Cornish Metals Releases Unaudited Monetary Statements and Administration’s Dialogue and Evaluation for the 9 Months Ended 30 September 2025

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Cornish Metals Inc. ( AIM/TSXV: CUSN,OTC:SBWFF ) (“Cornish Metals” or the “Firm”), a mineral exploration and growth firm targeted on advancing its wholly owned and permitted South Crofty tin undertaking in Cornwall, United Kingdom, is happy to announce that it has launched its unaudited monetary statements and administration, dialogue and evaluation (“MD&A”) for the 9 months ended September 30, 2025. The studies can be found underneath the Firm’s profile on SEDAR+ ( www.sedarplus.ca ) and on the Firm’s web site ( www.cornishmetals.com ).

Highlights for the 9 months ended September 30, 2025 and for the interval ending November 12, 2025

(All figures expressed in Canadian {dollars} except in any other case acknowledged)

• Up to date South Crofty Preliminary Financial Evaluation (“PEA”) (information releases dated September 29 and October 15 , 2025)
  • After-tax Internet Current Worth (“NPV”) of £180 million and Inner Price of Return (“IRR”) of 20%;
  • Common annual tin manufacturing of over 4,700 tonnes for years two by means of six, at a lowest quartile All-In Sustaining Price (“AISC”) of underneath US$13,500 per tonne;
  • Whole after-tax money stream of roughly £558 million from begin of manufacturing;
  • Sizeable Exploration Goal potential.

• Strategic funding and fundraise (the “Fundraise”) (information releases dated January 28-31, 2025 ):
  • The Fundraise totaling £57.4 million introduced on January 28-31, 2025 was anchored by the Nationwide Wealth Fund Restricted (“NWF”) and Imaginative and prescient Blue Sources Restricted (“Imaginative and prescient Blue”), investing £28.6 million and £18.1 million, respectively, with an extra £10.7 million from current shareholders and new traders, together with £1.4 million from a retail provide;
  • The Fundraise is anticipated to allow the Firm to additional de-risk the South Crofty tin undertaking and advance in direction of a proper ultimate funding resolution in 2026.
• Grant funding funding (information launch dated June 11, 2025 ):
  • South Crofty’s Bartles Foundry undertaking obtained grant funding of as much as £4.2 million from the Cornwall and Isles of Scilly Good Development Programme, which is managed by Cornwall Council and funded by the UK Authorities by means of the UK Shared Prosperity Fund;
  • The primary declare within the quantity of roughly £0.7 million was obtained in August 2025, with the second declare of roughly £0.5 million anticipated to be obtained by the top of November 2025.

• Key long-lead merchandise orders (information launch dated June 3, 2025 ):
  • Orders have been positioned with Qualter Corridor & Firm Restricted (“Qualter Corridor”) for the design, manufacture, provide, set up and commissioning of the manufacturing and repair winders for use at South Crofty’s New Prepare dinner’s Kitchen (“NCK”) shaft.
• Mine dewatering and NCK shaft refurbishment progress (information releases dated August 12 and September 10 , 2025):
  • Mine dewatering and shaft refurbishment reached the mid-shaft pump station at roughly 360 metres beneath floor in August 2025 with the work space secured and stabilisation of the underground chamber of the pump station full;
  • Elimination of the outdated pumps, pipes and steelwork accomplished and lifted to floor, enabling the set up of latest everlasting pumps that has now commenced.
• Floor works at South Crofty (information launch dated September 10, 2025 ):
  • Floor redevelopment at South Crofty began in early July 2025 with refurbishment of the Mine Dry constructing and demolition of the outdated Bartles Foundry buildings;
  • The primary part of the Mine Dry refurbishment is now full and set up of the metal body for the brand new shops and workshop constructing can also be completed, with work underway on the subsequent levels of the event.
  • The primary part of the excavation and earthworks for the processing plant commenced in August 2025 with the second part commencing in November 2025.
• Senior administration appointments (information launch dated April 27, 2025 ):
  • Strengthening of the undertaking and operations groups at South Crofty with the appointments of Dave Howe as Common Supervisor and Guillermo Alcazar as Venture Director;
  • Mr. Howe has 35 years of open pit and underground onerous rock mining (together with slim vein) operational and exploration expertise, of which 24 years have been in government and senior administration roles;
  • Mr. Alcazar is a undertaking government with over twenty years of world expertise main and overseeing multimillion-dollar complicated portfolios of mining, heavy industrial and infrastructure tasks throughout numerous growth levels.
• Sale of North American Belongings:
  • Mactung and Cantung royalties : the deferred consideration of US$1.5 million was obtained from Elemental Altus Royalties Corp. (“Elemental Altus”) on July 23, 2025;
  • Nickel King : the Firm obtained the ultimate money fee of $250,000 from Northera Sources Ltd. (“Northera”) on July 30, 2025 with a definitive gross sales settlement being executed thereafter;
  • Sleitat : discussions are underway for the disposal of the Sleitat tin-silver exploration asset positioned in Alaska.
• Buy of 4.5 acres of land from Cornwall Council (information launch dated April 1, 2025 ):
  • The bought land is straight away adjoining to current floor land owned by South Crofty and gives direct entry to the primary highway at Dudnance Lane, the place a brand new entrance to the mine website is deliberate and the place new mine workshops and shops are being constructed.
• Publication of sustainability report and Digbee ranking (information releases dated June 25 and August 11 , 2025):
  • The Firm revealed its inaugural sustainability report for the 2024 reporting yr marking a significant milestone;
  • The report outlines the Firm’s efficiency and progress throughout key sustainability pillars, together with governance and ethics, social accountability and environmental stewardship, establishing a baseline for future reporting;
  • Cornish Metals was awarded an inaugural general sustainability ranking of “A” by Digbee.
• The Firm has mailed and filed a administration info round and associated supplies for a particular assembly of shareholders to be held on December 3, 2025 in reference to which Cornish Metals Inc shall be re-domiciled from Canada to the UK (information launch dated November 3, 2025 ):
  • In reference to the re-domicile, Cornish Metals plc will apply for admission to buying and selling of its shares on the AIM market of the London Inventory Change solely;
  • Every shareholder within the Firm will obtain one (1) Cornish Metals plc share for each ten (10) Cornish Metals Inc shares held, rounded all the way down to the closest entire quantity;
  • The method is anticipated to be accomplished by 18 December 2025.

