Cornish Metals Inc - developing South Crofty tin project in Cornwall - Loss for six months that ended June 30 is C$4.1 million, about £2.3 million, widened from C$887,399 in the six months that ended July 31, 2023. Cornish Metals is not yet revenue-generating. In addition to higher operating expenses, Cornish Metals has lower interest income in the recent half-year, and it takes a foreign exchange loss, rather than profit. Cash as of June 30 is C$6.0 million, down from C$40.0 million a year before. Set to add to that is an agreement by Cornish Metals to sell its Nickel King property in Canada for up to C$8 million.

‘Momentum and activity levels have remained high since the start of the year as the Cornish Metals team continues to progress work plans and accomplish key milestones, particularly the completion of the preliminary economic assessment of the South Crofty tin project that confirms the project’s potential to be a low-cost and long-life tin mining operation,’ says Interim Chief Executive Officer Ken Armstrong.

‘The sale of the company’s assets in northern Canada provides near-term liquidity and demonstrates our priority and focus on advancing South Crofty towards commencement of production in 2027.’

Cornish Metals has hired Don Turvey as its new permanent CEO, starting September 1.

Current stock price: 8.00 pence, up 15% in London on Monday

12-month change: down 43%

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