Mr. Richard Williams reports

CORNISH METALS CHANGE IN FINANCIAL YEAR END AND GRANT OF STOCK OPTIONS

Cornish Metals Inc. is changing its financial year-end from Jan. 31 to Dec. 31 and has granted 800,000 incentive stock options over common shares without par value in the company to executive management.

Change of year-end

The company has decided to change its financial year end to Dec. 31 to better align the company's financial reporting periods to that of its peer group in the mineral resources sector. In addition, the calendar year-end coincides with traditional financial, taxation and operational cycles.

As a result of the change of the financial year-end, key dates in the company's future reporting calendar will be as follows:

• Publication of unaudited accounts for the nine-month period ending Oct. 31, 2023, no later than Jan. 1, 2024;
• Publication of audited accounts for the 11-month period ending Dec. 31, 2023, no later than April 29, 2024;
• Publication of unaudited accounts for the three-month period ending March 31, 2024, no later than May 30, 2024;
• Publication of unaudited accounts for the six-month period ending June 30, 2024, no later than Aug. 29, 2024.

Further details on the company's reporting periods required pursuant to the company's listing on the TSX Venture Exchange are set out in the notice filed on SEDAR.

PDMR option grant

The board of directors has approved the issuance of 800,000 options to Fawzi Hanano, chief development officer. To ensure alignment with the company's shareholders, the options granted herein have an exercise price of 0.18 pounds sterling per share, the same as the options granted earlier this year (see news release dated July 17, 2023) and as the investment price paid by Vision Blue Resources when the company raised 40.5 million pounds sterling (approximately $65-million) in May, 2022 (see news release dated May 23, 2022). These options have a five-year term, whereby the options vest over a three-year period, with one-third of the options vesting at the end of each year. The options will expire on Sept. 30, 2028.

The company's stock option plan allows for the issuance of up to 10 per cent of the issued capital of the company. Prior to this grant, the company had 16.15 million options issued, representing 3.02 per cent of the issued capital of the company (535,270,712). The current issuance of 800,000 options takes the total number of options granted to 16.95 million, representing 3.17 per cent of the issued capital.

Mr. Hanano was granted the options noted herein.

About Cornish Metals Inc.

Cornish Metals is a dual-listed company focused on advancing the South Crofty high-grade, underground tin project through to delivery of a feasibility study, as well as exploring its additional mineral rights, all located in Cornwall, United Kingdom. Cornish Metals has a growing team of skilled people, local to Cornwall. The former-producing South Crofty tin mine is located beneath the towns of Pool and Camborne, and closed in 1998 following over 400 years of continuous production.

The technical information in this news release has been compiled by Owen Mihalop who has reviewed and takes responsibility for the data and geological interpretation. Mr. Mihalop (MCSM, BSc (honours), MSc, FGS, MIMMM, CEng) is chief operating officer for Cornish Metals and has sufficient experience relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined under the JORC code (2012) and as a qualified person under National Instrument 43-101. Mr. Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

We seek Safe Harbor.