ESTADOS FINANCIEROS AUDITADOS FINALIZADOS EL 31 DE DICIEMBRE DE 2023
CORNISH METALS RELEASES AUDITED FINANCIAL STATEMENTS AND MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE PERIOD ENDED DECEMBER 31, 2023
Vancouver, 21 de marzo de 2024
Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on advancing the South Crofty tin project ("South Crofty" or the "Project"), located in Cornwall, United Kingdom, to a construction decision, is pleased to announce that it has released its annual audited financial statements and management's discussion and analysis ("MD&A") for the period ended December 31, 2023. The reports are available under the Company's profile on SEDAR+ (www.sedarplus.ca) y en el sitio web de la Compañía (www.cornishmetals.com).
Highlights for the period ended December 31, 2023 and for the period ending Marzo 20, 2024
(Todas las cifras expresadas en dólares canadienses a menos que se indique lo contrario)
· Refurbishment of New Cook's Kitchen ("NCK") shaft has commenced ahead of schedule:
o Rephasing shaft refurbishment will improve the functionality of NCK shaft and enable larger equipment to access the mine at an earlier stage in its re-development (news release dated Marzo 3, 2024).
· Commissioning of the Water Treatment Plant ("WTP") completed at the end of October 2023:
o Discharge of treated water to the Red River commenced in early November 2023 in accordance with permitted standards;
o Dewatering of the mine progressed well with water levels drawing down as expected. The rate of dewatering has been reduced to allow shaft refurbishment and dewatering to proceed concurrently (news releases dated Enero 17, 2024 y Marzo 3, 2024).
· Updated Mineral Resource Estimate ("MRE") for South Crofty mine released in September 2023:
o 31.6% increase to contained tin in the Indicated Mineral Resource category for the Lower Mine (comunicado de prensa fechado 13 de septiembre de 2023);
· Drill programme to collect samples for metallurgical testwork as part of the South Crofty Feasibility Study completed in June 2023:
o Visible tin mineralisation confirmed in all 28 drill holes with assay results reported (news release dated 3 de Julio de 2023);
o Ore sorting testwork completed with excellent results from X-Ray Transmission ("XRT") confirming the potential to materially reduce tonnes milled, and reduce process plant capital and operating costs (news release dated 8 de Octubre de 2023);
· Drill programme started at the Wide Formation target in the Carn Brea exploration area (news release dated 19 de septiembre de 2023):
o Drill results from the first six holes confirm the Wide Formation structure over a 1.6km strike length;
o A new mineralised structure has been identified lying directly beneath the Great Flat Lode and several high-grade, steeply dipping tin zones (news release dated Febrero 4, 2024).
· Shaft re-access work completed in readiness for commencement of refurbishment of NCK shaft:
o South headframe above NCK shaft remediated with installation of new sheave wheel;
o New temporary egress headframe arrangement installed inside the existing north headframe;
o South winder building refurbished with new exterior cladding and associated civil works for accommodating new winding apparatus;
o Main and auxiliary drum winders installed and commissioned.
· Work on the Feasibility Study continues and is well underway:
o Preliminary Economic Assessment ("PEA") expected to be published in Q2 2024 to provide interim guidance ahead of the publication of the Feasibility Study (news release dated Enero 17, 2024).
· Se acordó un contrato de suministro de energía de quince meses para el suministro de energía 100% generada de forma renovable, proporcionando así certeza sobre los costos de energía durante la fase de deshidratación de la mina (comunicado de prensa de fecha 18 de Julio de 2023);
· Cornish Metals Chief Executive Officer ("CEO"), Richard Williams, will depart the Company effective on March 31, 2024, when he will also leave the Company's Board (news release dated Marzo 15, 2024):
o Mr. Williams will remain available to the Company on a consulting basis going forward;
o Ken Armstrong, a non-executive director, will be appointed as Interim CEO and Patrick Anderson, Chairman of the Board, will become the Executive Chairman of the Company during the transition.
· Samantha Hoe-Richardson joined the Board as independent non-executive director effective January 8, 2024 (news release dated Enero 8, 2024).
Patrick F. N. Anderson, Executive Chairman of Cornish Metals, stated, "The Cornish Metals team made excellent progress in 2023, achieving several important milestones, in particular, the construction and commissioning of the water treatment plant, further de-risking South Crofty and advancing the project closer towards a construction decision. On behalf of the Board of Directors I want to thank Richard for the many achievements he made and obstacles overcome to bring the Company and the South Crofty Project to where it is today.
2024 is shaping up to be another busy year for the Company with mine dewatering and the refurbishment of NCK shaft progressing to deeper levels of the mine. The South Crofty PEA is nearing completion and we look forward to reporting the updated mine plan and project economics in Q2 this year. We are also excited by the ongoing Wide Formation drilling programme, with results to date confirming our model that this represents a new, large-scale, tin-bearing exploration target lying beneath the historically mined Great Flat Lode, demonstrating the exploration upside of this area, which we view as having substantial potential to add to our current Mineral Resource base at South Crofty.
We appreciate the continued support of our shareholders, the local community and other stakeholders."
