Cornish Metals Inc. (
AIM/TSX-V:
CUSN) (“Cornish Metals” or the “Company”), a mineral
exploration and development company focused on advancing its 100%
owned and permitted South Crofty tin project in Cornwall, United
Kingdom, is pleased to announce the appointment of Don Turvey as
Chief Executive Officer (“CEO”) and a Director of the Company. The
appointment, which is intended to be effective September 1, 2024,
is subject to approval of a UK work visa. Mr. Turvey will relocate
from South Africa to Cornwall, where he will be based.
Don is an experienced mining executive with more
than 40 years of experience in the sector, including senior
management roles in production, project execution, business
development, and minerals resource management. Since 2008, Don has
been CEO of private, ASX and AIM-listed mining companies where he
has successfully funded and taken new projects and historic mines
to production, as well as leading a number of M&A transactions.
Prior to this, Don spent over 20 years at BHP Billiton, in roles
including General Manager and Vice President Project Development
where he headed up the project, geological, mineral resource and
financial analyst teams. Don holds a Bachelors Degree in Mining
Engineering from the University of Pretoria, and a Masters in
Business Leadership from the University of South Africa.
Patrick Anderson, Chair of Cornish
Metals, stated: “On behalf of the Board of Directors, I am
delighted to welcome Don as CEO of Cornish Metals following a
competitive search process. I am confident that Don, with his
extensive commercial, operations and project execution experience,
will capably lead Cornish Metals forward in order to realise the
best potential for the Company and our stakeholders as we advance
South Crofty towards production in 2027.
“I would also like to thank Ken Armstrong for
stepping in as Interim CEO as the Company progressed critical
aspects of the South Crofty project over the last several
months.”
Don Turvey, incoming CEO of Cornish
Metals, stated: “I look forward to joining Cornish Metals’
management and working directly with the project team to develop
South Crofty to production and to realise the corporate vision to
bring responsible tin mining back to Cornwall.”
Following Mr. Turvey’s appointment, Patrick
Anderson will return to the position of Non-Executive Chair of the
Board of Directors of the Company, and Ken Armstrong as
Non-Executive Director.
The following disclosures are required regarding
Mr. Don Turvey's appointment pursuant to Schedule Two paragraph (g)
of the AIM Rules for Companies (the "AIM Rules").
Mr. Lodewyk Daniel (Don) Turvey (aged 65) is
currently, or has during the past five years been, a director of
the following companies:
Current directorships and/or partnerships: |
Former directorships and/or partnerships (within the last
five years): |
Inani Lethu ICT (Pty) LtdInani Lethu Industrial Supplies (Pty)
LtdInani Lethu Advisory Services (Pty) LtdInani Lethu Properties
(Pty) LtdThoriso Resources (Pty) LtdHarbour Town Home Owners
Association NPCDLT Advisory (Pty) LtdDLT Ventures (Pty) Ltd |
Mooiplaats Coal Holdings (Pty) LtdMooiplaats Mining
LimitedMooiplaats Colliery (Pty) LtdCross Culture City Church
NPCConti Meco Conveyors (Pty) LtdInani Lethu Construction (Pty)
Ltd |
Mr. Don Turvey does not currently hold any
common shares in the Company.
Mr. Don Turvey was CEO of Continental Coal
Limited from May 2010 to February 2014, which entered into a 90-day
standstill arrangement with its creditors in February 2014 prior to
the liquidation in 2016.
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 and the
Technical Report entitled “South Crofty PEA”):
- US$201 million
after-tax NPV8% and 29.8% IRR
- 3-year after-tax
payback
- 4,700 tonnes
average annual tin production in years two through six
- Life of mine
all-in sustaining cost of US$13,660 /tonne of payable tin
- 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;
- 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;
- 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;
- 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/WPG3gP
For additional information please contact:
Cornish Metals |
Fawzi HananoIrene Dorsman |
investors@cornishmetals.com info@cornishmetals.com |
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Tel: +1 (604) 200 6664 |
SP Angel Corporate Finance LLP (Nominated Adviser
& Joint
Broker) |
Richard Morrison Charlie Bouverat Grant Barker |
Tel: +44 203 470 0470 |
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|
|
Cavendish Capital Markets Limited(Joint
Broker) |
Derrick LeeNeil McDonaldLeif Powis |
Tel: +44 131 220 6939Tel: +44 207 220 0500 |
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|
Hannam & Partners(Financial
Adviser) |
Matthew HassonAndrew Chubb Jay Ashfield |
cornish@hannam.partners Tel: +44
207 907 8500 |
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BlytheRay(Financial PR) |
Tim Blythe Megan Ray |
cornishmetals@blytheray.com Tel: +44 207 138 3204 |
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|
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:
the balance of the cash consideration due to Cornish in respect of
the sale of the Mactung and Cantung royalty interests;
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.
Market Abuse Regulation (MAR)
Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
Cornish Metals (TSXV:CUSN)
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