VANCOUVER, British Columbia, October 13, 2025 (GLOBE NEWSWIRE) — Cornish Metals Inc. (AIM/TSXV: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on advancing its wholly owned and permitted South Crofty tin project in Cornwall, UK, announces that Matthew Hird (CFO) has exercised 750,000 options on the Company’s ordinary shares using the net exercise method.
Using this method, which is permitted by the terms of the Company's stock option plan approved by shareholders on June 29, 2023, the Company is issuing shares equivalent to the value of net proceeds being the difference between the exercise price and the market value on the exercise date. Accordingly, only 249,626 ordinary shares of no par value were issued in the share capital of the Company (the “New Ordinary Shares”). The new ordinary shares will have equal status with the existing shares and an application has been made for admission to trading on AIM (the “Admission”) of 249,626 ordinary shares. The Admission is expected to become effective and trading in the New Common Shares is expected to commence on or about 8:00 a.m. on October 14, 2025. The new common shares will also trade on the TSX Venture Exchange.
Mr. Hird also requested that the Company's brokers sell the New Common Shares. The new ordinary shares were sold at a price of 7.80 pence per share with a maturity date of 14 October 2025. Following these transactions, Mr. Hird's beneficial interest will remain unchanged without his involvement in the Company.
Following admission, the issued and outstanding share capital of Cornish Metals will consist of 1,253,751,619 ordinary shares. The company does not have its own ordinary shares. Shareholders may use this figure as a denominator for calculations by which they will determine whether they are required to provide notice of their participation in the Company or a change in their participation in the Company.
Following the issuance of the New Shares, the outstanding options, warrants and outstanding shares of the Company are set out in the table below:
| Outstanding | Execution price | feasible | expiry date | ||
| Options | 1,300,000 | CAD 0.10 | 1,300,000 | October 13, 2025 | |
| 7 066 667 | CAD 0.331 | 5 066 867 | July 17, 2028 | ||
| 800,000 | CAD 0.331 | 266 640 | October 1, 2028 | ||
| 9,600,000 | CAD 0.162 | 3,266,667 | August 19, 2029 | ||
| 2,500,000 | CAD 0.162 | – | October 21, 2029 | ||
| Productivity Share Units | 12 315 951 | – | – | May 23, 2035 | |
1 Pursuant to the terms and conditions of the stock options, the exercise price for these options is £0.18 for non-Canadian option holders or $0.30 for Canadian option holders.
2 Pursuant to the terms of the stock option grant, the exercise price for these options is £0.085 for non-Canadian option holders or $0.14 for Canadian option holders.
The notice below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further information.
| 1 | Information about the person performing management responsibilities/person closely associated with him | ||||
| A) | Name | Matthew Hurd | |||
| 2 | Reason for notification | ||||
| A) | Position/status | Financial Director | |||
| b) | Initial Notice/Amendment | Initial notice | |||
| 3 | Information about the issuer, emissions market participant, auction site, auctioneer or auction observer | ||||
| A) | Name | Cornish Metals Inc. | |||
| b) | LEI | 8945007GJ5APA9YDN221 | |||
| 4 | Details of the trade(s): The section must be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) every date; and (iv) each location where transactions were conducted | ||||
| A) | Description of financial instrument, type of instrument | Ordinary shares | |||
| Identification code | CA21948L1040 | ||||
| b) | Nature of the transaction | Net exercise of stock options under the Company's stock option plan | |||
| V) | Price(s) and volume(s) | 750,000 options exercised, net issue of 249,626 shares at zero price. | |||
| G) | Aggregated information | ||||
| – Total volume | |||||
| – Price | |||||
| d) | Transaction date | October 10, 2025 | |||
| e) | Place of transaction | Outside the marketplace | |||
| 1 | Information about the person performing management responsibilities/person closely associated with him | ||||
| A) | Name | Matthew Hurd | |||
| 2 | Reason for notification | ||||
| A) | Position/status | Financial Director | |||
| b) | Initial Notice/Amendment | Initial notice | |||
| 3 | Information about the issuer, emissions market participant, auction site, auctioneer or auction observer | ||||
| A) | Name | Cornish Metals Inc. | |||
| b) | LEI | 8945007GJ5APA9YDN221 | |||
| 4 | Details of the trade(s): The section must be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) every date; and (iv) each location where transactions were conducted | ||||
| A) | Description of financial instrument, type of instrument | Ordinary shares | |||
| Identification code | CA21948L1040 | ||||
| b) | Nature of the transaction | Sale of Common Shares | |||
| V) | Price(s) and volume(s) | ||||
