Mr. Don Turvey reports

CORNISH METALS FILES TECHNICAL REPORT FOR THE SOUTH CROFTY TIN PROJECT UPDATED PEA ON SEDAR+

Cornish Metals Inc. has filed a technical report pursuant to National Instrument 43-101, Standards for Disclosure for Mineral Projects, for its wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom, under Cornish Metals' profile on SEDAR+ and it is also available on the company's website.

The company's news release dated Sept. 29, 2025, summarizes the positive results of the updated preliminary economic assessment (PEA); see highlights below.

Highlights:

• Reinforced leadership team delivering global best practice:
  • Newly appointed general manager and project director have aligned the project with global best practice across current works, project delivery and eventual operations;
  • Top-tier third party consultants have independently verified all project parameters -- from technical design to real-time cost estimation -- ensuring rigour, transparency and execution confidence;
• Solid project economics and cash generation:
  • 180-million-British-pound after-tax real net present value (discounted at 6 per cent) and 20-per-cent internal rate of return at a tin price of $33,900 (U.S.) per tonne;
  • 237-million-British-pound real pretax NPV (discounted at 6 per cent) and 23-per-cent IRR;
  • Capital payback period of 3.3 years after tax after start of production;
  • Cumulative after-tax cash flow of approximately 558 million British pounds from start of production;
  • Average annual after-tax cash flow of approximately 57 million British pounds in years 2 through 6;
  • Average annual EBITDA (earnings before interest, taxes, depreciation and amortization) of 70 million British pounds and 62-per-cent EBITDA margin in years 2 through 6, which is expected to be sustained when additional mineral resources are added from planned underground drilling of known orebody extensions;
• A low-cost, high-grade, responsible tin operation with strong ESG (environmental, social and governance) credentials:
  • Lowest-quartile producer -- average AISC (all-in sustaining cost) of approximately $13,420 (U.S.) per tonne of payable tin for years 2 through 6, $14,460 (U.S.) per tonne over LOM (life of mine), positioning South Crofty in the lowest quartile of the cost curve;
  • Average annual tin production of approximately 4,700 tonnes for years 2 through 6 (equivalent to approximately 1.6 per cent of global mined tin production);
  • Average preconcentrated head grade of 2.11 per cent tin in years 2 through 6, upgraded from an average mined grade of 1.04 per cent tin;
  • Low-impact underground operation with no surface tailings disposal;
  • Use of 100-per-cent-renewable electricity supply with renewable power generation optionality;
  • Potential to directly employ over 300 people and create up to 1,000 indirect jobs;
• Sizable exploration target potential:
  • Near-mine exploration target points to potential additional mineralization of six million to 13 million tonnes at a tin grade of 0.5 per cent to 1.8 per cent;
  • South Crofty has a record of consistently replacing mined tonnes to extend its life of mine and the company is targeting a continuation of this trend;
  • The company has good visibility on higher-grade extensions that can allow a further optimized mine plan in due course subject to exploration drilling success;
  • The company has developed a resource drilling program that is planned to commence with the start of underground development and continue alongside production;
  • Further growth opportunities from longer-term exploration within the South Crofty mining permission area and within Cornish Metals' extensive mineral rights holdings in Cornwall;
• Well-supported project:
  • Support from local communities and government and U.K. government;
  • Permitted project with existing mine infrastructure, mining permission through to 2071 and full planning permission to construct the processing plant to recover tin concentrate.

The technical report, titled "South Crofty PEA Update" was prepared by AMC Consultants (U.K.) Ltd. on behalf of Cornish Metals. The qualified persons for the updated PEA are Dominic Claridge, FAusIMM, principal mining engineer (AMC); Nick Szebor, MCSM, CGeol, EurGeol, FGS, director/global lead, geosciences, and principal geologist (AMC); Mike Hallewell, FIMMM, FSAIMM, FMES, CEng (independent consultant); Barry Balding, PGeo, EurGeol, technical director, mining advisory, Europe (SLR); Steve Wilson, ACSM, CEng, FIMMM, managing director, Europe (P&C). They are qualified persons under NI 43-101 and competent persons as defined under the JORC (Joint Ore Reserves Committee) Code (2012).

This news release has been reviewed and approved by Stephen Holley, BSc (honours), ACSM, MSc, MSCM, CEng FIMMM, technical services manager for Cornish Metals, who is the designated qualified person for the company.

About Cornish Metals Inc.

Cornish Metals is a mineral exploration and development company 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 permitted to commence underground mining (valid to 2071) and construct a new processing facility and for all necessary site infrastructure;
• Would be the only primary producer of tin in Europe or North America; tin is a critical mineral as defined by the U.K., American and Canadian governments as it is used in almost all electronic devices and electrical infrastructure; approximately two-thirds of the tin mined today comes 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 over 300 direct jobs.

We seek Safe Harbor.