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RNS Number : 3131R Cornish Metals Inc. 05 June 2024
CORNISH METALS ANNOUNCES RESULTS OF ITS 2024 ANNUAL GENERAL AND SPECIAL
MEETING
Vancouver, June 5, 2024
Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), is
pleased to announce the results of its 2024 Annual General and Special Meeting
of the shareholders of the Company held via live audio teleconference on June
4, 2024 (the "Meeting"). A total of 251,794,012 common shares of the Company
were voted at the Meeting, representing approximately 47.04% of the issued and
outstanding common shares as at the record date of the Meeting. All
resolutions were passed.
A recording of the post-AGM Corporate Update webinar hosted by the Company can
be viewed here (https://youtu.be/Twr8kuyPFjI) .
Meeting Results
Capitalised terms not otherwise defined in this news release shall have the
meanings ascribed thereto in the Company's Management Proxy Circular dated
April 19, 2024.
The voting results of the business of the Meeting are summarised as follows:
MOTION Votes For % For Votes Against % Against Votes Withheld % Withheld
Number of directors set at seven 251,487,271 99.88 297,013 0.12 0 0.00
Election of Kenneth A. Armstrong 242,751,685 97.30 6,741,837 2.70 0 0.00
Election of Patrick F.N. Anderson 242,762,287 97.30 6,730,154 2.70 0 0.00
Election of John F.G. McGloin 249,307,015 99.93 185,426 0.07 0 0.00
Election of Stephen T. Gatley 249,300,590 99.92 191,851 0.08 0 0.00
Election of Anthony Trahar 249,298,705 99.92 191,836 0.08 0 0.00
Election of Donald Njegovan 249,295,569 99.92 196,872 0.08 0 0.00
Election of Samantha Hoe-Richardson 249,307,580 99.93 184,861 0.07 0 0.00
Appointment of Auditors 251,607,125 99.93 0 0.00 184,987 0.07
Approval of Stock Option Plan 249,219,294 99.89 273,228 0.11 0 0.00
Approval of General Share Authority 249,238,992 99.90 253,530 0.10 0 0.00
Approval of Pre-Emptive Disapplication Authority 249,221,505 99.89 271,017 0.11 0 0.00
ABOUT CORNISH METALS
Cornish Metals is a dual-listed mineral exploration and development company
(AIM and TSX-V: CUSN) 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
(https://investors.cornishmetals.com/announcements/6315981) and the Technical
Report entitled "South Crofty PEA" dated April 8, 2024):
o US$201 million after-tax NPV(8%) and 29.8% IRR
o 3-year after-tax payback
o 4,700 tonnes average annual tin production in years two through six
o Life of mine all-in sustaining cost of US$13,660 /tonne of payable tin
o Total after-tax cash flow of US$626 million from start of production
· Tin is a Critical Mineral as defined by the UK, American, and
Canadian governments;
· 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;
· 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;
· 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 categorised as mineral reserves. There is no
certainty that the 2024 Preliminary Economic Assessment will be realised.
Mineral resources that are not mineral reserves do not have economic
viability.
TECHNICAL INFORMATION
This news release has been reviewed and approved by Mr Owen Mihalop, MCSM, BSc
(Hons), MSc, FGS, MIMMM, CEng, Chief Operating Officer for Cornish Metals Inc.
who is the designated Qualified Person under NI 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kenneth A. Armstrong"
Kenneth A. Armstrong P.Geo.
Engage with us directly at our investor hub. Sign up at:
https://investors.cornishmetals.com/link/NPw9pe
(https://investors.cornishmetals.com/link/NPw9pe)
For additional information please contact:
Cornish Metals Fawzi Hanano investors@cornishmetals.com (mailto:investors@cornishmetals.com)
Irene Dorsman info@cornishmetals.com (mailto:info@cornishmetals.com)
Tel: +1 (604) 200 6664
SP Angel Corporate Finance LLP Richard Morrison Tel: +44 203 470 0470
(Nominated Adviser & Joint Broker) Charlie Bouverat
Grant Barker
Cavendish Capital Markets Limited Derrick Lee Tel: +44 131 220 6939
(Joint Broker) Neil McDonald
Leif Powis Tel: +44 207 220 0500
Hannam & Partners Matthew Hasson cornish@hannam.partners (mailto:cornish@hannam.partners)
(Financial Adviser) Andrew Chubb Tel: +44 207 907 8500
Jay Ashfield
BlytheRay Tim Blythe tim.blythe@blytheray.com (mailto:tim.blythe@blytheray.com)
(Financial PR) Megan Ray megan.ray@blytheray.com (mailto:megan.ray@blytheray.com)
Tel: +44 207 138 3204
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Caution regarding forward looking statements
This news release contains certain "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking statements").
