Retail Offer

Cornish Metals, a mineral exploration and development company focused on the advancement and restart of its 100% owned-and-permitted South Crofty high-grade tin project in Cornwall, United Kingdom, is pleased to announce a retail offer via BookBuild to raise up to £3 million before expenses (the "Retail Offer") at an issue price of 8 pence per new common share (as defined below) (the "Issue Price"). The Company reserves the right to increase the size of the Retail Offer subject to demand. Should it choose to do so it will make an announcement via a regulatory information service.

In addition to the Retail Offer and, as announced today, the Company has launched the Placing together with details of the NWF Subscription, VBR Subscription and Directors' Participation (all of which as defined in that prior announcement and together the "Fundraising") to raise gross proceeds of a minimum of £56 million (before expenses) through the conditional issue of new Common Shares (the "New Shares") at the Issue Price. For the avoidance of doubt, the Retail Offer is not part of the Placing, NWF Subscription VBR Subscription or Directors Participation.

The Issue Price represents a discount of approximately 3.61 per cent to the closing share price of 8.3 pence per existing common share on 27 January 2025 (being the latest practicable date prior to the date of this Announcement).

A separate announcement has been made regarding the Fundraising and sets out the reasons for carrying out the Fundraising and the intended use of proceeds. The proceeds of the Retail Offer will be utilised in the same way as the proceeds of the wider Fundraising.

As previously announced, the Fundraising (other than the Retail Offer Shares and the NWF Subscription Shares) will be undertaken in two tranches. The first tranche will utilise the Company's share issuance authorities granted at its annual general meeting held on 4 June 2024 (being up to a maximum of 133,817,678. The second tranche will be conditional upon the Company obtaining new share issuance authorities from shareholders at a special meeting of shareholders of the Company (the "Special Meeting") to be held on or about 18 March 2025.

The Retail Offer Shares will be issued in the Second Tranche only and are conditional, inter alia, on the New Shares being admitted to trading on the AIM market ("AIM") of the London Stock Exchange plc ("Admission") and the wider Fundraising also becoming unconditional. It is anticipated that Admission will become effective and that dealings in the New Shares (including the Retail Offer Shares) will commence on AIM, at 8.00 a.m. on 24 March 2025.

The Retail Offer is not part of the Placing, VBR Subscription, NWF Subscription, or Directors Participation. Completion of the Retail Offer is conditional, inter alia, upon the completion of the other elements of the wider Fundraising becoming unconditional but completion of the wider Fundraising is not conditional on the completion of the Retail Offer.

Expected Timetable in relation to the Retail Offer

Retail Offer

The Company values its retail shareholder base, which has supported the Company alongside institutional investors since IPO. Given the support of retail shareholders, the Company believes that it is appropriate to provide its retail shareholders in the United Kingdom the opportunity to participate in the Retail Offer. The Company is therefore making the Retail Offer available in the United Kingdom through the financial intermediaries registered to the Bookbuild platform which are listed below, subject to certain access restrictions.

The Retail Offer will be open at 2:00 p.m. on 28 January 2025 to existing retail shareholders of the Company in the United Kingdom. The Retail Offer is expected to close at 4:00 p.m. on 31 January 2025. Investors should note that financial intermediaries may have earlier closing times. The Retail Offer may close early if it is oversubscribed.

The New Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with existing Common Shares including the right to receive all dividends and other distributions declared, made or paid after their date of issue.

The Retail Offer is not being made into any jurisdiction other than the United Kingdom .

There is a minimum subscription of £100.00 per investor under the terms of the Retail Offer which is open to investors in the United Kingdom subscribing via the intermediaries registered to the Bookbuild platform which are listed below, subject to certain access restrictions.

The Company reserves the right to increase the size of the Retail Offer subject to demand. Should the Company choose to do so it will make an announcement via a regulatory information service.

Key Investment Risks

Registered Intermediaries

The Company's LEI is 8945007GJ5APA9YDN221.

UK Product Governance Requirements

EU Product Governance Requirements