REG - Cornish Metals PLC - FINAL RESULTS FOR YEAR ENDED 31 DECEMBER 2025
02/04/2026 07:00
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RNS Number : 1595Z Cornish Metals PLC 02 April 2026
AUDITED FINAL RESULTS FOR YEAR ENDED 31 DECEMBER 2025
2 April 2026
Cornish Metals plc (AIM: TIN) ("Cornish Metals", the "Company" or the
"Group"), a mineral exploration and development company focused on advancing
its wholly owned and permitted South Crofty tin project (the "South Crofty" or
the "Project") in Cornwall, United Kingdom, is pleased to announce its audited
final results for the year ended 31 December 2025.
Company Highlights for year ended 31 December 2025:
· £57.4m fundraise completed in March 2025, anchored by the National
Wealth Fund and Vision Blue Resources.
· Re-domiciled to the UK, simplifying the Group structure and
strengthening strategic alignment.
· Strong progress at South Crofty, with dewatering to approximately 370
metres and New Cook's Kitchen shaft refurbishment advancing to the mid-level
pump station.
· Surface works progressed, including process plant excavation, Roskear
shaft groundworks, Mine Dry refurbishment and Bartles Foundry development.
· Key long-lead items secured, including production and service
winders, supporting construction readiness.
· Updated Preliminary Economic Assessment ("PEA"), published on 29
September 2025, confirmed robust economics, including £180m NPV(6)% and 20%
IRR, positioning South Crofty as an important low-cost, long-life tin
producer.
· Front End Engineering Design ("FEED") and detailed engineering
underway, advancing project readiness.
· Leadership strengthened and workforce expanded to approximately 100
employees.
· First Sustainability Report published in line with GRI Standards,
reinforcing commitment to responsible mining.
· Strong safety performance maintained, with zero lost-time injuries.
Don Turvey, CEO of Cornish Metals commented:
"This has been a year of strong progress for Cornish Metals as we advance
South Crofty towards production and position the Company as a future supplier
of secure, responsible tin. We strengthened our financial position through a
£57.4 million fundraise, completed our re-domicile to the UK, and made
significant progress both underground and on surface, with early construction
activities now underway.
"During the year, we have continued to de-risk several areas of the Project.
Mine dewatering and shaft refurbishment advanced, surface infrastructure is
taking shape, and key long-lead items have been secured. The commencement of
FEED and detailed engineering marks an important step towards construction
readiness, while the updated PEA reinforces South Crofty's strong fundamentals
as a potential long-life, low-cost tin producer with attractive returns. We
have continued to strengthen our leadership team, expanded our workforce and
invested in training to support project delivery and create long-term value
for local communities.
"Looking ahead, 2026 will be a pivotal year as we progress project financing
and a final investment decision. With strong stakeholder support, robust
economics and clear development momentum, we are well positioned to advance
South Crofty towards production and deliver a secure domestic supply of this
critical mineral."
The Annual Report and Accounts are expected to be available on the Company
website on or around 13 April 2026.
Chairman's statement
The year under review represented a defining chapter in the evolution of
Cornish Metals. It was a period of significant corporate transition, project
advancement and governance development, during which the Board's primary
responsibility was to provide clear stewardship as the Group positioned itself
for the next stage of growth, further progressing development at the South
Crofty tin mine. As Chairman, I am pleased with the progress achieved and with
the manner in which the Board and management have worked together to balance
ambition with discipline during an inherently complex phase of the Company's
lifecycle.
The re-domicile to the UK and the Company's Admission to trading on AIM, under
the new ticker 'TIN' in December 2025 is the culmination of this step change.
The decision was taken following careful consideration by the Board and senior
management, reflecting our conviction that a UK corporate, regulatory and
governance framework best aligns with the Company's operational focus,
stakeholder base and long-term strategic objectives. It also represents an
important milestone in establishing Cornish Metals as a UK-focused developer
of a nationally significant critical minerals asset.