Revisión de actividades
Updated Mineral Resource Estimate released for South Crofty Mine
An updated MRE for South Crofty Mine, prepared in accordance with the requirements of the JORC Code (2012 Edition), was released on September 13, 2023 ("Updated MRE"). This updates and supersedes the MRE published on June 9, 2021 ("2021 MRE").
Since the 2021 MRE, the Company's geological team has continued to digitize and incorporate historic assay data into the Mineral Resource model for the Lower Mine. Furthermore, confirmation of existing structures at depth through the recent metallurgical drilling programme (as described below) has been incorporated into the Updated MRE.
The Updated MRE for the Lower Mine area of South Crofty Mine reports a:
· aumento del 39.0% en toneladas y un aumento del 31.6% en estaño contenido en la categoría de Recurso Mineral Indicado del MRE 2021; y
· Aumento del 35.6% en toneladas y aumento del 15.5% en estaño contenido en la categoría de Recursos Minerales Inferidos del MRE 2021.
The Updated MRE for the tin-only Lower Mine is summarized below:
Resumen de la estimación de recursos minerales del área inferior de la mina South Crofty con una ley de corte de Sn del 0.6 % (6 de septiembre de 2023) | ||||
Clasificación | Misa (kt) | Grado (%Sn) | Estaño contenido (t) | Increase to Contained Tin from 2021 MRE (t / %) |
Indicado | 2,896 | 1.50 | 43,573 | 10,475 / 31.6% |
Inferido | 2,626 | 1.42 | 37,422 | 5,026 / 15.5% |
La estimación de recursos minerales para South Crofty está disponible en un informe titulado "Proyecto de estaño South Crofty - Informe técnico NI 43-101 de actualización de recursos minerales", de fecha 27 de octubre de 2023, en coautoría del Sr. N. Szebor (MCSM, MSc, BSc, CGeol, EurGeol, FGS) y Sr. R. Chesher (FAusIMM(CP), RPEQ, MTMS) de AMC Consultants, y se puede acceder a él a través del enlace anterior y en la página SEDAR+ de la Compañía.
La mayoría de los nuevos recursos minerales se encuentran dentro de la parte central de la mina en las vetas No. 1, No. 2, No. 3, Principal, Intermedia, Norte y Grandes, luego de la digitalización y el modelado de datos históricos.
The Updated MRE for the Lower Mine area is reported using a 0.6% tin cut-off grade, the same cut-off grade applied in the MREs prepared in 2016 and 2021. The Updated MRE was prepared by the Company's geological team and independently reviewed and verified by AMC Consultants (UK) Ltd.
The Lower Mine area contains tin mineralisation within quartz-tourmaline vein or "lode" structures, which are hosted entirely within granitic rocks. The major lode structures that comprise the Updated MRE remain open along strike and to depth.
Mineral Resources for the Upper Mine area of the South Crofty Updated MRE were reported accounting for a recalculation of tin equivalent grades due to changes in metal prices since the 2021 MRE was published (refer news release dated 13 de septiembre de 2023).
Los Recursos Minerales que no son Reservas Minerales no tienen viabilidad económica demostrada. La estimación de los recursos minerales puede verse afectada materialmente por cuestiones ambientales, de permisos, legales, de títulos, impositivas, sociopolíticas, de marketing u otras cuestiones relevantes.
The Updated MRE will be incorporated into the mine plan to be included in the Feasibility Study as described below.
Commissioning of water treatment plant at South Crofty and commencement of dewatering
The construction of the WTP at South Crofty involved various enabling works, including completion of the treated water discharge duct from the WTP, various roadways and the concrete foundation pad for the WTP itself. Pipelines carrying water from the submersible pumps in NCK shaft to the WTP were also laid along with electrical and communication systems.
The WTP comprises nine reaction tanks for altering the chemical properties to precipitate the various metals out of solution, and six inclined plate settling tanks (lamella clarifiers) to remove the precipitated solids. At the back end of the WTP, a sludge storage and thickening system has been installed, consisting of storage tanks for unthickened and thickened sludge and a deep cone thickener to thicken the sludge.
At the mine end is a building housing the high voltage power supply/sub-station and the variable speed drives ("VSDs") required to operate the pumps. A new power supply contract (refer below) provides the 11kV power supply needed. At the WTP end, a large motor control centre and automation system was installed in a new building, which National Grid connected to their network with another new substation.
A hydro-turbine has been added ahead of the discharge point that is generating up to 20% of the electricity required to operate the WTP. Other renewable energy opportunities are also being explored.
Wet commissioning of the WTP was completed during September and October 2023. After successful commissioning, the WTP was officially opened on October 26, 2023, with discharge of treated water to the Red River commencing in early November 2023. El treated water exceeds the Company's permitted standards set by the Environment Agency for its discharge into the Red River. Dewatering of the mine progressed well with the water level drawing down as expected. With the commencement of refurbishment of NCK shaft (as more fully described below), the rate of mine dewatering has been reduced, with the water level being maintained, to allow shaft refurbishment and dewatering to proceed concurrently. Mine dewatering and shaft refurbishment are expected to be complete by September 2025.
Instalación de bombas sumergibles y puesta en marcha de variadores de velocidad.
