Mr. Don Turvey reports

CORNISH METALS PRODUCES A NEAR MINE EXPLORATION TARGET AT SOUTH CROFTY

Cornish Metals Inc. has developed a near-mine exploration target at South Crofty.

The near-mine exploration target quantity and grade are conceptual in nature, and currently, there are insufficient data to classify this as a mineral resource. However, Cornish believes the exploration target demonstrates the potential to define additional mineralization, which could expand the current mineral resource at the project.

Highlights:

• South Crofty is one of the highest-grade tin resources in the world with a tin grade of 1.50 per cent in the indicated category.
• The near-mine exploration target points to potential additional mineralization upside of six million tonnes to 13 million tonnes, at a tin grade of 0.5 per cent to 1.8 per cent, above the current South Crofty mineral resource in the Lower mine area.
• The South Crofty mine has consistently increased its mineral resource in line with production each year for over the past 20 years when in operation.
• There is potential to define additional mineralization, which could expand the current mineral resource at the project.
• There are further growth opportunities from longer-term exploration activities both within the South Crofty mining permission area and within Cornish's extensive mineral rights holdings in Cornwall, providing for a multigenerational asset.

Don Turvey, chief executive officer and director of Cornish, stated: "This exploration target supports our view that there is a lot more tin at South Crofty waiting to be discovered. South Crofty is a generational asset with a long history of mineral resource discovery and conversion, and we expect this trend to continue after the mine restarts production. The [preliminary economic assessment] results represent a strong foundation for advancing South Crofty to production, but it is only the starting point and this exploration target illustrates the potential for immense upside."

The assessment of the near-mine exploration target is based on the current understanding of the geological controls on mineralization at the South Crofty project, and the target was generated by extrapolating known structures along strike and downdip, with tonnages estimated by applying assumed minimum and maximum thicknesses.

The near-mine exploration target was primarily based on extrapolation of known, previously mined structures beyond the limits of the current South Crofty mineral resource. The mineralization around South Crofty remains open along strike and downdip, providing further potential beyond the near-mine exploration target. The exploration target does not consider the wider opportunities within the South Crofty mining permission area, which also shows significant potential and includes the Wide Formation exploration project, or within the wider region in Cornwall, where Cornish has extensive mineral rights holdings.

Historic production at South Crofty demonstrates the consistent discovery of new mineralization and subsequent conversion to reserves. Cornish plans to test the near-mine exploration target systematically alongside initial production at South Crofty, targeting an increase of the mineral resource estimate above that depleted by production each year. This is expected to be carried out through targeted development and exploration drilling programs aimed at extending the existing mineral resource both along strike and downdip during the approximately first five years of operation.

Geology and mineralization

The geology of Cornwall is dominated by granitic intrusions that are part of the Permian Cornubian batholith and Devonian metasedimentary and metavolcanics, known locally as killas, that form the metamorphic aureole and host rocks of the intrusions. The sedimentary and volcanic package was deformed during the Variscan orogeny, where crustal thickening, followed by subsequent lithospheric extension and crustal subsidence, resulted in anatexis and formation of the Cornubian batholith.

The South Crofty project area lies on the north side of the Permian Carn Brea granite. The project area is underlain by a series of metasedimentary and metavolcanic rocks and associated hornfels and skarns that occur in close proximity to the granite contact. At depth, the granite underlies the whole project area dipping toward the northwest.

Mineralization occurs in steeply dipping vein type structures or lodes that generally strike east-northeast, occurring in both the granite and the overlying killas. Within the granite, the principal mineral of economic significance is cassiterite. The project is split by the Great Crosscourse, a late-stage fault which crosscuts and offsets the mineralized structures. The Great Crosscourse transects the project area, dividing the mine into two areas: east and west.

The area is host to numerous historic mines, which initially exploited copper and subsequently deeper tin. Numerous opportunities exist to test for the continuation of tin below historic copper mines. This precedent is evident both in the South Crofty workings and also at the Dolcoath mine, which was continuously mined through the copper mineralization and into tin mineralization at depth, demonstrating the vertical zonation.

Technical information

The near-mine exploration target has been based primarily on extrapolation of known, previously mined structures beyond the data limits of the current South Crofty mineral resource. Several smaller structures identified within the historical database that show potential for defining additional mineralization through further exploration have also been included. An analogue for continuity of mineralized structures is the Dolcoath mine, which sits directly to the south of South Crofty and was mined continuously from surface to over 800-metre vertical depth with a strike length that is traceable over 2.1 kilometres.

Where structures have been extrapolated beyond known data points, they have been extended half the known strike length of the defined mineral resource envelope and extrapolated a further two mine levels (approximately 75 m) downdip. Where structures have data which could be interpreted as belonging to that structure or where there is an analogy from an existing structure (for example historical workings above), extrapolations have been expanded to the same extent. In all cases, nothing has been extrapolated beyond the mining permission boundary. This approach assumes the continuity of structures beyond the current known data points.

Tonnage assumptions are based on the projected areas of the extrapolated structures. The upper tonnage target is based on the mean width of the known mineral resource structure, and the lower tonnage target is based on the lower 10th percentile width of the structure. This method acknowledges that, although the mineralized structures at South Crofty are extremely persistent, there is significant variability in the width. With the potential volume defined, the mean density of mineralization at South Crofty of 2.77 tonnes per cubic metre was applied to give an assessment of tonnage.

Average tin grade assumptions were based on the current South Crofty mineral resource sample data set. A range was derived which represents the likely average grade of the global near-mine exploration target and equates to the lower 40th and upper 75th percentiles of the existing mineral resource sample set. This is believed to give the best indication of expected average grade based on the existing precedent.

This exploration target was reviewed and approved by Nicholas Szebor (MCSM, BSc, MSc, CGeol, EurGeol, FGS), regional manager and principal geologist at AMC Consultants (U.K.) Ltd., a qualified person under National Instrument 43-101 and Alternative Investment Market Rules for Companies, and a competent person as defined under the Joint Ore Reserves Committee Code (2012). Mr. Szebor has reviewed the technical content of this news release as it relates to the exploration target and has approved its dissemination.

This news release has been reviewed and approved by Owen Mihalop, MCSM, BSc (honours), MSc, FGS, MIMMM, CEng, chief operating officer for Cornish, who is the designated qualified person under NI 43-101 and the AIM Rules for Companies, 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.

About Cornish Metals Inc.

Cornish is a dual-listed mineral exploration and development company (AIM and TSX Venture Exchange: CUSN) that is advancing the South Crofty tin project toward production. South Crofty:

• Is a historical, high-grade, underground tin mine located in Cornwall, United Kingdom, and benefits from existing mine infrastructure, including multiple shafts that can be used for future operations;
• Is fully permitted to commence underground mining (valid to 2071), to construct new processing facilities and for all necessary site infrastructure;
• Has a 2024 preliminary economic assessment that 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 tonnes of average annual tin production in years two through six;
  • 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;
• Would be the only primary producer of tin in Europe or North America; tin is a critical mineral as defined by the United Kingdom, American and Canadian governments as it is used in almost all electronic devices and electrical infrastructure; approximately two-thirds of the tin mined today come from China, Myanmar and Indonesia;
• Benefits from strong local community, regional and national government support with a growing team of skilled people, local to Cornwall, and 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 demonstrated economic viability.

We seek Safe Harbor.