Cornish Metals plc Unaudited interim results for the six months ended 30 June 2026 24 September 2026 Cornish 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 (“South Crofty”) in Cornwall, United Kingdom, is pleased to announce its unaudited interim results for the six months ended 30 June 2026. Highlights Financing and corporate Placed an oversubscribed US$210 million senior secured bond in May 2026, representing the debt component of the South Crofty project financing package; the bonds carry a fixed coupon of 13.5% per annum payable quarterly, have a six-year tenor and are callable at the Company’s option after three years Bond proceeds are held in escrow and are available to the Group following satisfaction of conditions precedent, which includes the completion of an equity fundraising of at least US$161 million Entered into secured debt facilities of up to approximately £52 million with the National Wealth Fund and Vision Blue Resources, the Company’s two largest shareholders, providing funding through to a targeted final investment decision (“FID”) Received a non-binding Letter of Interest from the Export-Import Bank of the United States (“EXIM”) setting out its capacity to consider up to US$225 million of financing under its Supply Chain Resiliency Initiative Signed the Dudnance mineral lease, a 25-year agreement that further consolidates mineral titles across the South Crofty mining permission area Berenberg and Peel Hunt appointed as joint corporate brokers Ken Armstrong retired from the Board following over 20 years with the Company Operational Mine dewatering underway through the fully commissioned New Cook’s Kitchen (“NCK”) mid-shaft pump station, at approximately 360 metres below surface, the first time the mine has been dewatered to this level in over 28 years Shaft refurbishment resumed below the refurbished mid-shaft pump station Front-End Engineering Design (“FEED”) for the process plant completed and Detailed Engineering underway, both led by Ausenco Excavation for the process plant building approximately 50% complete Surface civil works at Roskear shaft completed and the winder house structure erected Civil works for the NCK production and service winder foundations underway to support mechanical installation during H2 2026 Lateral development at the 25-level advancing, supported by an on-site training programme for newly recruited miners NCK offices operational, with upgraded site access, security and welfare facilities completed New workshop and stores facility at the former Bartles Foundry nearing completion Surface diamond drilling programme of approximately 2,400 metres commenced at Roskear West, targeting the western extension of the Roskear lodes Financial Operating expenses of £3.1 million (six months ended 30 June 2025: £4.1 million) reflecting the decrease in professional fees following the completion of the re-domiciliation of the parent company in December 2025 Loss after tax for the period of £5.5 million (six months ended 30 June 2025: £3.5 million) reflecting interest accrued on the senior secured bonds and the secured debt facilities entered into with the Company’s strategic shareholders Net cash used in investing activities of £23.3 million (six months ended 30 June 2025: £9.8 million), reflecting continued investment in mine dewatering, shaft refurbishment, surface infrastructure and project engineering Cash provided by financing activities of £16.9 million (six months ended 30 June 2025: £47.6 million) relating to the net proceeds from the first drawdown of the secured debt facilities in May 2026 Cash and cash equivalents at 30 June 2026 of £12.0 million (31 December 2025: £22.7 million), excluding US$215.8 million of bond proceeds held in escrow Post period-end Bonds admitted to trading on the Nordic Alternative Bond Market on 5 August 2026 Second, uncommitted tranche of the debt facilities drawn down on 20 August 2026, comprising £13.9 million from the National Wealth Fund and US$9.1 million (approximately £6.7 million) from Vision Blue Resources Assay results from the first Roskear West drillhole reported on 9 July 2026, including 0.79 metres at 4.18% Sn and a 12.41 metre zone grading 0.43% Sn, with several intercepts lying outside the current Mineral Resource Estimate New workshop and stores facility at the former Bartles Foundry completed Excavation for the process plant building approximately 80% complete Andrew Quinn appointed as an independent Non-Executive Director on 22 July 2026 Cash and cash equivalents of £14.5 million at 22 September 2026, excluding the balance held in escrow Chief Executive Officer’s statement and operations review Overview The first half of 2026 focused on two key components, agreeing the debt portion of the project financing package for South Crofty, and increasing the pace of activity on site. In May we placed an oversubscribed US$210 million senior secured bond, with demand from institutional and natural resource specialist investors across North America, the UK and Europe. During the period, these investors conducted technical and commercial work on South Crofty and reached a positive conclusion on a pre- production, single-asset developer. The terms include a fixed 13.5% coupon over a six-year, callable structure, reflecting the nature and development stage of the project. The bond proceeds remain in escrow and are not available to us until the conditions precedent are satisfied, the most significant of which is an equity raise of at least US$161 million. Alongside the bond, we agreed debt facilities of up to approximately £52 million with our cornerstone investors, the National Wealth