Cornish Metals plc (AIM: TIN), the Cornwall-based tin exploration and development company, has published its third-quarter activities update for the period 1 July to 30 September 2026 at its wholly owned South Crofty tin project. The update, issued in accordance with the terms of the company's US$210 million senior secured bond, highlights significant financing milestones, continued underground development, and a post-period fundraising of £135 million gross at 60 pence per share. Notably, the fundraising includes a subscription by Glencore alongside a six-year offtake agreement covering 100% of tin concentrate production at South Crofty, a development investors are likely to monitor closely.

Key Points

  • Cornish Metals plc (AIM: TIN) — mineral exploration and development company advancing South Crofty, Cornwall
  • US$210 million senior secured bond admitted to the Nordic Alternative Bond Market on 5 August 2026; proceeds held in escrow pending conditions including a minimum US$161 million equity fundraising
  • Post-period £135 million gross fundraising announced at 60 pence per share; Glencore subscribed US$15 million alongside a six-year, 100% tin concentrate offtake agreement
  • Investors should watch for completion of the equity fundraising and satisfaction of bond escrow release conditions

South Crofty Dewatering Passes 400 Metres and NCK Winder Installation Advances

Underground development at South Crofty continued through the quarter. Dewatering via the New Cook's Kitchen shaft surpassed 400 metres below surface by mid-October, with shaft refurbishment accelerating. The company's previously guided target of reaching the 400-level — approximately 730 metres below surface — remains set for the first half of 2027. Mechanical installation of the shaft winders progressed concurrently: the single-drum service winder has been delivered and mounted on its foundation, while the double-drum production winder is on site. Development at the 25-level advanced across the Conveyor Drive and Bunker Drive, with trainee miners continuing their development programmes.

Ausenco-Led Process Plant Engineering and Roskear West Drilling Results

Detailed engineering of the South Crofty process plant, led by Ausenco, progressed during the quarter. By mid-October, bulk excavation was substantially complete and civil works had commenced, with the majority of mechanical equipment orders expected to be placed before the end of 2026. Separately, the two-hole, 2,330-metre exploration drilling programme at Roskear West was completed, with both holes intersecting the known Roskear lodes close to their predicted positions. Assay results from the first hole included 0.79 metres at 4.18% tin. Results from the second hole were released on 1 October 2026, after the quarter closed.

US$210 Million Bond in Escrow as Tin Prices Hit US$53,927 Per Tonne at Quarter-End

Tin prices remained robust during the period, with a quarter-end price of US$53,927 per tonne on 30 September 2026. At that price, the company estimates the project's NPV at a 6% discount rate at approximately £560 million. The US$210 million bond's proceeds remain held in escrow, with release contingent on satisfying conditions including completion of an equity fundraising of at least US$161 million. The company's cash position as at 30 September 2026 stood at £11.6 million, excluding escrowed funds. Tranche 2 bridge financing, drawn on 20 August 2026, comprised £13.9 million from the National Wealth Fund and US$9.1 million from Vision Blue Resources.

Post-Period £135 Million Fundraising Includes Glencore Subscription and Six-Year Offtake Agreement

After the quarter ended, Cornish Metals announced a £135 million gross fundraising at 60 pence per share. The raise includes a US$15 million subscription by Glencore, accompanied by a six-year offtake agreement for 100% of tin concentrate produced at South Crofty — a significant commercial development for a project that the company describes as potentially the first primary tin producer in Europe or North America this century. South Crofty holds the highest-grade known tin Mineral Resource not currently in production and carries permits valid to 2071. Near-term focus remains on completing the fundraising and releasing the bond proceeds from escrow.