Strategic backdrop and long-term value creation
We remain confident in the long-term strategic case for South Crofty. Tin is a
critical mineral with an increasingly important role in electrification,
renewable energy infrastructure and the digital economy. Global supply is
constrained, geographically concentrated and subject to geopolitical and
regulatory risk, while demand is expected to grow significantly over the
medium to long term. In this context, the development of a high-quality tin
project in a stable jurisdiction with a strong regulatory framework continues
to be compelling.
The Board closely monitors the technical and economic robustness of the
Project. During the year, an updated PEA was published, confirming the
potential for South Crofty to operate as a low-cost, long-life tin producer.
We consider this study to be an important validation of the Project's
long-term economic potential, while recognising that further work is required
as we advance towards a final investment decision.
At the same time, we are acutely aware that the restart of a historic
underground mine is complex and capital intensive. Throughout the year, our
focus has therefore been on how progress is made, not simply that progress is
made. The team has sought to ensure that management activity is directed
towards genuine de-risking, through advancing physical access, improving
engineering definition, validating cost assumptions and building
organisational capability, rather than pursuing short-term milestones that do
not materially improve delivery confidence.
Corporate transition and capital alignment
The year began with the successful £57.4 million fundraise, anchored by the
UK's National Wealth Fund and Vision Blue Resources. This investment provided
the Group with the financial capacity to accelerate development activities at
South Crofty and reflects growing recognition of the Project's strategic
importance, both for the UK and further afield. The support from both
cornerstone investors is a testament to the quality of the asset and the team,
who continue to work to progress development on all fronts.
Much of this capital has already been deployed, an area that will be expanded
upon by our CEO, Don Turvey, in his statement. As a Board, we remain focused
on ensuring that capital is deployed responsibly and in a manner that delivers
reductions in technical and execution risk. Capital discipline, particularly
at the pre-production stage, is fundamental to maintaining credibility and
preserving optionality as the Project progresses towards a final investment
decision.
Governance framework and Board effectiveness
As a newly UK-domiciled AIM company, establishing an appropriate governance
framework has been a priority. The Company has adopted the principles of the
Quoted Companies Alliance ("QCA") Corporate Governance Code, recognising that
good governance is a crucial foundation that underpins successful growth, and
encourages the trust of stakeholders.
Throughout the year, the Board met regularly, and devoted significant time to
strategy, project risk, capital allocation, organisational capability and
stakeholder engagement. We recognise that governance is not static. Board
composition, skills and independence are kept under review, and the planned
appointment of an additional independent non-executive director will further
strengthen alignment with best practice as the Company matures, the search for
which will be led by the newly formed Nomination Committee, chaired by
Samantha Hoe-Richardson.
The Board is supported by Audit, Remuneration, Sustainability and Nomination
Committees, each with clearly defined terms of reference. These committees
enable more detailed oversight of key areas, while ensuring that
accountability remains firmly with the Board as a whole.
We would like to take this opportunity to say thank you to Ken Armstrong, who
has indicated his intention not to stand for re-election at the 2026 Annual
General Meeting. Ken has been on the Board of Cornish Metals for many years,
seeing the Company through many iterations, particularly during his years as
President and CEO of Strongbow Exploration, and its predecessor companies,
which would later become Cornish Metals. He guided the Group through the
acquisition of South Crofty in 2016, and has continued to be involved through
his role as Interim CEO during 2024 and the Chair of the Audit Committee since
2015.
Sustainability, culture and responsible stewardship
We firmly believe that responsible development is fundamental to long-term
value creation. The publication of the Company's inaugural Sustainability
Report, aligned with the GRI Standards, represents an important step in
establishing transparency and accountability as development of South Crofty
progresses. We were delighted to receive an 'A' rating from Digbee in June
2025, a testament to the hard work, rigorous planning and continuous
development of our sustainability processes.
