Loi From Export-import Bank Of The United States

In brief · summary, not quotable

Cornish Metals plc has received a non-binding Letter of Interest from the Export-Import Bank of the United States for potential financing of up to US$225 million for its South Crofty tin project. This support, under EXIM's Supply Chain Resiliency Initiative and potentially the China and Transformational Exports Program, is contingent on South Crofty providing a responsible supply of tin concentrate to the United States, aiming to enhance supply chain resilience. The company, which expects production to commence in mid-2028, views this as a significant step towards a final investment decision, especially given strong tin prices and progress on site.

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Cornish Metals plc (AIM: TIN) ("Cornish Metals" or the "Company") is pleased to announce that it has received a non-binding Letter of Interest ("LOI") from the Export-Import Bank of the United States ("EXIM"), outlining potential financing support for the development of the Company's wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom.

Under EXIM's Supply Chain Resiliency Initiative ("SCRI"), the LOI specifies EXIM's capacity to consider up to US$225 million in financing. South Crofty may also qualify for special consideration under EXIM's China and Transformational Exports Program ("CTEP").

South Crofty is Cornish Metals' flagship project and the highest grade known tin deposit in the world that is not currently in operation, with production due to begin in mid-2028. EXIM's potential financing support is linked to South Crofty providing a responsible supply of tin concentrate to the United States, to build more resilient supply chains.

Don Turvey, CEO of Cornish Metals commented:

"This Letter of Interest from EXIM is a testament to the quality and strategic importance of South Crofty and its potential to become the first new tin producer in the western world. This indicative support also demonstrates the ramping up of our discussions with potential project financing sources as we progress towards a final investment decision. Against a backdrop of strong tin prices supported by attractive market dynamics and the substantial progress being made on site, we are encouraged by the momentum building across the business as we work towards bringing South Crofty back into production."

The LOI does not constitute a financing commitment and as such there can be no guarantee that any funding from EXIM will be forthcoming.

Endeavour Financial is acting as financial advisor to the Company in relation to the project financing of the South Crofty tin project.

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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.