Cornish Metals (TIN) Q4 2025 earnings summary

Executive summary

• Completed £57.4m fundraise in March 2025, anchored by National Wealth Fund and Vision Blue Resources.

• Re-domiciled to the UK, aligning structure and governance with operational focus.

• Advanced South Crofty project with significant progress in dewatering, shaft refurbishment, and surface works.

• Published updated PEA confirming robust project economics and long mine life.

• Strengthened leadership, expanded workforce to ~100, and published first Sustainability Report.

Financial highlights

• Loss after tax of £7.9m for 2025, up from £0.7m in 2024, mainly due to increased operating expenses and one-off reorganisation costs.

• Operating expenses rose by £3.4m, including £1.8m for corporate reorganisation.

• Cash balance at year-end was £22.7m, up from £5.3m in 2024.

• Invested £21.8m in mining assets at South Crofty, total investment now £66.2m.

• No debt at year-end; prior loan repaid from fundraise proceeds.

Outlook and guidance

• 2026 will focus on securing project financing and making a final investment decision.

• Near-term objectives include further dewatering, shaft refurbishment, and advancing underground development.

• Continued emphasis on disciplined capital deployment and risk reduction.