Health and safety, environmental stewardship, community engagement and ethical
conduct are integral to the Group reaching and sustaining production. We place
the highest priority on health and safety, recognising that the successful
redevelopment of South Crofty depends fundament ally on maintaining a safe
working environment for employees, contractors and visitors. This is
particularly important given the nature of underground mining activities and
the increasing scale of work undertaken during the year, including shaft
refurbishment, sustained dewatering operations, the commencement of the
25-level development and the establishment of the mid-shaft pump station.
Significant progress has been made in all the surface projects.
During 2025, the Company recorded a strong health and safety performance,
across all hours worked, there were no lost time injuries and no recordable
injuries, resulting in a Total Recordable Injury Frequency Rate ("TRIFR") of
zero. We are confident that with the rigorous processes in place, we can
maintain this record and continue to improve through regular health and safety
training and practice exercises.
Outlook for 2026
Looking ahead, the Board's priorities are clear. We will continue to support
management in advancing South Crofty in a disciplined and responsible manner,
ensuring that governance, risk management and financial controls will continue
to evolve in step with the Project.
As the Company advances South Crofty towards construction, securing the
project financing required to support full project development will be a key
priority in 2026. While the successful £57.4 million fundraise completed in
2025 has enabled the Company to accelerate engineering, site works and
procurement of long-lead items, the Board recognises that a larger debt and
equity financing package will be required to support ongoing development and
enable a final investment decision to be taken.
Preparatory work for this financing process is well underway and will form an
important focus for management in the year ahead as the Company moves from
early works into the next phase of execution. The continued strength of the
tin price highlights the attractiveness of the Project and the growing global
demand.
On behalf of the Board, I would like to thank our employees and contractors
for their commitment, our stakeholders in Cornwall for their continued
engagement, the National Wealth Fund, Vision Blue Resources and Cornwall
Council for their financial backing, and our shareholders for their support
during this important year of transition.
Patrick Anderson
Non-Executive Chairman
Chief Executive Officer's statement
Executing strategy and building momentum at South Crofty
We focused on delivery in 2025, marked by a significant increase in activity
across the South Crofty project and continued enhancement of the
organisational capability required to support the successful restarting of
production from this historic, and increasingly critical asset. With the
benefit of a strengthened balance sheet following the £57.4 million fundraise
earlier in the year, the Company was able to accelerate work across multiple
aspects of the Project while maintaining a clear focus on safety, technical
excellence and disciplined execution.
Our strategy during the year was centred on reducing technical and execution
risk by advancing development both on surface and underground, conducting
engineering work to support the progress of the project plan and schedule, and
confirming attractive project economics. This approach reflects our belief
that value creation at the development stage is driven by systematic
de-risking and continual collaboration between the teams to ensure the
knowledge of the Project continues to grow alongside development.
Project economics and technical maturation
A major milestone during the year was the publication of the updated PEA in
September 2025. The updated study demonstrated robust project economics,
reporting an after-tax net present value of approximately £180 million, an
internal rate of return of 20% using a conservative tin price of
$33,900/tonne, and forecast average annual tin production of over 4,700 tonnes
during the early years of operation, at an all-in sustaining cost in the
lowest quartile of the global cost curve. These numbers are supported by a
14-year mine life with historic resource replacement, competitive operating
costs and strong exposure to tin, a metal with compelling long-term
fundamentals. Tin prices continued to strengthen throughout 2025, with this
momentum carrying into 2026, when prices reached an all-time high of close to
$60,000/tonne. As a result, tin has been one of the best-performing metals in
recent years.
Importantly, the updated assessment reflects a large amount of technical work
that went into its completion, including the refining of capital cost
estimates, stress-testing of assumptions, and integration across the various
parts of the project plan. This work was subject to various external reviews
by technical advisers, and reviewed internally by management, and in turn by
the Board prior to the release of the PEA.
