Mr. Richard Williams reports

CORNISH METALS PROVIDES AN UPDATE FOR THE SOUTH CROFTY TIN PROJECT

Cornish Metals Inc. has provided an update on the progress of activities at its South Crofty tin project. The feasibility study is advancing on schedule with a substantial amount of the study completed.

Richard Williams, chief executive officer and director of Cornish, stated: "We expected the mineralization at South Crofty to respond well to X-ray-transmission (XRT) ore sorting, but these results exceed even our most optimistic expectations. XRT ore sorting has proven highly effective at preconcentrating mineralization sampled from five different zones of the South Crofty deposit. We expect this result will have a positive effect on the project economics, allowing for lower power consumption and a smaller process plant and, therefore, lower capital and operating costs.

"In addition, good progress is being made on the feasibility study as project activities continue at pace at South Crofty."

Metallurgical testwork -- excellent ore sorting results:

• Both XRT ore sorting and heavy liquid separation (HLS) preconcentration testwork completed with excellent results:
  • XRT: 55 per cent of mass rejection and less than 3 per cent of metal loss (size fraction of negative 50 millimetres to positive 15 millimetres);
  • HLS: 50 per cent of mass rejection and less than 5 per cent of metal loss (size fraction of negative 15 mm to positive 0.85 mm);
• XRT ore sorter testwork of bulk composite samples completed by Tomra Sorting GmbH;
• HLS testwork of bulk composite samples completed by Wardell Armstrong International;
• The metallurgical testwork was conducted on samples from the 2023 metallurgical drill program across five mineralized zones (No. 4 lode, No. 8 lode, Roskear B/D lodes, North Pool zone and Dolcoath South), representing the majority of the potential production areas in the first six years of the proposed mine life;
• The testwork results confirm the upgrading potential of South Crofty mineralization and enable continuation of the process design optimization work to reduce the size of the mineral processing plant and materially lower capital costs, operating costs and environmental footprint.

Feasibility study progress

In addition to ore sorting testwork, the following feasibility study components have also been completed:

• Headframe structural modelling and refurbishment;
• Schedule and costing for the refurbishment and recommissioning of New Cooks kitchen and New Roskear shafts;
• Televiewer investigations and geotechnical rock testing to confirm known historical structural and rock mass property data;
• Conceptual numerical modelling of the proposed underground mining methods and stope designs; back analysis supports historical operating data; ground conditions and excavation stability are expected to be very good;
• Phase 1 of the metallurgical testwork program (mineralogy, physical competency, characterization and gravity response testwork); the gravity response results are very good and confirm previous operational results;
• Concept engineering on paste backfill options and sighter testwork;
• Ground investigations for the new mineral processing plant.

The following feasibility study components are currently under way:

• Mineral processing plant design, layout and capital cost study, incorporating the results of the metallurgical testwork program reported today and potential future throughput expansions;
• Underground mine design and optimization using the latest South Crofty mineral resource estimate published in September, 2023 (see news release dated Sept. 14, 2023);
• A mine ventilation study, underground infrastructure design and hoisting analysis;
• A feasibility study level engineering design for the paste backfill plant;
• Hydrogeology, environmental, social, marketing and closure studies;
• AMC Mining Consultants has been appointed to independently review and compile the feasibility study with initial gap analysis and site visits completed.

Cornish has published an updated corporate presentation to its website.

Background:

• South Crofty is a historical, high-grade, underground tin mine that started production in the 16th century and continued operating until 1998.
• The project possesses planning permission for underground mining, valid to 2071, planning permission to construct a mine water treatment plant, new processing facilities and all necessary site infrastructure, and an environmental permit to dewater the mine.
• South Crofty has the fourth-highest-tin-grade mineral resource globally and benefits from the presence of multiple shafts that can be used for future operations.
• Tin is a critical mineral as defined by the United Kingdom, the U.S. and Canadian governments, with approximately 75 per cent of the tin mined today coming from China, Myanmar and Indonesia.
• There is no primary tin production in Europe or North America.
• Responsible sourcing of critical minerals and security of supply are key factors in the energy transition and technology growth.
• South Crofty benefits from strong local community and regional and national government support. The project could generate 250 to 300 direct jobs.

About Cornish Metals Inc.

Cornish Metals is a dual-listed company (Alternative Investment Market and TSX Venture Exchange: CUSN) 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 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.

An updated mineral resource was completed in September, 2023.

The mineral resource estimate for South Crofty was updated in September, 2023 (see news release dated Sept. 14, 2023). An updated National Instrument 43-101 technical report will be filed on SEDAR+ within 45 days of the Sept. 14 news release.

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 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 Joint Ore Reserves Committee Code (2012) and as a qualified person under NI 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.