Completion Of Sale Of Mactung & Cantung Royalties

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, reports that it has completed the sale of its royalty interests on the Mactung and Cantung tungsten projects located in Northern Canada to Elemental Altus Royalties Corp. for a total cash consideration of US$4,500,000 (see news release dated July 21, 2024). The first cash payment of US$3,000,000 has been received by the Company, with the balance due by August 1, 2025.

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

Caution regarding non-IFRS measures