The updated PEA reported that pre-production capital expenditure increased to
£198 million due to changes to scope, labour costs, longer mine dewatering
and shaft refurbishment, extended timeline and general cost escalation. This
work is essential in transitioning South Crofty from an advanced development
project towards construction readiness and supports a more informed approach
to future financing and investment decisions.
Underground progress and dewatering
Underground activities at the New Cook's Kitchen shaft remained central to our
delivery plan. Shaft refurbishment and dewatering operations continued
throughout the year, with pumping rates returning to near full capacity
following earlier planned maintenance. During the year, we experienced some
challenges which caused a delay in dewatering, however the schedule was
refined to reflect a realistic and achievable pathway to the lower pump
station level. Following the significant progress made at the mid-shaft pump
station, we are now not only focused on refurbishment and dewatering further,
but working concurrently on a number of different activities, all of which are
progressing the development of the Project.
At the mid-shaft pump station, the removal of legacy infrastructure and
installation of new permanent pumping equipment represented a significant step
in modernising underground systems. These activities are critical not only to
enabling further refurbishment and dewatering, but also to ensuring that
underground infrastructure meets contemporary safety and operational
standards.
In parallel, shallow-level lateral development commenced from the existing
Tuckingmill decline on the 25-level (approximately 45 metres below surface),
supporting future skip discharge and materials handling arrangements and
providing an important platform for training and capability development within
the mine operating team. In addition, surface works commenced at the Roskear
shaft towards the end of the year, located approximately 850 metres west of
the primary New Cook's Kitchen shaft, which will be used for ventilation and
as a secondary means of egress for the mine. Building a skilled and
experienced workforce alongside physical infrastructure remains a priority, to
ensure when we reach production our team are fully equipped with the necessary
knowledge and skills required for operating a producing mine.
Surface infrastructure and early construction readiness
Surface works progressed steadily during the year, laying the groundwork for
future construction activity. Refurbishment of the Mine Dry (mine change house
facilities and offices) advanced through its first phase, improving facilities
for the workforce and supporting increased site activity. At Bartles Foundry,
construction of the new workshop and stores facility continued, supported by
UK Shared Prosperity Fund grant funding, which reinforces the Project's
contribution to regional economic development.
Earthworks and site preparation for the processing plant also advanced,
helping to define site layout, interfaces and sequencing. These early works
are an important component of execution risk reduction, allowing practical
issues to be identified and addressed well in advance of major construction.
Procurement, engineering and schedule management
Recognising the importance of long-lead items and critical path activities, we
progressed procurement during the year, including the placement of orders for
the ore sorters, and the production and service winders. Securing these items
early supports schedule certainty and reflects a disciplined approach to
project sequencing.
Engineering activities continued to advance, with increasing emphasis on
integration across mining, processing and infrastructure disciplines. This
work provides the technical foundation required to support future phases of
development and underpins confidence in execution planning. During the year,
the Company strengthened its project delivery capability through the
appointment of Ausenco to undertake the FEED and detailed engineering of the
processing plants and surface works, alongside Worley and Technical Management
Group, which continues to provide specialist project management and
engineering support as South Crofty advances towards development.
Financial review
Cornish Metals remains a pre-production company and did not generate revenue
during the year. Financial performance therefore reflects disciplined
investment in project development and corporate activities.
The £57.4 million fundraise completed during the year significantly
strengthened the Company's financial position and enabled accelerated progress
across key workstreams. Much of this capital has already been deployed on
shaft refurbishment, dewatering and mid-shaft pump station installation,
commencing early project works, placing orders for long-lead items and
advancing detailed engineering studies, all of which are essential precursors
to a formal final investment decision currently targeted for 2026.
We remain focused on prudent cash management and on aligning capital
deployment with activities that deliver tangible reductions in technical and
execution risk. The next and most important step for 2026 is a final
investment decision, which the team is currently working towards, and we
expect to be able to provide an update to the market in due course.
