Cornish Metals Inc. has finalized the sale of its royalty interests on the Mactung and Cantung tungsten projects in Northern Canada to Elemental Altus Royalties Corp. for a total cash consideration of US$4,500,000. The company has already received the first cash payment of US$3,000,000, with the remaining balance due by August 1, 2025.
The focus of Cornish Metals is on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom. The South Crofty project is a historical, high-grade, underground tin mine with Planning Permission for underground mining valid until 2071. The 2024 Preliminary Economic Assessment for South Crofty validates the project's potential, with a US$201 million after-tax NPV8% and 29.8% IRR, among other positive indicators.
Tin is considered a Critical Mineral by the UK, American, and Canadian governments, and with no primary tin production in Europe or North America, South Crofty stands to benefit from strong local community, regional, and national government support. The project could potentially generate up to 320 direct jobs.
The news release has been reviewed and approved by Mr. Owen Mihalop, Chief Operating Officer for Cornish Metals Inc., who is the designated Qualified Person under NI 43-101 and a Competent Person as defined under the JORC Code (2012).
The company's contact information for additional inquiries is provided, and the release includes a caution regarding forward-looking statements.