Two submersible pumps manufactured by KSB in Germany have been installed in NCK shaft for the first stage of the two-stage mine dewatering programme. The pumps are specialist high head, vertical pumps that are controlled by VSDs to enable the 25,000m3/day pumping rate to the WTP to be maintained as the water level drops and the pumping head increases. The VSDs were manufactured by Schneider Electric and supplied by Siemag Tecberg UK.
The pumps were installed in NCK shaft in mid-2023. Commissioning teams from Siemag Tecberg UK and Schneider Electric were on-site for testing the pumps and VSDs that were successfully commissioned and ran through a series of performance tests to demonstrate their ability to meet the target flow rate to the WTP.
The pumps were initially lowered to approximately 360 metres below surface and suspended from 120 three-metre-long pipes that form the temporary rising main. When the water level reaches the level at approximately 360 metres below surface, a permanent set of pumps will be installed at that level. The submersible pumps will then be lowered to approximately 730 metres below surface for the second stage of dewatering.
Since the commencement of the dewatering of the South Crofty mine (refer above), the pumps have been pumping mine water from approximately 360 metres below surface to the WTP from where the treated mine water is discharged to the Red River.
Ejecución del contrato de suministro de energía para South Crofty
In July 2023, South Crofty entered into a 15-month supply contract with NPower for the provision of 100% renewably generated power. The supply contract allows South Crofty to advance through the mine dewatering phase with certainty over the power costs for the next 15 months. This added certainty is an important financial consideration given the power price volatility seen over the last two years.
Preparation for re-accessing New Cook's Kitchen shaft
Two single drum winders were ordered for the shaft re-access work, with the primary access winder supplied by Siemag Tecberg UK and an emergency egress winder provided by Zitrón S.A. These winders will enable NCK shaft to be re-accessed once dewatering activities have sufficiently progressed. Both winders arrived on site by the beginning of November 2023 and have been installed and commissioned in December 2023 and January 2024, respectively.
The south headframe sitting above NCK shaft has been remediated and strengthened as required. New sheave wheels and associated apparatus have been ordered to replace the originals which were beyond economic repair. The South Winder house, housing the primary access winder, has been remediated with its structural steelwork checked and refurbished, and new exterior cladding erected. The secondary egress winder has been housed in a new temporary winding house which was erected in October 2023.
Pump and pipe handling infrastructure has also been installed around the headframe to facilitate the lowering of the pumps and pipes and subsequent dewatering activities.
Refurbishment of New Cook's Kitchen Shaft
After assessment of the condition of the timbers in NCK shaft, refurbishment of the shaft has commenced ahead of schedule (refer news release dated March 3, 2024). Rephasing shaft refurbishment will improve the functionality of NCK shaft, enable larger equipment to access the mine at an earlier stage in its re-development and ensure that high health and safety standards are applied as the underground mine workings are accessed.
As stated above, shaft refurbishment and mine dewatering will proceed concurrently and are expected to be complete by September 2025. The rephasing of shaft refurbishment is expected to have no impact on the overall South Crofty project development timeline and there is no anticipated impact on the overall cost of re-opening South Crofty arising from this rephasing.
Metallurgical study drill programme at South Crofty
A metallurgical drill programme as part of the Feasibility Study was completed between July 2022 and June 2023. The programme was designed to collect samples for various metallurgical studies, including XRT ore sorting, flowsheet optimisation and paste backfill studies. Este trabajo de prueba debería permitir acelerar el estudio de viabilidad antes de deshidratar la mina y proporcionará información clave para el diagrama de flujo del procesamiento de minerales.
The programme comprised 10,312 metres of diamond drilling with three drill rigs contracted from Perforación prioritaria limitada, bajo la supervisión del equipo geológico de la Compañía.
Samples were collected from the North Pool Zone (eastern section of Mineral Resource), the No. 4 and No. 8 Lodes (central part of the Mineral Resource), Roskear and Dolcoath South (western part of the Mineral Resource). These five main lodes / mineralised zones contain the majority of the mineralised material anticipated to be processed during the first six years of the proposed mine life.
The metallurgical drill programme comprised 14 parent and daughter drill holes targeting No. 4 and No. 8 Lodes, and 14 parent and daughter holes targeting the Roskear Lode. Visible tin mineralisation was observed in all 28 drill holes. Three holes from each Lode were assayed for base metals and associated elements and the rest of the drill intercepts were used for metallurgical studies. The assay results were reported in the news release dated July 3, 2023.
Four parent and 29 daughter holes targeting the North Pool Zone and the Dolcoath South Lode, respectively, were also completed.
Metallurgical testwork results
The metallurgical testwork was conducted on samples from the metallurgical drill programme (as more fully described above) across five mineralised zones (North Pool Zone, No. 4 and No. 8 Lodes, Roskear and Dolcoath South), representing the majority of the potential production areas in the first six years of the proposed mine life.
XRT ore sorter testwork of bulk composite samples was completed by TOMRA Sorting GmbH. Heavy Liquid Separation ("HLS") testwork of bulk composite samples was completed by Wardell Armstrong International.
