Cornish Metals (TIN) Q4 2024 earnings summary

Executive summary

• Completed a £57.4 million fundraise anchored by major institutional investors, providing financial runway through Q1 2026 and supporting the advancement of the South Crofty tin project toward a final investment decision.

• Appointed Don Turvey as CEO, bringing over 40 years of mining experience, and added Samantha Hoe-Richardson as an independent non-executive director.

• Arranged a US$9.1 million secured credit facility with Vision Blue, repaid via proceeds from the fundraise.

• Completed a Preliminary Economic Assessment (PEA) for South Crofty, confirming robust project economics and long mine life.

• Sold non-core assets, including royalties and the Nickel King property, to strengthen liquidity.

Financial highlights

• Loss for the year ended December 31, 2024 was $1.07 million, a significant improvement from a $2.71 million loss in the prior period.

• Total operating expenses rose to $8.83 million, reflecting increased corporate activity and a CEO termination settlement.

• Net cash used in operating activities was $4.46 million; investing activities used $24.94 million, mainly for project advancement.

• Cash at year-end was $9.59 million, down from $25.79 million, due to ongoing project development.

• Gain of $4.7 million from the sale of Mactung and Cantung royalties; $3.0 million received, $1.5 million due by August 2025.

Outlook and guidance

• Aims to complete mine dewatering and NCK shaft refurbishment by Q4 2025.

• Plans to advance engineering studies, place deposits for long-lead items, and commence early project works in 2025.

• Project financing for South Crofty targeted for the second half of 2025.