Audited Financial Statements

CORNISH METALS RELEASES AUDITED FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED 31 DECEMBER 2024

Vancouver, March 12, 2025

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to announce that it has released its audited financial statements and management, discussion and analysis ("MD&A") for the year ended December 31, 2024. The reports are available under the Company's profile on SEDAR+ (www.sedarplus.ca) and on the Company's website (www.cornishmetals.com).

Highlights for the year ended December 31, 2024 and for the period ending March 12, 2025

(All figures expressed in Canadian dollars unless otherwise stated)

• Strategic investment and fundraise (the "Fundraise") (news releases dated January 28-31, 2024):

o Fundraise totalling £57.4 million anchored by the National Wealth Fund Limited ("NWF") and Vision Blue Resources Limited ("Vision Blue"), conditionally investing £28.6 million and £18.1 million, respectively, with a further £10.7 million from existing shareholders and new investors, including £1.4 million from a retail offer;

o The Fundraise is being undertaken in two tranches with the first tranche of 133,817,678 shares issued on February 7, 2025. The second tranche of 583,325,689 shares is expected to be issued on or around March 24, 2025 subject to shareholder approval at the Special Meeting to be held on March 18, 2025;

o The Fundraise is expected to provide financial runway through to the end of Q1 2026 and will enable the Company to further de-risk the South Crofty tin project and advance it towards a formal final investment decision;

• Appointment of Don Turvey as Chief Executive Officer ("CEO") (news release dated August 11, 2024):

o Mr. Turvey appointed as CEO and an executive director of the Company effective October 9, 2024, and who has since relocated to Cornwall where he is based;

o Mr. Turvey is an experienced mining executive with more than 40 years of experience, including successfully securing funding and advancing new projects and historic mines through to production;

o Upon Mr. Turvey's appointment, Ken Armstrong returned to the position of non-executive director and continues as Chair of the Company's Audit Committee;

o Patrick Anderson returned to the position of non-executive Chair of the Board of Directors of the Company effective September 30, 2024.

• US$9.1 million (equivalent to £7.0 million) credit facility arranged with Vision Blue Resources Limited ("Vision Blue") on October 15, 2024 (news release dated October 15, 2024):

o Non-dilutive secured credit facility to support the continued development of South Crofty;

o Proceeds of the credit facility were used for the Company's general operating and corporate purposes;

o The credit facility is being repaid through a set-off with the proceeds from the fundraise mentioned above.

• Appointment of Endeavour Financial ("Endeavour") as the Company's financial adviser on October 9, 2024 (news release dated October 9, 2024):

o Endeavour appointed as financial adviser to secure project financing for the construction of South Crofty and advise the Company on funding options on the basis of the completed PEA and ongoing engineering studies;

o Various sources of funding are being assessed to deliver an optimal project financing solution in the second half of 2025.

• South Crofty Preliminary Economic Assessment ("PEA"), completed on April 30, 2024, validating the Project's economic viability (news release dated April 30, 2024):

o After-tax Net Present Value ("NPV") of US$201 million and Internal Rate of Return ("IRR") of 29.8%;

o Average annual tin production of over 4,700 tonnes for years two through six, totalling 49,310 tonnes over a 14-year Life of Mine ("LOM");

o Total after-tax cash flow of approximately US$626 million from start of production.

• Near-mine Exploration Target at South Crofty (news release dated November 13, 2024):

o Exploration Target points to potential additional mineralisation upside of 6Mt to 13Mt, at a tin grade of 0.5% to 1.8%, beyond the current South Crofty Mineral Resource in the Lower Mine area;

o Identifies the near-term resource development pathway at South Crofty.

• Commencement of second phase of refurbishment of New Cook's Kitchen ("NCK") shaft (news release dated July 10, 2024):

o Installation of the Phase 2 work platform was completed in July 2024, enabling faster replacement of old shaft timbers with new steel guides;

o Winders and cages installed, fully commissioned and in operation, and certified to allow for safe transport of equipment and workers within NCK shaft;

o Rephasing shaft refurbishment improves the functionality of NCK shaft and enables larger equipment to access the mine at an earlier stage in its re-development;

o Shaft refurbishment has reached approximately 270 meters below surface and is expected to be completed to the 400-fathom level (approximately 730 metres below surface) in Q4 2025 alongside mine dewatering.

