Cornish Metals

What Cornish Metals does

Cornish Metals plc (AIM: TIN) is a UK-domiciled mineral exploration and development company advancing the South Crofty underground tin mine in Cornwall toward production, targeted for mid-2028. South Crofty is one of the highest-grade tin resources globally, with an active mining licence valid until 2071, planning permission for a new process plant, and an environmental permit allowing treatment of up to 25,000 m³ of mine water per day. The company's core technology stack includes XRT (X-ray Transmission) ore sorting for pre-concentration, a commissioned mine water treatment plant with a hydro-turbine that generates up to 20% of its own electricity, and a designed paste backfill system that eliminates surface tailings impoundments. Beyond South Crofty, Cornish Metals holds approximately 15,000 hectares of additional mineral rights in Cornwall targeting tin, copper, lithium, tungsten, zinc, and silver, plus legacy North American exploration assets (Nickel King, Sleitat).

The business model is a single-commodity B2B producer that will sell tin concentrate directly to smelters and refiners supplying the electronics, EV, and renewable-energy supply chains. The 2025 PEA projects annual production of approximately 4,700 tonnes of tin in concentrate over a 14-year mine life, a base-case tin price of US$33,900/tonne, LOM all-in sustaining cost under US$14,500/tonne, after-tax NPV6% of £180 million, a 20% IRR, and a 3.3-year capital payback. The go-to-market motion combines project-financing capital raises from institutional investors, sovereign wealth funds, and government entities with downstream offtake to industrial smelter counterparties. A non-binding US Export-Import Bank letter of interest for up to $225 million is conditional on the mine supplying tin concentrate to the United States.

Cornish Metals is pre-revenue and is currently funding mine construction through an exceptionally capital-intensive 2025–2026 funding stack totalling over £450 million, including a £46.7m equity raise (March 2025), a £52m credit facility from the UK National Wealth Fund and Vision Blue Resources, a US$210m six-year senior secured bond placement at 13.5%, and a £4.19m UK government grant. The two anchor shareholders — National Wealth Fund (28.45%) and Vision Blue Resources (29.08%) — provide sovereign-aligned critical-minerals capital and strategic backing. Management combines major-miner veterans, including ex-BHP Billiton and ex-Anglo American executives, and the company completed a re-domicile from Canada to the UK with an AIM listing in December 2025 to align domicile with its principal asset and the London capital pool.

Name

Cornish Metals

Legal name

Cornish Metals Inc.

Website

https://cornishmetals.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Cornish Metals plc (AIM: TIN) is a UK mineral development company re-opening the permitted South Crofty underground tin mine in Cornwall, targeting first tin-concentrate production by mid-2028 to supply electronics, EV, and renewable-energy supply chains as the first primary tin producer in Europe or North America.

Ownership category

akta.pro rank

Product category

Tin Mining

NAICS

Other Metal Ore Mining (212290), Mining (except Oil and Gas) (212)

SIC

Metal Mining (1000)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

Keywords

• Tin mining
• Mineral exploration
• Critical minerals
• Underground mining
• Tin concentrate

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Infrastructure, Supply Chain, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Tin Concentrate Sales: The company will generate revenue by producing and selling high-grade tin concentrate from the South Crofty mine. The mine is expected to produce approximately 4,700 tonnes of tin in concentrate annually during its initial years of operation, with a 14-year mine life producing approximately 49,000 tonnes of tin metal in concentrate over the life of mine. Revenue will come from sales to tin smelters and refiners supplying the electronics, EV, and renewable energy sectors.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels9 records

Core offering

Cornish Metals is developing the South Crofty underground tin mine in Cornwall, UK, targeting annual production of approximately 4,700 tonnes of high-grade tin concentrate over a 14-year mine life. The project leverages existing mine infrastructure including five usable vertical shafts and a 300-metre decline, with XRT ore sorting technology to upgrade mined tin grade. The company also holds exploration rights across approximately 15,000 hectares in Cornwall for tin, copper, lithium, tungsten, zinc, and silver, plus North American mineral assets (Nickel King and Sleitat).