Fund and Vision Blue Resources. The proceeds of this funding capitalised the escrow account, and ensured activity on site does not slow while the remainder of the funding package is assembled. Continued backing from our two largest shareholders on that basis is not something we take for granted and we thank them for their continued support. Underground and on surface, the period delivered the milestones we had set out. Dewatering is running through the mid-shaft pump station for the first time in more than 28 years. FEED for the process plant is complete and detailed engineering is underway. Civil works at Roskear are finished and the winder house structure is constructed. We also began drilling at Roskear West, our first surface exploration programme at South Crofty for three years. We continue to progress project development towards first production of tin concentrate in mid-2028. Financing The senior secured bond issue completed on 6 May 2026 and settled on 21 May 2026. The bonds were issued at 98% of nominal amount and mature at 103.5% of nominal amount, with no principal repayments for 48 months, quarterly amortisation of 5% of the nominal amount thereafter and a 60% bullet repayment at maturity. They are secured over the assets of the Company and its wholly-owned subsidiaries with proceeds applied towards the development and construction of South Crofty. Clarksons Securities AS acted as Lead Manager and Bookrunner, and Endeavour Financial continues to act as financial adviser to the Company in relation to the project financing. The debt facilities entered into on 14 May 2026 total up to £35 million from the National Wealth Fund and up to US$22.75 million from Vision Blue Resources. They carry interest at 13.0% per annum, capitalised and compounding daily, and have a six-month term. Tranche 1, comprising £21.1 million and US$13.7 million respectively, was committed and drawn during the period. Approximately £13 million of the proceeds was applied to funding the escrow account required as a condition to issuance of the bonds and associated transaction costs, with the balance applied to underground mine development and shaft refurbishment, surface facilities and infrastructure, and general operating and corporate purposes. The facilities are repayable within ten business days of a qualifying equity raise. Underground activities The most significant underground milestone of the period was mine dewatering through the fully commissioned mid-shaft pump station, a level that has not been reached in more than 28 years. Dewatering remains on track towards the 400-level, approximately 730 metres below surface, in the first half of 2027. Refurbishment of the NCK mid-shaft pump station was completed following installation of four new permanent pumps. In addition to the original scope, the Old Pool dam at that level was restored for use as a settling pond, removing suspended solids from mine water ahead of the permanent pumps. This is expected to extend the operating life of both the pumps and the water treatment plant through the production years and beyond. Shaft refurbishment resumed below the mid-shaft pump station and continues in parallel with engineering design across the key shaft infrastructure workstreams. FEED for the underground loading, unloading, hoisting and materials-handling infrastructure is being progressed by Optimult. Shaft refurbishment is also scheduled to be completed in the first half of 2027. Development from the Tuckingmill decline at the 25-level, approximately 45 metres below surface, advanced through the period with approximately 600 metres of lateral development planned to establish the sub-surface skip discharge and rock-handling facilities for the NCK shaft hoisting system. The 25-level also serves as the training environment for miners recruited locally, and new starter training continued throughout the period. At the Roskear shaft, located approximately 850 metres west of the main site, early-stage refurbishment preparations advanced during the period. Scaffolding is in place, the shaft cover has been removed and work platforms are being installed. Roskear is planned to serve as the mine’s primary ventilation shaft and secondary means of egress. Surface activities and process plant The second phase of excavation for the process plant building reached approximately 50% completion during the period and remains on track, with civil works expected to continue throughout 2026. Construction of the process plant is expected to commence in the first quarter of 2027. FEED for the process plant was completed during the period, with the plant layout finalised and procurement of mechanical equipment ramping up. Detailed Engineering is now underway, with both engagements led by Ausenco. Paterson & Cooke is leading the design of the backfill paste plant. Overall engineering completion is expected by the end of 2026. At Roskear, earthworks, foundations, the primary steel structure and building cladding for the winder house are complete while at NCK, civil works within the winder foundation area for the production and service winders are underway, supporting the planned mechanical installation programme in the second half of 2026. Construction of the new workshop and stores facility at the site of the former Bartles Foundry is nearing completion, with minor exterior works and landscaping remaining. The facility will provide permanent maintenance, storage and engineering support infrastructure for the mine. The project is part-funded by the UK Government through the UK Shared Prosperity Fund, managed by Cornwall Council through the Cornwall and Isles of