Responsible execution and sustainability
Safety and responsible execution are fundamental to our approach at South
Crofty. The publication of our first Sustainability Report during the year set
out our approach to environmental management, health and safety, community
engagement and governance. As activity levels increase, our focus remains on
embedding strong health and safety systems, clear accountability and a
proactive safety culture across the organisation.
Our vision is to be the chosen supplier of secure and responsible tin for a
sustainable future, a goal that can only be realised through the application
of the highest environmental standards. To this end, we continuously review
and enhance our environmental monitoring, data collection and management
procedures, ensuring that we adopt innovative technologies and not only meet,
but where possible, exceed industry best practice. During the year, we were
pleased to receive an 'A' ESG rating from Digbee, which provides independent
validation of our approach and a strong foundation on which we intend to build
further in 2026.
Transparency, openness and collaboration are central to our engagement with
local communities and form an integral part of our overall business strategy.
We have been encouraged by the strong support received from our neighbours,
most notably at our recent on-site open day, which was attended by more than
80 members of the local community. We remain committed to building a
workforce, comprising both employees and contractors, where possible from the
local area, harnessing the positive sentiment towards South Crofty since the
closure of the Cornish mining industry in the late 1990s, alongside emerging
talent from institutions such as the Camborne School of Mines.
Corporate transition and organisational readiness
The re-domicile to the UK and Admission to AIM represented a major corporate
milestone and required significant management focus alongside ongoing project
execution. Delivering this transition while maintaining momentum on the ground
is a credit to the team and reflects the growing maturity of the organisation.
We feel this transition to being a solely UK-quoted company not only aligns us
with our stakeholders, but allows us to focus on what South Crofty truly is, a
jewel in the crown of both Cornwall and UK mining.
Outlook
Looking ahead, our priorities are centred on maintaining delivery momentum and
continuing to de-risk the Project. Near- to medium-term underground objectives
include progressing dewatering and shaft refurbishment to the lower pump
station level, and underground development at both the 25-level and 290-level,
which will provide access to the Roskear shaft for through-ventilation and
secondary egress. On surface, we are completing key infrastructure milestones,
advancing engineering and execution planning. While substantial work remains,
the progress achieved during the year has strengthened confidence in the
technical, operational and organisational foundations of South Crofty.
A central focus for the Company in 2026 will be securing the project financing
required to support full construction of South Crofty ahead of a final
investment decision. Building on the strong project economics confirmed in the
updated PEA and the progress made across engineering and site development
during 2025, the Company will work closely with strategic partners, lenders
and investors to assemble an appropriate package of debt and equity financing
to support the next phase of development. Looking further ahead, our ambitions
begin with bringing South Crofty into production successfully, and then
reviewing options for future growth.
I would like to thank our employees and contractors for their commitment and
professionalism, our stakeholders in Cornwall for their continued engagement,
and our shareholders for their support as we continue to advance this
important project. We move forward with momentum, discipline and a clear focus
on long-term value creation.
Don Turvey
Chief Executive Officer
Financial Review
Basis of preparation
The Group completed a corporate reorganisation on 16 December 2025, resulting
in the UK domiciled Cornish Metals plc replacing the Canadian domiciled
Cornish Metals Inc as the ultimate parent company of the Group. The shares of
Cornish Metals Inc were exchanged on a ten-for-one basis with shares of
Cornish Metals plc.
The restructured Group represents a continuing operation on a consolidated
basis. As such, the consolidated financial statements and other financial
figures in this annual report are presented in a manner which represents that
ongoing nature. The prior year comparatives are those of the consolidated
Group in the prior year with the primary changes being the transition in the
presentational currency from the Canadian dollar to British pound and the
creation of a merger reserve within equity to reflect the share-for-share
exchange which occurred in connection with the redomicile.
