Mr. Richard Williams reports

CORNISH METALS TO BRING FORWARD REFURBISHMENT OF NEW COOK'S KITCHEN SHAFT

After assessment of the condition of the shaft timbers in New Cooks Kitchen (NCK) shaft, Cornish Metals Inc. has decided to commence refurbishment of the shaft ahead of schedule.

Accordingly and further to the announcement made by the company on Dec. 13, 2023, the proceeds raised from the offering completed in May, 2022, will be reallocated to accommodate the refurbishment of the NCK shaft, details of which are set out herein.

Key points:

• Rephasing shaft refurbishment will significantly improve the functionality of NCK shaft, enable larger equipment to access the mine at an earlier stage in its redevelopment, and, most importantly, ensure that the company continues to work to the highest health and safety standards as the company regains access to the underground mine workings.
• The rate of mine dewatering has been reduced, with the water level being maintained, to allow shaft refurbishment and dewatering to proceed concurrently.
• Shaft refurbishment and mine dewatering are now expected to complete by Q3 2025.
• The cost saving of approximately four million British pounds from reducing the rate of dewatering will cover the cost of shaft refurbishment during 2024.
• All aspects of the continuing feasibility study, except underground drilling, are expected to be completed in the first half of 2024, as previously stated.
• A preliminary economic assessment (PEA) for South Crofty remains on schedule to be published in Q2 2024;
• The outcome of the PEA will provide further guidance of the outstanding work programs and for the timing for the completion of the feasibility study as well as providing updated estimates of the financing requirements to achieve first tin production by the end of 2026.
• The company is financed for the remainder of 2024 and there is no anticipated impact on the overall cost of reopening South Crofty arising from this rephasing.

Richard Williams, chief executive officer and director of Cornish Metals, stated: "Cornish Metals is committed to safe, efficient and cost-effective work practices and has, accordingly, brought forward the refurbishment of NCK shaft. This is a key milestone for the project and demonstrates the confidence both we, as a company, and our largest shareholders have in the future of South Crofty. Importantly, management believes the project remains on track for production by the end of 2026."

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 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) and to construct new processing facilities and all necessary site infrastructure; as well as 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, U.S. 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 summarized in the attached 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-written 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.

Technical information

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. Owen 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 and AIM. 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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