Cornish Metals: Tin & Tonic

Tin plays a vital, often overlooked, role in the global shift to electrification. It’s used in solder, a fundamental component in all circuit boards and electronics, and demand is growing as the world builds more electric vehicles, installs more solar panels, and integrates AI into everything from phones to data centres. According to the International Tin Association, tin demand is forecast to increase by nearly 30% by 2035. Yet new supply is not keeping pace, and the industry has faced two consecutive years of mine output decline. Tin is now officially classified as a “critical mineral” by the UK, US, EU, Japan, and others, reflecting its strategic importance, and its growing scarcity. This supply-demand imbalance sets the stage for structurally higher prices, especially for new, low-risk sources of supply like Cornish Metals.

Europe has no primary tin production, making the region highly exposed to imports from countries like China, Indonesia, and Myanmar, many of which face political, environmental, or licensing risks. As the EU and UK implement strategies to onshore supply chains for critical minerals, the South Crofty project stands out. It is one of the few advanced-stage tin projects in a Western jurisdiction, with both full permits and government support already in place. Backing from the UK’s National Wealth Fund and regional development grants signals a broader industrial strategy shift. For European governments, carmakers, tech companies, and green energy firms, secure, local tin production is no longer a nice-to-have. It’s a national priority. Cornish Metals is uniquely positioned to fill that gap and become a strategic asset for Europe’s green economy.

Many mining juniors have long timelines and permitting uncertainty, but South Crofty is different. It is fully permitted, has an existing water treatment plant, and is advancing underground and surface works in parallel, including construction, engineering, and ongoing dewatering, toward a final investment decision in 2026. The updated PEA outlines compelling project economics: a £180m after-tax NPV, 20% IRR, and a low all-in sustaining cost of ~$13,400 per tonne, placing South Crofty in the bottom quartile of global producers. The mine is forecast to produce ~4,700 tonnes of tin annually in its early years, equivalent to ~1.6% of global supply. Beyond the base case, there's meaningful upside from near-mine exploration targets and historic lodes not yet included in the mine plan. With execution sequencing optimised, infrastructure already built, and strong government support, Cornish Metals is well-positioned to become a new cornerstone of European tin supply.

Completion of mine dewatering: Continued progress toward completion, now scheduled for early 2027, marks a major technical de-risking milestone, enabling full access to underground development and supporting upcoming resource expansion.

Progress on FEED and early construction: Advancing Front-End Engineering Design alongside active surface construction, including processing plant excavation and infrastructure works, signals momentum and readiness for the next funding phase, while supporting engagement with potential project financiers, including the Export-Import Bank of the United States (EXIM).

Final Investment Decision (FID) in 2026: A formal greenlight for construction will mark a turning point, confirming project viability, following continued technical de-risking and progressed engagement with potential debt financiers, including the Export-Import Bank of the United States (EXIM), unlocking project financing, and moving South Crofty firmly into development mode.

Updated Mineral Resource Estimate: Expanding the resource base by converting exploration targets into measured resources will enhance mine life, improve project scale, and support valuation upside.

First tin production by mid-2028: Achieving production will transform Cornish Metals from a developer into a strategic tin producer, unlocking cash flow and fundamentally re-rating the stock.

Mine life extension through exploration: Success in near-mine drilling and historic lode development, including the Roskear lodes, could significantly extend the current 14-year mine plan, adding scale, optionality, and long-term value.

Cornish Metals raised £57.4 million in 2025, led by the UK National Wealth Fund and Vision Blue Resources, but will still need substantial project financing to reach full construction. A final investment decision is expected in 2026, with CAPEX to follow. The company is exploring debt, partnerships, and offtake deals, but until financing is secured, it remains a key risk. Market conditions and investor sentiment could impact the terms and timing of funding.

The company is fully focused on South Crofty, meaning shareholder returns are entirely tied to a single project. While the asset is high-grade and permitted, any operational, regulatory, or financial setbacks would have an outsized impact. Additional exploration ground exists, but none are revenue-generating or near development.

Cornish Metals aims to begin production by mid-2028, an ambitious but feasible target. The timeline includes dewatering, shaft refurbishment, plant construction, and project financing. Progress has been strong so far, but any delays, particularly underground, could push timelines or raise costs. Reviving a historic mine carries inherent complexity, even with experienced leadership.