Retail Offer

Cornish Metals announces a conditional retail offer of new Ordinary Shares via RetailBook, alongside the proposed fundraising of approximately £135 million (before expenses) (or such other amount as may be agreed) to develop the South Crofty tin project announced by the Company earlier today;

The Issue Price for the new Ordinary Shares is 60 pence per new Ordinary Share, representing a discount of 41.2% per cent to the closing mid-price of the Company’s existing Ordinary Shares on 13 October 2026, being the last trading day before the Ordinary Shares entered a Capital Access Window;

The Retail Offer is available to both existing shareholders and new investors;

There is a minimum subscription of £250 per investor in the Retail Offer;

No commission will be charged by RetailBook on applications to the Retail Offer.

More information on RetailBook’s partner network and how investors can participate in the Retail Offer can be found here: https://app.retailbook.com/offers/cornish-metals-plc.

The Retail Offer

Cornish Metals (AIM: TIN), a mineral exploration and development company focused on advancing its wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to announce a conditional retail offer of new ordinary shares of 0.05 pence each in the capital of the Company (“Ordinary Shares”) via RetailBook (the “Retail Offer”) at an issue price of 60 pence per new Ordinary Share (the “Issue Price”), being a discount of 41.2 per cent to the closing mid-price of the Company’s existing Ordinary Shares on 13 October 2026, being the last trading day before the Ordinary Shares entered a Capital Access Window. The Company is also conducting a placing of new Ordinary Shares to institutional investors by way of an accelerated bookbuilding process (the “Placing”) and conditional direct subscriptions for new Ordinary Shares by directors of the Company and certain other investors (the “Subscriptions”), as announced by the Company earlier today. The Placing, the Subscriptions and the Retail Offer (together, the “Fundraising”) are expected to raise approximately £135 million (before expenses). For the avoidance of doubt, the Retail Offer is not part of the Placing or the Subscriptions.

The Retail Offer is conditional on the other elements of the Fundraising, being the Placing and Subscriptions, also completing and the Fundraising conditionally raising, in aggregate, at least £135 million for the Company before expenses (or such other amount as may be agreed between the Company, National Wealth Fund Limited, Vision Blue Resources Limited, Glencore International AG, and each of Joh. Berenberg, Gossler & Co. KG, London Branch, Peel Hunt LLP, S.P. Angel Corporate Finance LLP and H&P Advisory Limited).

The Retail Offer is also conditional on certain other customary approvals, including the approval of the shareholders of the Company at a general meeting of the Company to be held on or around 9 November 2026 and on the new Ordinary Shares to be issued pursuant to the Fundraising being admitted to trading on AIM (“Admission”). Admission is expected to take place at 8:00 a.m. on or around 10 November 2026.

The Retail Offer will not be completed without the Placing and the Subscriptions also being completed.

The net proceeds of the Fundraising are expected to be used to develop the South Crofty tin mine in Cornwall.

Capital Access Window

As announced on 14 October 2026, the Company has decided to use a Capital Access Window in connection with the Fundraising. This is a voluntary pause in the trading of the Company’s shares, designed to make it easier for companies to reach a broader range of investors during a fundraise. Trading in the Ordinary Shares will remain paused until the Company makes a further announcement detailing the results of the Fundraising.

Reason for the Retail Offer

The Retail Offer is open to eligible investors resident and physically located in the United Kingdom following release of this announcement. The Retail Offer is expected to close at 7 p.m. on 21 October 2026 and may close earlier at the discretion of the Company or if it is oversubscribed.

Investors can participate through RetailBook’s partner network of investment platforms, retail brokers and wealth managers, subject to such partners’ participation. More information on RetailBook’s partner network can be found here https://app.retailbook.com/offers/cornish-metals-plc.

Eligibility for the Retail Offer

Some partners may only accept applications from existing shareholders and/or existing customers.

There is a minimum subscription of £250 per investor. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges. Note, no commission will be charged to investors by RetailBook in connection with the Retail Offer.