Both XRT ore sorting and HLS pre-concentration testwork yielded excellent results:
· XRT: 55% mass rejection with less than 3% metal loss (-50mm to +15mm size fraction); and
· HLS: 50% mass rejection with less than 5% metal loss (-15mm to +0.85mm size fraction).
The metallurgical testwork results confirm the potential to materially reduce tonnes milled and reduce process plant capital and operating costs as well as the associated environmental footprint. The testwork results are being incorporated in the Feasibility Study as described below.
Preparación del estudio de viabilidad
Good progress is being made in advancing the South Crofty Feasibility Study with a substantial amount of the study completed. All study components, with the exception of infill drilling, are expected to be finalised by the end of June 2024.
The Feasibility Study continues to progress, or has completed, the following activities:
· Geotechnical testwork - televiewer investigations and geotechnical rock testing completed on the primary mining areas by RobertsonGeo to confirm known historical structural and rock mass property data;
· Headframe structural modelling and refurbishment completed by IMEC and Entech Mining / RSV Group;
· Concept numerical modelling of the proposed underground mining methods and stope designs completed by MiningOne;
· Phase 1 of the metallurgical testwork programme completed by Wardell Armstrong (mineralogy, physical competency, characterisation XRT, heavy liquid separation and gravity response testwork). Phase 2 of the testwork programme (flowsheet development) is progressing well;
· Ground investigations for the new mineral processing plant completed by AGS Ground Solutions;
· Mineral processing plant design and layout in advanced stages by Fairport Engineering, incorporating the results of the metallurgical testwork programme and potential future throughput expansions;
· Underground mine design and optimisation completed using the September 2023 South Crofty updated MRE;
· Concept mine ventilation study, underground infrastructure design and hoisting analysis completed;
· Concept engineering on paste backfill options and sighter testwork completed by Paterson & Cooke (UK);
· Feasibility Study level engineering design for the paste backfill plant is underway;
· Hydrogeology (Piteau Associates), environmental, social, closure (SLR Consulting) and market studies (Project Blue and CRU Group) completed; and
· AMC Consultants (UK) has been commissioned to review and provide overall Feasibility Study sign-off.
Exploration drill programme at Carn Brea South
A 9,000-metre exploration drill programme commenced at the Wide Formation target in the Carn Brea South exploration area. The drill programme is designed to test the geometry and the continuity of tin mineralisation within the recently discovered Wide Formation target (refer news release dated January 10, 2023).
The mineralisation style in the Wide Formation, comprising pervasive tourmaline and quartz (termed 'blue peach'), is similar in character to that associated with No. 8 Lode, one of the most prolific tin producing lodes in the latter years of operation of the South Crofty mine. The drill programme is testing an area measuring 2,500 metres along strike (northeast to southwest) and 500 metres downdip (north to south).
Drill results from the first six holes (refer news release dated February 4, 2024) confirm the Wide Formation structure over a 1.6km strike length, a downdip extent of at least 525 metres and thicknesses ranging from 1.8 metres - 4.8 metres. The structure remains open. Notable tin intercepts from the Wide Formation include 1.21 metres grading 0.87% Sn in CB23_004.
Drilling also identified a new mineralised structure lying directly beneath the Great Flat Lode Splay, and several high-grade, steeply dipping tin zones between the Great Flat Lode and the Wide Formation. Notable tin intercepts from the newly identified Great Flat Lode Splay include 3.38 metres grading 1.01% Sn in CB23_002.
Notable tin intercepts from multiple steeply-dipping, high-grade tin zones mainly intersected between the Great Flat Lode and the Wide Formation including 3.09 metres grading 1.21% Sn in CB23_001.
To date, nine drill holes (totalling approximately 6,119 metres) have been completed.
Departure of CEO, Richard Williams
On March 15, 2024, the Company announced the departure of CEO, Richard Williams, effective on March 31, 2024, when he will also leave the Company's Board. Mr. Williams will remain available to the Company on a consulting basis going forward. Ken Armstrong, a non-executive director, will be appointed as Interim CEO and Patrick Anderson, Chairman of the Board, will become the Executive Chairman of the Company during the transition and search for a permanent CEO to lead the Company through the next stage of development of South Crofty as the Company moves towards construction.
Appointment of Samantha Hoe-Richardson as independent non-executive director
On January 8, 2024, the Company announced that Samantha Hoe-Richardson joined the Board of Directors as an independent non-executive director (refer news release dated January 8, 2024). Ms. Hoe-Richardson is an experienced non-executive director from a global mining, infrastructure and insurance background. She is currently a non-executive director of Kew Soda Ltd, Assured Guaranty UK Ltd, Ascot Underwriting Limited, 3i Infrastructure plc and an independent advisor on climate change & sustainability to Laing O'Rourke. Ms. Hoe-Richardson was Head of Environment & Sustainable Development at Network Rail until 2017 and prior to that spent 16 years at Anglo American plc, latterly as Head of Environment. She previously worked in investment banking and audit. Ms. Hoe-Richardson holds a Masters Degree in nuclear and electrical engineering from the University of Cambridge, and is also a non-practicing Chartered Accountant.
