CORNISH METALS REPORTS THAT FIRST SUBMERSIBLE PUMP FULLY INSTALLED TO 360m DEPTH

Vancouver, June 26, 2023

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company") is pleased to report that the first of two submersible pumps has now been installed to the target depth of 360m below surface in New Cooks Kitchen shaft at the South Crofty tin mine, Cornwall, UK. Installation of this pump is an important milestone in the Company's plans to commence dewatering of the South Crofty mine later this summer. The installation required the connection and lowering of the pump on 120 three metre long steel pipes, which are suspended in the shaft for the phase 1 dewatering.

Richard Williams, CEO and Director, stated; "A big 'proper job' well done to the team at South Crofty for achieving this milestone in less time than planned. This pump installation is a technical exercise and the team did a fantastic job, completing the task safely with no incidents. We anticipate the second pump to be installed by the end of July."

The pumps are specialist high-head 950 kW vertical submersible pumps manufactured by KSB in Germany, controlled by variable speed drives to enable the 25,000 cubic metres (m³) per day pumping rate to the Mine Water Treatment Plant. 

Work on the Mine Water Treatment Plant continues with 95% mechanical completion, and work is now focused on the electrical and instrumentation installation. It is anticipated that the plant commissioning will be completed later this summer and mine dewatering to commence immediately thereafter.

Images of the pump installation can be found here.

BACKGROUND

·    South Crofty is an historic, high-grade, underground tin mine that started production in the sixteenth century, and continued operating until its closure in 1998;

·    The Company is executing a comprehensive mine dewatering and feasibility study programme intended to lead to delivery of a Feasibility Study by the end of 2024;

·    The Project possesses Planning Permission for underground mining, valid to 2071, Planning Permission to construct a mine water treatment plant, new processing facilities, all necessary site infrastructure, and an Environmental Permit to dewater the mine;

·    South Crofty has the 4^th highest grade tin Mineral Resource globally and benefits from the presence of multiple shafts that can be used for future operations;

·    Tin is a Critical Mineral as defined by the UK, USA, and Canadian governments, with approximately 75% of the tin mined today coming from China, Myanmar and Indonesia;

·    There is no primary tin production in Europe or North America;

·    Responsible sourcing of critical minerals and security of supply are key factors in the energy transition and technology growth;

·    South Crofty benefits from strong local community and regional and national government support. The Project could generate 250 - 300 direct jobs.

ABOUT CORNISH METALS

Cornish Metals is a dual-listed company (AIM and TSX-V : CUSN)  focused on advancing the South Crofty high-grade, underground tin project through to delivery of a Feasibility Study, as well as exploring its additional mineral rights, all located in Cornwall, South West England.  The former producing South Crofty tin mine is located beneath the towns of Pool and Camborne, and closed in 1998 following over 400 years of continuous production. Since acquiring the project in 2016, Cornish Metals has completed and published maiden NI 43-101 Mineral Resources for South Crofty using the vast archive of historical production data and more recent drilling completed between 2007 and 2013. Additionally, Cornish Metals has undertaken extensive pilot-scale water treatment trials and successfully applied for and received the necessary environmental permits to abstract, treat and discharge mine water in order to dewater the mine. Planning permissions for the operation of the mine and re-development of the surface facilities have been secured and construction of the water treatment plant is currently well underway.

An updated Mineral Resource was completed in June 2021 as summarised below:

The Mineral Resource Estimate for South Crofty (see news release dated June 9, 2021), is available in a report titled the "South Crofty Tin Project Mineral Resource Update", dated June 7, 2021, authored by Mr. N. Szebor, CGeol (London), EuroGeol, FGS, of AMC Consultants (UK) Ltd, can be accessed through the link or on the Company's SEDAR page.

The technical information in this news release has been compiled by Mr. Owen Mihalop who has reviewed and takes responsibility for the data and geological interpretation. Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief Operating Officer for Cornish Metals Inc. and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012) and as a Qualified Person under NI 43-101. Mr. Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

For additional information please contact:

In North America:

Irene Dorsman at (604) 200 6664 or by e-mail at [email protected]

ON BEHALF OF THE BOARD OF DIRECTORS

"Richard D. Williams"

Richard 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".  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 programmes; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; outcome of the current Feasibility Study; projected dates to commence mining operations; 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.