Operations Update for the South Crofty Tin Project

Core Viewpoint - Cornish Metals Inc. is making significant progress on its South Crofty tin project in Cornwall, UK, with various underground and surface activities advancing as planned, following a successful fundraising in Q1 2025 [1][7]. Underground Activities - Refurbishment of the New Cook's Kitchen mid-shaft pump station is on track, with the old pumps and infrastructure removed and new permanent pumps being installed, expected to be completed by year-end 2025 [2]. - Development has commenced at the No. 1 level, involving approximately 600 meters of lateral development to establish rock handling facilities, which will also serve as a training platform for mining crews [3]. Surface Activities - The second phase of excavation for the new pre-concentration plant began in late November 2025, focusing on overburden and rock removal [4]. - Construction of a new workshop and stores facility at the old Bartles Foundry site is progressing well, with major works expected to be completed by the end of Q1 2026 [5]. - Phase 1 of the Mine Dry refurbishment was completed in October 2025, with Phase 2 currently underway and expected to finish in Q1 2026 [6]. Company Insights - CEO Don Turvey highlighted that the work program at South Crofty is progressing in line with guidance, with significant advancements in both surface and underground activities [7]. - South Crofty is recognized as the highest grade known tin resource not currently in production and is permitted for underground mining and construction of a new processing facility [14].