Business
CORNISH METALS ANNOUNCES £52 MILLION CREDIT F...
Cornish Metals plc has secured approximately £52 million in credit facilities from strategic shareholders National Wealth Fund Limited and Vision Blue Resources Limited to advance its South Crofty tin project. These facilities, with a six-month term and 13% annual interest, will fund escrow account contributions, underground and surface development, and general corporate purposes. The company also announced a US$210 million Nordic bond placement, with the new credit facilities supporting the project's progression towards a final investment decision. The independent directors have deemed the terms of these related party transactions fair and reasonable for shareholders. Disclaimer*
About this update from Cornish Metals Plc
[{"type":"text","content":"\n\n \n CORNISH METALS ANNOUNCES £52 MILLION CREDIT FACILITY WITH STRATEGIC SHAREHOLDERS15 May 2026Cornish Metals plc (AIM: TIN) (“Cornish Metals” or the “Company”), is pleased to announce that, further to the Company's announcement of 7 May 2026 in respect of the successful placement of US$210 million of Nordic bonds (the \"Bonds\"), it has entered into secured credit facilities with each of the National Wealth Fund Limited (the “National Wealth Fund”) and Vision Blue Resources Limited (“Vision Blue”) totalling up to approximately £52 million (the “Facilities”) to support the continued development of its wholly-owned South Crofty tin project in Cornwall, United Kingdom.The proceeds of the Facilities are expected to be used as follows:Up to approximately £16 million will be used to credit the escrow account which has been set up in connection with the Bonds and is to be funded as a condition to issuance of the Bonds;for underground mine development and shaft refurbishment;for surface facilities and infrastructure;for the Company’s general operating and corporate purposes.Don Turvey, CEO of Cornish Metals commented:“This funding provides the Company with the financial runway to progress through to the final investment decision for the South Crofty project while continuing to advance and derisk the project by maintaining the high level of activities across site. It also signals the National Wealth Fund’s and Vision Blue’s continued support for Cornish Metals and our goal to restart tin mining in Cornwall, providing a sustainable supply of this critical mineral to the West. As part of the project financing process, the Company has been engaging with investment parties, including strategic offtakers and institutional investors, interested in financing the development of South Crofty, and we are pleased with the level of interest we are receiving, further highlighting the significance of this project. We thank the National Wealth Fund and Vision Blue for their continued support.”Related Party TransactionsThe National Wealth Fund and Vision Blue are each a Substantial Shareholder (as defined by the AIM Rules for Companies) of Cornish Metals, holding 28.45% and 29.08%, respectively, of the Company’s issued share capital.The facility which the Company has entered into with the National Wealth Fund (the \"NWF Facility\") is deemed to con...