Cornish Metals Inc. - UPDATED PEA OF THE SOUTH CROFTY PROJECT

Cornish Metals is pleased to report the results of a detailed review and updated PEA 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.

This study, based on a constrained Mineral Resource, shows the South Crofty project with an after-tax NPV of £180 million (US$235 million) and IRR of 20%. AISC is estimated at approximately US$14,500 /tonne over the Life of Mine, positioning the asset as a lowest quartile producer. Pre-production capital is estimated at £198 million, with pay back in 3.3 year and annual average EBITDA of approximately £70 million in the first five years of full production.