• Mine dewatering continues with the submersible pumps and Water Treatment Plant ("WTP") operating to specifications (news release dated July 10, 2024):

o The water level in NCK shaft is at approximately 275 meters below surface with the rate of dewatering increased as refurbishment activities have caught up, allowing shaft refurbishment and dewatering to proceed concurrently;

o Treated water being discharged to the Red River continues to meet the standards permitted by the Environment Agency.

• Final drilling results from Wide Formation exploration program (news release dated August 18, 2024):

o The completed 14-hole / 9,000-meter drilling program successfully tested the geometry and continuity of tin mineralization within a 2,500 meter by 800 meter extent of the Wide Formation;

o Drilling also intersected tin mineralization associated with the Great Flat Lode and the Great Flat Lode Splay, as well as the interpreted eastern extension of the Great Condurrow Mine's Main Lode, and several strongly mineralized steeply dipping zones.

• Purchase of land totalling 7.7 acres located immediately adjacent to South Crofty surface infrastructure (news release dated May 21, 2024):
• Sale of Mactung and Cantung royalties for US$4.5 million in cash consideration (news release dated July 21, 2024):

o Completion of disposal of Company's royalty interests on the Mactung and Cantung tungsten projects located in Northern Canada to Elemental Altus Royalties Corp. ("Elemental Altus");

o Initial cash consideration of US$3.0 million received on August 1, 2024, with the balance of US$1.5 million due by August 1, 2025.

• Sale of Nickel King property announced for a total consideration of up to $8.0 million (news release dated June 16, 2024):

o Entered into a binding letter of intent with Northera Resources Ltd. ("Northera") for the sale of the Company's 100% interest in the Nickel King Property for a total consideration of up to $8 million;

o Initial cash consideration of $250,000 received to date.

• As at March 10, 2025 the Company's cash position was $17.2 million (equivalent to £9.3 million).

Don Turvey, CEO and Director of Cornish Metals, stated: "2024 was another important year for Cornish Metals and the advancement of South Crofty towards production with activity levels on-site remaining high and momentum building. Notable milestones achieved include the completion of the South Crofty PEA that confirms the project's potential to be a low-cost and long-life tin mining operation. The PEA results are compelling with a post-tax NPV8% of US$201 million and IRR of about 30%, representing a strong foundation with potential for significant upside. Teams are working around the clock refurbishing the NCK shaft as they continue to progress deeper down the shaft.

2025 commenced with a strong endorsement from our existing shareholders, including Vision Blue, and we are pleased to welcome the UK's National Wealth Fund and other new investors as shareholders in Cornish Metals, having supported a £57.4 million fundraise. This will enable the Company to maintain its strong momentum and further unlock the project's potential by delivering crucial milestones expected in the coming year including the completion of mine dewatering and shaft refurbishment, the start of early project works, placing orders for long-lead items, and concluding the project finance process."

Review of activities

Strategic investment and fundraise

On January 28-31, 2025, the Company announced a Fundraise totaling £57.4 million that was anchored by NWF and Vision Blue, conditionally investing £28.6 million and £18.1 million, respectively. A further £10.7 million was raised from existing shareholders and new investors, including £1.4 million from a retail offer. The Fundraise is being undertaken in two tranches with the first tranche of 133,817,678 shares issued on February 7, 2025. The second tranche of 583,325,689 shares is expected to be issued on or around March 24, 2025, subject to shareholder approval at the Special Meeting to be held on March 18, 2025.

The Fundraise is expected to provide financial runway through to the end of Q1 2026 and will enable the Company to further de-risk the South Crofty Project and advance it towards a formal final investment decision.by:

• bringing the South Crofty Project nearer to production by funding approximately £20 million of the South Crofty Project's initial capital expenditure requirements;
• commencing early project works, including initial construction of the groundworks for the processing plant;
• placing orders for long-lead items of plant and equipment; and
• advancing detailed project engineering studies.

