assumptions and discount rates.
The PEA base-case tin price of US$31,000 /tonne provided by Project
Blue, a global consultancy that provides market intelligence on
critical materials for the energy transition, reflects anticipated
supply shortfalls that will drive the market into a deficit from
later this decade.
After-tax NPV (US$M) |
Commodity Price |
-20% |
-10% |
0% |
+10% |
+20% |
Discount Rate |
5% |
120 |
196 |
272 |
348 |
424 |
6% |
105 |
175 |
246 |
317 |
387 |
8% |
78 |
139 |
201 |
263 |
325 |
10% |
55 |
110 |
164 |
218 |
272 |
12% |
37 |
85 |
133 |
181 |
229 |
Table 2: Metal price and discount rate
sensitivity analysisNote: Base case prices used – tin: US$31,000/t,
copper: US$8,500/t, zinc: US$2,500/t
Project Description
South Crofty is a former producing tin mine
located in the historic central tin mining district of Cornwall,
United Kingdom. The current Project comprises the former producing
South Crofty and Dolcoath mines, which were two of the most
significant mines in the Cornish tin mining district. South Crofty
has over 400 years of operational history until its closure in
March 1998. The Project is wholly owned by Cornish Metals.
South Crofty was granted surface and underground
development planning permissions by Cornwall Council, the Local
Planning Authority, in 2011 and 2013. The underground mining
permissions are valid until 2071 and cover a project area of 1,490
hectares with a working depth of 1,500 metres below surface.
Cornish Metals also has approximately 7.65 ha (18.9 acres) of
surface ownership that include the area covered by surface planning
permission to construct a processing plant facility.
Current infrastructure at South Crofty will help
support any future development of the Project and includes office
and warehouse buildings, the partially refurbished New Cooks
Kitchen (“NCK”) shaft, a recently built and commissioned water
treatment plant and a modern decline that extends to a depth of 120
metres. NCK shaft is one of the five usable main shafts serving the
mine workings, and historically was the main service and hoisting
shaft. More recent infrastructure advancements, including the
ongoing refurbishment and servicing of shafts and construction and
operation of the mine water treatment plant, have been implemented
to support access into the historical mine. Refurbishment of NCK
shaft will significantly improve functionality of the shaft, enable
larger equipment to access the mine at an earlier stage in its
re-development and ensure continued safe operations as access to
underground mine workings is regained.
The Project site has excellent transportation
and power infrastructure, including the A30 trunk road located less
than 1 km to the north and the national railway line that borders
the site to the south. There are modern active port facilities at
Falmouth approximately 17 km to the south-east. The Project is
located within an industrial area with highly developed power
supply and regional distribution, with two 33 kV overhead power
lines which cross the Project area, and a dedicated 11 kV power
supply to NCK shaft.
Economic Benefits to the UK and Local
Communities
Cornwall has a strong history of mining with
significant mining capability and knowledge still present in the
local workforce. With a local urban population of approximately
59,000, there are sufficient local human resources to staff many
skilled, unskilled, or partially skilled jobs at a mine.
The PEA indicates that development of South
Crofty could provide substantial economic benefits at the local and
national levels, including:
- During the pre-production mine development period, the Project
is anticipated to generate approximately 175 direct jobs, and
additional employment through contracted construction of surface
and underground facilities;
- During operations, the mine is expected to directly employ up
to 320 people with permanent high-skilled and well-paid jobs;
- The Project has potential to generate up to 1,000 indirect jobs
with local and national contractors and suppliers of products and
services;
- Using a base case tin price of US$31,000 per tonne, the Project
is estimated to pay total UK corporation taxes of £102 million
(approximately US$127 million) over the LOM. Additional government
revenue will be generated by employee income tax and national
insurance contributions;
- The Company will provide full training and skills development
where necessary in order to maximise employment of local residents
at the Project;
- Environmental benefits through the ongoing treatment of the
South Crofty mine water being discharged into the Red River, having
a positive effect on the quality of the river downstream of the
discharge point.
Mineral Resource & Mineralised
Material Mined
The Mineral Resource at South Crofty is divided
into two areas: the Upper Mine Mineral Resource, which is
predominantly polymetallic tin-copper-zinc mineralisation hosted in
metasedimentary country rock, and the much more substantial Lower
Mine Mineral Resource which is tin-only and hosted
predominantly.
