EXERCISE OF STOCK OPTIONS AND ISSUE OF EQUITY
Summary by AI BETAClose X
CORNISH METALS ANNOUNCES EXERCISE OF STOCK OPTIONS AND ISSUE OF EQUITY & PDMR DEALINGS
Vancouver, October 12, 2025
Cornish Metals Inc. (AIM/TSXV: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on advancing its wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom, announces that Matthew Hird (CFO) has exercised 750,000 options over common shares in the Company using the net exercise method.
Using this method, which is permissible under the terms of the Company's share option plan, as approved by shareholders on June 29, 2023, the Company issues shares equivalent to the value of the net gain, being the difference between the exercise price and the market value on the date of exercise. Accordingly, only 249,626 common shares without par value in the share capital of the Company (the "New Common Shares") have been issued. The New Common Shares will rank pari passu with the existing shares and application has been made for the 249,626 Common Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the New Common Shares will commence at 8:00am on or around October 14, 2025. The New Common Shares will also trade on the TSX Venture Exchange.
Mr Hird also requested that the Company's brokers sell the New Common Shares. The New Common Shares were sold at a price of 7.80 pence per share, with settlement due on October 14, 2025. Following these transactions, Mr Hird's beneficial interest will remain unchanged with no shareholding in the Company.
Following Admission, Cornish Metals' Issued and Outstanding share capital will consist of 1,253,751,619 common shares. The Company does not hold any common shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.
Following the issue of the New Shares, the Company's outstanding stock options, warrants and performance share units are as set out in the table below:
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Outstanding |
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Exercise Price |
Exercisable |
Expiry date |
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Options |
1,300,000 |
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C$0.10 |
1,300,000 |
October 13, 2025 |
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|
7,066,667 |
|
C$0.331 |
5,066,867 |
July, 17, 2028 |
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|
800,000 |
|
C$0.331 |
266,640 |
October 1, 2028 |
|
|
9,600,000 |
|
C$0.162 |
3,266,667 |
August 19,2029 |
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2,500,000 |
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C$0.162 |
- |
October 21, 2029 |
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Performance Share Units |
12,315,951 |
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- |
- |
May 23, 2035 |
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1 Pursuant to the terms of the share option award, the exercise price of these options is £0.18 for non-Canadian option holders or $0.30 for Canadian option holders.
2 Pursuant to the terms of the share option award, the exercise price of these options is £0.085 for non-Canadian option holders or $0.14 for Canadian option holders.
The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.
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1 |
Details of the person discharging managerial responsibilities / person closely associated |
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a) |
Name
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Matthew Hird |
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2 |
Reason for the notification |
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a) |
Position/status |
Chief Financial Officer |
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b) |
Initial notification /Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
Cornish Metals Inc. |
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b) |
LEI |
8945007GJ5APA9YDN221 |
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4
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Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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a) |
Description of the financial instrument, type of instrument |
Common shares |
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Identification code |
CA21948L1040 |
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b) |
Nature of the transaction |
Net Exercise of share options pursuant to Company's share option plan |
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c)
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Price(s) and volume(s) |
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750,000 options exercised, net issue of 249,626 shares at nil price |
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d)
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Aggregated information |
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- Aggregated volume |
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- Price |
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e) |
Date of the transaction |
10 October 2025 |
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f) |
Place of the transaction |
Outside of a trading venue |
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1 |
Details of the person discharging managerial responsibilities / person closely associated |
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a) |
Name
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Matthew Hird |
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2 |
Reason for the notification |
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a) |
Position/status |
Chief Financial Officer |
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b) |
Initial notification /Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
Cornish Metals Inc. |
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b) |
LEI |
8945007GJ5APA9YDN221 |
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4
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Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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a) |
Description of the financial instrument, type of instrument |
Common shares |
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Identification code |
CA21948L1040 |
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b) |
Nature of the transaction |
Sale of Common Shares |
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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7.8p |
249,626 |
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d)
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Aggregated information |
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- Aggregated volume |
As above |
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- Price |
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e) |
Date of the transaction |
10 October 2025 |
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f) |
Place of the transaction |
AIM |
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ABOUT CORNISH METALS
Cornish Metals is a mineral exploration and development company that is advancing the South Crofty tin project towards production. South Crofty:
· is a historical, high-grade, underground tin mine located in Cornwall, United Kingdom and benefits from existing mine infrastructure including multiple shafts that can be used for future operations;
· is permitted to commence underground mining (valid to 2071), construct a new processing facility and for all necessary site infrastructure;
· would be the only primary producer of tin in Europe or North America. Tin is a Critical Mineral as defined by the UK, American, and Canadian governments as it is used in almost all electronic devices and electrical infrastructure. Approximately two-thirds of the tin mined today comes from China, Myanmar and Indonesia;
· benefits from strong local community, regional and national government support with a growing team of skilled people, local to Cornwall, and could generate up to 320 direct jobs.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Turvey"
Don Turvey
CEO and Director
Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/P4xj9P
For additional information please contact:
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Cornish Metals
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Fawzi Hanano Irene Dorsman |
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Tel: +1 (604) 200 6664
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SP Angel Corporate Finance LLP (Nominated Adviser & Joint Broker) |
Richard Morrison Charlie Bouverat Grant Barker |
Tel: +44 203 470 0470
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Hannam & Partners (Joint Broker) |
Matthew Hasson Andrew Chubb Jay Ashfield |
Tel: +44 207 907 8500
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BlytheRay (Financial PR) |
Tim Blythe Megan Ray Said Izagaren |
Tel: +44 207 138 3204 |
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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 may contain certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements"). Forward-looking statements include predictions, projections, outlook, guidance, estimates and forecasts and other statements regarding future plans, the realisation, cost, timing and extent of mineral resource or mineral reserve estimates, estimation of commodity prices, currency exchange rate fluctuations, estimated future exploration expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, requirements for additional capital and the Company's ability to obtain financing when required and on terms acceptable to the Company, future or estimated mine life and other activities or achievements of Cornish Metals. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could", "would" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, are forward-looking statements that involve various risks and uncertainties and there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements 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 availability of financing; the timing and content of upcoming work programmes; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; 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. The list is not exhaustive of the factors that may affect Cornish's forward-looking statements.
Cornish Metals' forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward- looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. Cornish Metals does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law.
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.
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