Appointment of permanent CEO

On August 11, 2024, the Company announced the appointment of Mr. Don Turvey as CEO and an executive director of the Company effective October 9, 2024, following receipt of a UK work visa. Mr. Turvey relocated from South Africa to Cornwall, where he is now based. Mr. Turvey is an experienced mining executive with more than 40 years of experience in the sector. He has been CEO of private, ASX and AIM-listed mining companies where he has successfully secured funding and taken new projects and historic mines through to production, as well as leading a number of M&A transactions. Upon Mr. Turvey's appointment, Ken Armstrong returned to the position of non-executive director and continues as Chair of the Company's Audit Committee. Patrick Anderson returned to the position of non-executive Chair of the Board of Directors of the Company effective September 30, 2024.

US$9.1 million (equivalent to £7.0 million) credit facility with Vision Blue

The Company entered into a non-dilutive US$9.1 million (equivalent to £7.0 million) secured credit facility with Vision Blue to support the continued development of South Crofty (refer news release dated October 15, 2024). The proceeds of the credit facility were used for the Company's general operating and corporate purposes. The credit facility has a maturity date of March 31, 2025 and has a fixed borrowing cost of 15% per annum. The security comprises fixed and floating charges over the Company's assets except mineral rights in the UK which are already pledged as security under the royalty agreement with Osisko Gold Royalties Limited ("Osisko"). The credit facility is being repaid through a set-off with the proceeds from the Fundraise mentioned above.

Appointment of Endeavour Financial

Endeavour was appointed as the Company's financial adviser to secure project financing for the construction of South Crofty (refer news release dated October 9, 2024). Endeavour will advise the Company on funding options on the basis of the completed PEA and ongoing engineering studies. Various sources of funding are being assessed to deliver an optimal project financing solution with a successful conclusion to the project financing process expected in the second half of 2025.

Preliminary Economic Assessment completed for South Crofty

The results of the South Crofty PEA were released on April 30, 2024, validating the Project's economic viability and potential to be a low-cost and long-life tin mining operation with a current 14-year LOM. South Crofty is expected to produce a clean, high-grade tin concentrate and to be an important tin producer in Europe, supplying into the growing demand for this critical metal that is essential for the energy transition.

Key highlights from the PEA include:

• After-tax NPV8% of US$201 million and 29.8% after-tax IRR at base case tin price of US$31,000/tonne;
• Pre-production capital requirement of US$177 million;
• Capital pay-back period of three years after-tax;
• Total after-tax cash flow of US$626 million from start of production, peaking at US$82 million in second year of production;
• Average annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of US$83 million and 62.1% EBITDA margin in years two through six;
• 49,310 tonnes of tin metal in concentrate produced over a 14-year LOM
• Average annual tin production of over 4,700 tonnes for years two through six, equivalent to approximately 1.6% of global mined tin production;
• LOM average all-in sustaining cash cost ("AISC") of US$13,661/tonne of payable tin, positioning South Crofty as a low cost tin producer;
• Growth opportunities from additional in-mine and near-mine exploration with the potential to materially extend the mine life and increase production; and
• Potential to directly employ up to 320 people with permanent high-skilled and well-paid jobs and create up to 1,000 indirect jobs.

Further details can be found in the news release dated April 30, 2024 and the Technical Report entitled "South Crofty PEA" prepared in accordance with NI 43-101 and filed on SEDAR+.

Near-mine Exploration Target at South Crofty

The near mine Exploration Target at South Crofty announced on November 13, 2024 points to potential additional mineralization upside of 6Mt to 13Mt, at a tin grade of 0.5% to 1.8%, beyond the current South Crofty Mineral Resource in the Lower Mine area. This identifies the near-term resource development pathway at South Crofty.

South Crofty is one of the highest-grade tin resources in the world with a tin grade of 1.50% in the Indicated category and historically the mine consistently increased its Mineral Resource in line with production each year over the last 20 years of operation.

