Cornish Metals

Cornish Metals plc (AIM:TIN), is a mineral exploration and development company working towards re-opening its wholly owned South Crofty underground tin mine in Cornwall, United Kingdom. The company also holds other mineral rights in Cornwall with potential for discovery of tin, copper, lithium, tungsten, zinc, and silver mineralisation.

The South Crofty Tin Project

The South Crofty project covers the former producing South Crofty tin mine located beneath the towns of Pool and Camborne, Cornwall. South Crofty mine closed in 1998 following over 400 years of continuous production. After its closure, the mine was allowed to naturally flood. Cornish Metals acquired the project in 2016 out of administration and has made substantial progress towards restarting production at the historic mine. The deposit represents the highest-grade tin project globally, split between the Lower Mine and the Upper Mine resources.

In 2022, the company completed an updated Mineral Resource Estimate (MRE) and published a Preliminary Economic Assessment (PEA) for the project. The company published an updated mineral resource estimate in October 2023, meanwhile beginning dewatering of the mine and treating the mine water for discharge into the Red River. With mine dewatering ongoing, the company published a new PEA in May 2024, followed by another in October 2025. In January 2025, the UK’s National Wealth Fund committed to invest at least £25 million (approximately US$34 million) in the project, while cornerstone investor Vision Blue Resources invested more capital to maintain their stake. In May 2026, the company raised US$210 million through debt financing.

Cornish Metals expects production of an average throughput of 500 ktpa averaging 0.94% Sn for production of 3,500 tonnes tin-in-concentrate over a 14 year mine life. The 2025 PEA outlined pre-production capital requirement of £198 million (approximately US$268 million) and an average all-in sustaining cost (AISC) of under US$14,500 per tonne.

The company is targeting production in 2028, pending a final investment decision in late 2026.