15th May 2025 18:38
(Alliance News) - Cornish Metals Inc on Thursday said its loss widened in the first quarter as it continued to develop the South Crofty tin project in Cornwall.
The tin mine developer said its loss in the three months to the end of March widened to CAD3.0 million, around GBP1.6 million, from CAD2.6 million a year ago.
Cornish Metals is not yet revenue-generating.
It registered higher operating expenses of CAD3.2 million, up 16% from CAD2.8 million in the first quarter of 2024.
The company said operating expenses have risen due to increased professional fees associated with more corporate activity, in addition to higher corporate remuneration.
In addition, Cornish Metals faced an interest expense of CAD486,337 in the first quarter of 2025, compared to no loss a year ago.
Cash at the end of the period was CAD89.0 million, multiplied from CAD17.0 million at the end of March 2024.
"We started the year on a strong note successfully completing the GBP57.4 million fundraise...This funding will enable the company to maintain its strong momentum and further unlock South Crofty's potential by delivering important milestones expected in the coming year including advancing mine dewatering and shaft refurbishment, placing orders for long-lead items, the start of early project works and concluding the project finance process," said Chief Executive Officer Don Turvey.
Looking ahead, Cornish Metals said it will continue to advance and derisk South Crofty towards production.
It aims to complete dewatering of the mine, advance detailed project engineering studies, place orders for long lead items, commence early project works and arrange project financing.
Shares in Cornish Metals closed up 0.7% at 8.56 pence in London on Thursday.
By Michael Hennessey, Alliance News reporter
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