TIDMCUSN
RNS Number : 2968G
Cornish Metals Inc.
18 July 2023
CORNISH METALS CORPORATE UPDATE AND GRANTS INCENTIVE STOCK
OPTIONS
Vancouver, July 18, 2023
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company") announces that it has granted 11,000,000 incentive stock
options over common shares without par value in the Company (the
"options") to Executive Management and senior staff.
The Remuneration Committee of the Company engaged The Bedford
Group (Toronto) and Deloitte (UK) to provide independent guidance
on the appropriate levels of compensation to the executive team,
including options, as part of a Long Term Incentive Plan (LTIP) for
a Company the size of Cornish Metals. The Bedford Group report
outlined that stock options be granted annually, with approximately
2% of the Issued Capital granted as options annually. The
Remuneration Committee will follow this guidance.
To ensure that management is fully aligned with the Company's
shareholders, the exercise price of the options granted herein is
GBP0.18 per share (C$0.30), the same as the investment price paid
by Vision Blue Resources when the Company raised GBP40.5M (C$65M)
in May 2022 (see news release dated May 24, 2023). These options
have a five year term, whereby the options vest over a three year
period, with one third of the options vesting at the end of each
year. The options will expire on July 17, 2028.
The Company's Stock Option Plan allows for the issuance of up to
10% of the Issued Capital of the Company.
Prior to this grant, the Company had 5,150,000 options issued,
representing 0.96% of the Issued Capital of the Company
(535,270,712). The current issuance of 11,000,000 options takes the
total number of options granted to 16,150,000, representing 3.02%
of the Issued Capital.
PDMR Option Grants
Richard Williams (CEO), Owen Mihalop (COO), and Matthew Hird
(CFO) were granted the following options:
Name Position Number of shares Total Share
subject to the options Held
options granted
Richard Williams Chief Executive
(CEO) Officer 2,400,000 3,200,000
----------------- ----------------- -------------
Chief Operating
Owen Mihalop (COO) Officer 2,000,000 2,750,000
----------------- ----------------- -------------
Chief Financial
Matthew Hird (CFO) Officer 1,600,000 2,350,000
----------------- ----------------- -------------
Corporate Update
Following the recent Annual General Meeting held June 29, 2023,
the following sub-committees of the Board were duly appointed:
-- Audit Committee Ken Armstrong (Chair), Tony Trahar, Patrick Anderson
-- Remuneration Committee John McGloin (Chair), Don Njegovan
-- Sustainability Committee Stephen Gatley (Chair), Patrick Anderson
The notification below, made in accordance with the requirements
of the UK Market Abuse Regulation, provides further detail.
1 Details of the person discharging managerial
responsibilities / person closely associated
a) Name 1. Richard Williams
2. Owen Mihalop
3. Matthew Hird
------------------ ---------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------
a) Position/status 1. Chief Executive Officer
2. Chief Operating Officer
3. Chief Financial Officer
------------------ ---------------------------------------------
b) Initial Initial notification
notification
/Amendment
------------------ ---------------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------
a) Name Cornish Metals Inc.
------------------ ---------------------------------------------
b) LEI 8945007GJ5APA9YDN221
------------------ ---------------------------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------
a) Description Options over common shares without
of the financial par value
instrument,
type of
instrument
Identification CA21948L1040
code
b) Nature of Grant of options pursuant to the
the transaction Company LTIP
------------------ ---------------------------------------------
c) Price(s)
and volume(s)
---------------- -------------------
Price(s) Volume(s)
---------------- -------------------
1. 18.00 pence 1. 2,400,000
2. 18.00 pence 2. 2,000,000
3. 18.00 pence 3. 1,600,000
---------------- -------------------
d) Aggregated
information N/A
- Aggregated N/A
volume
- Price 18 pence
e) Date of 17 July 2023
the transaction
------------------ ---------------------------------------------
f) Place of Outside of a trading venue
the transaction
------------------ ---------------------------------------------
ABOUT CORNISH METALS
Cornish Metals is a dual-listed company (AIM and TSX-V : CUSN)
focused on advancing the South Crofty high-grade, underground tin
project through to delivery of a Feasibility Study, as well as
exploring its additional mineral rights, all located in Cornwall,
South West England. The former producing South Crofty tin mine is
located beneath the towns of Pool and Camborne, and closed in 1998
following over 400 years of continuous production. Since acquiring
the project in 2016, Cornish Metals has completed and published
maiden NI 43-101 Mineral Resources for South Crofty using the vast
archive of historical production data and more recent drilling
completed between 2007 and 2013. Additionally, Cornish Metals has
undertaken extensive pilot-scale water treatment trials and
successfully applied for and received the necessary environmental
permits to abstract, treat and discharge mine water in order to
dewater the mine. Planning permissions for the operation of the
mine and re-development of the surface facilities have been secured
and construction of the water treatment plant is currently well
underway. The dewatering pumps, variable speed drives and new
high-voltage power supply have been delivered to site and
dewatering of the mine is expected to commence later this
summer.
An updated Mineral Resource was completed in June 2021 as
summarised below:
South Crofty Summary (JORC 2012) Mineral Resource Estimate
Area Classification Mass ('000 tonnes) Grade Contained Tin / Tin Increase in contained
Equivalent ('000 tonnes) Tin / Tin equivalent
from 2016 MRE
---------------- ------------------- ----------- ------------------------- -------------------------
Lower Mine Indicated 2,084 1.59% Sn 33 10.2%
---------------- ------------------- ----------- ------------------------- -------------------------
Inferred 1,937 1.67% Sn 32 129.8%
----------------------------- ------------------- ----------- ------------------------- -------------------------
Upper Mine Indicated 277 1.01% SnEq 3 9.5%
---------------- ------------------- ----------- ------------------------- -------------------------
Inferred 493 0.93% SnEq 5 8.0%
----------------------------- ------------------- ----------- ------------------------- -------------------------
The Mineral Resource Estimate for South Crofty (see news release
dated June 9, 2021 ), is available in a report titled the " South
Crofty Tin Project Mineral Resource Update ", dated June 7, 2021,
authored by Mr. N. Szebor, CGeol (London), EuroGeol, FGS, of AMC
Consultants (UK) Ltd, can be accessed on the Company's SEDAR
page.
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 .
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
SP Angel Corporate
Finance LLP
(Nominated Adviser
& Joint Broker) Tel: +44 203 470 0470
Richard Morrison
Charlie Bouverat
Grant Barker
Hannam & Partners
(Joint Broker) Tel: +44 207 907 8500
Matthew Hasson
Andrew Chubb
Jay Ashfield
BlytheRay
(Financial PR/IR-London) Tel: +44 207 138 3204
Tim Blythe tim.blythe@blyther
ay .com
Megan Ray megan.ray@blythe ray
.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
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.
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 "forward-looking statements".
Forward-looking statements, while based on management's best
estimates and assumptions at the time such statements are made, 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
COVID-19 global pandemic and any variants of COVID-19 which may
arise; 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.
Although Cornish Metals has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Cornish Metals undertakes no obligation or
responsibility to update forward-looking statements, except as
required by law.
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END
UPDSFWEEWEDSEEW
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July 18, 2023 02:00 ET (06:00 GMT)
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