Cornish Metals PLC
TIN · AIM · Basic Resources · mcap £128m · 75.0p 2 open situations →
Open · 2
South Crofty development and financing
Includes Roskear West exploration drilling – Two-hole programme complete; final assays reported
South Crofty's US$210m 13.5% bond was placed on 6 May 2026 and settled on 21 May 2026. Proceeds stay in escrow until an equity raise of at least US$161m. On 14 Oct 2026 the company announced a Proposed Fundraise and entered AIM's Capital Access Window, a voluntary pause in share trading. A retail offer is intended. First tin is targeted for mid-2028.
- Remit
- Mining, processing, safety and overall business performance; based at South Crofty 14 Sep 2026 ↗
- Background
- 30+ years in mining; Petra Diamonds Joint CEO Feb 2025 to May 2026 14 Sep 2026 ↗
- EXIM
- Non-binding Letter of Interest, capacity to consider up to US$225m 24 Sep 2026 ↗
- First production
- First tin concentrate targeted mid-2028 24 Sep 2026 ↗
- Fundraise
- Proposed Fundraise announced 14 October 2026; size and price not stated 14 Oct 2026 ↗
- Trading pause
- AIM Capital Access Window from 7.30am BST on 14 October 2026, until results are announced 14 Oct 2026 ↗
Next: Announce fundraise results; then escrow release and FID
- 14 Oct 2026 Equity raise proposed; trading paused
- 24 Sep 2026 Bond escrowed; equity raise and FID pending
- 14 Sep 2026 Bond issued; equity raise and FID pending; operations lead hired
- 26 Aug 2026 Bond issued; equity raise and FID pending
Roskear West exploration drilling
Part of South Crofty development and financing – Equity raise proposed; trading paused
The two-hole, 2,330m Roskear West surface programme, the first to test the near-mine Exploration Target, completed with final assays on 1 Oct 2026 (hole 1 reported 9 July 2026). Tin lodes continue west beyond the current resource. A new high-grade tungsten zone and copper were found; tungsten is not in the MRE and does not change development plans.
- Programme
- Two holes, 2,330m; first test of near-mine Exploration Target; final results announced 1 October 2026 1 Oct 2026 ↗
- Tin result
- Roskear lodes continue west, outside the current MRE; mineralisation remains open to the west 1 Oct 2026 ↗
- Tungsten
- 8.58m at 1.41% W, including 0.52m at 15.15% W; not in MRE; extent and continuity unknown 1 Oct 2026 ↗
- Copper
- 0.62m at 6.59% Cu; 0.58m at 1.85% Cu with 14.20% Zn 1 Oct 2026 ↗
- Plan impact
- Production guidance stays tin-based; tungsten plant provision made in layout; no change to development plans 1 Oct 2026 ↗
- Next milestone
- Further drilling needed for resource expansion; no date given 1 Oct 2026 ↗
Next: further drilling to extend Roskear lodes west; assess tungsten and copper
- 1 Oct 2026 Two-hole programme complete; final assays reported
Closed · 1
Company filings. Not investment advice.