Financial highlights for the period ended December 31, 2023 and the year ended January 31, 2023
| Eleven months ended 31 de diciembre de 2023 |
Año terminado Enero 31, 2023 |
(Expresado en dólares canadienses) | ||
Gastos totales de operación | 4,859,889 | 3,448,124 |
Pérdida antes de impuestos sobre la renta | 2,887,255 | 1,202,257 |
Pérdida del período | 2,714,155 | 1,218,257 |
Efectivo neto (utilizado en) actividades operativas | (2,732,773) | (3,607,008) |
El efectivo neto utilizado en actividades de inversión | (28,164,958) | (10,318,376) |
Efectivo neto (utilizado en) proporcionado por actividades de financiación | (32,082) | 61,657,081 |
Cash at end of the financial period | 25,791,552 | 55,495,232 |
· Increase in operating costs impacted by higher insurance costs attributable to more site-based activities primarily relating to the construction of the WTP, related dewatering and NCK shaft re-access trabajo;
· Interest income of $1.7 million beneficiado from increased interest rates being received on higher cash balance following the Offering;
· Cash refund received of $168,112 relating to research and development tax credit arising from South Crofty drill programme completed in 2020, with further applications underway for subsequent activities;
· Gastos de $14.8 millones incurridos durante el período en la construcción de la WTP y equipos de deshidratación relacionados, así como equipos nuevos o de reemplazo para la mina;
· Dewatering costs of $1.3 million incurred since October 2023 for power, reagents, sludge disposal and maintenance of the WTP;
· Other project related costs of $10.6 million incurred during the period relating to the advancement of South Crofty to a potential construction decision, primarily for the metallurgical drill programme, the feasibility study and planning activities for dewatering and NCK shaft re-access;
· Costs of $1.2 million incurred for the continuation of the exploration programme at Carn Brea which re-commenced in June 2023; and
· Recognition of foreign currency translation gain of $2.0 million for those assets located in the UK when translated into Canadian dollars for presentational purposes.
The Company changed its financial year end from January 31 to December 31 to better align the Company's financial reporting periods to that of its peer group in the mineral resources sector. In addition, the calendar year end coincides with traditional financial, taxation and operational cycles. The change in year end takes effect from December 31, 2023 with the result that the current period of reporting is the eleven months ended December 31, 2023. The comparative period of reporting is the twelve months ended January 31, 2023.
Outlook
As described above, the Company is advancing the South Crofty tin project to a potential construction decision. The Company's objectives are as follows:
· Dewater South Crofty mine and refurbish NCK shaft by September 2025;
· Publish a PEA for South Crofty in the second quarter of 2024;
· Complete a Feasibility Study with the outcome of the PEA providing guidance for the timing for the completion of the Feasibility Study and outstanding work programmes;
· All study components of the ongoing Feasibility Study, with the exception of infill drilling, expected to be completed by the end of June 2024;
· Complete the 14-hole / 9,000 metre Wide Formation exploration drill programme, and
· Iniciar los estudios de ingeniería básica y de detalle, construcción de la planta de procesamiento, remodelación de las instalaciones subterráneas y otras obras tempranas en sitio.
The follow-up exploration drill programme at the Wide Formation target at Carn Brea South will also continue subject to the receipt of satisfactory drill results.
Subject to the availability of financing, consideration will also be given to continuing with the Company's exploration programme at United Downs and evaluating other high potential, exploration targets within transport distance of the planned processing plant site at South Crofty.
The Company continues to target first tin production from South Crofty mine by the end of 2026, subject to securing project financing.
ACERCA DE LOS METALES DE CORNUALLES
Cornish Metals es una empresa que cotiza en bolsa (AIM y TSX-V: CUSN) centrada en hacer avanzar el proyecto subterráneo de estaño de alta ley de South Crofty hasta una decisión de construcción, así como en explorar sus derechos minerales adicionales, todos ubicados en Cornwall. Reino Unido.
· South Crofty es una mina subterránea histórica de estaño de alta ley que comenzó a producir en 1592 y continuó operando hasta 1998 después de más de 400 años de producción continua;
· El Proyecto posee un Permiso de Planificación para minería subterránea (válido hasta 2071), para construir nuevas instalaciones de procesamiento y toda la infraestructura necesaria del sitio, y un Permiso Ambiental para deshidratar la mina;
· South Crofty tiene el 4th el recurso mineral de estaño de mayor ley a nivel mundial y se beneficia de la infraestructura minera existente, incluidos múltiples pozos que pueden usarse para operaciones futuras;
· El estaño es un mineral crítico según lo definen los gobiernos del Reino Unido, EE. UU. y Canadá; aproximadamente dos tercios del estaño que se extrae hoy en día proviene de China, Myanmar e Indonesia;
· No hay producción primaria de estaño en Europa ni en América del Norte;
· El estaño conecta casi toda la infraestructura electrónica y eléctrica, lo que lo hace fundamental para la transición energética: el abastecimiento responsable de minerales críticos y la seguridad del suministro son factores clave en la transición energética y el crecimiento tecnológico;
· South Crofty se beneficia del fuerte apoyo de la comunidad local y del gobierno regional y nacional.
· Cornish Metals cuenta con un equipo cada vez mayor de personas capacitadas, locales de Cornwall, y el proyecto podría generar entre 250 y 300 puestos de trabajo directos.