The near mine Exploration Target was primarily based on extrapolation of known, previously mined structures beyond the limits of the current South Crofty Mineral Resource. The mineralization around South Crofty remains open along strike and down dip providing further potential beyond the near mine Exploration Target. The Exploration Target does not consider the wider opportunities within the South Crofty mining permission area, which also shows significant potential and includes the Wide Formation exploration project, or within the wider region in Cornwall where Cornish Metals has extensive mineral rights holdings.

Refurbishment of New Cook's Kitchen Shaft - second phase commenced

Phase 2 of NCK shaft refurbishment commenced in July 2024, following the on-schedule installation of a new double-deck equipping stage and modified main cage, providing a safe and stable work platform enabling faster replacement of the old shaft timbers with new steel buntons and guides (refer news release dated July 10, 2024). Rephasing shaft refurbishment, concurrent with mine dewatering, will improve the functionality of NCK shaft, enable larger equipment to access the mine at an earlier stage in its re-development and ensure that high health and safety standards are applied as the underground mine workings are accessed.

The NCK shaft winding engines and associated winding apparatus, including the refurbished south headframe, enable safe access to NCK shaft for personnel and materials as required to facilitate the shaft refurbishment works and subsequent access to the dewatered deep workings of the mine. Mine dewatering continues with the submersible pumps and water treatment plant operating to specifications.

NCK shaft refurbishment has reached approximately 270 metres below surface and the water level in NCK shaft is currently at approximately 275 metres below surface. The treated water being discharged to the Red River is consistently well within the permitted standards.

Shaft refurbishment and mine dewatering to the 400-fathom level (approximately 730 metres below surface) are expected to be completed in Q4 2025.

Land purchase adjacent to South Crofty surface infrastructure

On May 21, 2024, the Company announced the purchase of a 7.7 acre land package situated to the south of Kerrier Way, immediately adjacent to important South Crofty surface infrastructure. The land purchase removes reliance on existing right-of-passage agreements, providing the Company with direct access to all surface infrastructure, as well as additional space for future site works, opportunities for potential operating cost savings, renewable energy initiatives and improved overall property security (refer news release dated May 21, 2024).

South Crofty new offices, stores and workshops

A detailed planning application for new offices, stores and workshops for South Crofty has been submitted to Cornwall Council. This work has been enabled by receipt of a UK Shared Prosperity Grant and provides the opportunity to build modern, efficient facilities at the proposed centre of mining operations at NCK shaft.

Exploration drill program at Carn Brea South

A 9,000-meter exploration drill program was completed at the Wide Formation target in the Carn Brea South exploration area with final drill results reported in August 2024 (refer news release dated August 18, 2024). The drill program was designed to test the geometry and the continuity of tin mineralization discovered by the Company at the Wide Formation target (refer news release dated January 10, 2023).

The mineralization style in the Wide Formation, comprising pervasive tourmaline and quartz (termed 'blue peach'), is similar in character to that associated with No. 8 Lode, one of the most prolific tin producing lodes in the latter years of operation of the South Crofty mine. The Wide Formation structure has been confirmed over a strike length of over 2,500 meters along strike (northeast to southwest) and a downdip extent of at least 800 meters (north to south), with true thicknesses ranging from approximately 2 to 10 meters. The structure remains open at depth and along strike. Notable tin intercepts from the Wide Formation include 1.21 meters grading 0.87% Sn in CB23_004.

Drilling identified a new mineralized structure lying directly beneath the Great Flat Lode (named the "Great Flat Lode Splay"), and several high-grade, steeply dipping tin zones between the Great Flat Lode and the Wide Formation locally referred to as 'Droppers'. Notable tin intercepts from the newly identified Great Flat Lode Splay include 3.38 meters grading 1.01% Sn in CB23_002. Notable tin intercepts from the 'Dropper' zones include 3.09 meters grading 1.21% Sn in CB23_001.

Drilling also intersected a new tin structure interpreted as the eastern extension of the Great Condurrow Mine's Main Lode. Notable tin and copper ("Cu") intercepts from the new structure include 2.11 meters grading 0.58% Sn and 5.48% Cu in CB23_011.

