Cornish Metals (TIN) Q4 2025 earnings summary

Executive summary

• Advanced South Crofty tin project through development and early-stage construction, supported by a £57.4m fundraise anchored by the National Wealth Fund and Vision Blue Resources, providing financial runway into H1 2026.

• Redomiciled to the UK, aligning corporate structure with stakeholders and simplifying reporting, with shares now solely listed on AIM.

• Published updated PEA confirming robust economics: post-tax NPV of £180m, 20% IRR at $33,900/t tin, and average annual tin production of >4,700 tonnes in years two through six post-ramp up.

• Achieved significant operational milestones: 3 million m³ of water treated, shaft refurbishment to 370m depth, and key surface infrastructure works commenced.

• Strengthened leadership team and workforce, reaching ~100 direct employees, with zero lost-time injuries and a TRIFR of 2.19.

Financial highlights

• Reported a loss after tax of £7.9m (2024: £0.7m), reflecting increased professional fees from corporate reorganisation and unrealised loss on investments.

• Operating expenses rose to £8.4m (2024: £5.0m), mainly due to higher salaries, professional fees, and share-based compensation.

• Cash balance at year-end was £22.7m (2024: £5.3m), with £21.8m invested in mining assets and £5.9m in property, plant, and equipment.

• No revenue generated as the company remains pre-production.

• Completed £57.4m equity fundraise, with net cash proceeds of £47.6m after share issue costs and debt repayment.

Outlook and guidance

• Targeting a final investment decision for South Crofty in 2026, with first tin production forecast for mid-2028.

• Focus for 2026 is securing a larger debt and equity financing package to support full project development.

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