Commissioning And Opening Of Water Treatment Plant

CORNISH METALS COMPLETES COMMISSIONING AND OFFICIALLY OPENS THE WATER TREATMENT PLANT AT SOUTH CROFTY TIN PROJECT

Vancouver, October 25, 2023

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on its South Crofty Tin Project ("South Crofty" or the "Project") in Cornwall, United Kingdom, is pleased to report that it has commissioned and officially opened the Water Treatment Plant ("WTP") and is about to commence dewatering of the South Crofty mine.

Key Points

• Following successful wet commissioning of the WTP and the building of a high-density sludge bed within the plant, discharge of treated water from South Crofty Mine to the Red River will commence from the week of October 30 at a rate of up to 25,000m3/day.
• Raw mine water is being pumped from a depth of 360 metres in New Cook's Kitchen shaft to the WTP via two KSB specialist high-head 950 kW vertical submersible pumps.
• Mine dewatering is expected to take 18 months.
• The treated water meets the Company's permitted standards set by the Environment Agency for discharge into the Red River.
• Dewatering the mine and treating the water will have a positive effect on water quality in the Red River, which currently receives untreated mine water as a legacy of past mining activities.
• The water discharged from South Crofty powers a hydro-turbine that generates up to 15% of the power consumed by the WTP.
• Other renewable heat opportunities are being actively explored to make use of the treated water temperature, which is a steady 25oC all year round and has the potential to heat at least 800 homes in the local area.

Richard Williams, CEO and Director of Cornish Metals, stated; "The start of dewatering of the South Crofty mine is an important milestone for the continued advancement of the Project towards an investment decision. Teams from Cornish Metals, our suppliers and dedicated local contractors have worked extremely hard over the last year to get to this point. Planning and preparation are underway for the re-accessing of the mine, which will take place in parallel with mine dewatering."

Background

• The Project possesses Planning Permission for underground mining, valid to 2071, Planning Permission to construct a mine water treatment plant, new processing facilities, all necessary site infrastructure, and an Environmental Permit to dewater the mine;
• Tin is a Critical Mineral as defined by the UK, USA, and Canadian governments, with approximately 75% of the tin mined today coming from China, Myanmar and Indonesia;
• There is no primary tin production in Europe or North America;

South Crofty Summary (JORC 2012) Mineral Resource Estimate

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