Cornish Metals (TIN) Q3 2024 earnings summary

Executive summary

• Appointed Don Turvey as CEO in October 2024, bringing over 40 years of mining experience.

• Arranged a US$9.1 million credit facility with Vision Blue Resources to support South Crofty development.

• Completed a Preliminary Economic Assessment (PEA) for South Crofty, confirming economic viability.

• Appointed Endeavour Financial as financial adviser to secure project financing.

• Sold Mactung and Cantung royalties for US$4.5 million and announced sale of Nickel King property for up to $8 million.

Financial highlights

• Profit for the nine months ended September 30, 2024 was $482,935, compared to a loss of $1,571,831 for the same period last year.

• Total operating expenses increased to $6.5 million from $3.3 million year-over-year, mainly due to higher travel, marketing, and a CEO termination settlement.

• Net cash used in operating activities was $4.0 million, and in investing activities $19.3 million.

• Cash at period end was $3.3 million, down from $31.6 million at the end of the prior period.

• Gain of $4.7 million recognized from the sale of royalties.

Outlook and guidance

• Objectives by December 2025 include completing mine dewatering, NCK shaft refurbishment, advancing engineering studies, and arranging project financing.

• Project financing for South Crofty targeted for the second half of 2025.