Mr. Richard Williams reports

CORNISH METALS REPORTS SUCCESSFUL EXPLORATION DRILLING AT WIDE FORMATION TARGET, SOUTH CROFTY TIN PROJECT

Cornish Metals Inc. has released results from the first six drill holes of the continuing 9,000-metre Carn Brea drill program.

All six drill holes intersected the Wide formation lode structure, which is characterized by strong tourmaline alteration and variable tin mineralization, similar to all historically mined tin-bearing structures in the South Crofty area.

Drilling has also identified a new mineralized structure lying directly beneath the Great Flat lode (named the Great Flat lode splay), as well as several high-grade, steeply dipping tin zones between the Great Flat lode and the Wide formation.

Highlights:

• All six drill holes intersected the Wide formation at the expected target depths, proving the exploration model for a parallel tin mineralized structure beneath the Great Flat lode;
• Wide formation structure has been confirmed over a strike length of at least 1.6 kilometres, a down-dip extent of at least 525 metres, thicknesses ranging from 1.8 m to 4.8 m, and remains open;
• Notable tin intercepts from the Wide formation, including:
  • 1.21 m grading 0.87 per cent tin (Sn) in CB23_004;
  • 1.9 m grading 0.83 per cent Sn in CB23_006.
• Notable tin intercepts from the newly identified Great Flat lode splay, including:
  • 3.38 m grading 1.01 per cent Sn in CB23_002;
  • One m grading 1.56 per cent Sn in CB23_004.
• Notable tin intercepts from multiple steeply dipping, high-grade tin zones, mainly intersected between the Great Flat lode and the Wide formation, including:
  • 0.3 m grading 7.48 per cent Sn and 3.09 m grading 1.21 per cent Sn in CB23_001;
  • 1.21 m grading 1.83 per cent Sn in CB23_004;
  • 3.06 m grading 0.93 per cent Sn in CB23_005;
  • 1.17 m grading 0.62 per cent Sn in CB23_006.
• A further eight drill holes are planned, testing a 2.5 km strike length of the Wide formation;
• The table entitled "Selected drilling results from holes one to six at the Wide formation target" presents all significant intercepts.

Richard Williams, chief executive officer and director of Cornish Metals, stated: "These results confirm Cornish Metals' model that the Wide formation represents a new, large-scale, tin-bearing exploration target lying beneath the historically mined Great Flat lode. The discovery of additional mineralized structures above and below the Wide formation is a bonus.

"The intensity of alteration, and the strength and thickness of the Wide formation structure, is similar to others in the region, and the next step for us is to define the location, orientation and extent of the high-grade pay shoots, which are typical of this style of mineralization.

"The discovery of the Great Flat lode splay and the other new zones of high-grade tin mineralization demonstrates the exploration upside of this area, which we view as having tremendous potential to add to our current mineral resource base at South Crofty."

The Wide formation

The Wide formation represents a new high-grade tin target in the Carn Brea South exploration area, located along the southern boundary of the South Crofty underground mine permission area. A 14-hole/9,000-metre drilling program commenced in Q3 2023, with the first six holes confirming the Wide formation lies parallel to, north of and beneath the Great Flat lode.

The drill program is designed to test the geometry and the continuity of tin mineralization within the Wide formation over an area measuring 2,500 metres along strike (northeast to southwest) and 525 m down dip to the southeast. Drilling to date has intersected the Great Flat lode and Wide formation tin mineralization structures where expected, confirming continuity of the Wide formation over a 1.6 km strike length and 525 m down dip.

Two drill rigs are currently on site, drilling holes CB23_008 and CB23_009 of the program, with future holes planned to continue testing the Wide formation along strike, and to improve on-target definition.

The Great Flat lode splay

Drilling has also intersected a previously unrecognized splay structure immediately beneath the Great Flat lode. The Great Flat lode splay is mineralized, varies up to nine m in thickness, and represents an important new exploration target less than 280 m below surface (see drill intercepts in the table entitled "Selected drilling results from holes one to six at the Wide formation target").

New steeply dipping tin zones

The continuing drill program also intersected multiple steeply dipping, high-grade tin zones, mainly located between the Great Flat lode and the Wide formation (see the table entitled "Selected drilling results from holes one to six at the Wide formation target"). More work is required to determine the orientation and true thickness of these zones. Identifying areas where these structures intersect both the Great Flat lode and the Wide formation is of particular interest, as these intersection points represent areas of greater fracturing and potential for high-grade tin mineralization.

