Cornish Metals Provides Update for the South Crofty Tin Project

CORNISH METALS PROVIDES UPDATE FOR THE SOUTH CROFTY TIN PROJECT

First pump installation underway in New Cooks Kitchen shaft
Substantial amount of Feasibility Study completed
New Mineral Resource Estimate planned for Q3, 2023

Vancouver, June 13, 2023

• This pump is the first of two submersible pumps to be installed in NCK shaft for Stage 1 of the two-stage mine dewatering programme;
• The pumps are specialist high-head 950 kW vertical submersible pumps manufactured by KSB in Germany, controlled by variable speed drives to enable the 25,000 cubic metres (m3) per day pumping rate to the Mine Water Treatment Plant (MWTP) to be maintained as the water level drops and the pumping head increases;
• The pumps will be lowered to immediately below the 195 fathom level (360 metres below surface) suspended from one hundred and twenty x 3-metre long pipes that will form the temporary rising main;
• When the water level reaches 195 fathom level, (360m below surface) a permanent set of pumps will be installed and the submersible pumps will be lowered to the 400 (approximately 700m below surface) fathom level for Stage 2 of the dewatering programme;
• Installation of the second pump is expected to commence before the end of June;
• See photos 1, 2, and 3 here and below. 

• The metallurgical testwork programme is well underway with Wardell Armstrong International, physical competency, characterisation and gravity response testwork has been completed on No.4, No.8 and Roskear Lodes, with mineralogy completed by Petrolab Ltd. Early gravity response results have been very good and are in line with previous operational results.
• The first bulk composite sample of the metallurgical testwork programme has arrived in Germany for XRT ore sorter testing at TOMRA Sorting GmbH.
• Fairport Engineering, who completed an initial conceptual study of the processing plant design, layout and cost in Q1 2023, have nearly completed the second optimisation phase, prior to the feasibility level design, which will incorporate further results of the metallurgical testwork programme.  The final plant design will incorporate potential future throughput expansions;
• Site investigation for the process plant footprint has been completed by AGS Ground Solutions;
• Numerical modelling of the proposed underground mining methods and stope designs has been completed by MiningOne.  Results confirm the historical operating data and that the ground conditions and excavation stability are expected to be very good.
• Geotechnical televiewing has been completed on the majority of mining areas by RobertsonGeo, validating previous known structural data. Core samples have been taken for laboratory testing.
• Paterson & Cooke UK has started concept engineering on paste backfill options and physical testing, preliminary results show samples gain sufficient strength at target densities. 
• Entech Mining is working with RSV Group to provide method, costing and schedule for refurbishment and recommissioning of NCK and Roskear shafts.

• South Crofty is an historic, high-grade, underground tin mine that started production in the sixteenth century, and continued operating until its closure in 1998;
• The Project possesses Planning Permission for underground mining, valid to 2071, Planning Permission to construct a mine water treatment plant, new processing facilities, all necessary site infrastructure, and an Environmental Permit to dewater the mine;
• South Crofty has the 4th highest grade tin Mineral Resource globally and benefits from the presence of multiple shafts that can be used for future operations;
• Tin is a Critical Mineral as defined by the UK, USA, and Canadian governments, with approximately 75% of the tin mined today coming from China, Myanmar and Indonesia;
• There is no primary tin production in Europe or North America;
• Responsible sourcing of critical minerals and security of supply are key factors in the energy transition and technology growth;
• South Crofty benefits from strong local community and regional and national government support. The Project could generate 250 300 direct jobs.