Cornish Metals (TIN) Trading update summary

Financial and operational highlights

• Tin prices remained strong, ending the quarter at approximately US$56,600/tonne, supporting robust project economics with an estimated NPV6% of about £550 million.

• Raised an oversubscribed US$210 million senior secured bond, now trading on Nordic ABM, with proceeds allocated for South Crofty construction.

• Secured additional bridge financing of up to £52 million, enhancing the funding package ahead of the final investment decision.

• Cash position at 30 June 2026 was £12.0 million, increasing to £18.5 million by 24 August 2026, excluding US$215.8 million held in escrow.

Project development and infrastructure

• Dewatering of the mine reached the 195-level pump station, the first such achievement in over 28 years.

• Front-End Engineering Design for the process plant completed; detailed engineering and FEED for underground infrastructure are ongoing.

• Excavation at the pre-concentration building is 50% complete, with civil works at Roskear shaft and winder house structure finished.

• Orders placed for long-lead items, including skips and cages for the NCK shaft.

Exploration and site upgrades

• Phase one of exploration drilling at Roskear West continued, with positive initial drillhole results released in July 2026.

• New workshop and stores facility at Bartles Foundry nearing completion; new NCK offices now operational with upgraded site access and welfare facilities.

• Civil works for NCK production and service winder foundations underway, supporting planned mechanical installation in H2 2026.

• Employee training and development at the 25-level advancing.