The PEA indicates that approximately 6 million
tonnes of mineralised material, at an average grade of 0.97% SnEq,
is amenable to mining, and is based on the NI 43-101 & JORC
(2012) compliant Mineral Resource Estimate (“MRE”) published by
Cornish Metals in October 2023 as detailed below:
South Crofty Summary (JORC 2012) Mineral Resource
Estimate |
Area |
Classification |
Mass(kt) |
Grade |
Contained Tin / Tin Equivalent
(kt) |
Lower Mine |
Indicated |
2,896 |
1.50% Sn |
43.6 |
Inferred |
2,626 |
1.42% Sn |
37.4 |
Upper Mine |
Indicated |
260 |
0.99% SnEq |
2.6 |
Inferred |
465 |
0.91% SnEq |
4.2 |
Table 3: South Crofty Mineral Resource
summary
Notes:
- The Mineral Resource estimate is reported in accordance with
the requirements of the Joint Ore Reserves Committee of the
Australian Institute of Mining and Metallurgy, the JORC Code
(2012).
- The Qualified Person for this Mineral Resource Estimate is: Mr
Nicholas Szebor, MCSM, MSc, BSc, CGeol, EurGeol, FGS, of AMC
Consultants (UK) Ltd.
- Mineral Resources for the Lower Mine are estimated by
conventional block modelling based on wireframing at 0.4% Sn
threshold whilst honouring lode continuity and by ordinary kriging
or inverse distance to the power of 3 grade interpolation.
- Mineral Resources for the Upper Mine are estimated by
conventional 3D block modelling based on wireframing at 0.5% SnEq
cut-off grade and a minimum width of 1.2m and estimated by inverse
distance to the power of 3 grade interpolation.
- SnEq is calculated using the formula: SnEq% = Sn% + (Cu% x
0.314) + (Zn% x 0.087). Cornish Metals has used metal prices of
US$24,500/Tonne Sn, US$8,000/Tonne Cu, and US$2,700/Tonne Zn.
Assumptions for process recovery are 88.5% for Sn, 85% for Cu and
70% for Zn.
- Cut-off grade was calculated assuming a 24,500 $/t tin price
and an assumed metal recovery of 88.5%
- For the purpose of this Mineral Resource Estimate, assays were
capped by lode for the “Lower Mine” between 1.5% Sn and 23% Sn and
for the “Upper Mine” at 6% for Sn, 4% for Cu, and 20% for Zn.
- Bulk densities of 2.77 t/m3 and 3.00 t/m3 have been applied for
volume to tonnes conversion for the granite hosted and metasediment
(Killas) hosted Mineral Resources respectively.
- Mineral Resources for the Lower Mine have had a minimum mining
width of 1.2m applied using 0% Sn dilution. A 1.2m mining width was
applied to the Upper Mine during wireframing.
- Mineral Resources are for the Upper Mine are estimated from
near surface to a depth of approximately 350m and for the Lower
Mine from a depth of approximately 350m to a depth of approximately
870m.
- Mineral Resources are classified as Indicated and Inferred
based on drillhole and channel sample distribution and density,
interpreted geological continuity and quality of data.
- The Mineral Resources have been depleted for past mining,
however, they contain portions that may not be recoverable pending
further engineering studies.
- Mineral Resources which are not Mineral Reserves do not have
demonstrated economic viability. The estimate of Mineral Resources
may be materially affected by environmental, permitting, legal,
title, taxation, socio-political, marketing, or other relevant
issues.
- Effective date 6th September 2023.
- Numbers may not compute exactly due
to rounding.
Mining Methods
The South Crofty mine will be accessed via the
NCK shaft, which will provide initial access to the existing mine
levels and new stoping areas. NCK shaft will serve as primary
access to the mine for personnel and materials as well as hoisting
of material for transfer to the processing plant, which will be
located adjacent to the decline.
The mine design will utilise existing
development where possible, which will be rehabilitated or slashed
for larger equipment, to access production areas. New internal
ramps will be developed providing mechanised access to other
levels. The ramps are driven at -15% grade and 4.0 metres wide by
4.0 metres high to allow for truck access, ventilation and
services. Sections of levels to be used for services distribution
and ventilation will only require rehabilitation. Lateral access
drives will be mined from slashed levels, haulage ramps and access
ramps to stopes and stope access development. Areas that are being
utilised for ventilation, services or limited access will be
rehabilitated only.
Annual mined material of up to approximately
500,000 tonnes (~1,370 tonnes per day) is planned with longhole
stoping mining methods selected. Sub-level longhole stoping is the
main mining method and is well suited given the excellent ground
conditions, average stope dip of 70 degrees, continuity along
strike and vertically for at least 20 metres. The method also
allows for selectivity of mining where required.
The mine generally consists of blocks of stopes
separated by regions of lower grade material and/or historical
workings. Mining direction is generally extracted in a top-down
sequence, retreating along access.