Scilly Good Growth Programme. The NCK offices are now operational, providing modern working facilities for the expanding on-site team, with upgraded site access, security and welfare facilities completed. Phase 2 of the Mine Dry, which added changing facilities and office space, was completed during the period. Procurement and long-lead items Initial orders were placed during the period for long-lead items, and procurement of the main process equipment is expected to increase through 2026, with most key equipment planned to be ordered within the next twelve months. Exploration and Mineral Resources The surface exploration drilling programme at Roskear West commenced, comprising approximately 2,400 metres of diamond drilling designed to test the western extension of the Roskear lodes, to seek to extend the Inferred Mineral Resource in that area, and to evaluate priority targets identified through historic drilling and recent geological interpretation. The first drillhole, SDD26_001A, was completed to a final depth of 1,199 metres. Assay results were received and announced after the period end, on 9 July 2026, and are summarised under “Events after the reporting period” below. The second drillhole, SDD26_002, located approximately 100 metres to the west, is in progress. South Crofty hosts the highest grade known tin Mineral Resource not currently in production globally. The Company has previously reported a near-mine Exploration Target of between 6 million tonnes and 13 million tonnes at a tin grade of between 0.5% and 1.8%, based primarily on extrapolation of known, previously mined structures beyond the limits of the current Mineral Resource. The potential quantity and average grade of the Exploration Target is conceptual in nature and is an approximation. There is insufficient data to estimate a Mineral Resource in the area considered and it is uncertain whether further exploration will result in the definition of a Mineral Resource. Mineral rights and permitting In June the Company signed the Dudnance Lease, a 25-year mineral lease agreed with the Preston family, who hold 50% of the mineral rights concerned, with the remaining 50% held by the Company. The Dudnance mineral rights lie within the South Crofty project area and form part of the historic mine footprint. The lease follows agreements previously completed with the Pendarves and Vyvyan estates and forms part of a deliberate strategy of progressively consolidating mineral rights across South Crofty, reducing title-related risk and strengthening long-term development and operational certainty. South Crofty remains permitted to commence underground mining, with the mining permission valid to 2071, to construct a new processing facility, and for all necessary site infrastructure. People, training and community Building a skilled workforce ahead of production remains one of the more demanding and important parts of the project. Recruitment continued through the period, with the 25-level development doubling as a training environment for newly recruited miners alongside the formal development training programme. South Crofty is expected to generate over 300 direct jobs and over 1,000 indirect jobs, with a significant number of these recruited from the local community and wider Cornwall. Community engagement continued alongside construction activity, including drop-in sessions for residents living near the Roskear shaft site. More information on the Company’s community engagement, initiatives and sponsorships can be found within the Sustainability Report published post period on 31 July 2026. Tin market Tin prices remained robust through the period, with a spot price at 30 June 2026 of approximately US$56,600 per tonne which compares with the US$33,900 per tonne assumption used in the Company’s updated Preliminary Economic Assessment (“PEA”) announced on 29 September 2025. On the basis of the PEA and adjusting for spot metal prices and exchange rates at the period end, the post-tax NPV6% of South Crofty is estimated at approximately £550 million, against £180 million using the PEA assumptions. The underlying market remains tight as supply continued to be concentrated, with Asia accounting for well over half of global mined tin and approximately 80% of refined production. Tin demand remains robust supported by rising semiconductor sales driven by growth in Artificial Intelligence and the broader technology sector. There is also no primary tin production in Europe or North America. Demand continues to be supported by solder consumption in electronics, electrification, data infrastructure and solar. South Crofty is expected to produce approximately 4,700 tonnes of tin-in-concentrate annually in years two to six of production, equivalent to around 1.5% of global mined supply, within the lowest-quartile of all-in sustaining costs. Outlook The near-term priority remains to complete the project financing package for South Crofty, which is well advanced. Alongside that, dewatering continues towards the 400-level which is targeted to be reached in the first half of 2027, with shaft refurbishment and mine dewatering also scheduled for completion in that period. Mechanical installation of the NCK winders is planned for the second half of 2026, overall engineering completion is expected by the end of the year, and construction of the process plant is expected to begin in the first quarter of 2027. Assay results from the second Roskear West drillhole will be reported once received. Don Turvey Chief Executive Officer Financial review Financial highlights Unaudited six months ended Figures in British pounds (000s) 30 June 2026 £’000 30 June 2025 £’000 Total operating expenses (3,060) (4,144) Loss for the period (5,513) (3,453) Net cash used in operating activities (4,247) (3,411) Net cash used in investing activities (23,310) (9,836) Net cash provided by financing activities 16,916 47,573 Cash at end of the period 12,022 39,455 Basis of preparation The consolidated interim financial statements of Cornish Metals plc for the six months ended 30 June 2026 include the Company and its subsidiaries (together referred to as the “Group”). 