Mr. Don Turvey reports

OPERATIONS UPDATE FOR THE SOUTH CROFTY TIN PROJECT

Cornish Metals Inc. has provided an update on the progress of activities at South Crofty.

Underground activities

Refurbishment work on the New Cook's Kitchen (NCK) mid-shaft pump station (at approximately 360 metres below surface) is progressing to plan with removal of the old pumps, pipes and steelwork complete and installation of the new permanent pumps well advanced. Work on the pump station is expected to be completed before the end of the year, after which the submersible pumps will be lowered to below the lower pump station level (approximately 730 metres below surface). Mine dewatering will resume at that point and is expected to reach the lower pump station level in mid-2026.

Underground development at the No. 1 level (approximately 50 metres below surface) has now started, consisting of approximately 600 metres of lateral development, which is required to establish the skip discharge and rock handling facilities for the NCK shaft rock-hoisting system. This development program is also being used to facilitate training of the company's mining crews in modern, mechanized development mining methods, utilizing the recently purchased single-boom jumbo drill rigs and other trackless equipment Cornish Metals is acquiring as it builds its life-of-mine mobile fleet.

Surface activities

The second phase of excavation for the new preconcentration plant commenced in late November, as planned. Following the initial phase of topsoil removal, which has been under way since August, 2025, the second phase of work is focused on the removal of the overburden and rock across the footprint of the building.

Construction activities for the new workshop and stores facility located at the old Bartles foundry site are progressing well, with the bulk excavation, foundations and steelwork complete and the building cladding now under way. Major works are expected to be completed by the end of Q1 2026, in line with the schedule.

Additionally, phase 1 of the mine dry refurbishment, which includes the changing room facilities and canteen, was completed in October, 2025. Phase 2 of the mine dry, which includes additional changing facilities and office space is currently under way, and it is expected to be completed in Q1 2026.

Don Turvey, chief executive officer of Cornish Metals, commented: "The work program at South Crofty has continued this year following the successful fundraise completed in Q1 and is progressing in line with our latest guidance. On surface, excavation and construction activities continue to advance across the site. Underground, significant progress has been made at the New Cook's Kitchen mid-shaft pump station, with the area cleared, installation of new permanent pumps well under way and the start of development at the No. 1 level serving as an important step that will provide a training platform for newly recruited miners."

About Cornish Metals Inc.

Cornish Metals is a mineral exploration and development company that is advancing the South Crofty critical mineral project toward production. South Crofty:

• Is a historical 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 the highest-grade known tin resource not in production;
• Is permitted to commence underground mining (valid to 2071), construct a new processing facility and for all necessary site infrastructure;
• Would be potentially the first primary producer of tin in Europe or North America; tin is a critical mineral as defined by the U.K., U.S. 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.