Financial results
The Group reported a loss after tax of £7.9 million (year ended 31 December
2024: £0.7 million). Operating expenses increased by £3.4 million driven by
increased professional fees and non-capitalised salary costs, including £1.8
million being incurred for the corporate reorganisation of the Group. During
the year, the Group recognised an unrealised loss on marketable securities of
£1.6 million, primarily attributable to a write down in the shareholding in
Cornish Lithium Plc reflecting the Directors' assessment of the fair value of
the Group's interest at the year end. In the prior year, there was a £3.5
million gain and impairment reversal relating to the disposal of royalty
assets.
The balances across the statement of financial position have increased
compared to the prior period, as would be anticipated by a growing Group that
benefitted from the significant fundraise at the beginning of the year. A
further £21.8 million was invested in developing the mining assets at South
Crofty, bringing the total invested to £66.2 million. A further £5.9 million
was invested in property, plant and equipment, which after depreciation of
£1.8 million brought the carrying value at the year end to £19.3 million.
The Group has no debt and repaid the prior year's outstanding loan liability
out of the proceeds of the fundraise.
The cash balance at the year-end was £22.7 million (31 December 2024: £5.3
million). Aside from the operating expenses and the investments noted above,
other significant cash movements during the year included:
- In March 2025, the Company completed a fundraise raising £57.4
million that was anchored by National Wealth Fund and Vision Blue Resources,
investing £28.6 million and £18.1 million, respectively. A further £10.7
million was raised from existing shareholders and new investors, including
£1.4 million from a retail offer. Share issue costs and the repayment of the
shareholder debt facility brought the net cash proceeds to £47.6 million;
- Deferred consideration of £1.1 million received from the sale of
the Mactung and Cantung royalties which completed in August 2024 (year ended
31 December 2024: £2.3 million); and
- A further receipt of £117,000 relating to the sale of the Nickel
King asset whose disposal remains subject to fulfilment of conditions
precedent (year ended 31 December 2024: £133,000).
The Group has also been awarded a grant of up to £4.2 million from the
Cornwall and Isles of Scilly Good Growth Programme, which is managed by
Cornwall Council and funded by the UK Government through the UK Shared
Prosperity Fund. The grant funding is equivalent to a maximum of 62% of the
project cost estimated at approximately £6.8 million for the construction of
workshops and stores on the Bartles Foundry site and the accompanying cost of
the land. The grant income is recognised as an offset to the cost of the
asset. During the year, the Company received £1.2 million, and has recognised
a receivable at the year end of a further £1.0 million.
Financial risk management
The Group maintains a structured approach to financial risk management
designed to safeguard its assets, ensure sufficient liquidity and support the
delivery of its strategic objectives. The Board has overall responsibility for
establishing and monitoring the Group's risk management framework, while
day-to-day management of financial risks is delegated to the executive
management team. The Group seeks to manage risk through a combination of
prudent treasury policies, regular forecasting of cash flows, maintaining
appropriate levels of cash and transacting with counterparties of appropriate
credit quality. The Group does not enter into speculative financial
instruments and, where appropriate, may use hedging arrangements to mitigate
specific exposures.
Funding and going concern
The financial statements have been prepared on a going concern basis.
Continued operations are dependent on the Group's ability to obtain additional
financing.
The Group completed a fundraise in March 2025 which was planned to provide
sufficient liquidity into the first half of 2026. Whilst the fundraise set out
a use of proceeds, including expenditure for early construction works and
orders for long lead items, uncertainty remains over the precise timing and
quantum of such expenditure given the nature of these activities. In turn,
these result in uncertainty over the timing for the requirement for additional
funding.
Furthermore, progression of South Crofty beyond the activities noted above is
subject to the final investment decision. To successfully advance the
project, further financing needs to be secured to fund development through
into production. The Group is evaluating a number of opportunities including
debt, equity and other funding options.
Against the backdrop of attractive commodity prices, buoyant equity markets
for mining companies, further de-risking of the project since the fundraise,
coupled with supportive strategic shareholders, the Directors are confident
that further financing will be secured on the appropriate timeframe. However,
there can be no certainty on the success of securing this financing, nor the
quantum, terms or timing thereof.
