Land Purchase At South Crofty

Vancouver, May 21, 2024

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), is pleased to announce that it has purchased approximately 7.7 acres of land located immediately adjacent to important surface infrastructure at its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom.

Ken Armstrong, Interim CEO and Director of Cornish Metals, stated: "The acquisition of this land parcel is of strategic importance to Cornish Metals, increasing the total land area owned by the Company to 28.5 acres (11.5 ha). The purchased land includes the location of the North Winder for New Cook's Kitchen shaft, South Crofty's main production shaft, as well as a large area adjacent to the proposed site of the project's permitted processing plant. The land will provide additional space for future site works as well as opportunities for potential operating cost savings, renewable energy initiatives and improved overall property security. Importantly, the enlarged surface footprint for South Crofty now removes reliance on existing right-of-passage agreements and allows the Company complete control over the timing for refurbishment of the North Winder."

Figure 1: Aerial view of South Crofty's existing surface infrastructure and the land acquired.

o US$201 million after-tax NPV8% and 29.8% IRR

o 3-year after-tax payback

o 4,700 tonnes average annual tin production in years two through six

o Life of mine all-in sustaining cost of US$13,700 /tonne of payable tin

o Total after-tax cash flow of US$626 million from start of production

• Tin is a Critical Mineral as defined by the UK, American, and Canadian governments;
• Approximately two-thirds of the tin mined today comes from China, Myanmar and Indonesia;
• There is no primary tin production in Europe or North America;
• South Crofty benefits from strong local community, regional and national government support.

TECHNICAL INFORMATION

ON BEHALF OF THE BOARD OF DIRECTORS

"Kenneth A. Armstrong"

Kenneth A. Armstrong P.Geo.

Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/MP7nJr

Caution regarding forward looking statements