Grant Of Performance Share Awards
Company grants 12.8 million performance share awards under new LTIP vesting in December 2027.
- Performance share awards granted 12,837,423 common shares
- Share price used for valuation 8.15p
- Vesting date 31 December 2027
- Unvested Performance Awards 12,837,423 (1.03% of issued share capital)
Select text to share a quote on X · sign in to keep highlights & notes in your TIN notes
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 on 23 May 2025, the Company granted conditional performance share awards ("Performance Awards") under the new Cornish Metals Long Term Incentive Plan ("LTIP") which was approved by shareholders on 18 March 2025.
Performance Awards have been granted over a total of up to 12,837,423 common shares of the Company to certain employees pursuant to the LTIP. In determining the number of awards, the Company has used a share price of 8.15p, being the closing price on 22 May 2025.
The LTIP awards will vest on 31 December 2027, subject to meeting certain strategic, operational, financial and shareholder return performance criteria and the continued employment of the participant. The targets are in relation to the following performance conditions:
- achievement of milestone KPI's, namely project execution, full project financing, mineral resource conversion and key ESG targets (50% weighting); and
- relative total shareholder return ("TSR") measured over a period of three calendar years (up to 31 December 2027) against the constituents of the AIM Basic Resources Index and a peer group of listed global tin producers and developers (50% weighting).
Following these grants there are 12,837,423 unvested Performance Awards under the Company's LTIP, equating to approximately 1.03% of the issued share capital of the Company. There are also 25,916,667 share options under the legacy Share Option Plan, equating to approximately 2.07% of the issued share capital of the Company. No further awards under the legacy Share Option Plan will be made.
PDMR Grants
Don Turvey, Matthew Hird and Fawzi Hanano have been granted the following Performance Awards:
| Name | Position | Number of Performance Awards |
| Lodewyk "Don" Turvey | Chief Executive Officer | 3,680,982 |
| Matthew Hird | Chief Financial Officer | 2,024,540 |
| Fawzi Hanano | Chief Development Officer | 1,978,528 |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. Lodewyk Turvey 2. Matthew Hird 3. Fawzi Hanano |
| 2 | Reason for the notification | |
| a) | Position/status | 1. Chief Executive Officer 2. Chief Financial Officer 3. Chief Development Officer |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Cornish Metals Inc. |
| b) | LEI | 8945007GJ5APA9YDN221 |
| a) | Description of the financial instrument, type of instrument | Common shares |
| Identification code | CA21948L1040 | |
| b) | Nature of the transaction | Initial award pursuant to the Company LTIP |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 1. 0 pence 2. 0 pence 3. 0 pence | 1. 3,680,982 2. 2,024,540 3. 1,978,528 | |
| d) | Aggregated information | |
| - Aggregated volume | 7,684,049 | |
| - Price | 0 pence | |
| e) | Date of the transaction | 23 May 2025 |
| f) | Place of the transaction | Outside of a trading venue |
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Turvey"
Don Turvey
CEO and Director
Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/MP7LNy
Caution regarding forward looking statements
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.