Mr. Don Turvey reports

CORNISH METALS ANNOUNCES POUNDS STERLING7M CREDIT FACILITY WITH VISION BLUE RESOURCES

Cornish Metals Inc. has entered into a non-dilutive seven-million-British-pound ($9.1-million (U.S.)) secured credit facility with Vision Blue Resources Ltd. to support the continued development of its 100-per-cent-owned-and-permitted South Crofty tin project in Cornwall, United Kingdom. The proceeds of the facility are expected to be used for the company's general operating and corporate purposes.

Don Turvey, chief executive officer and director of Cornish Metals, stated: "This funding signals Vision Blue's continued support for Cornish Metals and our plans to bring tin mining back to Cornwall through the restart of South Crofty. We plan to generate value by unlocking the project's potential as a long-term supplier of tin needed for electrical applications in the U.K. and Europe. The company has been engaging with investment entities interested in financing the development of the project. The Vision Blue credit facility, combined with the recently completed non-core asset sales, provides capital to advance these discussions further with the support of our recently appointed financial adviser, Endeavour Financial, and develop optionality as we continue to further derisk the project, ahead of securing project financing for the construction of South Crofty."

Related party transaction

Vision Blue is a substantial shareholder (as defined by the AIM (Alternative Investment Market) Rules for Companies) of Cornish Metals and holds 25.95 per cent of the company's issued share capital. The facility is deemed to constitute a related party transaction for the purpose of AIM Rule 13. The company's independent directors, being all directors other than Vision Blue's appointed director (Tony Trahar), having consulted with SP Angel Corporate Finance LLP, the company's nominated adviser, consider that the terms of the facility are fair and reasonable insofar as shareholders are concerned.

In accordance with the AIM rules (Schedule 4), the following information regarding the facility is provided as follows.

Principal:  $9,145,000 (U.S.) (seven million British pounds)

Lender:  Vision Blue Resources

Borrower:  Cornish Metals

Term:  March 31, 2025

Interest:  15 per cent per annum

Security:  fixed and floating charges over Cornish Metals except mineral titles in the United Kingdom that are already pledged as security

Conditions:  on the repayment date, repayment of the full principal amount and accrued interest up to and including the date of payment

The facility also constitutes a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The facility is exempt from the formal valuation requirements pursuant to Subsection 5.5(b) of MI 61-101 (Issuer Not Listed on Specified Markets) and is exempt from the minority shareholder approval requirements pursuant to Subsection 5.7(f) of MI 61-101 (Loan to Issuer, No Equity or Voting Component).

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:

• 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 is 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, and the technical report entitled "South Crofty PEA"):
  • $201-million (U.S.) after-tax net present value (discounted at 8 per cent) and 29.8-per-cent internal rate of return);
  • Three-year after-tax payback;
  • 4,700-tonne average annual tin production in years 2 through 6;
  • Life-of-mine all-in sustaining cost of $13,660 (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 U.K., American and Canadian governments.
• 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.
• 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.
• 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.

The 2024 preliminary economic assessment for South Crofty is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the 2024 preliminary economic assessment will be realized. Mineral resources that are not mineral reserves do not have economic viability.

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 National Instrument 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.