CHANGE IN FINANCIAL YEAR END AND GRANT OF OPTIONS
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Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on its South Crofty tin project in Cornwall, United Kingdom, announces that it is changing its financial year end from 31 January to 31 December and that it has granted 800,000 incentive stock options over common shares without par value in the Company (the "options") to Executive Management.
Change of Year-End
The Company has decided to change its financial year end to 31 December to better align the Company's financial reporting periods to that of its peer group in the mineral resources sector. In addition, the calendar year end coincides with traditional financial, taxation and operational cycles.
As a result of the change of the financial year end, key dates in the Company's future reporting calendar will be as follows:
- Publication of unaudited accounts for the nine month period ending 31 October 2023 no later than 1 January 2024;
- Publication of audited accounts for the eleven month period ending 31 December 2023 no later than 29 April 2024;
- Publication of unaudited accounts for the three month period ending 31 March 2024 no later than 30 May 2024; and
- Publication of unaudited accounts for the six month period ending 30 June 2024 no later than 29 August 2024.
Further details on the Company's reporting periods required pursuant to the Company's listing on the TSX-V are set out in the Notice filed on Sedar.
PDMR Option Grant
The Board of Directors has approved the issuance of 800,000 options to Fawzi Hanano, Chief Development Officer. To ensure alignment with the Company's shareholders, the options granted herein have an exercise price of £0.18 per share, the same as the options granted earlier this year (see news release dated July 17, 2023) and as the investment price paid by Vision Blue Resources when the Company raised £40.5M (~C$65M) in May 2022 (see news release dated May 23, 2022). These options have a five-year term, whereby the options vest over a three-year period, with one third of the options vesting at the end of each year. The options will expire on September 30, 2028.
The Company's Stock Option Plan allows for the issuance of up to 10% of the Issued Capital of the Company. Prior to this grant, the Company had 16,150,000 options issued, representing 3.02% of the Issued Capital of the Company (535,270,712). The current issuance of 800,000 options takes the total number of options granted to 16,950,000, representing 3.17% of the Issued Capital.
Fawzi Hanano was granted the following options:
| Name | Position | Number of shares subject to the options granted | Total Share options Held | |
| Fawzi Hanano | Chief Development Officer | 800,000 | 800,000 | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||
| a) | Name | 1. Fawzi Hanano | ||
| 2 | Reason for the notification | |||
| a) | Position/status | 1. Chief Development Officer | ||
| b) | Initial notification /Amendment | Initial notification | ||
| a) | Name | Cornish Metals Inc. | ||
| b) | LEI | 8945007GJ5APA9YDN221 | ||
| a) | Description of the financial instrument, type of instrument | options over common shares without par value | ||
| Identification code | CA21948L1040 | |||
| b) | Nature of the transaction | Grant of options pursuant to the Company LTIP | ||
| c) | Price(s) and volume(s) | |||
| Price(s) | Volume(s) | |||
| 1. 18.00 pence | 1. 800,000 | |||
| d) | Aggregated information | N/A | ||
| - Aggregated volume | N/A | |||
| - Price | 18 pence | |||
| e) | Date of the transaction | 30 September 2023 | ||
| f) | Place of the transaction | Outside of a trading venue | ||
| South Crofty Summary (JORC 2012) Mineral Resource Estimate | ||||
| Area | Classification | Mass (kt) | Grade | Contained Tin / Tin Equivalent (kt) |
| Lower Mine | Indicated | 2,896 | 1.50% Sn | 43.6 |
| Inferred | 2,626 | 1.42% Sn | 37.4 | |
| Upper Mine | Indicated | 260 | 0.99% SnEq | 2.6 |
| Inferred | 465 | 0.91% SnEq | 4.2 | |
The Mineral Resource Estimate for South Crofty was updated in September 2023 (see news release dated September 13, 2023). An updated NI 43-101 Technical Report will be filed on SEDAR within 45 days of the September 13 news release.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
Caution regarding forward looking statements
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