Mr. Don Turvey reports

CORNISH METALS GRANT OF OPTIONS & PDMR DEALINGS

Cornish Metals Inc. has granted 2.5 million incentive stock options over common shares without par value in the company to Lodewyk Daniel (Don) Turvey, chief executive officer.

The exercise price of the options granted herein is 8.5 pence per share (14 cents). These options have a five-year term, whereby the options vest over a three-year period, with one-third of the options vesting at the end of each year. The options will expire on Oct. 21, 2029.

The company's stock option plan allows for the issuance of up to 10 per cent of the issued share capital of the company. Prior to this grant, the company had 26.95 million options issued, representing 5.03 per cent of the issued share capital of the company (535,270,712 shares). The current issuance of 2.5 million options takes the total number of options granted to 29.45 million, representing 5.50 per cent of the issued share capital.

PDMR (person discharging managerial responsibilities) option grants

Mr. Turvey has been granted the following options.

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.