Cornish Metals Inc. has released its unaudited financial statements and management's discussion and analysis for the six months ended June 30, 2024. The company's highlights include the appointment of Don Turvey as Chief Executive Officer, the completion of the South Crofty Preliminary Economic Assessment (PEA), the commencement of the second phase of refurbishment of New Cooks Kitchen (NCK) shaft, ongoing mine dewatering, the purchase of land adjacent to South Crofty surface infrastructure, and the sale of Mactung and Cantung royalties for US$4.5 million in cash consideration. Additionally, the sale of the Nickel King property and the addition of Samantha Hoe-Richardson to the Board as an independent non-executive director were announced. As of August 13, 2024, the company's cash position was C$7.9 million.
The appointment of Don Turvey as CEO is a significant development for Cornish Metals, bringing in an experienced mining executive with over 40 years of industry experience. The completion of the South Crofty Preliminary Economic Assessment (PEA) is a major milestone, with an after-tax Net Present Value (NPV) of US$201 million and an Internal Rate of Return (IRR) of 29.8%. The commencement of the second phase of refurbishment of New Cooks Kitchen (NCK) shaft and ongoing mine dewatering demonstrate the company's commitment to advancing the South Crofty tin project. The purchase of land adjacent to South Crofty surface infrastructure provides the company with direct access to all surface infrastructure and additional space for future site works, potentially leading to operating cost savings and improved property security.
The sale of Mactung and Cantung royalties for US$4.5 million in cash consideration and the sale of the Nickel King property for a total consideration of up to C$8.0 million demonstrate the company's strategic focus on advancing South Crofty towards commencement of production in 2027. The addition of Samantha Hoe-Richardson to the Board as an independent non-executive director further strengthens the company's governance. As of August 13, 2024, the company's cash position was C$7.9 million, providing near-term liquidity and financial stability.
Ken Armstrong, Interim CEO and Director of Cornish Metals, expressed confidence in the company's progress and the appointment of Don Turvey as CEO, highlighting the completion of key milestones and the strategic focus on advancing the South Crofty tin project. The company's momentum and activity levels have remained high, reflecting its commitment to realizing the potential of its projects and delivering value to stakeholders.