Geology and mineralization

The geology in the Carn Brea South exploration area is identical to that at South Crofty, comprising metasediments (locally termed killas) which overlie an intrusive granite body. The mineralization of the Wide formation consists predominantly of blue tourmaline with disseminated cassiterite, hosted within a siliceous tourmaline-altered granite. The cassiterite is mostly hosted within tourmaline-quartz veins which overprint the interpreted earlier blue tourmaline lode structure. No mining has ever been carried out on the Wide formation.

The Great Flat lode splay, discovered up dip of the Wheal Bassett mine, occurs as a blue tourmaline-rich lode with quartz (occasionally brecciated) hosting disseminated cassiterite mineralization. The mineralized structure, which appears to separate away from the metasediment/granite boundary of its shallower counterpart, is hosted within strongly altered granite. This structure forms an unmined splay off the Great Flat lode, is several metres thick and has an approximate area of 700 m by 450 m.

The Wide formation, Great Flat lode splay and new zones of steeply dipping high-grade tin mineralization warrant further exploration.

Technical information

Drilling at Carn Brea South was performed by Priority Drilling Company Ltd. using an Atlas Copco CS14 diamond drill rig. Hole construction consisted of HQ (96.1-millimetre (mm) diameter) to recover 72.8 mm diameter drill core from within the shallower Great Flat mineralized zone, before reducing to NQ (76 mm diameter) to recover a 48 mm diameter drill core when drilling at depth through the Wide formation target. On completion, holes were multishot surveyed using a Reflex EZ-Trac. Core recovery was greater than 95 per cent. The core was logged, split via core saw and sampled by Cornish Metals' personnel. The samples, comprising half-core, were sent for assay at ALS Minerals, Loughrea, Ireland. Sample preparation involved crushing to 70 per cent less than two mm, riffle split and pulverized to 85 per cent less than 75 microns. The analytical method used for tin, copper, tungsten, zinc and arsenic was X-ray florescence (XRF) following a lithium borate fusion. A multielement, four-acid digestion, ICP-AES (inductively coupled plasma atomic emission spectroscopy) analysis was also carried out to further characterize the mineralization and alteration assemblages. Overlimit assays on silver were carried out using a three-acid digest and an HCl (hydrochloric acid) leach ICP-AES analysis. A comprehensive quality assurance/quality control program using standards, duplicates and blanks was included within the sampling program.

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 (Joint Ore Reserve Committee) Code (2012), and as a qualified person under National Instrument 43-101 and AIM (Alternative Investment Market). 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.

About Cornish Metals Inc.

Cornish Metals is a dual-listed company focused on advancing the South Crofty high-grade, underground tin project through to a construction decision, as well as exploring its additional mineral rights, all located in Cornwall, United Kingdom:

• South Crofty is a historical, high-grade, underground tin mine that started production in 1592 and continued operating until 1998, following over 400 years of continuous production;
• The project possesses planning permission for underground mining (valid to 2071), to construct new processing facilities and 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 existing mine infrastructure, including multiple shafts that can be used for future operations;
• Tin is a critical mineral as defined by the United Kingdom, the United States and Canadian governments, with approximately two-thirds of the tin mined today coming from China, Myanmar and Indonesia;
• There is no primary tin production in Europe or North America;
• Tin connects almost all electronic and electrical infrastructure, making it critical to the energy transition -- 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;
• Cornish Metals has a growing team of skilled people, local to Cornwall, and the project could generate 250 to 300 direct jobs.

An updated mineral resource was completed in September, 2023, with a 39-per-cent increase in tonnes and 32-per-cent increase in contained tin in the indicated category for the Lower mine (see news release dated Sept. 13, 2023), as shown in the associated table.

The mineral resource estimate for South Crofty is available in a report titled "South Crofty tin project -- mineral resource update NI 43-101 technical report," dated Oct. 27, 2023, co-authored by N. Szebor, MCSM, MSc, BSc, CGeol, EurGeol, FGS, and R. Chesher, FAusIMM(CP), RPEQ, MTMS, of AMC Consultants, and can be accessed on the company's SEDAR+ page.

We seek Safe Harbor.