Mr. Richard Williams reports

CORNISH METALS COMPLETES COMMISSIONING AND OFFICIALLY OPENS THE WATER TREATMENT PLANT AT SOUTH CROFTY TIN PROJECT

Cornish Metals Inc. has commissioned and officially opened the water treatment plant (WTP) and is about to commence dewatering of the South Crofty mine.

Key points:

• Following successful wet commissioning of the WTP and the building of a high-density sludge bed within the plant, discharge of treated water from South Crofty mine to the Red River will commence from the week of Oct. 30, 2023, at a rate of up to 25,000 cubic metres per day.
• Raw mine water is being pumped from a depth of 360 metres in New Cook's Kitchen shaft to the WTP through two KSB specialist high-head, 950-kilowatt vertical submersible pumps.
• Mine dewatering is expected to take 18 months.
• The treated water meets the company's permitted standards set by the environment agency for discharge into the Red River.
• Dewatering the mine and treating the water will have a positive effect on water quality in the Red River, which currently receives untreated mine water as a legacy of past mining activities.
• The water discharged from South Crofty powers a hydro turbine that generates up to 15 per cent of the power consumed by the WTP.
• Other renewable heat opportunities are being actively explored to make use of the treated water temperature, which is a steady 25 C all year round and has the potential to heat at least 800 homes in the local area.

Richard Williams, chief executive officer and director of Cornish Metals, stated: "The start of dewatering of the South Crofty mine is an important milestone for the continued advancement of the project towards an investment decision. Teams from Cornish Metals, our suppliers and dedicated local contractors have worked extremely hard over the last year to get to this point. Planning and preparation are under way for the reaccessing of the mine, which will take place in parallel with mine dewatering."

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, and planning permission to construct a mine water treatment plant, new processing facilities, all necessary site infrastructure and an environmental permit to dewater the mine.
• South Crofty has the fourth-highest-grade tin 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, 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) 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.

An updated mineral resource was completed in September, 2023, as summarized in the attached table.

The mineral resource estimate for South Crofty was updated in September, 2023 (see news release dated Sept. 13, 2023). An updated NI 43-101 technical report will be filed on SEDAR within 45 days of the Sept. 13, 2023, 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 and 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 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.

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