| Price(s) | Volume(s) | ||||
| 7.8 pence | 249 626 | ||||
| G) | Aggregated Information | ||||
| – Total volume | As above | ||||
| – Price | |||||
| d) | Transaction date | October 10, 2025 | |||
| e) | Place of transaction | TARGET | |||
ABOUT CORNISH METALS
Cornish Metals is a mineral exploration and development company that is advancing the South Crofty tin project. South Crofty:
- is a historic high-grade underground tin mine located in Cornwall, UK, which utilizes existing mine infrastructure, including multiple shafts that can be used for future operations;
- permission to begin underground mining (valid until 2071), build a new processing complex and all the necessary infrastructure of the facility;
- will be the only primary tin producer in Europe and North America. Tin is a critical mineral as defined by the UK, American and Canadian governments as it is used in virtually all electronic devices and electrical infrastructure. About two-thirds of the tin mined today comes from China, Myanmar and Indonesia;
- benefits from strong support from the local community, regional and national government, as well as a growing team of skilled professionals based in Cornwall, and has the potential to create up to 320 direct jobs.
ON BEHALF OF THE BOARD OF DIRECTORS
“Don Turvey”
Don Turvey
CEO and Director
Contact us directly at our Investor Center. Register at: https://investors.cornishmetals.com/link/P4xj9P
For more information contact:
| Cornwall Metals | Fauzi Hanano Irene Dorsman |
[email protected] [email protected] |
| Tel: +1 (604) 200 6664 | ||
| JV Angel Corporate Finance LLP (Designated Advisor and Joint Broker) |
Richard Morrison Charlie Buvera Grant Barker |
Tel: +44 203 470 0470 |
| Hannam and partners (Joint Broker) |
Matthew Hasson Andrew Chubb Jay Ashfield |
[email protected] Tel: +44 207 907 8500 |
| BlighterRay (Financial PR) |
Tim Blythe Megan Ray Said Izagaren |
[email protected] 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..
Cautionary Note Regarding Forward-Looking Statements
This press release may contain certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”). Forward-looking statements include predictions, projections, projections, recommendations, estimates and projections and other statements regarding future plans, implementation, cost, timing and extent of mineral resource or mineral reserve estimates, commodity price estimates, currency exchange rate fluctuations, expected future exploration expenditures, costs and timing of new developments deposits, exploration success, permitting deadlines, additional capital requirements and Company information. the ability to obtain financing when necessary and on terms acceptable to the Company, the future or expected life of the mine and other activities or achievements of Cornish Metals. Forward-looking statements are often, but not always, identified by the use of words such as “seek,” “expect,” “believe,” “plan,” “estimate,” “forecast,” “anticipate,” “potential,” “project,” “target,” “schedule,” “budget,” and “intend,” and statements that an event or outcome “may,” “will,” “should,” “could,” “might” or “could” happen or be achieved and other similar expressions and includes their negations. All statements other than statements of historical fact included in this press 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 could cause actual results to differ materially from the results expressed or implied by such forward-looking statements, including, without limitation: risks associated with obtaining regulatory approvals, risks associated with general economic and market conditions; risks associated with the availability of financing; timing and content of upcoming work programs; actual results of proposed exploration activities; possible changes in mineral resources or grades; predicted dates for the start of mining operations; failure of installations, equipment or processes to operate properly; accidents, labor disputes, title disputes, insurance coverage claims and limitations and other mining industry risks; changes in national and local government mining regulations, tax rules and regulations. The list is not exhaustive and includes factors that could affect Cornish's forward-looking statements.
Cornish Metals' forward-looking statements are based on management's opinions and estimates, reflect their current expectations regarding future events and operating performance and speak only as of the date of such statements. 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 could 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. Cornish Metals undertakes no obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions change, except as required by applicable law.
Market Abuse Regulation (MAR) Disclosure
The information contained in this announcement is considered by the Company to be internal information within the meaning of Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law under the European Union Withdrawal Act 2018 as amended.
