Results Of Its 2024 AGM
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Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), is pleased to announce the results of its 2024 Annual General and Special Meeting of the shareholders of the Company held via live audio teleconference on June 4, 2024 (the "Meeting"). A total of 251,794,012 common shares of the Company were voted at the Meeting, representing approximately 47.04% of the issued and outstanding common shares as at the record date of the Meeting. All resolutions were passed.
A recording of the post-AGM Corporate Update webinar hosted by the Company can be viewed here.
Meeting Results
Capitalised terms not otherwise defined in this news release shall have the meanings ascribed thereto in the Company's Management Proxy Circular dated April 19, 2024.
The voting results of the business of the Meeting are summarised as follows:
| MOTION | Votes For | % For | Votes Against | % Against | Votes Withheld | % Withheld |
|---|---|---|---|---|---|---|
| Number of directors set at seven | 251,487,271 | 99.88 | 297,013 | 0.12 | 0 | 0.00 |
| Election of Kenneth A. Armstrong | 242,751,685 | 97.30 | 6,741,837 | 2.70 | 0 | 0.00 |
| Election of Patrick F.N. Anderson | 242,762,287 | 97.30 | 6,730,154 | 2.70 | 0 | 0.00 |
| Election of John F.G. McGloin | 249,307,015 | 99.93 | 185,426 | 0.07 | 0 | 0.00 |
| Election of Stephen T. Gatley | 249,300,590 | 99.92 | 191,851 | 0.08 | 0 | 0.00 |
| Election of Anthony Trahar | 249,298,705 | 99.92 | 191,836 | 0.08 | 0 | 0.00 |
| Election of Donald Njegovan | 249,295,569 | 99.92 | 196,872 | 0.08 | 0 | 0.00 |
| Election of Samantha Hoe-Richardson | 249,307,580 | 99.93 | 184,861 | 0.07 | 0 | 0.00 |
| Appointment of Auditors | 251,607,125 | 99.93 | 0 | 0.00 | 184,987 | 0.07 |
| Approval of Stock Option Plan | 249,219,294 | 99.89 | 273,228 | 0.11 | 0 | 0.00 |
| Approval of General Share Authority | 249,238,992 | 99.90 | 253,530 | 0.10 | 0 | 0.00 |
| Approval of Pre-Emptive Disapplication Authority | 249,221,505 | 99.89 | 271,017 | 0.11 | 0 | 0.00 |
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.
Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/NPw9pe
Caution regarding forward looking statements
Caution regarding non-IFRS measures
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