Taken together, these considerations result in material uncertainties which
may cast significant doubt about the Group's ability to continue as a going
concern.
Consolidated statement of profit and loss and other comprehensive loss
For the year ended 31 December 2025
Figures in British Pounds (000s) 2025 2024
£'000 £'000
Operating expenses (8,402) (5,043)
Operating loss (8,402) (5,043)
Finance income 1,189 323
Finance expense (270) (285)
Foreign exchange gain/(loss) 291 (156)
Gain on receipt of non-refundable deposit 201 48
Impairment reversal of royalties - 848
Gain on disposal of royalties - 2,646
Unrealised loss on investments held for sale (1,585) (68)
Loss before taxation (8,576) (1,687)
Taxation 648 1,014
Loss for the year from continuing operations (7,928) (673)
Total comprehensive loss for the year (7,928) (673)
Basic and diluted loss per share (0.07) (0.01)
Weighted average number of ordinary shares outstanding 110,848,396 53,527,071
Consolidated statement of financial position
At 31 December 2025
Group Group
Figures in British Pounds (000s) 2025 2024
£'000 £'000
Assets
Non-current assets
Property, plant and equipment 19,257 15,049
Right-of-use asset 278 -
Deposits 62 36
Exploration and evaluation assets 66,204 44,359
85,801 59,444
Current assets
Cash and cash equivalents 22,650 5,319
Investments held for sale 89 1,594
Trade and other receivables 2,073 1,496
Prepaid expenses 463 280
Deferred financing fees 224 354
25,499 9,043
Total assets 111,300 68,487
Current liabilities
Accounts payable and accrued liabilities (5,206) (2,244)
Lease liability (69) -
Deferred income - (85)
Loan liability - (7,464)
(5,275) (9,793)
Net current assets/(liabilities) 20,224 (750)
Non-current liabilities
NSR liability (5,098) (5,474)
Lease liability (189) -
(5,287) (5,474)
Net assets 100,738 53,220
Equity
Share capital 113 78,077
Merger reserve 98,416 -
Capital contribution - 1,221
Share-based payment reserve 916 792
Foreign currency translation reserve (440) (436)
Retained earnings/(deficit) 1,733 (26,434)
Total equity 100,738 53,220
Consolidated statement of changes in equity
Share Merger reserve Share-based payment reserve Foreign currency translation reserve Retained earnings/ (deficit) Total
capital Capital contribution reserve equity
Figures in British Pounds (000s) £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 December 2023 78,077 1,221 - 427 (456) (25,761) 53,508
Share-based compensation - - - 365 - - 365
Foreign currency translation - - - - 20 - 20
Loss for the year - - - - - (673) (673)
Balance at 31 December 2024 78,077 1,221 - 792 (436) (26,434) 53,220
Share issuance pursuant to Fundraise 57,371 - - - - - 57,371
Share issue costs (2,413) - - - - - (2,413)
Share-based compensation - - - 359 - - 359
Share options exercised 222 - - (139) - - 83
Share options lapsed - - - (96) - 96 -
Issue of ordinary and redeemable shares 50 - - - - - 50
Corporate reorganisation (133,194) (1,221) 98,416 - - 35,999 -
Foreign currency translation - - - - (4) - (4)
Loss for the year - - - - - (7,928) (7,928)
Balance at 31 December 2025 113 - 98,416 916 (440) 1,733 100,738
Consolidated cash flow statement
For the year ended 31 December 2025
2025 2024
Figures in British Pounds (000s) £'000 £'000
Cash flows from operating activities
Loss for the year (7,928) (673)
Adjustments for non-cash items:
Share-based compensation 238 217
Interest expense 270 285
Foreign exchange (gain)/loss (291) 156
Gain on receipt of non-refundable deposit (201) (48)
Impairment reversal of royalties - (848)
Gain on disposal of royalties - (2,646)
Unrealised loss on investments held for sale 1,585 68
Tax recovery (648) (1,014)
Taxes received during the year - 1,662
Changes in working capital
(Increase)/decrease in trade and other receivables (1,725) 363
(Increase)/decrease in prepaid expenses (92) 102
