CORNISH METALS SUCCESSFULLY COMMISSIONS SUBMERSIBLE PUMPS AND VARIABLE SPEED DRIVES

Vancouver, July 26, 2023

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on its South Crofty tin project in Cornwall, United Kingdom, is pleased to announce that it has successfully commissioned both submersible pumps that were recently installed in New Cook's Kitchen ("NCK") shaft and their associated Variable Speed Drives ("VSDs") - see photos here.

Richard Williams, CEO and Director, stated "This is a very significant milestone for South Crofty. Seeing the first water being pumped out of the mine during this commissioning phase since the mine's closure 25 years ago is a truly historic moment. Our project team has worked extremely hard to install and commission the pumps and drives safely and efficiently. We have also been supported by a small army of dedicated local contractors along with equipment manufacturers and suppliers, so a big thank you to everyone involved in the project to date."

Submersible Pump and VSD Commissioning

Two KSB BSX 463/5 specialist high-head 950 kilowatt ("kW") vertical submersible pumps manufactured and supplied by KSB Ltd have been installed in the NCK shaft, both at a depth of approximately 360m below surface (see news releases dated June 26, 2023 and July 18, 2023). The pumps are controlled by two Schneider Electric Altivar ATV 1200 variable speed drives supplied through Siemag Tecberg UK. The VSDs enable the permitted 25,000 cubic metres (m³) per day pumping rate to the Mine Water Treatment Plant ("MWTP") to be maintained as the water level in the shaft drops and the pumping head increases.

Teams from Cornish Metals, Siemag Tecberg and Schneider Electric have been on-site for the last two weeks testing the pumps and VSDs. The two pumps and both VSDs have now been successfully commissioned and run through a series of performance tests to demonstrate their ability to meet the target flow rate to the MWTP.

The pumps have been pumping mine water from below the 195 fathom level to the MWTP where it has been diverted around the plant and returned back underground via a specially installed commissioning loop. Once the MWTP is completed and commissioned later in the summer, the fully treated mine water will be diverted to the Red River and dewatering of the mine will commence.  

Background

·    South Crofty is a historic, high-grade, underground tin mine that started production in the sixteenth century, and continued operating until its closure in 1998;

·    The Project possesses Planning Permission for underground mining, valid to 2071, Planning Permission to construct a mine water treatment plant, new processing facilities, all necessary site infrastructure, and an Environmental Permit to dewater the mine;

·    South Crofty has the 4^th highest grade tin Mineral Resource globally and benefits from the presence of multiple shafts that can be used for future operations;

·    Tin is a Critical Mineral as defined by the UK, USA, and Canadian governments, with approximately 75% of the tin mined today coming from China, Myanmar and Indonesia;

·    There is no primary tin production in Europe or North America;

·    Responsible sourcing of critical minerals and security of supply are key factors in the energy transition and technology growth;

·    South Crofty benefits from strong local community and regional and national government support.  The Project could generate 250 - 300 direct jobs.

ABOUT CORNISH METALS

Cornish Metals is a dual-listed company (AIM and TSX-V: CUSN) focused on advancing the South Crofty high-grade, underground tin project through to delivery of a Feasibility Study, as well as exploring its additional mineral rights, all located in Cornwall, South West England. The former producing South Crofty tin mine is located beneath the towns of Pool and Camborne, and closed in 1998 following over 400 years of continuous production. Since acquiring the project in 2016, Cornish Metals has completed and published maiden NI 43-101 Mineral Resources for South Crofty using the vast archive of historical production data and more recent drilling completed between 2007 and 2013. Additionally, Cornish Metals has undertaken extensive pilot-scale water treatment trials and successfully applied for and received the necessary environmental permits to abstract, treat and discharge mine water in order to dewater the mine. Planning permissions for the operation of the mine and re-development of the surface facilities have been secured and construction of the water treatment plant is currently well underway.

An updated Mineral Resource was completed in June 2021 as summarised below:

The Mineral Resource Estimate for South Crofty (see news release dated June 9, 2021), is available in a report titled the "South Crofty Tin Project Mineral Resource Update", dated June 7, 2021, authored by Mr. N. Szebor, CGeol (London), EuroGeol, FGS, of AMC Consultants (UK) Ltd, can be accessed through the above link and on the Company's SEDAR page.

The technical information in this news release has been compiled by Mr. Owen Mihalop who has reviewed and takes responsibility for the data and geological interpretation. Mr. Owen Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief Operating Officer for Cornish Metals Inc. and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined under the JORC Code (2012) and as a Qualified Person under NI 43-101. Mr. Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

For additional information please contact:

In North America:

Irene Dorsman at (604) 200 6664 or by e-mail at irene@cornishmetals.com

ON BEHALF OF THE BOARD OF DIRECTORS

"Richard D. Williams"

Richard D. Williams, P.Geo

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution regarding forward looking statements

This news release contains "forward-looking statements".  Forward-looking statements, while based on management's best estimates and assumptions at the time such statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the COVID-19 global pandemic and any variants of COVID-19 which may arise; risks related to the availability of financing; the timing and content of upcoming work programmes; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; outcome of the current Feasibility Study; projected dates to commence mining operations; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations.

Although Cornish Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cornish Metals undertakes no obligation or responsibility to update forward-looking statements, except as required by law.