Business
UPDATED PEA OF THE SOUTH CROFTY PROJECT
UPDATED PEA OF THE SOUTH CROFTY PROJECT.
About this update from Cornish Metals Plc
[{"type":"text","content":"\n\n\n \nCORNISH METALS COMPLETES AN UPDATED PEA OF THE SOUTH CROFTY CRITICAL MINERAL PROJECT WITH AN NPV OF £180 MILLION AND 20% IRR\n \nVancouver, September 29, 2025\nCornish Metals Inc. (AIM/TSX-V: CUSN) (\"Cornish Metals\" or the \"Company\") is pleased to report the results of a detailed review and updated Preliminary Economic Assessment study (\"PEA\" or \"Study\") for its wholly owned and permitted South Crofty critical mineral project in Cornwall, United Kingdom, the highest grade known tin resource not in production and potentially the first primary producer of tin in Europe or North America.\nSince the highly successful £57 million fundraise earlier this year, bringing in the UK's National Wealth Fund and further investment from Vision Blue Resources, the pace of development has quickened and the project review has advanced. The review was led by Cornish Metals' newly reinforced leadership team of highly experienced mine builders and operators and supported by top tier consultants, Technical Management Group and Worley, and other subject matter experts to align with current leading industry standards. A detailed capex review was completed incorporating process design and plant layout reviews, quotations and bill of quantities.\nWhile on-site construction is already underway, the team rigorously validated key assumptions, optimised project parameters, and further refined cost estimates, significantly advancing and de-risking multiple elements of the project design and execution plan.\nThis updated PEA, constrained by the current Mineral Resource, which was reported in accordance with National Instrument 43-101 (\"NI 43-101\") with an effective date of 6 September 2023, confirms South Crofty's compelling economics: an after-tax Net Present Value (\"NPV6%\") of £180 million (US$235 million) and Internal Rate of Return (\"IRR\") of 20%, underpinned by a low-cost operating profile. All-In Sustaining Cost (\"AISC\") is estimated at approximately US$14,500 /tonne over the Life of Mine (\"LOM\"), compared to a tin price recently trading at approximately US$35,000 /tonne - positioning South Crofty in the lowest quartile of the industry cost curve and among the lowest cost producers. Pre-production capital is estimated at £198 million, with pay back in 3.3 year and annual average earnings before interest, taxes, ...