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, announces that it has granted 12,400,000 incentive stock
options over common shares without par value in the Company (the
“Options”) to Executive Management and senior staff.
The exercise price of the Options granted herein
is £0.085 per share (C$0.14). These Options have a five-year term,
whereby the Options vest over a three-year period, with one third
of the Options vesting at the end of each year. The Options will
expire on August 19, 2029.
The Company’s Stock Option Plan allows for the
issuance of up to 10% of the Issued Share Capital of the Company.
Prior to this grant, the Company had 14,550,000 options issued,
representing 2.72% of the Issued Share Capital of the Company
(535,270,712 shares). The current issuance of 12,400,000 options
takes the total number of options granted to 26,950,000,
representing 5.03% of the Issued Share Capital.
PDMR Option Grants
Owen Mihalop, Matthew Hird and Fawzi Hanano have
been granted the following options:
Name |
Position |
Number of Options granted |
Total Share options Held |
Owen Mihalop |
Chief Operating Officer |
2,000,000 |
4,750,000 |
Matthew Hird |
Chief Financial Officer |
1,600,000 |
3,950,000 |
Fawzi Hanano |
Chief Development Officer |
1,600,000 |
2,400,000 |
The notification below, made in
accordance with the requirements of the UK Market Abuse Regulation,
provides further detail.
1 |
Details of the person discharging managerial
responsibilities / person closely associated |
a) |
Name |
- Owen Mihalop
- Matthew Hird
- Fawzi Hanano
|
2 |
Reason for the notification |
a) |
Position/status |
- Chief Operating Officer
- Chief Financial Officer
- Chief Development Officer
|
b) |
Initial notification /Amendment |
Initial notification |
3 |
Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor |
a) |
Name |
Cornish Metals Inc. |
b) |
LEI |
8945007GJ5APA9YDN221 |
4 |
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted |
a) |
Description of the financial instrument, type of instrument |
Options
over common shares without par value |
Identification code |
CA21948L1040 |
|
|
b) |
Nature of the transaction |
Grant of options pursuant to the Company LTIP |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
- 8.50 pence
- 8.50 pence
- 8.50 pence
|
-
2,000,000
-
1,600,000
-
1,600,000
|
|
|
|
|
|
|
|
|
|
|
|
d) |
Aggregated information |
|
-
Aggregated volume |
5,200,000 |
-
Price |
8.50
pence |
|
|
e) |
Date of the transaction |
19 August 2024 |
f) |
Place of the transaction |
Outside of a trading venue |
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 demonstrated
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/4r865y
For additional information please contact:
Cornish Metals |
Fawzi HananoIrene Dorsman |
investors@cornishmetals.com info@cornishmetals.com |
|
|
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 |
|
|
|
Cavendish Capital Markets Limited(Joint
Broker) |
Derrick LeeNeil McDonaldLeif Powis |
Tel: +44 131 220 6939Tel: +44 207 220 0500 |
|
|
|
Hannam & Partners(Financial
Adviser) |
Matthew HassonAndrew Chubb Jay Ashfield |
cornish@hannam.partners Tel: +44
207 907 8500 |
|
|
|
BlytheRay(Financial PR) |
Tim Blythe Megan Ray |
cornishmetals@blytheray.com Tel: +44 207 138 3204 |
|
|
|
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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から 7 2024 まで 8 2024
Cornish Metals (TSXV:CUSN)
過去 株価チャート
から 8 2023 まで 8 2024