Cornish Metals Releases Financial Statements and Management’s Discussion and Analysis for the Three Months Ending 30 – GlobeNewswire

VANCOUVER, British Columbia, June 24, 2021 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (TSX-V/AIM: CUSN) (Cornish Metals or the Company), a mineral exploration and development company focused on its projects in Cornwall, United Kingdom, is pleased to announce that it has released its interim financial statements and management, discussion and analysis (MD&A) for the three months ended 30 April 2021. The reports are available under the Companys profile on SEDAR (www.sedar.com) and on the Companys website (www.cornishmetals.com).

Highlights for the three months ended April 30, 2021 and for the period ending June 23, 2021

Richard Williams, CEO of Cornish Metals, stated, I am delighted with what the Company has achieved in the last few months a highly successful listing on AIM which surpassed our expectations, the conversion of the Osisko loan note into two royalties which endorsed the quality of the Companys projects in Cornwall, a substantial increase in mineral resource for South Crofty and the commencement of the exploration programme at United Downs. I look forward to reporting imminently on the initial results of that exploration programme once the assays from the first few drill holes have been assessed.

Longer term, we are continuing to assess various financing options to progress South Crofty which remains a key strategic asset for the Company. South Crofty could potentially play a pivotal role in securing a domestic and sustainable source of battery metals as the UK transitions to a low carbon economy.

Key financial metrics for the first quarter

Outlook

The proceeds from the recently completed AIM listing are to be used to conduct a drill program at the United Downs exploration project, to conduct initial field work on other high priority exploration targets within transport distance of South Crofty, and for general working capital purposes. Management believes that, subject to drilling success, the proceeds from the AIM listing will result in the Company being fully funded to the completion of a maiden JORC resource at the United Downs exploration project.

Within 12 to 18 months of the date of the AIM listing, the Company plans to:

In the longer term, the Company intends to develop the South Crofty tin project as and when economic conditions and cashflows are supportive.

ABOUT CORNISH METALS

Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper / tin projects, plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.

ON BEHALF OF THE BOARD OF DIRECTORS

Richard D. WilliamsRichard D. Williams, P.Geo

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 "forward-looking statements", including but not limited to, statements with respect to the continued listing and trading of the Common Shares on the TSX-V and AIM; and the expected commencement of future exploration programs at the United Downs and the South Crofty Mine.

Forward-looking statements, while based on management's best estimates and assumptions at the time such statements are made, 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 COVID-19 global pandemic and any variants of COVID-19 which may arise; risks related to the availability of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; 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.

Although Cornish Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cornish Metals undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION(Unaudited Prepared by Management)(Expressed in Canadian dollars)

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS(Unaudited Prepared by Management)(Expressed in Canadian dollars)

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CASH FLOWS(Unaudited Prepared by Management) (Expressed in Canadian dollars)

CONSOLIDATED CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITYTHREE MONTHS ENDED APRIL 30(Unaudited Prepared by Management) (Expressed in Canadian dollars)

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Cornish Metals Releases Financial Statements and Management's Discussion and Analysis for the Three Months Ending 30 - GlobeNewswire