Cornish Metals Releases Unaudited Financial Statements and Management's Discussion and Analysis for the Six Months Ended 30 June 2025

Core Points - Cornish Metals Inc. has released its unaudited financial statements and management discussion for the six months ended June 30, 2025, highlighting significant progress in advancing the South Crofty tin project [1][3] Financial Highlights - Total operating expenses for the six months ended June 30, 2025, were CAD 7,618,614, an increase from CAD 4,561,792 in the same period of 2024 [18] - The loss for the period was CAD 6,331,711, compared to CAD 4,126,256 in the previous year [18] - Net cash used in operating activities was CAD 6,275,976, up from CAD 2,281,351 in 2024 [18] - Cash at the end of the period increased to CAD 73,777,481 from CAD 6,048,987 in the previous year [18] Strategic Investment and Fundraise - A strategic fundraise totaling £57.4 million was completed, anchored by National Wealth Fund Limited and Vision Blue Resources Limited, with additional contributions from existing shareholders and new investors [2][4] - The fundraise is expected to provide financial runway through to the end of Q1 2026, allowing the company to further de-risk the South Crofty project [5] Grant Funding Investment - The Bartles Foundry project received grant funding of up to £4.2 million from the Cornwall and Isles of Scilly Good Growth Programme, covering approximately 62% of the total project cost estimated at £6.8 million [5][21] Key Long-Lead Item Orders - Orders have been placed with Qualter Hall for the design and manufacture of production and service winders for the South Crofty project, which are critical long-lead items [6] Mine Dewatering and Shaft Refurbishment - Mine dewatering has resumed near full capacity, and refurbishment of the New Cook's Kitchen shaft is progressing well, with completion expected by mid-2026 [7][9] Surface Works at South Crofty - The first major phase of surface redevelopment began in early July 2025, including refurbishment of the Mine Dry building and demolition of old structures [11] Senior Management Appointments - The company appointed Dave Howe as General Manager and Guillermo Alcazar as Project Director to strengthen the project and operations teams [12][13] Sale of North American Assets - The company received US$1.5 million from Elemental Altus Royalties Corp. and a final cash payment of $250,000 from Northera Resources Ltd. for the Nickel King property [14][15] Sustainability Report and Rating - Cornish Metals published its inaugural sustainability report for 2024 and received an overall sustainability rating of "A" from Digbee, marking a significant milestone in its commitment to sustainability [16][17]