Cornish Metals Releases Unaudited Financial Statements and Management’s Discussion and Analysis for the Three Months Ended 31 March 2025

Core Viewpoint - Cornish Metals Inc. has reported strong financial results and strategic advancements for the South Crofty tin project, highlighting a successful fundraising effort and key operational milestones expected in the coming year [3][5][7]. Financial Highlights - For the three months ended March 31, 2025, total operating expenses increased to CAD 3,189,723 from CAD 2,759,198 in the same period of 2024 [6][19]. - The loss for the period was CAD 3,043,606, compared to a loss of CAD 2,561,669 in the previous year [6][20]. - Net cash used in operating activities was CAD 2,190,616, up from CAD 1,148,564 in the prior year [6][21]. - The company raised CAD 91,566,076 from the recent fundraising, significantly increasing cash reserves to CAD 88,954,141 at the end of the period [6][22]. Strategic Developments - The company completed a £57.4 million fundraising, supported by the National Wealth Fund and Vision Blue, which will fund ongoing development and de-risking of the South Crofty project [3][5]. - Senior management appointments were made to strengthen project and operations teams, with Dave Howe as General Manager and Guillermo Alcaraz as Project Director [5]. - The company purchased 4.5 acres of land adjacent to existing operations to facilitate access and infrastructure development for the mine [5]. Project Progress - Mine dewatering and refurbishment of the New Cook's Kitchen Shaft are ongoing, with dewatering currently advancing at over 15,000 meters per day, expected to increase to approximately 25,000 meters per day post-maintenance [5][7]. - The company aims to complete dewatering, advance detailed engineering studies, and commence early project works, including the construction of a processing plant [7][8]. Economic Assessment - The 2024 Preliminary Economic Assessment for South Crofty indicates a potential after-tax NPV of USD 201 million and an IRR of 29.8%, with an average annual tin production of 4,700 tonnes in the initial years [7][8]. - The project is positioned to be the only primary tin producer in Europe or North America, with tin classified as a Critical Mineral [7][8].