Cornish Metals plc (AIM: TIN), a mineral exploration and development company focused on its wholly-owned South Crofty tin project in Cornwall, has announced that shareholders approved a £135 million fundraising at a General Meeting held on 9 November 2026. The company's board has simultaneously taken a Final Investment Decision (FID) to develop South Crofty towards first tin production, expected in mid-2028. Investors are also noting the appointment of Kyril Louis-Dreyfus as a Non-Executive Director, nominated by Leonidsport B.V., a significant new cornerstone investor in the project.

Key Points

  • Cornish Metals plc (AIM: TIN) — mineral exploration and development company, Cornwall, UK
  • Shareholders approved all resolutions to complete a gross £135 million fundraising, enabling construction of the South Crofty tin mine
  • FID formally approved by the board on 9 November 2026; first tin production targeted for mid-2028; post-Admission issued share capital will total 356,687,782 ordinary shares
  • Investors will be watching the Admission expected at 8:00 a.m. on or around 10 November 2026 and progress against South Crofty's construction schedule and budget

South Crofty FID Marks a Historic Milestone for Cornish Metals' Permitted Tin Project

The board's approval of the Final Investment Decision on 9 November 2026 represents the most significant corporate milestone in Cornish Metals' history, formally committing the company to constructing the South Crofty mine through to production. South Crofty is a wholly-owned, fully permitted tin project located in Cornwall, United Kingdom, and is one of the few advanced-stage tin development assets in Western Europe. First production is targeted for mid-2028. The announcement states that key strategic investors — including the National Wealth Fund, Vision Blue Resources, Glencore, and Leonidsport — participated in the fundraising, reflecting institutional confidence in the project's long-term value at a time the company describes as one of scarce new tin supply.

General Meeting Delivers Near-Unanimous Shareholder Approval for £135 Million Fundraising

At the General Meeting, 85,032,134 ordinary shares were voted, representing approximately 67.8% of issued share capital as at the record date. Resolution 1, authorising the allotment of shares pursuant to the fundraising, passed with 99.82% of votes in favour. Resolution 2, approving the allotment of equity securities free of pre-emption rights, passed with 99.76% support. Following Admission, Vision Blue Resources Limited will hold 28.58% of total voting rights, and the National Wealth Fund Limited will hold 29.50%, making these two institutional shareholders the dominant forces in the company's ownership structure.

Galena Milestone Payment Triggered by FID, Adding 6.2 Million Shares on Admission

The FID has triggered a final deferred consideration payment of US$5,000,000 under the Cornish Share Purchase Agreement relating to the company's original acquisition of the South Crofty project. The company will satisfy this obligation through the issue of 6,216,446 Galena Milestone Shares at the issue price to Galena Special Situations Limited and Tin Shield Production Inc., becoming effective upon Admission. These shares, alongside the fundraising shares totalling 225,000,000, will rank pari passu with existing ordinary shares, bringing the post-Admission total issued share capital to 356,687,782 ordinary shares.

Kyril Louis-Dreyfus Joins the Board as Leonidsport's Non-Executive Representative

Cornish Metals has announced the appointment of Kyril Louis-Dreyfus, aged 28, as a Non-Executive Director, nominated by Leonidsport B.V., the Netherlands-incorporated family investment vehicle of the Louis-Dreyfus family. Louis-Dreyfus is a co-founder of Leonidsport and became Chairman of Sunderland AFC in February 2021, later becoming its majority shareholder in June 2022. His appointment becomes effective upon Admission. Upon Admission, he will hold an indirect interest of 5,549,551 shares in the company through his minority stake in Leonidsport B.V. He currently holds no direct shareholding in Cornish Metals.