Increase/(decrease) in accounts payable and accrued liabilities 1,096 (182)
Net cash used in operating activities (7,696) (2,558)
Cash flows used in investing activities
Acquisition of property, plant and equipment (4,682) (3,756)
Acquisition of exploration and evaluation assets (18,952) (13,099)
Proceeds from disposal of royalties 1,105 2,319
Proceeds from receipt of non-refundable deposits 117 133
(Increase)/decrease in deposits (28) 15
Net cash used in investing activities (22,440) (14,388)
Cash flows generated from financing activities
Proceeds from the Fundraise 49,804 -
Share issue costs (2,231) -
Proceeds from debt facility - 6,875
Proceeds received from share option exercise 83 -
Principal paid on lease liability (25) -
Increase in deferred financing fees - (164)
Net cash generated from financing activities 47,631 6,711
Net increase/(decrease) in cash and cash equivalents:
Change in cash and cash equivalents during the year 17,495 (10,235)
Cash and cash equivalents at the beginning of the year 5,319 15,318
Impact of foreign exchange on cash (164) 236
Cash and cash equivalents at the end of the year 22,650 5,319
Cash paid during the period for interest - -
Cash paid during the period for taxes - -
ABOUT CORNISH METALS
Cornish Metals is a mineral exploration and development company that is
advancing the South Crofty critical mineral project towards production. South
Crofty:
· is a historical underground tin mine located in Cornwall, United
Kingdom and benefits from existing mine infrastructure including multiple
shafts that can be used for future operations;
· is the highest grade known tin Mineral Resource not in production
with significant near-mine and regional Mineral Resource potential;
· is permitted to commence underground mining (valid to 2071),
construct a new processing facility and for all necessary site infrastructure;
· will be a low environmental impact underground mine with zero surface
tailings;
· would be potentially the first primary producer of tin in Europe or
North America. Tin is a Critical Mineral as defined by the UK, American, and
Canadian governments as it is used in almost all electronic devices and
electrical infrastructure. Approximately two-thirds of the tin mined today
comes from China, Myanmar and Indonesia;
· benefits from strong local community, regional and national
government support with a growing team of skilled people, local to Cornwall,
and could generate over 300 direct jobs;
· is an opportunity for a secure domestic supply of tin in the UK
supporting a low carbon economy.
ENDS
Engage with us directly at our investor hub. Sign up at:
https://investors.cornishmetals.com/link/eWaQAP
(https://investors.cornishmetals.com/link/eWaQAP)
For additional information please contact:
Cornish Metals Fawzi Hanano investors@cornishmetals.com (mailto:investors@cornishmetals.com)
Emily Allhusen info@cornishmetals.com (mailto:info@cornishmetals.com)
Tel: +44 1209 715 777
SP Angel Corporate Finance LLP Richard Morrison Tel: +44 203 470 0470
(Nominated Adviser) Charlie Bouverat
Berenberg Jennifer Lee Tel: +44 20 3753 3040
(Joint Broker) Ivan Briechle
Peel Hunt Ross Allister Tel: +44 20 7418 8900
(Joint Broker) David McKeown
BlytheRay Tim Blythe cornishmetals@blytheray.com (mailto:cornishmetals@blytheray.com)
(Financial PR) Megan Ray Tel: +44 207 138 3204
Said Izagaren
The Bartles Foundry project is part-funded by the UK Government through the UK
Shared Prosperity Fund. Cornwall Council is responsible for managing projects
funded by the UK Shared Prosperity Fund through the Cornwall and Isles of
Scilly Good Growth Programme.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
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. END FR SSFEEFEMSESL
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