Sale of Mactung and Cantung royalties

The Company completed the sale of its royalty interests on the Mactung and Cantung tungsten projects located in Northern Canada to Elemental Altus for a total cash consideration of US$4.5 million (refer news release dated July 21, 2024). The initial cash consideration of US$3.0 million was received by the Company on August 1, 2024 (refer news release dated August 4, 2024), with the balance of US$1.5 million due by August 1, 2025.

Sale of Nickel King Property

On June 16, 2024, the Company entered into a binding letter of intent with Northera for the sale of the Company's 100% interest in the Nickel King Property for a total consideration of up to $8 million (refer news release dated June 16, 2024). Under the terms of the letter of intent, Northera made a first non-refundable cash payment of $100,000 (received on June 14, 2024). The Company and Northera subsequently amended the letter of intent whereby Northera made a second non-refundable cash payment of $150,000 (received on September 11, 2024) and a third and final non-refundable cash payment of $800,000 is now due on or before March 31, 2025. Upon receipt of the full aggregate cash consideration of $1,050,000 the Company will transfer the Nickel King Property to Northera. There are no further amendments to the letter of intent and, as previously agreed, upon completion of a go public transaction by Northera, resulting in a listing of securities on the TSX Venture Exchange, or other stock exchange, Northera will issue to the Company common shares in the capital of Northera having an aggregate market value equal to $7.0 million.

Appointment of Samantha Hoe-Richardson as independent non-executive director

On January 8, 2024, the Company announced that Samantha Hoe-Richardson joined the Board of Directors as an independent non-executive director (refer news release dated January 8, 2024). Ms. Hoe-Richardson is an experienced non-executive director from a global mining, infrastructure and insurance background. She is currently a non-executive director of WE Soda Ltd, Assured Guaranty UK Ltd, Ascot Underwriting Limited and an independent advisor on climate change & sustainability to Laing O'Rourke. Ms. Hoe-Richardson was Head of Environment & Sustainable Development at Network Rail until 2017 and prior to that spent 16 years at Anglo American plc, latterly as Head of Environment. She previously worked in investment banking and audit. Ms. Hoe-Richardson holds a Masters Degree in Nuclear and Electrical Engineering from the University of Cambridge, and is also a non-practicing Chartered Accountant.

Financial highlights for the year ended December 31, 2024 and the eleven months ended December 31, 2023

• Operating expenses have risen reflecting increased investor & media engagement, higher professional fees associated with more corporate activity and termination settlement payable to the former CEO;
• Gain of $4.7 million arising from the sale of the Mactung and Cantung royalties, of which US$1.5 million is deferred consideration due by August 2025;
• Expenditure of $2.2 million on new or replacement equipment for the mine, including the final payments for the permanent pumps for the underground pump station, cages and the new winders, and associated commissioning costs;
• Expenditure of $2.8 million on land adjacent to the surface infrastructure at South Crofty;
• Dewatering costs of $5.5 million for power, reagents, sludge disposal and maintenance of the WTP;
• Other project related expenditure of $13.2 million relating to the advancement of South Crofty, primarily relating to the ongoing project engineering studies and NCK shaft re-access & refurbishment;
• Costs of $1.6 million incurred for the completion of the exploration program at the Wide Formation;
• Receipt of $3.0 million in research and development tax credit refunds arising from past expenditure incurred at South Crofty;
• Receipt of $12.3 million in net proceeds received under the secured debt facility entered into with Vision Blue; and
• Cash decreased by $16.2 million to $9.6 million at the period end mainly due to ongoing development activities at the South Crofty tin project, partially offset by proceeds received from the disposal of non-core assets in North America and the debt facility entered into with Vision Blue.

The Company changed its financial year end from January 31 to December 31 with effect from December 31, 2023 with the result that the current period of reporting is the twelve months ended December 31, 2024. The comparative period of reporting is the eleven months ended December 31, 2023.

Outlook

As described above, the Company continues to advance and derisk the South Crofty tin project towards production. By the end of December 2025, the Company's objectives are as follows:

• Complete dewatering of South Crofty mine and refurbishment of NCK shaft;
• Advance detailed project engineering studies;
• Place deposits for long lead items of plant and equipment;
• Arrange project financing for the South Crofty tin project.

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

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Expressed in Canadian dollars)