Appointment Of Financial Adviser For South Crofty

CORNISH METALS APPOINTS ENDEAVOUR FINANCIAL AS FINANCIAL ADVISER TO ARRANGE PROJECT FINANCING FOR SOUTH CROFTY TIN PROJECT

Vancouver, October 9, 2024

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, is pleased to announce that it has appointed Endeavour Financial ("Endeavour") as financial adviser to secure project financing for the construction of South Crofty.

Don Turvey, CEO and Director of Cornish Metals, stated: "We look forward to working with Endeavour to evaluate and put in place the optimal project financing solution for the development of the South Crofty project as we formally commence the project finance process. We will assess various sources of funding and we believe that the timely appointment of an experienced financial adviser like Endeavour will help guide the project financing process to a successful conclusion in H2-2025."

George Pyper, Managing Director of Endeavour Financial said: "Endeavour Financial is delighted to be working with the Cornish Metals team to evaluate and execute financing for the development of the strategically important South Crofty tin project, continuing our long track record of advising on project developments in the energy transition space."

Endeavour is a leading independent finance advisory firm dealing exclusively with the natural resources sector. It has a record of success in the mining industry, specialising in arranging multi-sourced funding solutions for development-stage companies, and has raised over US$4 billion in debt for mining companies.

Endeavour has prepared a three-staged process to source and negotiate project financing for the South Crofty project. The estimated capex as reported in the South Crofty Preliminary Economic Assessment was US$177 million and it is anticipated that debt financing could range up to approximately 50-60% of the total financing required.

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

TECHNICAL INFORMATION

ON BEHALF OF THE BOARD OF DIRECTORS

"Don Turvey"

Don Turvey

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

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Caution regarding forward looking statements

Caution regarding non-IFRS measures