Process Plant
The historic Wheal Jane Concentrator,
incorporating key metallurgical improvements made between 1991 and
1998 as well as results from the Company’s 2023 metallurgical test
programme, was utilised as the basis for developing the process
plant flowsheet including incorporation of a pre-concentration
plant. The pre-concentration plant consists of XRT ore sorting and
DMS for all +0.85mm material, with fines reporting downstream
without pre-concentration. Pre-concentration reduces the size and
cost of the downstream concentrator considerably and draws on the
strengths of both pre-concentration technologies, XRT being more
effective on coarser size fractions and DMS on the finer size
fractions.
The 2023 metallurgical test programme tested the
suitability of XRT pre-concentration and DMS and provided
representative material to verify historic production records,
operating data and flowsheet. The process plant will include:
- Underground
primary single stage crushing;
- Two stage
secondary crushing and XRT / DMS separation;
- Tertiary
crushing of XRT products to produce nominal -15mm material for
grinding;
- Open circuit rod
mill followed by closed circuit ball mill with screens;
- Provision for a
flotation section to process polymetallic material from year 4
onwards;
- Classification
and primary gravity concentration using a combination of shaking
tables and Multi Gravity Separation (“MGS”);
- Regrinding of
primary gravity tailings followed by secondary gravity
concentration using a combination of shaking tables and MGS;
- Tertiary
ultrafine gravity separation using a combination of Falcon
“Continuous” Concentrators and MGS, and;
- Tin Dressing to
remove sulphides from gravity concentrates and filter the final
product for shipment for smelting.
Click here for the South Crofty conceptual
process plant layout and external design.
Mine Backfill
South Crofty will be a low impact underground
mining operation with no surface tailings storage. Process tailings
will be backfilled as a paste into existing void spaces left by
historic mining.
The South Crofty tailings material is a typical
gravity/floatation processing product. The proportion of fines and
material size range means that the whole tailings stream is
suitable for paste backfill with samples achieving suitable
strength and target densities for reticulation.
The backfill plant has been designed and sized
to meet the requirements of the mine with the intent of filling
existing void space from previous mining prior to filling new
mining voids created by current operations (click here for the
South Crofty conceptual backfill plant design). In-cycle backfill
is not required, and there is no requirement to undercut paste
backfilled areas in the current mine plan.
The mine production is estimated to produce
approximately 2.2 million cubic metres of paste backfill over the
LOM.
The backfill plant will be located adjacent to
the water treatment plant and the process plant to allow for shared
services and simplified operations. The backfill plant consists of
four main sections: an external thickened tailings receiving tank;
filtration equipment; the cement handling system; and the mixing
system.
Production Profile
The production profile at South Crofty is based
on annual throughput of approximately 500,000 tonnes and annual
processing of approximately 250,000 tonnes at an average tin grade
of 1.83% (1.88% tin-equivalent). LOM tin production is expected to
total 49,310 tonnes (50,320 tonnes of tin-equivalent), averaging
over 4,700 tonnes of tin per year in the first five years post
ramp-up (years 2 to 6) and peaking at over 5,000 tonnes in year 4.
Click here for a graph of the South Crofty indicative production
profile.
The use of pre-concentration through XRT and DMS
at the front end of the processing plant materially reduces the
volume of material processed and required for backfilling to
approximately half of the material mined. The impact to grades is
also significant, with LOM processed tin grades averaging 1.83%,
almost double the average mined grade of 0.94% tin. Processed tin
grades in years two through six average above 2%. Click here for a
graph of South Crofty mined and processed tin grades.
Capital and Operating Costs
The pre-production capital cost of the South
Crofty project is estimated to be US$177 million. The LOM
sustaining capital is estimated to be a further US$54 million,
comprising mine capital development, a process plant upgrade for
polymetallic material in the fourth year from start of production
and processing plant sustaining capex.
|
(US$M) |
Mine development, equipment and pre-production |
9.2 |
Mine capitalised operating costs |
40.5 |
Process plant |
59.7 |
NCK Shaft refurbishment (east side) and underground
infrastructure |
12.3 |
Phase 2 winders purchase and installation |
3.9 |
Other surface infrastructure |
6.9 |
Paste backfill plant |
13.2 |
Owners G&A cost |
5.8 |
Contingency @ 15% (20% for process plant) |
25.7 |
Total |
177.2 |
Table 4: South Crofty pre-production capital
costs
The South Crofty underground mining operation is estimated to
have a low total unit operating cost, averaging US$103 per tonne of
mineralised material, totalling US$611 million over the 14-year
LOM.
|
Unit Cost (US$$/t) |
Total LOM Cost (US$M) |
Mining |
64.7 |
385.1 |
Mine pumping and water treatment |
2.9 |
17.6 |
Processing |
24.8 |
147.9 |
G&A |
9.3 |
55.1 |
Closure cost |
0.9 |
5.6 |
Total |
102.6 |
611.3 |
Table 5: South Crofty operating costs
Average LOM net unit cash costs, inclusive of
treatment charges and by-product credits from copper and zinc are
estimated to be US$12,705 per tonne of payable tin sold. The AISC
is estimated at US$13,661 per tonne, potentially positioning South
Crofty within the first quartile of the global tin industry cost
curve.
