Business
UNAUDITED FINANCIAL STATEMENTS FOR Q2 2024
UNAUDITED FINANCIAL STATEMENTS FOR Q2 2024.
About this update from Cornish Metals Plc
[{"type":"text","content":"\n\n\n \nCORNISH METALS RELEASES UNAUDITED FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE SIX MONTHS ENDED 30 JUNE 2024\n \nVancouver, August 14, 2024\nCornish Metals Inc. (TSX-V/AIM: CUSN) (\"Cornish Metals\" or the \"Company\"), a mineral exploration and development company focused on its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to announce that it has released its unaudited financial statements and management, discussion and analysis (\"MD&A\") for the six months ended June 30, 2024. The reports are available under the Company's profile on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.cornishmetals.com).\nHighlights for the six months ended June 30, 2024 and for the period ending August 14, 2024\n(All figures expressed in Canadian dollars unless otherwise stated)\n· Appointment of Don Turvey as Chief Executive Officer (\"CEO\") (news release dated August 11, 2024):\no Mr. Turvey appointed as CEO and an executive director of the Company effective September 1, 2024, subject to approval of a UK work visa;\no Mr. Turvey is an experienced mining executive with more than 40 years of experience, including successfully funding and advancing new projects and historic mines through to production.\n· South Crofty Preliminary Economic Assessment (\"PEA\") completed, validating the Project's economic viability (news release dated April 30, 2024):\no After-tax Net Present Value (\"NPV\") of US$201 million and Internal Rate of Return (\"IRR\") of 29.8%;\no Average annual tin production of over 4,700 tonnes for years two through six, totaling 49,310 tonnes over a 14-year Life of Mine (\"LOM\");\no Total after-tax cash flow of approximately US$626 million from start of production.\n· Commencement of second phase of refurbishment of New Cook's Kitchen (\"NCK\") shaft (news release dated July 10, 2024):\no Shaft refurbishment progressing as planned with the on-schedule installation of the Phase 2 work platform, enabling faster replacement of old shaft timbers with new steel guides;\no Winders and cages installed, fully commissioned and in operation, and certified to allow for safe transport of equipment and workers within NCK shaft;\no Rephasing ...