Mr. Kenneth Armstrong reports

CORNISH METALS' RESPONSE TO SHARE PRICE MOVEMENT

Cornish Metals Inc. has noted the recent decline in its share price and has confirmed it is unaware of any operational or corporate reason for the price movement.

On April 30, 2024, the company reported a positive independent preliminary economic assessment (PEA) for its 100-per-cent-owned South Crofty tin project, located in Cornwall, United Kingdom. The PEA validates South Crofty's economic viability, producing a base-case after-tax net present value (NPV) of $201-million (U.S.) and internal rate of return (IRR) of 29.8 per cent and confirms the project's potential to be a low-cost and long-life tin mining operation with a current 14-year life of mine. A recording of management's May 1, 2024, detailed presentation of the PEA can be found on the Cornish Metals website.

A technical report documenting the PEA and prepared in accordance with NI 43-101 is well under way and will be filed on SEDAR+ within 45 days of the April 30, 2024, news release.

As noted on April 16, 2024, continuing project activities at South Crofty include refurbishment of New Cook's Kitchen (NCK) mine shaft, mine dewatering, treatment of mine water through the water treatment plant (WTP) and exploration drilling of the Wide formation.

The company will release its unaudited financial statements and management discussion and analysis for the three months ended March 31, 2024, by May 23, 2024.

Ken Armstrong, interim chief executive officer of Cornish Metals, commented: "The company is unaware of any reason for the selling pressure on the Cornish Metals share price this week. We believe the PEA reported on April 30, 2024, is robust and represents a strong foundation for further evaluation of the South Crofty tin project. South Crofty is fully permitted for mining through to 2071 and has planning permission in place to construct a process plant and other surface facilities on company-owned land adjacent to New Cook's Kitchen shaft. South Crofty is a strategic high-grade tin asset that is well positioned to take advantage of the strong demand for tin, which we believe, due to its critical nature and continued supply uncertainty, is likely to continue to trade above the PEA tin price assumption of $31,000 (U.S.) per tonne."

About Cornish Metals Inc.

Cornish Metals is a dual-listed mineral exploration and development 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, located in Cornwall, United Kingdom.

Highlights:

• 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 one of the highest-grade tin mineral resources globally and benefits from existing mine infrastructure, including multiple shafts that can be used for future operations.
• The 2024 preliminary economic assessment for South Crofty validates the project's potential (see news release dated April 30, 2024):
  • $201-million (U.S.) after-tax NPV (discounted at 8 per cent) and 29.8-per-cent IRR;
  • Three-year after-tax payback;
  • 4,700 tonnes of average annual tin production in years 2 through year 6;
  • Life of mine all-in sustaining cost of $13,700 (U.S.) per tonne of payable tin;
  • Total after-tax cash flow of $626-million (U.S.) from start of production.
• Tin is a critical mineral as defined by the United Kingdom, American and Canadian governments.
• Approximately two-thirds of the tin mined today comes 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, regional and national government support.
• Cornish Metals has a growing team of skilled people, local to Cornwall, and the project could generate up to 320 direct jobs.

Technical information

This news release has been reviewed and approved by Owen Mihalop, MCSM, BSc (honours), MSc, FGS, MIMMM, CEng, chief operating officer for Cornish Metals, who is the designated qualified person under NI 43-101 and a competent person as defined under the JORC Code (2012). 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.