Cornish Metals
Primary tickers: AIM:CUSN, TSXV:CUSN
Stage of development: Development
Primary mineral: Tin
Project to promote: South Crofty Tin Project
Project location: United Kingdom
Website: www.cornishmetals.com
Cornish Metals is a dual-listed company (AIM / TSX-V: CUSN) focused on advancing its 100% owned and fully permitted South Crofty high-grade, underground tin project, located in Cornwall, UK, towards commencement of production.
South Crofty is a strategic tin asset in the UK and covers the former producing South Crofty tin mine in Cornwall which closed in 1998 following over 400 years of continuous production. South Crofty benefits from strong local community and regional and national government support.
Cornish Metals completed a Preliminary Economic Assessment in April 2024 that validated the project’s potential to be a long life and low cost underground tin mine. In 2023 an updated MRE increased tonnes by 39% and contained tin by 32% in the Indicated category for the Lower Mine and there is significant further resource growth potential.
Cash: CAD 7.9M
Debt: NIL
Major shareholders:
Vision Blue Resources – 25.95%
N. Reed – 6.54%
Lansdowne – 6.23%
Osisko Development – 6.13%
Galena – 3.80%
Management Ownership – 0.9%
Financials
Management Profile
Don Turvey – CEO and Director. Don is an experienced mining executive with more than 40 years of experience in the sector, including senior management roles in production, project execution, business development, and minerals resource management. Since 2008, Don has been CEO of private, ASX and AIM-listed mining companies where he has successfully funded and taken new projects and historic mines to production, as well as leading a number of M&A transactions. Prior to this, Don spent over 20 years at BHP Billiton, in roles including General Manager and Vice President Project Development where he headed up the project, geological, mineral resource and financial analyst teams.
Fawzi Hanano – Chief Development Officer. Fawzi is a finance professional with over 20 years of experience in the mining sector. Before joining Cornish Metals he was Head of Investor Relations at SolGold, a copper and gold developer. Fawzi’s experience also includes a dozen years in equity research where he covered global mining equities and commodities at a number of investment banks including Goldman Sachs and UBS. Fawzi started his mining sector career at Rio Tinto.
What is your rationale for taking part in 121 Mining Investment?
Market support
What recent news would you like to highlight to investors attending?
October 2024: £7 million credit facility with Vision Blue Resources
October 2024: Appointment of Endeavour Financial as financial adviser to arrange project financing for South Crofty.
August 2024: Final drill results from Wide Formation exploration drilling programme.
August 2024: Appointment of Don Turvey as Chief Executive Officer.
July 2024: Sale of Mactung and Cantung royalties for US$4.5 million.
July 2024: Commencement of second phase of New Cook’s Kitchen shaft refurbishment at South Crofty project.
June 2024: Sale of Nickel King property for total consideration of up to C$8 million.
May 2024: Increased land ownership at South Crofty.
April 2024: Positive PEA results for South Crofty tin project with after-tax NPV of US$201 million and 30% IRR.
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
– Progress mine dewatering and shaft refurbishment
– Advance basic and detailed project engineering studies
6 Months:
– Progress mine dewatering and shaft refurbishment
– Advance basic and detailed project engineering studies
– Place deposits for long lead items of plant and equipment
– Commence early project works
12 Months:
In 2025 the Company plans to:
– Complete mine dewatering and shaft refurbishment
– Arrange project financing
– Commence mine construction
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Market risk
What do you think makes your company such a compelling investment?
South Crofty is a high grade and high value project that is fully permitted and with existing infrastructure and with significant potential to extend mine life and production throughput. Tin is the metal most impacted by new technology and is designated a critical mineral by UK, US and Canada. Tin is essential in all electronics and benefits from growing demand for technology metals amid a constrained supply chain. South Crofty is an opportunity for domestic supply of in to the UK and Europe.
What are the top 3 key investor takeaways?
Cornish Metals offers exposure to UK-based future supply of tin, a critical metal that is essential to the technology sector and energy transition.
South Crofty is the highest grade tin resource not in production. It has proven operational history, existing infrastructure, is fully permitted and locally supported with significant potential resource upside.
The PEA validates South Crofty’s potential to be a long life and low cost underground tin mine with an after-tax NPV of US$201 million and 30% IRR.