Cornish Metals (TIN) Q2 2025 earnings summary

Executive summary

• Raised £57.4 million in a strategic fundraise anchored by major institutional investors, providing financial runway through Q1 2026 and supporting the advancement of the South Crofty tin project toward a final investment decision.

• Received up to £4.2 million in grant funding for the Bartles Foundry project, supporting infrastructure for future production.

• Strengthened leadership with key senior management appointments and published the inaugural sustainability report, achieving an "A" rating from Digbee.

• Completed sale of North American assets, generating additional liquidity.

Financial highlights

• Operating expenses increased to $7.6 million for the six months ended June 30, 2025, up from $4.6 million year-over-year, reflecting higher professional fees and project activity.

• Net loss for the period was $6.3 million, compared to $4.1 million in the prior year.

• Net cash used in operating activities was $6.3 million; investing activities used $17.9 million.

• Net cash provided by financing activities was $87.5 million, primarily from the fundraise.

• Cash balance at June 30, 2025, was $73.8 million, up from $6.0 million at June 30, 2024.

Outlook and guidance

• Near-term objectives include completing mine dewatering and shaft refurbishment, advancing engineering and FEED, placing deposits for long-lead items, and arranging project financing.

• Surface works and processing plant construction to commence in August 2025; mine dewatering and shaft refurbishment expected to complete by mid-2026.