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Cornish Metals Q2 ACTIVITIES UPDATE 26 August 2026 Cornish Metals plc ( AIM : TIN ) ( " Cornish Metals " or the " Company " ) , a mineral exploration and development company focused on advancing its wholly owned and permitted South Crofty tin project in Cornwall , United Kingdom , provides the following summary of activities at South Crofty during the second quarter of 2026 ( 1 April to 30 June 2026 ) . This update is provided in accordance with the terms of the Company's senior secured bond issued on 21 May 2026 and is not intended to introduce new material information ; further detail on the matters referenced is set out in the Company's previous announcements . Highlights • Tin prices remained robust during the quarter , with a period - end spot price of approximately US $ 56,600 / tonne supporting the project economics ; NPV6 % at the period end spot price is estimated at approximately £ 550 million • Issued an oversubscribed US $ 210 million senior secured bond , which has subsequently been admitted to trading on Nordic ABM , with strong demand from investors across North America , the UK and Europe , the proceeds of which to be used for the construction of South Crofty • Secured bridge financing facilities of up to approximately £ 52 million from the National Wealth Fund and Vision Blue Resources , further strengthening the funding package ahead of a targeted final investment decision ( " FID " ) • The Company's cash position as at 30 June 2026 was £ 12.0 million ( £ 18.5 million on 24 August 2026 ) , excluding the cash held in escrow of US $ 215.8 million following the placement of the US $ 210 million senior secured bond Dewatering underway through the fully commissioned 195 - level pump station , the first time the mine has been dewatered to this level in over 28 years • Front - End Engineering Design ( " FEED " ) of the process plant completed , with Detailed Engineering being progressed , both engagements led by Ausenco • Excavation at the pre - concentration building is approximately 50 % complete , with civil works expected to continue throughout 2026 • Surface civil works at Roskear shaft are complete , with the winder house structure erected • Phase one of the exploration drilling programme at Roskear West , targeting the western extension of the Roskear Lodes , continued through the quarter , with positive results of the first drillhole released in July 2026 • New workshop and stores facility at the former Bartles Foundry nearing completion , with minor interior works and landscaping remaining • New Cook's Kitchen ( " NCK ” ) offices now operational , with upgraded site access , security and welfare facilities completed • Civil works for the NCK production and service winder foundations underway , supporting planned mechanical installation in H2 2026 • Development at the 25 - level advancing , with employee training ongoing • FEED for the underground loading , hoisting and materials - handling infrastructure being progressed by Optimult • Orders placed for long - lead items , including skips and cages for the NCK shaft • Near - term activity remains focused on completing the project finance package , alongside continued dewatering and progress across key surface and underground infrastructure