Cornish Metals PLC (TIN): South Crofty development and financing

This situation live

TIN Cornish Metals PLC

£128m · 75.0p · +820% since the first step

13 Nov 2025 · Dewatering, shaft refurbishment and surface works under way · +846% until the next step Arrange project financing for the South Crofty tin project.

18 Dec 2025 · Dewatering, shaft refurbishment, early works progressing · +67% until the next step Secure project financing to support full construction, targeted ahead of a formal final investment decision in 2026

5 Feb 2026 · Non-binding EXIM LOI received; financing talks ramping up · +9% until the next step This indicative support also demonstrates the ramping up of our discussions with potential project financing sources as we progress towards a final investment decision.

9 Feb 2026 · Re-sequenced works; first tin guidance mid-2028 unchanged · −20% until the next step With this refocused execution strategy, shaft refurbishment and mine dewatering are scheduled to be completed in early 2027. Guidance for first tin production is unchanged at mid-2028

2 Apr 2026 · Early works progressing; project financing preparation under way · −12% until the next step Preparatory work for this financing process is well underway and will form an important focus for management in the year ahead as the Company moves from early works into the next phase of execution.

7 May 2026 · Debt placed; equity raise and FID pending · −4% until the next step Project financing is progressing well and we expect to be fully funded and to announce the final investment decision for the South Crofty tin project this summer.

15 May 2026 · Bridge facilities signed; equity raise and FID pending · +12% until the next step Up to approximately £16 million will be used to credit the escrow account which has been set up in connection with the Bonds and is to be funded as a condition to issuance of the Bonds;

26 Aug 2026 · Bond issued; equity raise and FID pending · −8% until the next step Near-term activity remains focused on completing the project finance package, alongside continued dewatering and progress across key surface and underground infrastructure

14 Sep 2026 · Bond issued; equity raise and FID pending; operations lead hired · +4% until the next step The appointment strengthens the Company’s operational leadership as South Crofty progresses from construction towards operational readiness, with surface & underground development and workforce traini

24 Sep 2026 · Bond escrowed; equity raise and FID pending · −1% until the next step The bond proceeds remain in escrow and are not available to us until the conditions precedent are satisfied, the most significant of which is an equity raise of at least US$161 million.

14 Oct 2026 · Equity raise proposed; trading paused · −26% since The Capital Access Window will remain in place until a further announcement is made detailing the results of the Proposed Fundraise.

Project milestones

South Crofty development and financing

Equity raise proposed; trading paused

Next: Announce fundraise results; then escrow release and FID

Every step · 11

13 Nov 2025 Dewatering, shaft refurbishment and surface works under way – Arrange project financing for the South Crofty tin project. ↗
18 Dec 2025 Dewatering, shaft refurbishment, early works progressing – Secure project financing to support full construction, targeted ahead of a formal final investment decision in 2026 ↗
5 Feb 2026 Non-binding EXIM LOI received; financing talks ramping up – This indicative support also demonstrates the ramping up of our discussions with potential project financing sources as we progress towards a final... ↗
9 Feb 2026 Re-sequenced works; first tin guidance mid-2028 unchanged – With this refocused execution strategy, shaft refurbishment and mine dewatering are scheduled to be completed in early 2027. Guidance for first tin... ↗
2 Apr 2026 Early works progressing; project financing preparation under way – Preparatory work for this financing process is well underway and will form an important focus for management in the year ahead as the Company moves from... ↗
7 May 2026 Debt placed; equity raise and FID pending – Project financing is progressing well and we expect to be fully funded and to announce the final investment decision for the South Crofty tin project this summer. ↗
15 May 2026 Bridge facilities signed; equity raise and FID pending – Up to approximately £16 million will be used to credit the escrow account which has been set up in connection with the Bonds and is to be funded as a... ↗
26 Aug 2026 Bond issued; equity raise and FID pending – Near-term activity remains focused on completing the project finance package, alongside continued dewatering and progress across key surface and underground... ↗
14 Sep 2026 Bond issued; equity raise and FID pending; operations lead hired – The appointment strengthens the Company’s operational leadership as South Crofty progresses from construction towards operational readiness, with surface &... ↗
24 Sep 2026 Bond escrowed; equity raise and FID pending – The bond proceeds remain in escrow and are not available to us until the conditions precedent are satisfied, the most significant of which is an equity... ↗
14 Oct 2026 Equity raise proposed; trading paused – The Capital Access Window will remain in place until a further announcement is made detailing the results of the Proposed Fundraise. ↗

What is happening

Cornish Metals PLC: South Crofty development and financing – Equity raise proposed; trading paused. ['Equity raise proposed; trading paused']

In short: 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.
Announced: 13 Nov 2025 · Dewatering, shaft refurbishment and surface works under way
Latest: 14 Oct 2026 · Equity raise proposed; trading paused
Remit: Mining, processing, safety and overall business performance; based at South Crofty
Background: 30+ years in mining; Petra Diamonds Joint CEO Feb 2025 to May 2026
EXIM: Non-binding Letter of Interest, capacity to consider up to US$225m
First production: First tin concentrate targeted mid-2028
Fundraise: Proposed Fundraise announced 14 October 2026; size and price not stated
Trading pause: AIM Capital Access Window from 7.30am BST on 14 October 2026, until results are announced
Retail: Company intends to include an offer to retail investors, if undertaken
Escrow condition: Release needs equity raise of at least US$161m, per earlier announcements

What comes next

Announce fundraise results; then escrow release and FID.

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