14th Aug 2025 18:19
(Alliance News) - Cornish Metals Inc on Thursday said its first-half loss widened as it continues to advance and de-risk its South Crofty tin project in Cornwall, while moving ahead with plans to shift its corporate domicile from Canada to the UK in the fourth quarter.
The tin mine developer reported a net loss of CAD6.3 million in the six months to June 30, widening from CAD4.1 million a year before. In the second quarter alone, the loss widened to CAD3.3 million from CAD1.6 million.
Total operating expenses rose to CAD7.6 million from CAD4.6 million, which the company said reflected higher professional fees related to the planned re-domiciliation and increased corporate activity as South Crofty is advanced.
Revenue is not yet being generated, as South Crofty remains under development.
Project-related expenditure in the first half totalled CAD11.3 million, primarily on refurbishment of the New Cook's Kitchen shaft, preparation for mid-shaft pump station upgrades, ongoing engineering studies, and early works for workshops and stores. Mine dewatering costs were CAD3.1 million.
Cornish Metals ended June with cash of CAD73.8 million, up from CAD6.0 million a year before, after raising GBP57.4 million in January. The fundraise was anchored by the UK's National Wealth Fund Ltd and Vision Blue Resources Ltd, and is expected to provide funding through the first quarter of 2026.
During the half, South Crofty's Bartles Foundry project also secured up to GBP4.2 million in grant funding from the Cornwall & Isles of Scilly Good Growth Programme. The first claim of GBP0.7 million is expected to be received this month.
Orders were placed with Qualter Hall for the mine's production and service winders, key long-lead items. Surface redevelopment works started in July, with processing plant earthworks to begin in August.
Chief Executive Officer Don Turvey said: "The Cornish Metals team continues to work hard on advancing and derisking South Crofty towards a restart of responsible tin production. The pace of activities across the South Crofty site on-surface and underground is ramping up steadily."
Looking ahead, Cornish Metals said near-term objectives include completing mine dewatering and shaft refurbishment, advancing detailed engineering, placing deposits for more long-lead equipment, continuing early project works, and arranging project financing.
The company expects to complete its UK re-domiciliation in the fourth quarter of 2025.
Shares in Cornish Metals closed down 3.1% at 7.22 pence in London on Thursday.
By Eva Castanedo, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Cornish Metals