Cornish Metals (TIN) H1 2026 earnings summary

Executive summary

• Secured an oversubscribed US$210 million senior secured bond in May 2026 for South Crofty project financing, with proceeds held in escrow pending an equity raise of at least US$161 million.

• Entered into up to £52 million in secured debt facilities with major shareholders, providing interim funding for project advancement.

• Mine dewatering reached a depth not achieved in over 28 years; process plant FEED completed and detailed engineering underway.

• Surface and underground development milestones achieved, including shaft refurbishment and new workshop completion.

• Remains pre-revenue, with continued capitalisation of project development costs.

Financial highlights

• Operating expenses decreased to £3.1 million (H1 2025: £4.1 million) due to lower professional fees post-re-domiciliation.

• Loss after tax increased to £5.5 million (H1 2025: £3.5 million), reflecting higher finance costs from new debt.

• Net cash used in investing activities rose to £23.3 million (H1 2025: £9.8 million), driven by mine and infrastructure investment.

• Cash provided by financing activities was £16.9 million (H1 2025: £47.6 million), mainly from debt facility drawdowns.

• Cash and cash equivalents at 30 June 2026 were £12.0 million, excluding US$215.8 million in escrow.

Outlook and guidance

• Near-term focus is on completing the project financing package, especially the required equity raise.

• Dewatering to the 400-level and shaft refurbishment targeted for completion in H1 2027.

• Mechanical installation of NCK winders planned for H2 2026; process plant construction to begin Q1 2027.

• First tin concentrate production expected mid-2028.