Cornish Metals Inc. reported a positive independent Preliminary Economic Assessment for its 100% owned and permitted South Crofty tin project located in Cornwall, United Kingdom. The PEA validates South Crofty?s economic viability, producing a base case after-tax Net Present Value of USD 201 million and Internal Rate of Return of 29.8%, and confirms the Project?s potential to be a low-cost and long-life tin mining operation with a current 14-year life of mine. South Crofty is expected to produce a clean, high-grade tin concentrate and to be an important tin producer in Europe, supplying into the growing demand for this critical metal that is essential for the energy transition.

Highlights: Attractive project economics and financial metrics USD 201 million after-tax NPV8% and 29.8% IRR at base case tin price of USD 31,000 /tonne; USD 235 million after-tax NPV8% and 32.8% IRR at the current US$32,625 /tonne LME tin price; Capital payback period of 3 years after-tax;Total after-tax cash flow of approximately USD 626 million from start of production, peaking at USD 82 million in the second year of production; Average annual earnings before interest, taxes, depreciation and amortisation of USD 83 million and 62.1% EBITDA margin in years 2 through 6. Considerable tin production with upside opportunities: 49,310 tonnes of tin metal in concentrate produced over a 14-year LOM; Average annual tin production of over 4,700 tonnes for years 2 through 6 (~1.6% of global mined tin production); Peak tin production of over 5,000 tonnes in year 4 Average LOM processed head grade of 1.83% tin, upgraded from an average mined grade of 0.94% tin through use of X-Ray Transmission ("XRT") ore sorting and Dynamic Dense Media Separation (?DMS?) Growth opportunities from additional in-mine and near-mine exploration with the potential to materially extend the mine life and increase production. Permitted Project with low capital intensity and unit costs Pre-production capital requirement of USD 177 million Fully permitted project with existing mine infrastructure, mining permission through 2071 and full planning permission to construct a processing plant to recover tin concentrate LOM average all-in sustaining cash cost (?AISC?) of US$13,661 /tonne of payable tin, positioning South Crofty as a low cost tin producer Average AISC of USD 12,375 /tonne of payable tin for years 2 through 6 .Sustainable mining operation with strong ESG credentials Operations will use modern, trackless, mechanised underground mining methods and latest tin processing technologies Low impact underground operation with paste backfilling of process tailings into existing, historic mine workings Use of 100% renewable electricity supply and exploring options for renewable power generation Preference for using local supply chains supporting the local economy and building on the existing capability and knowledge still present in Cornwall Potential to directly employ up to 320 people with permanent high-skilled and well-paid jobs and create up to 1,000 indirect jobs .