Don Turvey, CEO and Director of Cornish Metals, acknowledged: “The tempo of actions at South Crofty continues to rise with present work underground primarily targeted on the mid-shaft pump station and graduation of the Stage 1 growth, whereas on floor, excavation work and development of the workshop and shops buildings are properly underway. The latest completion of the undertaking assessment and up to date PEA marks one other essential step for South Crofty as we advance in direction of first tin manufacturing by mid-2028. We’re happy with the engaging economics that the undertaking provides and, as soon as in operation, we count on South Crofty to be a protracted life, lowest quartile value producer and extremely money generative.”

Monetary highlights for the 9 months ended September 30, 2025 and September 30, 2024

• Working bills have risen reflecting elevated skilled charges related to the not too long ago introduced re-domiciliation of the Firm from Canada to the UK and prices regarding extra company exercise because the South Crofty tin undertaking is superior;
• Unrealized lack of $1.9 million arising from the revaluation of the Firm’s holding in Cornish Lithium Plc reflecting the inserting worth of seven pence per share utilized in essentially the most not too long ago introduced fundraise;
• Purchases of property, plant & tools (“PPE”) of $6.9 million primarily regarding the acquisition of land, underground mining tools, development work for the brand new workshop and shops on the outdated Bartles Foundry website and the brand new North and South winders;
• Different undertaking associated expenditure of $17.6 million primarily regarding NCK shaft re-access & refurbishment, refurbishment of the mid-shaft pump station at 360 metres depth, refurbishment of floor amenities and ongoing undertaking engineering research;
• Dewatering prices of $4.8 million for energy, reagents, sludge disposal and upkeep of the water remedy plant (“WTP”);
• Receipt of $2.3 million regarding the disposal of non-core belongings (Mactung and Cantung royalties and the Nickel King property) in North America;
• Receipt of $87.5 million in internet proceeds from the Fundraise after reimbursement of the debt facility with Imaginative and prescient Blue which was settled by means of a set-off with the Fundraise; and
• Money elevated by $50.3 million to $60.7 million on the interval finish as a result of proceeds obtained from the Fundraise offset by ongoing growth actions on the South Crofty tin undertaking.

Outlook

As described above, the Firm continues to advance and de-risk the South Crofty tin undertaking in direction of manufacturing. The Firm’s near-term goals are as follows:

• Full dewatering of South Crofty mine and refurbishment of NCK shaft;
• Advance detailed engineering and Entrance Finish Engineering Design (“FEED”);
• Place orders for different lengthy lead gadgets of plant and tools;
• Advance early undertaking works, together with preliminary development of the groundworks for the processing plant; and
• Organize undertaking financing for the South Crofty tin undertaking.