Forward-looking statements include predictions, projections, outlook,
guidance, estimates and forecasts and other statements regarding future plans
and operations, the realisation, cost, timing and extent of mineral resource
or mineral reserve estimates, estimation of commodity prices, currency
exchange rate fluctuations, estimated future exploration expenditures, costs
and timing of the development of new deposits, success of exploration
activities, permitting time lines, requirements for additional capital and the
Company's ability to obtain financing when required and on terms acceptable to
the Company, future or estimated mine life and other activities or
achievements of Cornish Metals, including but not limited to: mineralisation
at South Crofty, mine dewatering and construction requirements; the
development, operational and economic results of the preliminary economic
assessment, including cash flows, capital expenditures, development costs,
extraction rates, recovery rates, mining cost estimates and returns;
estimation of mineral resources; statements about the estimate of mineral
resources and production of minerals; magnitude or quality of mineral
deposits; anticipated advancement of the South Crofty project mine plan;
exploration potential and project growth opportunities for the South Crofty
tin project and other Cornwall mineral properties, the Company's ability to
evaluate and develop the South Crofty tin project and other Cornwall mineral
properties, strategic vision of Cornish Metals and expectations regarding the
South Crofty mine, timing and results of projects mentioned. Forward-looking
statements are often, but not always, identified by the use of words such as
"seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect",
"potential", "project", "target", "schedule", "budget" and "intend" and
statements that an event or result "may", "will", "should", "could", "would"
or "might" occur or be achieved and other similar expressions and includes the
negatives thereof. All statements other than statements of historical fact
included in this news release, are forward-looking statements that involve
various risks and uncertainties and there can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Forward-looking statements are subject to risks and uncertainties that may
cause actual results to be materially different from those expressed or
implied by such forward-looking statements, including but not limited to:
risks related to receipt of regulatory approvals, risks related to general
economic and market conditions; risks related to the availability of
financing; the timing and content of upcoming work programmes; actual results
of proposed exploration activities; possible variations in Mineral Resources
or grade; outcome of any future feasibility studies; projected dates to
commence mining operations; failure of plant, equipment or processes to
operate as anticipated; accidents, labour disputes, title disputes, claims and
limitations on insurance coverage and other risks of the mining industry;
changes in national and local government regulation of mining operations, tax
rules and regulations. The list is not exhaustive of the factors that may
affect Cornish's forward-looking statements.
Cornish Metals' forward-looking statements are based on the opinions and
estimates of management and reflect their current expectations regarding
future events and operating performance and speak only as of the date such
statements are made. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ from
those described in forward- looking statements, there may be other factors
that cause such actions, events or results to differ materially from those
anticipated. There can be no assurance that forward-looking statements will
prove to be accurate and accordingly readers are cautioned not to place undue
reliance on forward-looking statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Cornish Metals does not assume
any obligation to update forward-looking statements if circumstances or
management's beliefs, expectations or opinions should change other than as
required by applicable law.
Caution regarding non-IFRS measures
This news release contains certain terms or performance measures commonly used
in the mining industry that are not defined under International Financial
Reporting Standards ("IFRS"), including "all-in sustaining costs". Non-IFRS
measures do not have any standardized meaning prescribed under IFRS, and
therefore they may not be comparable to similar measures employed by other
companies. The data presented is intended to provide additional information
and should not be considered in isolation or as a substitute for measures of
performance prepared in accordance with IFRS and should be read in conjunction
with Cornish Metals' consolidated financial statements and Management
Discussion and Analysis, available on its website and on SEDAR+ at
www.sedarplus.ca.
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