Advancing the South Crofty Tin Project Adapted from Information by Cornish Metals Inc. South Crofty is a historical, high-grade, underground tin mine that produced from 1592 until 1998. Currently, the project has received planning permission for underground mining to construct new processing facilities, all necessary site infrastructure, and an environmental permit to dewater the mine. Cornish Metals has a growing team of skilled people, local to Cornwall, and the project could generate 250-300 direct jobs. Cornish Metals is a dual-listed company focused on advancing the South Crofty high-grade, underground tin project through to a construction decision, as well as exploring its additional mineral rights, all located in Cornwall, United Kingdom. After assessment of the condition of the shaft timbers in New Cooks Kitchen (NCK) shaft, they have decided to commence refurbishment of the shaft. The proceeds raised from the offering completed in May 2022 will be reallocated to accommodate the refurbishment of the NCK shaft, such as: j Rephasing shaft refurbishment will significantly improve the functionality of NCK shaft, enable larger equipment to access the mine, and most importantly, ensure the company continues to work to the highest health and safety. j The rate of mine dewatering has been reduced, with the water level being maintained, to allow shaft refurbishment and dewatering to proceed concurrently and now expected to be completed by third quarter in 2025. j The cost savings of approximately $5.1 million from reducing the rate of dewatering will cover the cost of shaft refurbishment during 2024. j All aspects of the ongoing feasibility study, except underground drilling, are expected to be completed in 2024. j A Preliminary Economic Assessment (PEA) for South Crofty remains on schedule. j The outcome of the PEA will provide further guidance of the outstanding work program and for the timing of completion for the feasibility study, also providing updated estimates of the funding requirements to achieve first tin production by the end of 2026. j Cornish Metals is funded for the remainder of 2024 and there is no anticipated impact on the overall cost of reopening South Crofty arising from this rephasing. j Responsible sourcing of critical minerals and security of supply are key factors in the energy transition and technology growth, since tin connects almost all electronic and electrical infrastructure. Richard Williams, CEO and director of Cornish Metals stated, “Cornish Metals is committed to safe, efficient, and cost-effective work practices and has, accordingly, brought forward the refurbishment of NCK shaft. This is a key milestone for the project and demonstrates the confidence both we as a company and our largest shareholders have in the future of South Crofty. Importantly, management believes the project remains on track for production by the end of 2026.” MIN Engine / Machinery Maintenance by: Sullivan-Palatek, Inc. Portable Diesel Air Compressor Technician Training August 27-29 ~ Michigan City, IN phone: 219-874-2497 www.sullivan-palatek.com Groundwater / Water Well by: American Ground Water Trust Utah Water Well & Pump Workshop August 8 ~ Salt Lake City, UT phone: 603-228-5444 www.agwt.org Grouting by: Colorado School of Mines Grouting and Ground Improvement Course July 29-August 1 ~ Golden, CO phone: 303-273-3401 www.learn.mines.edu/ggi Irrigation by: Rain Bird Academy Training August 5-9 ~ Austin, TX August 12-16 ~ Dallas TX August 19-23 ~ San Antonio, TX August 26-30 ~ Palm Springs, CA phone: 800-498-1942 E-mail: training@rainbird.com Pipe by: McElroy University Saddle Fusion Operator Qualification Socket Fusion Operator Qualification August 6 ~ Tulsa, OK Manual Butt Fusion Operator Qualification August 7 ~ Tulsa, OK Medium Diameter Hydraulic Butt Fusion Operator Qualification August 8-9 ~ Tulsa, OK Large Diameter Fusion Operator Qualification August 12-13 ~ Tulsa, OK TracStar® iSeries Fusion Operator Requalification August 14-15 ~ Tulsa, OK phone: 918-836-8611 www.mcelroy.com More education opportunities during events can be found by clicking here online at: worldwidedrillingresource.com Education Connection 20 JULY 2024 WorldWide Drilling Resource®
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