Cornish Metals (TIN) investor relations material

Investment highlights

• Owns 100% of South Crofty, the highest grade non-producing tin asset, with robust economics and strong government support, including significant investment from the UK National Wealth Fund.

• Project is fully permitted with existing infrastructure, offering a secure domestic tin supply for the UK and Europe.

• Attractive financials: £180m after-tax NPV (6%), 20% IRR base case, with spot NPV up to £570m and IRR over 40%.

• Average annual tin production of 4,700t in years 2-6, with low AISC of $13,400/t and average EBITDA of £70m.

• Market capitalisation of £151m as of February 2026, with £32.5m cash position in September 2025.

Tin market fundamentals

• Tin is essential for electronics, renewable energy, automotive, and advanced technologies, with 53% of global use in solder.

• Demand is projected to grow nearly 30% by 2035, driven by solar, EVs, and advanced computation.

• Market faces supply deficits due to disruptions in major producing countries and lack of primary production in Europe/North America.

• Asia controls nearly two-thirds of mine production and ~80% of refined production.

• Tin price supported by tight market and critical mineral designation in key economies.

Project development and milestones

• Acquired South Crofty in 2016; listed on AIM in 2021, raising significant funds in 2022 and 2025.

• Recent funding enables progress on mine dewatering, shaft refurbishment, early project works, and detailed engineering.

• Underground and surface activities advancing, including shaft pump station refurbishment, process plant excavation, and new starter miner training.

• First tin production targeted for mid-2028, with commissioning and start-up scheduled in 2028.