Unaudited interim results for the six months ended 30 June 2026

Cornish Metals plc

24 September 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 (“South Crofty”) in Cornwall, United Kingdom, is pleased to announce its unaudited interim results for the six months ended 30 June 2026.

Highlights

Financing and corporate

* Placed an oversubscribed US$210 million senior secured bond in May 2026, representing the debt component of the South Crofty project financing package; the bonds carry a fixed coupon of 13.5% per annum payable quarterly, have a six-year tenor and are callable at the Company’s option after three years

* Bond proceeds are held in escrow and are available to the Group following satisfaction of conditions precedent, which includes the completion of an equity fundraising of at least US$161 million

* Entered into secured debt facilities of up to approximately £52 million with the National Wealth Fund and Vision Blue Resources, the Company’s two largest shareholders, providing funding through to a targeted final investment decision (“FID”)

* Received a non-binding Letter of Interest from the Export-Import Bank of the United States (“EXIM”) setting out its capacity to consider up to US$225 million of financing under its Supply Chain Resiliency Initiative

* Signed the Dudnance mineral lease, a 25-year agreement that further consolidates mineral titles across the South Crofty mining permission area

* Berenberg and Peel Hunt appointed as joint corporate brokers

* Ken Armstrong retired from the Board following over 20 years with the

Company

Operational

* Mine dewatering underway through the fully commissioned New Cook’s Kitchen (“NCK”) mid-shaft pump station, at approximately 360 metres below surface, the first time the mine has been dewatered to this level in over 28 years

* Shaft refurbishment resumed below the refurbished mid-shaft pump station

* Front-End Engineering Design (“FEED”) for the process plant completed and Detailed Engineering underway, both led by Ausenco

* Excavation for the process plant building approximately 50% complete

* Surface civil works at Roskear shaft completed and the winder house

structure erected

* Civil works for the NCK production and service winder foundations underway to support mechanical installation during H2 2026

* Lateral development at the 25-level advancing, supported by an on-site training programme for newly recruited miners

* NCK offices operational, with upgraded site access, security and welfare

facilities completed

* New workshop and stores facility at the former Bartles Foundry nearing

completion

* Surface diamond drilling programme of approximately 2,400 metres commenced at Roskear West, targeting the western extension of the Roskear lodes

Financial

* Operating expenses of £3.1 million (six months ended 30 June 2025: £4.1 million) reflecting the decrease in professional fees following the completion of the re-domiciliation of the parent company in December 2025

* Loss after tax for the period of £5.5 million (six months ended 30 June 2025: £3.5 million) reflecting interest accrued on the senior secured bonds and the secured debt facilities entered into with the Company’s strategic

shareholders

* Net cash used in investing activities of £23.3 million (six months ended 30 June 2025: £9.8 million), reflecting continued investment in mine dewatering, shaft refurbishment, surface infrastructure and project

engineering

* Cash provided by financing activities of £16.9 million (six months ended 30 June 2025: £47.6 million) relating to the net proceeds from the first drawdown of the secured debt facilities in May 2026

* Cash and cash equivalents at 30 June 2026 of £12.0 million (31 December 2025: £22.7 million), excluding US$215.8 million of bond proceeds held in

escrow

Post period-end

* Bonds admitted to trading on the Nordic Alternative Bond Market on 5 August

2026

* Second, uncommitted tranche of the debt facilities drawn down on 20 August 2026, comprising £13.9 million from the National Wealth Fund and US$9.1 million (approximately £6.7 million) from Vision Blue Resources

* Assay results from the first Roskear West drillhole reported on 9 July 2026, including 0.79 metres at 4.18% Sn and a 12.41 metre zone grading 0.43% Sn, with several intercepts lying outside the current Mineral Resource Estimate

* New workshop and stores facility at the former Bartles Foundry completed

* Excavation for the process plant building approximately 80% complete

* Andrew Quinn appointed as an independent Non-Executive Director on 22 July

2026

* Cash and cash equivalents of £14.5 million at 22 September 2026, excluding the balance held in escrow