Cornish Metals Grant Of Options & PDMR Dealings
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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, announces that it has granted 2,500,000 incentive stock options over common shares without par value in the Company (the "Options") to Don Turvey, Chief Executive Officer.
The exercise price of the Options granted herein is £0.085 per share (C$0.14). These Options have a five-year term, whereby the Options vest over a three-year period, with one third of the Options vesting at the end of each year. The Options will expire on October 21, 2029.
The Company's Stock Option Plan allows for the issuance of up to 10% of the Issued Share Capital of the Company. Prior to this grant, the Company had 26,950,000 options issued, representing 5.03% of the Issued Share Capital of the Company (535,270,712 shares). The current issuance of 2,500,000 options takes the total number of options granted to 29,450,000, representing 5.50% of the Issued Share Capital.
PDMR Option Grants
Lodewyk Daniel Turvey has been granted the following options:
| Name | Position | Number of Options granted | Total Share options Held |
| Lodewyk Daniel Turvey | Chief Executive Officer | 2,500,000 | 2,500,000 |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Lodewyk Daniel Turvey | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive Officer | |
| b) | Initial notification /Amendment | Initial notification | |
| a) | Name | Cornish Metals Inc. | |
| b) | LEI | 8945007GJ5APA9YDN221 | |
| a) | Description of the financial instrument, type of instrument | Options over common shares without par value | |
| Identification code | CA21948L1040 | ||
| b) | Nature of the transaction | Grant of options pursuant to the Company LTIP | |
| c) | Price(s) and volume(s) | ||
| Price(s) | Volume(s) | ||
| 1. 8.50 pence | 1. 2,500,000 | ||
| d) | Aggregated information | ||
| - Aggregated volume | 2,500,000 | ||
| - Price | 8.50 pence | ||
| e) | Date of the transaction | 21 October 2024 | |
| f) | Place of the transaction | Outside of a trading venue |
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/MrDqwP
Caution regarding forward looking statements
Caution regarding non-IFRS measures
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.