Filing of Updated MRE Technical Report on Sedar

Vancouver, October 30, 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 filed a technical report pursuant to National Instrument 43-101 - Standards for Disclosure for Mineral Projects ("NI 43-101") for the South Crofty Tin Project, Cornwall, United Kingdom under Cornish Metals' profile on Sedar (www.sedar.com). The Company's news release dated September 13, 2023 summarises the mineral resource estimate.

The technical report, titled "South Crofty Tin Project - Mineral Resource Update NI 43-101 Technical Report" (the "Technical Report") was prepared by AMC Consultants (UK) Limited on behalf of Cornish Metals and was co-authored by Mr. N. Szebor (MCSM, MSc, BSc, CGeol, EurGeol, FGS) and Mr. R. Chesher (FAusIMM(CP), RPEQ, MTMS). All of the co-authors of the Technical Report are independent of Cornish Metals, meet the definition of a "Qualified Person" under NI 43-101 and have consented to the disclosure in Cornish Metals' September 13, 2023 news release which describes the updated mineral resource estimate for the South Crofty Tin Project.

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 is reported in accordance with the requirements of the Joint Ore Reserves Committee of the Australian Institute of Mining and Metallurgy, the JORC Code (2012).
• The Qualified Person for this Mineral Resource estimate is Mr Nicholas Szebor, MCSM, MSc, BSc, Cgeol, EurGeol, FGS, of AMC Consultants (UK) Limited.
• Mineral Resources for the Lower Mine are estimated by conventional block modelling based on wireframing at 0.4% Sn threshold whilst honouring lode continuity and by ordinary kriging or inverse distance to the power of 3 grade interpolation.
• Mineral Resources for the Upper Mine are estimated by conventional 3D block modelling based on wireframing at 0.5% SnEq cut-off grade and a minimum width of 1.2 m and estimated by inverse distance to the power of 3 grade interpolation.
• Assumptions for process recovery are 88.5% for Sn.
• Cornish Metals has used a metal price of US$24,500/tonne Sn.
• SnEq for the Upper Mine is calculated using the formula: SnEq% = Sn% + (Cu% x 0.314) + (Zn% x 0.087). Cornish Metals has used metal prices of US$24,500/tonne Sn, US$8,000/tonne Cu, and US$2,700/tonne Zn. Assumptions for process recovery are 88.5% for Sn, 85% for Cu, and 70% for Zn.
• For the purpose of this Mineral Resource estimate, assays were capped by lode for the "Lower Mine" between 1.5% Sn and 23% Sn, and for the "Upper Mine" at 6% for Sn, 4% for Cu, and 20% for Zn.
• Bulk densities of 2.77 t/m3 and 3.00 t/m3 have been applied for ore volume to tonnes conversion for the granite-hosted and killas-hosted Mineral Resources, respectively.
• Mineral Resources have had a minimum mining width of 1.2 m applied using 0.0% Sn dilution.
• Mineral Resources for the "Upper Mine" are estimated from near-surface to a depth of approximately 350 m, and the "Lower Mine" are estimated from a depth of approximately 350 m to a depth of approximately 870 m.
• Mineral Resources are classified as Indicated and Inferred based on drillhole and channel sample distribution and density, interpreted geological continuity, and quality of data.
• The Mineral Resources have been depleted for past mining; however, they contain portions that may not be recoverable pending further engineering studies.
• Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
• Effective date 6 September 2023.
• Totals presented in the table are reported from the resource model are subject to rounding and may not sum exactly.

The Mineral Resource Estimate for South Crofty (see news release dated September 13, 2023) is available in a report titled the "South Crofty Tin Project - Mineral Resource Update NI 43-101 Technical Report", dated October 27, 2023, co-authored by Mr. N. Szebor (MCSM, MSc, BSc, CGeol, EurGeol, FGS) and Mr. R. Chesher (FAusIMM(CP), RPEQ, MTMS) of AMC Consultants, and can be accessed through the above link and on the Company's SEDAR page.

ON BEHALF OF THE BOARD OF DIRECTORS

"Richard D. Williams"

Richard D. Williams, P.Geo

Caution regarding forward looking statements