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

Core Insights - Cornish Metals Inc. has released its unaudited financial statements and management discussion for the nine months ended September 30, 2025, highlighting significant advancements in its South Crofty tin project in the UK [1][2]. Financial Performance - Total operating expenses for the nine months ended September 30, 2025, were CAD 10.69 million, an increase from CAD 6.50 million in the same period of 2024 [4]. - The company reported a loss of CAD 10.49 million for the period, compared to a profit of CAD 0.48 million in the previous year [4]. - Net cash used in operating activities was CAD 9.06 million, up from CAD 4.02 million in 2024 [4]. - Cash at the end of the period increased to CAD 60.69 million from CAD 3.30 million in 2024, primarily due to a successful fundraising effort [4][8]. Project Development - The updated Preliminary Economic Assessment (PEA) for the South Crofty project indicates an after-tax Net Present Value (NPV) of £180 million and an Internal Rate of Return (IRR) of 20% [2]. - Average annual tin production is projected to exceed 4,700 tonnes for years two through six, with an All-In Sustaining Cost (AISC) of under USD 13,500 per tonne [2]. - The company has secured grant funding of up to £4.2 million for the Bartles Foundry project, with the first claim of approximately £0.7 million received in August 2025 [2]. - Significant progress has been made in mine dewatering and shaft refurbishment, with work reaching approximately 360 meters below the surface [2]. Strategic Initiatives - A strategic fundraising effort totaling £57.4 million was completed, with major investments from National Wealth Fund Limited and Vision Blue Resources Limited [2]. - The company is advancing towards a formal final investment decision for the South Crofty project in 2026, aiming for first tin production by mid-2028 [3]. - Senior management has been strengthened with key appointments to enhance project and operational capabilities [2]. Sustainability and Community Engagement - Cornish Metals published its inaugural sustainability report, receiving an overall sustainability rating of "A" from Digbee, reflecting its commitment to governance, social responsibility, and environmental stewardship [5]. - The South Crofty project is positioned to generate over 300 direct jobs and benefits from strong local and governmental support [8].