Filing Of Technical Report For South Crofty Pea

CORNISH METALS FILES TECHNICAL REPORT FOR THE SOUTH CROFTY TIN PROJECT PRELIMINARY ECONOMIC ASSESSMENT ON SEDAR+

Vancouver, May 28, 2024

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), 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 its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom under Cornish Metals' profile on Sedar+ (www.sedarplus.com). The Company's news release dated April 30, 2024 summarises the positive results of the Preliminary Economic Assessment ("PEA").

The technical report, titled "South Crofty PEA" (the "Technical Report") was prepared by AMC Consultants (UK) Limited on behalf of Cornish Metals. The Qualified Persons ("QPs") for the PEA are Mr Nicholas Szebor, MCSM, CGeol, EurGeol, FGS, Regional Manager (UK) and Principal Geologist (AMC); Mr Dominic Claridge, FAusIMM, Principal Mining Engineer (AMC); Ms Angela Collins, Dip BA MRTPI, Principal Planner (SLR); Mr Barry Balding, P.Geo., EurGeol, Technical Director - Mining Advisory Europe (SLR); Mr Steve Wilson, ACSM, C.Eng., FIMMM, Managing Director: Europe (P&C); Mr Mike Hallewell, FIMMM, FSAIMM, FMES, C.Eng. (Independent Consultant); and Dr Barrie O'Connell, ACSM, FIMMM, C.Eng. (Independent Consultant). QPs under NI 43-101 and Competent Persons as defined under the JORC Code (2012).

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$13,660 /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.

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Caution regarding forward looking statements