Product overview

Cornish Metals operates as a mineral exploration and development company with a portfolio of mining and exploration projects. The core offering is the South Crofty underground tin mine project, which is advancing toward production as a primary tin producer in Europe/North America. Supporting this are exploration projects including United Downs (copper-tin) and Carn Brea in Cornwall, plus North American assets (Nickel King and Sleitat). The company holds approximately 15,000 hectares in exploration licences across Cornwall with potential for tin, copper, lithium, tungsten, zinc, and silver mineralisation.

Differentiator

Problem solved

Functional benefit

Products and services

• South Crofty Tin Project Underground tin mine development project in Cornwall, UK, targeting production of approximately 4,700 tonnes of tin concentrate annually with a 14-year mine life. Features existing infrastructure including five vertical shafts and a 300-metre decline, with permitted operations valid until 2071.
• United Downs Project Copper and tin exploration project located approximately 8km east of South Crofty, covering historic mining areas including Consolidated Mines, United Mines, Mount Wellington, and Wheal Jane mines, with identified high-grade copper-tin mineralisation across multiple zones.
• Carn Brea Exploration Exploration project targeting tin mineralisation along the southern boundary of the South Crofty underground permission area, including the Wide Formation discovery and extensions of the historic Great Flat Lode.
• Nickel King Project Nickel exploration project located in North America, part of Cornish Metals' international portfolio of mineral rights.
• Sleitat Project Mineral exploration project in North America, included in Cornish Metals' portfolio of international exploration assets.
• Tin Concentrate Clean, high-grade tin concentrate produced from the South Crofty mine processing operations, expected to supply the growing demand for critical metals essential for the energy transition, electronics, and electric vehicles.

Quantifiable outcome

• £180 million after-tax NPV at 20% IRR
• +5 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered supporting, minor and core.

• Cornwall Mining and Geo-Resources Alliance (CMGA)supportingStrategic or Co-development Partner · 1 March 2025CMGA is a spinout from the University of Exeter Geo-Resources Cluster project launched at the Eden Project in March 2025. The alliance aims to strengthen Cornwall's position as a global leader in mining, geothermal energy, and the wider supply chain with over 100 companies already engaged.
• Redruth Charity TrustminorOthers · 1 January 2025Cornish Metals supports local community groups and education initiatives indirectly via contributions to Redruth Charity Trust, which awarded the company's Community Liaison Manager with a triple silver certificate recognition.
• Endeavour FinancialcoreImplementation/ SI/ Consulting Partner · 1 October 2024Endeavour Financial was appointed as financial adviser to arrange project financing for construction of the South Crofty tin project. The estimated capital expenditure is US$177 million with debt financing potentially covering 50-60% of the total required amount.
• University of Exeter / Camborne School of MinessupportingStrategic or Co-development PartnerCollaboration with Exeter University and Camborne School of Mines providing research project opportunities for higher education students. The company supports mining education and leverages the nearby world-renowned mining school established in 1888.

Scale indicators15 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Alphamin Resources Corp. Alphamin Resources is a TSX-listed tin producer operating the Bisie tin mine in the Democratic Republic of Congo, one of the highest-grade tin mines globally. As a primary tin producer with similar concentrate-to-smelter sales model, it is the closest publicly traded comparable for South Crofty once in production.
• First Tin plc: First Tin is an AIM-listed tin development company advancing the Taronga tin project in Australia and the Gottesberg project in Germany. As a Western-listed tin developer targeting responsibly sourced supply for electronics and EV markets, it is a direct strategic peer pursuing a similar narrative.
• Elementos Limited: Elementos is an ASX-listed tin and copper developer advancing the Oropesa tin project in Spain. With similar focus on becoming a low-cost, ESG-friendly tin producer in a Western jurisdiction, Elementos is a comparable development-stage peer targeting the same critical mineral supply security thesis.

Broad incumbents

• Minsur S.A. Minsur is the world's largest tin producer, operating the San Rafael mine in Peru and owned by the Breca Group. As a long-established primary tin producer with smelting capacity (Funsur), Minsur represents the mature, integrated incumbent model that Cornish Metals aspires to become at smaller scale.
• Malaysia Smelting Corporation Berhad:

Market position

Strengths1 record

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/cornishmetals
• YouTubeyoutube.com/@cornishmetalsinc.7078
• Facebookfacebook.com/CornishMetals
• LinkedInlinkedin.com/company/cornish-metals-inc

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds7 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cornish Metals