INFORMACIÓN TÉCNICA
La información técnica de este comunicado de prensa ha sido compilada por el Sr. Owen Mihalop, quien revisó y asume la responsabilidad de la interpretación geológica y de los datos. El Sr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) es director de operaciones de Cornish Metals Inc. y tiene suficiente experiencia relevante para el estilo de mineralización y el tipo de depósito en consideración y para la actividad que se compromete a calificar como Persona Competente según se define en el Código JORC (2012) y como Persona Calificada según NI 43-101. El Sr. Mihalop consiente en la inclusión en este anuncio de los asuntos en base a su información en la forma y contexto en que aparece.
EN NOMBRE DEL CONSEJO DE ADMINISTRACIÓN
"Patrick F. N. Anderson"
Patrick F. N. Anderson
Para obtener información adicional, por favor póngase en contacto con:
Metales de Cornualles
| Fawzi Hanano Irene Dorsman | |
Tel: +1 (604) 200 6664
| ||
SP Ángel Finanzas Corporativas LLP (Asesor designado y conjunto Broker) | ricardo morrison charlie boverat otorgar barker | Tel: +44 203 470 0470
|
Cavendish Capital Markets Limitado (Articulación Broker) | Derrick Lee neil mcdonald Leif Powis | Tel: +44 131 220 6939
Tel: +44 207 220 0500 |
| ||
Hannam y socios (Asesor financiero) | matthew hasson andres chub jay ashfield | Tel: +44 207 907 8500
|
BlytheRay (Relaciones públicas financieras) | Tim Blythe Megan ray | Tel: +44 207 138 3204 |
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Precaución con respecto a las declaraciones prospectivas
Este comunicado de prensa contiene cierta "información prospectiva" y "declaraciones prospectivas" (colectivamente, "declaraciones prospectivas"). Las declaraciones prospectivas incluyen predicciones, proyecciones, perspectivas, orientaciones, estimaciones y pronósticos y otras declaraciones sobre planes futuros, la realización, el costo, el momento y el alcance de las estimaciones de recursos minerales o reservas minerales, estimaciones de los precios de las materias primas, fluctuaciones del tipo de cambio de divisas, estimaciones gastos de exploración futuros, costos y calendario del desarrollo de nuevos depósitos, éxito de las actividades de exploración, cronogramas de permisos, requisitos de capital adicional y la capacidad de la Compañía para obtener financiamiento cuando sea necesario y en términos aceptables para la Compañía, vida futura o estimada de la mina y otras actividades o logros de Cornish Metals, que incluyen, entre otros: mineralización en South Crofty, expectativas de deshidratación de la mina, programa de perforación de exploración de Cornish Metals, potencial de exploración y oportunidades de crecimiento del proyecto para el proyecto de estaño South Crofty y otras propiedades minerales de Cornwall y el momento del mismo, el momento y los resultados del estudio de viabilidad de Cornish Metals, la capacidad de la Compañía para evaluar y desarrollar el proyecto de estaño South Crofty y otras propiedades minerales de Cornwall, la visión estratégica de Cornish Metals y las expectativas con respecto a la mina South Crofty, el momento y los resultados de los proyectos mencionados. Las declaraciones prospectivas a menudo, aunque no siempre, se identifican mediante el uso de palabras como "buscar", "anticipar", "creer", "planificar", "estimar", "pronosticar", "esperar", "potencial". , "proyecto", "objetivo", "calendario", "presupuesto" y "pretensión" y declaraciones de que un evento o resultado "puede", "deberá", "debería", "podría", "podría" o "podría" ocurrir o lograrse y otras expresiones similares e incluye los negativos de las mismas. Todas las declaraciones que no sean declaraciones de hechos históricos incluidas en este comunicado de prensa son declaraciones prospectivas que implican diversos riesgos e incertidumbres y no se puede garantizar que dichas declaraciones resulten precisas y que los resultados reales y los eventos futuros podrían diferir materialmente de aquellos. anticipado en tales declaraciones.
Las declaraciones prospectivas están sujetas a riesgos e incertidumbres que pueden causar que los resultados reales sean materialmente diferentes de los expresados o implícitos en dichas declaraciones prospectivas, incluidos, entre otros: riesgos relacionados con la recepción de aprobaciones regulatorias, riesgos relacionados con la situación económica general. y condiciones del mercado; riesgos relacionados con la disponibilidad de financiación; el calendario y el contenido de los próximos programas de trabajo; resultados reales de las actividades de exploración propuestas; posibles variaciones en los Recursos Minerales o en la ley; resultado del actual estudio de viabilidad; fechas proyectadas para iniciar operaciones mineras; falla de la planta, equipo o procesos para operar según lo previsto; accidentes, disputas laborales, disputas de títulos, reclamos y limitaciones a la cobertura de seguros y otros riesgos de la industria minera; cambios en la regulación gubernamental nacional y local de las operaciones mineras, normas y regulaciones fiscales. La lista no es exhaustiva de los factores que pueden afectar las declaraciones prospectivas de Cornish.
