£7m Credit Facility With Vision Blue Resources

Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), announces that it has entered into a non-dilutive £7 million (US$9.1 million) secured credit facility (the "Facility") with Vision Blue Resources Limited ("Vision Blue") to support the continued development of its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom. The proceeds of the Facility are expected to be used for the Company's general operating and corporate purposes.

Don Turvey, CEO and Director of Cornish Metals, stated: "This funding signals Vision Blue's continued support for Cornish Metals and our plans to bring tin mining back to Cornwall through the restart of South Crofty. We plan to generate value by unlocking the project's potential as a long-term supplier of tin needed for electrical applications in the UK and Europe. The Company has been engaging with investment entities interested in financing the development of the Project. The Vision Blue credit facility, combined with the recently completed non-core asset sales, provides capital to advance these discussions further with the support of our recently appointed financial adviser, Endeavour Financial, and develop optionality as we continue to further derisk the project, ahead of securing project financing for the construction of South Crofty."

Related Party Transaction

Vision Blue is a Substantial Shareholder (as defined by the AIM Rules for Companies) of Cornish Metals and holds 25.95% of the Company's issued share capital. The Facility is deemed to constitute a related party transaction for the purpose of AIM Rule 13. The Company's Independent Directors, being all Directors other than Vision Blue's appointed Director (Tony Trahar), having consulted with SP Angel Corporate Finance LLP, the Company's nominated adviser, consider that the terms of the Facility are fair and reasonable insofar as shareholders are concerned.

In accordance with the AIM Rules (Schedule 4), the following information regarding the Facility is provided below:

• Principal: US$9,145,000 (£7,000,000)
• Lender: Vision Blue Resource Limited
• Borrower: Cornish Metals Inc.
• Term: 31 March 2025
• Interest: 15% p.a.
• Security: Fixed and floating charges over Cornish Metals except mineral titles in the UK which are already pledged as security
• Conditions: On the repayment date, repayment of the full principal amount and accrued

interest up to and including the date of payment

The Facility also constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Facility is exempt from the formal valuation requirements pursuant to Subsection 5.5(b) of MI 61-101 (Issuer Not Listed on Specified Markets) and is exempt from the minority shareholder approval requirements pursuant to Subsection 5.7(f) of MI 61-101 (Loan to Issuer, No Equity or Voting Component).

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

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Caution regarding forward looking statements

Caution regarding non-IFRS measures