VANCOUVER, British Columbia, Nov. 21, 2024 (GLOBE NEWSWIRE) — Cornish Metals Inc. (TSX-V/AIM: CUSN) (Cornish Metals or the Company), a mineral exploration and development company focused on its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom (TADAWUL:), is pleased to announce that it has released its unaudited financial statements and management, discussion and analysis (MD&A) for the nine months ended September 30, 2024. The reports are available under the Company’s profile on SEDAR+ (www.sedarplus.ca) and on the Company’s website (www.cornishmetals.com).
Highlights for the nine months ended September 30, 2024 and for the period ending November 20, 2024
(All figures expressed in Canadian dollars unless otherwise stated)
- Appointment of Don Turvey as Chief Executive Officer (CEO) (news release dated August 11, 2024):
- Mr. Turvey appointed as CEO and an executive director of the Company effective October 9, 2024, and who has since relocated to Cornwall where he is based;
- Mr. Turvey is an experienced mining executive with more than 40 years of experience, including successfully securing funding and advancing new projects and historic mines through to production;
- Upon Mr. Turvey’s appointment, Ken Armstrong returned to the position of non-executive director and continues as Chair of the Company’s Audit Committee;
- Patrick Anderson returned to the position of non-executive Chair of the Board of Directors of the Company effective September 30, 2024.
- US$9.1 million (equivalent to £7.0 million) credit facility arranged with Vision Blue Resources Limited (Vision Blue) on October 15, 2024 (news release dated October 15, 2024):
- Non-dilutive secured credit facility to support the continued development of South Crofty;
- Proceeds of the credit facility are expected to be used for the Company’s general operating and corporate purposes.
- Appointment of Endeavour Financial (Endeavour) as the Company’s financial adviser on October 9, 2024 (news release dated October 9, 2024):
- Endeavour appointed as financial adviser to secure project financing for the construction of South Crofty and advise the Company on funding options on the basis of the completed PEA and ongoing engineering studies;
- Various sources of funding will be assessed to deliver an optimal project financing solution in the second half of 2025.
- South Crofty Preliminary Economic Assessment (PEA) completed, validating the Project’s economic viability (news release dated April 30, 2024):…
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