Las declaraciones prospectivas de Cornish Metals se basan en las opiniones y estimaciones de la administración y reflejan sus expectativas actuales con respecto a eventos futuros y desempeño operativo y se refieren únicamente a la fecha en que se realizan dichas declaraciones. Aunque la Compañía ha intentado identificar factores importantes que podrían causar que las acciones, eventos o resultados reales difieran de los descritos en las declaraciones prospectivas, puede haber otros factores que causen que dichas acciones, eventos o resultados difieran materialmente de los anticipados. No se puede garantizar que las declaraciones prospectivas resulten ser precisas y, en consecuencia, se advierte a los lectores que no confíen indebidamente en las declaraciones prospectivas. En consecuencia, los lectores no deben confiar indebidamente en las declaraciones prospectivas. Cornish Metals no asume ninguna obligación de actualizar las declaraciones prospectivas si las circunstancias o las creencias, expectativas u opiniones de la administración cambian de forma distinta a la requerida por la ley aplicable.
Divulgación de la regulación de abuso de mercado (MAR)
La Compañía considera que la información contenida en este anuncio constituye información privilegiada de conformidad con el Artículo 7 del Reglamento de la UE 596/2014, ya que forma parte de la legislación nacional del Reino Unido en virtud de la Ley de (Retirada) de la Unión Europea de 2018 según enmendada.
ESTADOS CONSOLIDADOS DE POSICIÓN FINANCIERA
(Expresado en dólares canadienses)
Como en 31 de diciembre de 2023 | Como en Enero 31, 2023 | |
BIENES
| ||
Current | ||
efectivo | $25,791,552 | $55,495,232 |
Valores negociables | 2,665,454 | 2,718,936 |
Cuentas por cobrar | 1,112,638 | 656,407 |
Gastos pagados por anticipado | 591,264 | 371,977 |
Comisiones de financiación diferidas | 135,242 | - |
30,296,150 | 59,242,552 | |
Depósitos | 85,954 | 54,165 |
Propiedad, planta y equipo. | 23,788,325 | 9,721,352 |
Activos de exploración y evaluación | 50,050,323 | 33,088,129 |
$104,220,752 | $102,106,198 | |
PASIVO | ||
Current | ||
Cuentas por pagar y pasivos acumulados | US$ 5,063,940 | US$ 2,494,642 |
Responsabilidad por arrendamiento | - | 642 |
5,063,940 | 2,495,284 | |
Responsabilidad NSR | 9,064,817 | 9,149,804 |
14,128,757 | 11,645,088 | |
ACCIONISTAS | ||
Capital social | 128,394,652 | 128,377,152 |
Compartir suscripciones recibidas por adelantado | - | 17,500 |
Contribución capital | 2,007,665 | 2,007,665 |
Reserva de pago basada en acciones | 711,690 | 384,758 |
Reserva de conversión de moneda extranjera | 1,369,146 | (648,962) |
Déficit | (42,391,158) | (39,677,003) |
90,091,995 | 90,461,110 | |
$104,220,752 | $102,106,198 |
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
For the eleven month period ended December 31, 2023 and year ended January 31, 2023
(Expresado en dólares canadienses)
31 de diciembre de 2023 | Enero 31, 2023 | |
GASTOS |
| |
Viajes y marketing | $634,145 | $515,166 |
Depreciación | - | 443 |
Seguros | 633,287 | 145,462 |
Oficina, varios y alquiler | 175,164 | 102,540 |
Honorarios profesionales | 1,048,676 | 744,585 |
Costos de exploración generativa | 25,680 | 122,797 |
Tarifas regulatorias y de presentación Compensación basada en acciones | 86,760 205,026 | 164,798 - |
Salarios, honorarios y beneficios de los directores | 2,051,151 | 1,652,333 |
Gastos totales de operación | (4,859,889) | (3,448,124) |
Ingresos por intereses | 1,695,837 | 417,136 |
Ganancia cambiaria | 394,621 | 758,216 |
Pérdida por enajenación de propiedades, planta y equipo | (921) | - |
Ganancia en la enajenación de regalías | - | 318,147 |
Unrealized gain (loss) on marketable securities | (116,903) | 752,368 |
Pérdida antes de impuestos sobre la renta | (2,887,255) | (1,202,257) |
Recuperación del impuesto a las ganancias (gastos) | 173,100 | (16,000) |
Pérdida del período | (2,714,155) | (1,218,257) |
Conversión de moneda extranjera | 2,018,108 | (474,839) |
Pérdida integral total del período | $ (696,047) | $ (1,693,096) |
Pérdida por acción básica y diluida | $ (0.00) | $ (0.00) |
Número promedio ponderado de acciones ordinarias en circulación: | 535,269,215 | 456,262,207 |
ESTADOS CONSOLIDADOS DE FLUJOS DE EFECTIVO
For the eleven month period ended December 31, 2023 and year ended January 31, 2023
(Expresado en dólares canadienses)
31 de diciembre de 2023 | Enero 31, 2023 | |