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 interim financial statements and other financial figures in this interim report are presented in a manner which represents that ongoing nature. The prior period comparatives are those of the consolidated Group in the prior period 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. Results for the period The Group remains pre-revenue generation and expenditure directly attributable to the development of South Crofty continues to be capitalised, with corporate and administrative costs expensed as incurred. The loss after tax for the six months ended 30 June 2026 was £5.5 million (six months ended 30 June 2025: £3.5 million). Total operating expenses were £3.1 million (2025: £4.1 million) and have reduced compared to the prior period following the completion of the re-domiciliation of the parent company in December 2025 leading to a reduction in professional fees. Finance income has increased to £0.9 million (2025: £0.5 million) due to interest earned on the funds held in the escrow account. Finance expense of £3.1 million (2025: £0.3 million) reflects interest expense on the secured bond and the secured debt facilities entered into with the Company’s strategic shareholders. Cash flow and liquidity Net cash used in operating activities was £4.2 million (2025: £3.4 million) with the increase attributable to a higher VAT receivable balance as project related activities ramp up. Net cash used in investing activities was £23.3 million (2025: £9.8 million), and comprises additions to property, plant and equipment of £6.6 million and investment in mining assets of £16.7 million, reflecting shaft refurbishment and dewatering, surface infrastructure and process plant engineering. Net cash generated from financing activities was £16.9 million (2025: £47.6 million), and primarily relates to drawdowns under the debt facilities net of transaction costs, and bond interest and associated transaction costs paid in advance. Cash and cash equivalents at 30 June 2026 were £12.0 million (31 December 2025: £22.7 million). This figure excludes US$215.8 million of bond proceeds held in escrow, which are not available to the Group until conditions precedent are satisfied. As a result, the proceeds from the bonds are held in escrow with the bond holders having a legal right to set them off against the bond liability. Financial position Net assets at 30 June 2026 were £95.4 million (31 December 2025: £100.7 million), with the significant balances being mining assets, which stood at £86.2 million (31 December 2025: £66.2 million), and property, plant and equipment at £24.4 million (31 December 2025: £19.3 million). Prepaid expenses were £10.6 million (31 December 2025: £0.5 million), primarily relating to bond interest paid in advance on the bond and associated transaction costs. Loan liabilities were £31.2 million (31 December 2025: nil) following the Tranche 1 draw downs of debt facilities from the National Wealth Fund and Vision Blue Resources in May 2026 to provide funding to support the continued advancement of the South Crofty project up to the targeted final investment decision. The Company remains liable to make a payment of US$5.0 million in ordinary shares as deferred consideration relating to the acquisition of South Crofty. The payment crystallises on a decision to proceed with the final investment decision. Government grant In June 2025, the Group was awarded a grant of up to £4.2 million grant 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 was equivalent to a maximum of 62% of the project cost estimated for the construction of workshops and stores on the Bartles Foundry site and the accompanying cost of the land. During the period, the grant was fully claimed with the grant income being recognised as an offset to the cost of the asset. During the period, the Company received £2.0 million, and has recognised a receivable at the period end of a further £1.0 million. Going concern The consolidated interim financial statements have been prepared on a going concern basis. The Group has no current source of revenue. Continued operations and the further development of South Crofty depend on the Group’s ability to obtain additional financing, including the equity fundraising required to release the bond proceeds from escrow. The Directors are confident that further financing will be secured within an appropriate timeframe, having regard to attractive commodity prices, buoyant equity markets for mining companies, further de-risking of the project and the support of the Company’s strategic shareholders. However, there can be no certainty as to the success of securing this financing, nor as to its quantum, terms or timing. Taken together, these considerations represent material uncertainties which may cast significant doubt on the Group’s ability to continue as a going concern. Further detail is set out in the basis of preparation to the consolidated interim financial statements. Principal risks and uncertainties The principal risks and uncertainties facing the Group, and corresponding mitigating actions in place, are set