Cash Flow Generation
South Crofty’s estimated low operating costs and
high margin tin sales are expected to support strong after-tax free
cash flow generation totalling approximately US$447 million across
the Project (US$62million from start of production) and peaking at
US$82 million in the second year of production. Click here for a
graph of South Crofty after-tax free cash flow
profile.
Opportunities and Upside Options
The PEA is based on the latest South Crofty MRE
updated in late-2023 that produced a significant increase in
contained tin in the Indicated category of the lower mine (see 30th
October 2023 news release). Additional in-mine exploration provides
the opportunity to extend South Crofty’s mine life beyond the
current 14-year LOM. In addition, near-mine exploration at targets
such as the Wide Formation provide further potential to add to the
existing mineral resource base and the scope to increase production
rates.
Next Steps
During the remainder of 2024, the Company
intends to continue with its published work programme, including,
as a top priority, the simultaneous dewatering of the mine and
refurbishment of New Cooks Kitchen Shaft.
Further technical work is also underway to
advance the Project towards a Feasibility Study, including detailed
engineering of the processing plant. This work will inform
discussions with qualified local contractors and identify suppliers
for long lead time items, in order to enable timely execution of
the project construction schedule once a construction decision is
taken.
Qualified Persons
The Qualified Persons for the PEA are Mr Dominic
Claridge, FAusIMM, Principal Mining Engineer (AMC); Mr Nick Szebor,
MCSM, CGeol, EurGeol, FGS, General Manager (Maidenhead, UK) and
Principal Geologist (AMC); Mr Mike Hallewell, FIMMM, FSAIMM, FMES,
CEng (Independent Consultant); Mr Barry Balding, PGeo, EurGeol,
Technical Director – Mining Advisory Europe (SLR); Ms Angela
Collins, Dip BA MRTPI, Principal Planner (SLR); Mr Steve Wilson,
ACSM, CEng, FIMMM, Managing Director: Europe (P&C); and Dr
Barrie O’Connell, ACSM, FIMMM, CEng (Independent Consultant).
Qualified Persons under National Instrument 43-101 (NI 43-101) and
Competent Persons as defined under the JORC Code (2012).
All QPs have reviewed the technical content of
this news release for the South Crofty deposit and have approved
its dissemination.
A Technical Report disclosing the PEA in
accordance with the requirements of NI 43-101 will be prepared by
AMC on behalf of Cornish Metals and filed on SEDAR within 45 days
of this news release. Messrs Claridge, Szebor, Hallewell, Balding,
Wilson and O’Connell, and Ms Collins consent to the inclusion in
this announcement of the matters based on their information in the
form and context in which it appears.
This news release has been reviewed and approved
by Mr Owen Mihalop, MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng, Chief
Operating Officer for Cornish Metals Inc, who is the designated QP
for the Company.
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 Resource globally and benefits
from existing mine infrastructure including multiple shafts that
can be used for future operations;
- 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.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Kenneth A. Armstrong”Kenneth A. Armstrong
P.Geo.
Appendix 1 –
South Crofty summary LOM operating and financial
modelAppendix 2 – South Crofty
simplified concentrator flow sheet
Engage with us directly at our investor hub
here: https://investors.cornishmetals.com/link/WrA1Xr
For additional information please contact:
Cornish Metals |
Fawzi HananoIrene Dorsman |
investors@cornishmetals.com info@cornishmetals.comTel: +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 LeeNeil McDonaldLeif Powis |
Tel: +44 131 220 6939Tel: +44 207 220 0500 |
|
|
|
Hannam & Partners(Financial
Adviser) |
Matthew HassonAndrew Chubb Jay Ashfield |
cornish@hannam.partners Tel: +44
207 907 8500 |
|
|
|
BlytheRay(Financial PR) |
Tim Blythe Megan Ray |
tim.blythe@blytheray.com megan.ray@blytheray.comTel: +44 207 138
3204 |
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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.
Cornish Metals (TSXV:CUSN)
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Cornish Metals (TSXV:CUSN)
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