ABOUT CORNISH METALS

Cornish Metals is a mineral exploration and growth firm that’s advancing the South Crofty crucial mineral undertaking in direction of manufacturing. South Crofty:

• is a historic underground tin mine positioned in Cornwall, United Kingdom and advantages from current mine infrastructure together with a number of shafts that can be utilized for future operations;
• is the very best grade identified tin useful resource not in manufacturing;
• is permitted to begin underground mining (legitimate to 2071), assemble a brand new processing facility and for all essential website infrastructure;
• could be doubtlessly the primary major producer of tin in Europe or North America. Tin is a Crucial Mineral as outlined by the UK, American, and Canadian governments as it’s utilized in nearly all digital units and electrical infrastructure. Roughly two-thirds of the tin mined right now comes from China, Myanmar and Indonesia;
• advantages from robust area people, regional and nationwide authorities help with a rising group of expert individuals, native to Cornwall, and will generate over 300 direct jobs.

ON BEHALF OF THE BOARD OF DIRECTORS

“Don Turvey”
Don Turvey
CEO and Director

Interact with us immediately at our investor hub. Enroll at: https://traders.cornishmetals.com/hyperlink/PBJzJP

For extra info please contact:

Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch .

Warning concerning ahead trying statements

This information launch could comprise sure “forward-looking info” and “forward-looking statements” (collectively, “forward-looking statements”). Ahead-looking statements embrace predictions, projections, outlook, steerage, estimates and forecasts and different statements concerning future plans, the realisation, value, timing and extent of mineral useful resource or mineral reserve estimates, estimation of commodity costs, foreign money change fee fluctuations, estimated future exploration expenditures, prices and timing of the event of latest deposits, success of exploration actions, allowing time traces, necessities for extra capital and the Firm’s means to acquire financing when required and on phrases acceptable to the Firm, future or estimated mine life and different actions or achievements of Cornish Metals. Ahead-looking statements are sometimes, however not all the time, recognized by means of phrases resembling “search”, “anticipate”, “consider”, “plan”, “estimate”, “forecast”, “count on”, “potential”, “undertaking”, “goal”, “schedule”, “funds” and “intend” and statements that an occasion or end result “could”, “will”, “ought to”, “might”, “would” or “would possibly” happen or be achieved and different comparable expressions and contains the negatives thereof. All statements aside from statements of historic truth included on this information launch, are forward-looking statements that contain varied dangers and uncertainties and there could be no assurance that such statements will show to be correct and precise outcomes and future occasions might differ materially from these anticipated in such statements.

Ahead-looking statements are topic to dangers and uncertainties which will trigger precise outcomes to be materially completely different from these expressed or implied by such forward-looking statements, together with however not restricted to: dangers associated to receipt of regulatory approvals, dangers associated to basic financial and market circumstances; dangers associated to the provision of financing; the timing and content material of upcoming work programmes; precise outcomes of proposed exploration actions; attainable variations in Mineral Sources or grade; projected dates to begin mining operations; failure of plant, tools or processes to function as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage protection and different dangers of the mining trade; modifications in nationwide and native authorities regulation of mining operations, tax guidelines and laws. The record just isn’t exhaustive of the components which will have an effect on Cornish’s forward-looking statements.

Cornish Metals’ forward-looking statements are based mostly on the opinions and estimates of administration and replicate their present expectations concerning future occasions and working efficiency and converse solely as of the date such statements are made. Though the Firm has tried to establish essential components that might trigger precise actions, occasions or outcomes to vary from these described in forward- trying statements, there could also be different components that trigger such actions, occasions or outcomes to vary materially from these anticipated. There could be no assurance that forward-looking statements will show to be correct and accordingly readers are cautioned to not place undue reliance on forward-looking statements. Cornish Metals doesn’t assume any obligation to replace forward-looking statements if circumstances or administration’s beliefs, expectations or opinions ought to change aside from as required by relevant legislation.

Market Abuse Regulation (MAR) Disclosure

The knowledge contained inside this announcement is deemed by the Firm to represent inside info pursuant to Article 7 of EU Regulation 596/2014 because it kinds a part of UK home legislation by advantage of the European Union (Withdrawal) Act 2018 as amended.

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION
(Unaudited)
(Expressed in Canadian {dollars})

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
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(Expressed in Canadian {dollars})

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH FLOWS
(Unaudited)
(Expressed in Canadian {dollars})

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
(Expressed in Canadian {dollars})