FLUJOS DE EFECTIVO POR ACTIVIDADES OPERACIONALES | ||
Pérdida del período | $ (2,714,155) | $ (1,218,257) |
Artículos que no involucran efectivo: | ||
Depreciación | - | 443 |
Compensación basada en acciones | 205,026 | - |
Pérdida por enajenación de propiedades, planta y equipo | 921 | - |
Ganancia en la enajenación de regalías | - | (318,147) |
Pérdida (ganancia) no realizada sobre valores negociables | 116,903 | (752,368) |
Ganancia cambiaria | (394,621) | (758,217) |
Gasto por impuesto a las ganancias (recuperación) | (173,100) | 16,000 |
Income taxes received during the period | 157,100 | - |
Cambios en elementos de capital de trabajo distintos del efectivo: | ||
Aumento de cuentas por cobrar | (456,230) | (549,177) |
Aumento de gastos prepagos | (204,107) | (96,025) |
Aumento de cuentas por pagar y pasivos acumulados | 729,490 | 68,740 |
Efectivo neto utilizado en actividades operativas | (2,732,773) | (3,607,008) |
FLUJOS DE EFECTIVO DE ACTIVIDADES DE INVERSIÓN | ||
Adquisición de propiedades, planta y equipo Adquisición de activos de exploración y evaluación Aumento de depósitos | (14,192,068) (13,942,740) (30,150) | (2,729,942) (7,576,717) (11,717) |
Efectivo neto utilizado en actividades de inversión | (28,164,958) | (10,318,376) |
FLUJOS DE EFECTIVO DE LAS ACTIVIDADES DE FINANCIAMIENTO | ||
Producto de la Ofrenda | - | 65,135,746 |
Producto de ejercicios de opciones y warrants | - | 411,222 |
Proceeds from the warrant exercises received in advance of share issue | - | 17,500 |
Costes de emisión de acciones | - | (3,966,075) |
Producto de la enajenación de regalías | - | 63,147 |
Aumento de las comisiones de financiación diferidas | (31,359) | - |
Pagos de arrendamiento | (723) | (4,459) |
Efectivo neto provisto por (utilizado en) actividades de financiamiento | (32,082) | 61,657,081 |
Cambio en efectivo durante el período | (30,929,813) | 47,731,697 |
Efectivo, comienzo del período | 55,495,232 | 6,922,704 |
Impacto de las divisas en el efectivo | 1,226,133 | 840,831 |
Efectivo al final del período | US$ 25,791,552 | US$ 55,495,232 |
Efectivo pagado durante el período por intereses | $- | $- |
Efectivo pagado durante el período por impuestos a la renta | $11,012 | $- |
ESTADOS CONSOLIDADOS DE CAMBIOS EN EL PATRIMONIO CONTABLE
For the eleven month period ended December 31, 2023 and year ended January 31, 2023
(Expresado en dólares canadienses)
| Compartir | Extranjero | ||||||
Capital social | suscripciones |
| Basado en acciones | moneda |
|
| ||
Número de |
| recibido en | Capital | pago | traducción |
| Accionistas | |
las acciones | Cantidad | avanzar | contribución | reserva | reserva | Déficit | patrimonio - total | |
Saldo al 31 de enero de 2022 | 285,850,157 | $56,846,350 | ps | $2,007,665 | $630,265 | $ (174,123) | $ (38,599,036) | $20,711,121 |
Emisión de acciones conforme a la Oferta | 225,000,000 | 65,135,746 | - | - | - | - | - | 65,135,746 |
Costes de emisión de acciones | - | (3,966,075) | - | - | - | - | - | (3,966,075) |
ejercicios de garantía | 3,272,222 | 291,222 | - | - | - | - | - | 291,222 |
Warrant exercises received in avanzar | - | - | 17,500 | - | - | - | - | 17,500 |
Ejercicios de opción | 600,000 | 225,217 | - | - | (105,217) | - | - | 120,000 |
Caducidad de las opciones | - | - | - | - | (140,290) | - | 140,290 | - |
Acciones emitidas de conformidad con el acuerdo de opción de propiedad | 20,298,333 | 9,844,692 | - | - | - | - | - | 9,844,692 |
Conversión de moneda extranjera | - | - | - | - | - | (474,839) | (474,839) | |
Pérdida del período | - | - | - | - | - | - | (1,218,257) | (1,218,257) |
Saldo al 31 de enero de 2023 | 535,020,712 | $128,377,152 | $17,500 | $2,007,665 | $384,758 | $ (648,962) | $ (39,677,003) | $90,461,110 |
Saldo al 31 de enero de 2023 | 535,020,712 | $128,377,152 | $17,500 | $2,007,665 | $384,758 | $ (648,962) | $ (39,677,003) | $90,461,110 |
ejercicios de garantía | 250,000 | 17,500 | (17,500) | - | - | - | - | - |
Conversión de moneda extranjera | - | - | - | - | - | 2,018,108 | 2,018,108 | |
Compensación basada en acciones | - | - | - | - | 326,932 | - | - | 326,932 |
Pérdida del período | - | - | - | - | - | - | (2,714,155) | (2,714,155) |
Saldo al 31 de diciembre de 2023 | 535,270,712 | $128,394,652 | $- | $2,007,665 | $711,690 | $1,369,146 | $ (42,391,158) | $90,091,995 |
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.