out in detail on pages 20 to 24 of the Company's Annual Report and Financial Statements for the year ended 31 December 2025. The principal risks where the risk profile has changed notably since the Annual Report was published are set out below: Funding and liquidity The Group has no revenue and requires further funding, including an equity raise of at least US$161 million, to release the bond proceeds from escrow and to fund construction of South Crofty. There is no certainty as to the amount, terms or timing of that financing. The Group is also dependent on the continued support of the National Wealth Fund and Vision Blue Resources, which are both lenders and substantial shareholders. Work on the equity component of the financing package is ongoing. Project development and execution Since the publication of the Annual Report, there has been a significant increase in project activities, including shaft refurbishment, mine dewatering, underground development and early construction. These are technically demanding activities carried out on a brownfield site, and delay in any one of them could affect the critical path. An experienced management team is leading delivery, contractors and advisers are appointed, and long-lead items have been ordered. Project controls are in place, and progress is reviewed monthly by the Project Steering Committee and at each Board meeting. Health & safety More employees and contractors are working on site across a growing number of interconnected activities, which increases the potential for incidents. All new employees and contractors are inducted in the Group’s health and safety policies and procedures, supported by ongoing training, contractor controls, routine inspections and experienced operational leadership. All employees and contractors are required to comply with the Group’s safety standards. Events after the reporting period Project financing The Company continues to progress the broader project financing package for South Crofty, including discussions with strategic offtakers and institutional investors regarding the funding package for the project’s development. Bond admission The US$210 million senior secured bonds were admitted to trading on the Nordic Alternative Bond Market on 5 August 2026. Drawdown of second tranche of debt facilities On 20 August 2026 the Company drew the second tranche of the debt facilities, comprising £13.9 million from the National Wealth Fund and US$9.1 million (approximately £6.7 million) from Vision Blue Resources. The tranche was uncommitted and available at the lenders’ discretion, with the terms of the facilities remaining unchanged from those announced on 15 May 2026. Proceeds are being applied to underground development, construction of surface facilities and infrastructure, and the Company’s general operating and corporate purposes. Exploration results On 9 July 2026 the Company reported assay results from drillhole SDD26_001A, the first hole of the Roskear West programme. The hole intersected the interpreted along-strike projections of the Roskear 1 South, Roskear South and Roskear Numbered Zone structures at or close to their predicted positions. Results included 0.79 metres at 4.18% Sn in Roskear 1 South, 0.30 metres at 2.20% Sn in Roskear 3 North, and a 12.41 metre zone grading 0.43% Sn in the Roskear Numbered Zone, including 1.90 metres at 1.32% Sn. Several intercepts, including two previously unmodelled lodes, lie outside the current Mineral Resource Estimate. Mineralisation remains open to the west. Board Andrew Quinn was appointed as an independent Non-Executive Director on 22 July 2026 and joined the Audit Committee. Mr Quinn is a chartered engineer and former investment banking managing director with over 50 years’ experience across the global mining, metals and natural resources sector, and is currently Non-Executive Chairman of Alkane Resources Ltd. Other The Company changed its registered office to Falcon House, Charles Street, Truro, TR1 2PH on 23 July 2026, and published its 2025 Sustainability Report on 31 July 2026. Approval The consolidated interim financial statements set out below were approved by the Board of Directors on 23 September 2026. The financial information for the six months ended 30 June 2026 and 30 June 2025 is unaudited and has not been reviewed by the Company’s auditor. Cautionary statement regarding forward-looking statements This announcement contains forward-looking statements, including statements regarding the Company’s plans, expectations and intentions in relation to the financing, development, construction and operation of South Crofty, the timing of dewatering, shaft refurbishment, engineering and construction activities, estimates of Mineral Resources and Exploration Targets, and the economic results of the South Crofty economic study. Forward- looking statements are based on the opinions and estimates of management as at the date of this announcement and are subject to known and unknown risks and uncertainties which may cause actual results to differ materially from those expressed or implied, including risks relating to the availability of financing, general economic and market conditions, commodity prices and exchange rates, regulatory approvals, the results of exploration and development activities, variations in Mineral Resources or grade, cost estimates, and the other risks set out under “Principal risks and uncertainties” above. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements other than as required by applicable law. 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. 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 perm