19th Aug 2024 15:17
Cornish Metals Inc - developing South Crofty tin project in Cornwall - Loss for six months that ended June 30 is CAD4.1 million, about GBP2.3 million, widened from CAD887,399 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 CAD6.0 million, down from CAD40.0 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 CAD8 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%
By Tom Waite, Alliance News editor
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