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OPERATIONS UPDATE FOR THE SOUTH CROFTY TIN PR...
Cornish Metals plc reports significant progress at its South Crofty tin project, with surface civil works at Roskear shaft complete and the winder house under construction, alongside the nearing completion of a new workshop and stores facility. Construction for winders infrastructure is underway, and new offices are operational. The Front-End Engineering Design for the process plant is finished, with detailed engineering progressing, and excavation for the pre-concentration building is 50% complete. Dewatering is active through a commissioned pump station, and development at the 25-level is advancing, with employee training ongoing. The project's Net Present Value at a 6% discount rate is estimated at approximately £500 million, supported by a robust tin price of around US$53,000 per tonne. Disclaimer*
About this update from Cornish Metals Plc
OPERATIONS UPDATE FOR THE SOUTH CROFTY TIN PROJECT10 June 2026Cornish Metals plc (AIM: TIN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on advancing its wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to provide an update on the progress of activities at South Crofty.HighlightsMarket conditions remain robust and the current tin price of approximately US$53,000 /tonne further supports the South Crofty project economics with the NPV6% at current spot market prices estimated at approximately £500 million[1]Surface civil works at Roskear shaft are complete, with the winder house under constructionNew workshop and stores facility is nearing completion, with minor exterior works and landscaping remainingConstruction activities for the north and south winders infrastructure are underway to support planned winder mechanical installation in H2 2026New Cook’s Kitchen (“NCK”) offices are now open with upgraded security, site access and welfare facilities completedFront-End Engineering Design (“FEED”) of the process plant completed with Detailed Engineering being progressed, with both engagements led by AusencoExcavation at the pre-concentration building is approximately 50% complete, with civil works expected to continue as planned throughout 2026Dewatering underway through the fully commissioned 195-level pump stationDevelopment at the 25-level is advancing, with employee training ongoingFEED for the underground loading, unloading and hoisting infrastructure is being progressed by OptimultOrders being placed for long-lead items including shaking tables for the process plant and skips and cages for the NCK shaftDon Turvey, CEO of Cornish Metals commented:“I am pleased to report continued strong progress across multiple workstreams at South Crofty. On surface, our new NCK offices are now operational, while construction of the workshop and stores building is nearing completion. Activity at Roskear has also intensified, with erection of the winder house well advanced and early-stage shaft refurbishment commencing. Further, the completion of FEED for the process plant marks a significant step in advancing the project.“Underground activities are progressing with dewatering underway through the fully commissioned 195-level pump station for the first time in over 28 years. Developmen...
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