Q2 Activities Update

Cornish Metals plc (AIM: TIN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on advancing its wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom, provides the following summary of activities at South Crofty during the second quarter of 2026 (1 April to 30 June 2026). This update is provided in accordance with the terms of the Company’s senior secured bond issued on 21 May 2026 and is not intended to introduce new material information; further detail on the matters referenced is set out in the Company’s previous announcements.

Highlights

Tin prices remained robust during the quarter, with a period-end spot price of approximately US$56,600/tonne supporting the project economics; NPV6% at the period end spot price is estimated at approximately £550 million

Issued an oversubscribed US$210 million senior secured bond, which has subsequently been admitted to trading on Nordic ABM, with strong demand from investors across North America, the UK and Europe, the proceeds of which to be used for the construction of South Crofty

Secured bridge financing facilities of up to approximately £52 million from the National Wealth Fund and Vision Blue Resources, further strengthening the funding package ahead of a targeted final investment decision (“FID”)

The Company’s cash position as at 30 June 2026 was £12.0 million (£18.5 million on 24 August 2026), excluding the cash held in escrow of US$215.8 million following the placement of the US$210 million senior secured bond

Dewatering underway through the fully commissioned 195-level pump station, the first time the mine has been dewatered to this level in over 28 years

Front-End Engineering Design ("FEED") of the process plant completed, with Detailed Engineering being progressed, both engagements led by Ausenco

Excavation at the pre-concentration building is approximately 50% complete, with civil works expected to continue throughout 2026

Surface civil works at Roskear shaft are complete, with the winder house structure erected

Phase one of the exploration drilling programme at Roskear West, targeting the western extension of the Roskear Lodes, continued through the quarter, with positive results of the first drillhole released in July 2026

New workshop and stores facility at the former Bartles Foundry nearing completion, with minor interior works and landscaping remaining

New Cook’s Kitchen (“NCK”) offices now operational, with upgraded site access, security and welfare facilities completed

Civil works for the NCK production and service winder foundations underway, supporting planned mechanical installation in H2 2026

Development at the 25-level advancing, with employee training ongoing

FEED for the underground loading, hoisting and materials-handling infrastructure being progressed by Optimult

Orders placed for long-lead items, including skips and cages for the NCK shaft

Near-term activity remains focused on completing the project finance package, alongside continued dewatering and progress across key surface and underground infrastructure

Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/ej6nne

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