Cornish Metals Provides South Crofty Tin Project Progress Report

CORNISH METALS PROVIDES SOUTH CROFTY TIN PROJECT PROGRESS REPORT

Targeting water treatment plant commissioning and start of mine dewatering this summer
Pump Installation to commence this month

Vancouver, May 17, 2023

• All tanks, except the CO2 and deep cone thickener, have been installed with those remaining items expected to be in place by the end of May.
• All structural steelwork and walkways around the tanks have been assembled and the pipework connecting the tanks and tank valve installation is underway. The MCC (Motor Control Centre) design is complete and manufacturing underway with delivery expected in June.
• Wet commissioning of the MWTP is now expected to commence in late June (rather than late May) and extend through July, with commencement of mine dewatering in early August.
• The discharge pipes from the MWTP down into the Dolcoath Deep Adit (the historic drainage tunnel running northwards from South Crofty beneath Pool and Camborne to Roscroggan) have been installed.  A turbine will be added ahead of the discharge point that will generate up to 15% of the electricity required to operate the MWTP.
• The first submersible pump has been successfully tested offsite and is now ready for imminent installation into New Cooks Kitchen (NCK) shaft. The second pump is to be delivered by the end of May for subsequent installation. Piping from NCK shaft to the MWTP is substantially complete.  
• The building housing the high voltage power supply / sub-station and variable speed drives required to operate the pumps is complete, and the 11kV power supply is scheduled to be in place in June.  
• The cost of construction of the water treatment plant is forecast at 6.5 - 7.0 million.

• Two single drum winders have been ordered for the shaft re-access work, with the main winder from Siemag Tecberg and an emergency winder from Zitron. They are due on site in October and August this year respectively.
• Conveyance and rope attachment packages for both winders are now being tendered for design and fabrication, and new winding ropes have been ordered for both machines. 
• Both sheave wheels and bearing blocks have been removed from the South headframe. The eastern sheave wheel has been split and the shafts and bearings are now ready for NDT (non-destructive test) testing.
• Test runs of the submersible pump installation into the shaft have been successfully completed, and the pumps will be installed during May and June.  
• Interim shaft work platforms have been designed and are substantially fabricated. The above water timber compartments in the shaft have been inspected down to No.1 Level, with most sets found to be in good condition.

• 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, 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.