Cornish Metals (TIN) Q3 2025 earnings summary

Executive summary

• Advanced South Crofty tin project with updated PEA showing after-tax NPV of £180M and IRR of 20% for years two through six, targeting over 4,700 tonnes annual tin production at low AISC.

• Secured £57.4M in strategic funding, including major investments from NWF and Vision Blue, to de-risk and progress towards a final investment decision in 2026.

• Significant progress on mine dewatering, shaft refurbishment, and surface redevelopment, with key equipment orders placed and construction milestones achieved.

• Completed sale of non-core North American assets, generating $2.3M in proceeds.

• Announced re-domiciliation from Canada to the UK, with shareholder meeting and share consolidation planned.

Financial highlights

• Profit for the nine months ended September 30, 2025 was $6.5M, compared to a loss of $10.5M for the same period in 2024.

• Total operating expenses for the nine months were $10.7M, up from $10.5M year-over-year, reflecting higher professional and corporate activity costs.

• Net cash used in operating activities was $9.1M, and in investing activities $28.3M, both higher than the prior year.

• Net cash provided by financing activities was $87.6M, driven by the Fundraise.

• Cash at period end increased to $60.7M from $3.3M at September 30, 2024.

Outlook and guidance

• Near-term objectives include completing mine dewatering, advancing engineering and FEED, placing further equipment orders, and arranging project financing.

• Targeting first tin production by mid-2028, with expectations of being a lowest quartile cost producer.