CORNISH METALS APPOINTS DON TURVEY AS CEO
CORNISH METALS APPOINTS DON TURVEY AS CHIEF EXECUTIVE OFFICER
Vancouver, August 11, 2024
Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to announce the appointment of Don Turvey as Chief Executive Officer ("CEO") and a Director of the Company. The appointment, which is intended to be effective September 1, 2024, is subject to approval of a UK work visa. Mr. Turvey will relocate from South Africa to Cornwall, where he will be based.
Don is an experienced mining executive with more than 40 years of experience in the sector, including senior management roles in production, project execution, business development, and minerals resource management. Since 2008, Don has been CEO of private, ASX and AIM-listed mining companies where he has successfully funded and taken new projects and historic mines to production, as well as leading a number of M&A transactions. Prior to this, Don spent over 20 years at BHP Billiton, in roles including General Manager and Vice President Project Development where he headed up the project, geological, mineral resource and financial analyst teams. Don holds a Bachelors Degree in Mining Engineering from the University of Pretoria, and a Masters in Business Leadership from the University of South Africa.
Patrick Anderson, Chair of Cornish Metals, stated: "On behalf of the Board of Directors, I am delighted to welcome Don as CEO of Cornish Metals following a competitive search process. I am confident that Don, with his extensive commercial, operations and project execution experience, will capably lead Cornish Metals forward in order to realise the best potential for the Company and our stakeholders as we advance South Crofty towards production in 2027.
"I would also like to thank Ken Armstrong for stepping in as Interim CEO as the Company progressed critical aspects of the South Crofty project over the last several months."
Don Turvey, incoming CEO of Cornish Metals, stated: "I look forward to joining Cornish Metals' management and working directly with the project team to develop South Crofty to production and to realise the corporate vision to bring responsible tin mining back to Cornwall."
Following Mr. Turvey's appointment, Patrick Anderson will return to the position of Non-Executive Chair of the Board of Directors of the Company, and Ken Armstrong as Non-Executive Director.
The following disclosures are required regarding Mr. Don Turvey's appointment pursuant to Schedule Two paragraph (g) of the AIM Rules for Companies (the "AIM Rules").
Mr. Lodewyk Daniel (Don) Turvey (aged 65) is currently, or has during the past five years been, a director of the following companies:
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Current directorships and/or partnerships: |
Former directorships and/or partnerships (within the last five years): |
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Inani Lethu ICT (Pty) Ltd Inani Lethu Industrial Supplies (Pty) Ltd Inani Lethu Advisory Services (Pty) Ltd Inani Lethu Properties (Pty) Ltd Thoriso Resources (Pty) Ltd Harbour Town Home Owners Association NPC DLT Advisory (Pty) Ltd DLT Ventures (Pty) Ltd
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Mooiplaats Coal Holdings (Pty) Ltd Mooiplaats Mining Limited Mooiplaats Colliery (Pty) Ltd Cross Culture City Church NPC Conti Meco Conveyors (Pty) Ltd Inani Lethu Construction (Pty) Ltd
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Mr. Don Turvey does not currently hold any common shares in the Company.
Mr. Don Turvey was CEO of Continental Coal Limited from May 2010 to February 2014, which entered into a 90-day standstill arrangement with its creditors in February 2014 prior to the liquidation in 2016.
ABOUT CORNISH METALS
Cornish Metals is a dual-listed mineral exploration and development company (AIM and TSX-V: CUSN) focused on advancing the South Crofty high-grade, underground tin project through to a construction decision, as well as exploring its additional mineral rights, located in Cornwall, United Kingdom.
· South Crofty is a historical, high-grade, underground tin mine that started production in 1592 and continued operating until 1998 following over 400 years of continuous production;
· The Project possesses Planning Permission for underground mining (valid to 2071), to construct new processing facilities and all necessary site infrastructure, and an Environmental Permit to dewater the mine;
· South Crofty is one of the highest grade tin Mineral Resources globally and benefits from existing mine infrastructure including multiple shafts that can be used for future operations;
· The 2024 Preliminary Economic Assessment for South Crofty validates the Project's potential (see news release dated April 30, 2024 and the Technical Report entitled "South Crofty PEA"):
o US$201 million after-tax NPV8% and 29.8% IRR
o 3-year after-tax payback
o 4,700 tonnes average annual tin production in years two through six
o Life of mine all-in sustaining cost of US$13,660 /tonne of payable tin
o Total after-tax cash flow of US$626 million from start of production
· Tin is a Critical Mineral as defined by the UK, American, and Canadian governments;
· Tin connects almost all electronic and electrical infrastructure, making it critical to the energy transition - responsible sourcing of critical minerals and security of supply are key factors in the energy transition and technology growth;
· Approximately two-thirds of the tin mined today comes from China, Myanmar and Indonesia;
· There is no primary tin production in Europe or North America;
· South Crofty benefits from strong local community, regional and national government support.
· Cornish Metals has a growing team of skilled people, local to Cornwall, and the Project could generate up to 320 direct jobs.
The 2024 Preliminary Economic Assessment for South Crofty is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves. There is no certainty that the 2024 Preliminary Economic Assessment will be realised. Mineral resources that are not mineral reserves do not have economic viability.
TECHNICAL INFORMATION
This news release has been reviewed and approved by Mr. Owen Mihalop, MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng, Chief Operating Officer for Cornish Metals Inc. who is the designated Qualified Person under NI 43-101 and a Competent Person as defined under the JORC Code (2012). 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Kenneth A. Armstrong"
Kenneth A. Armstrong P.Geo.
Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/WPG3gP
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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Cavendish Capital Markets Limited (Joint Broker) |
Derrick Lee Neil McDonald Leif Powis |
Tel: +44 131 220 6939
Tel: +44 207 220 0500 |
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Hannam & Partners (Financial Adviser) |
Matthew Hasson Andrew Chubb Jay Ashfield |
Tel: +44 207 907 8500
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BlytheRay (Financial PR) |
Tim Blythe Megan Ray |
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 contains 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 and operations, 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, including but not limited to: the balance of the cash consideration due to Cornish in respect of the sale of the Mactung and Cantung royalty interests; mineralisation at South Crofty, mine dewatering and construction requirements; the development, operational and economic results of the preliminary economic assessment, including cash flows, capital expenditures, development costs, extraction rates, recovery rates, mining cost estimates and returns; estimation of mineral resources; statements about the estimate of mineral resources and production of minerals; magnitude or quality of mineral deposits; anticipated advancement of the South Crofty project mine plan; exploration potential and project growth opportunities for the South Crofty tin project and other Cornwall mineral properties, the Company's ability to evaluate and develop the South Crofty tin project and other Cornwall mineral properties, strategic vision of Cornish Metals and expectations regarding the South Crofty mine, timing and results of projects mentioned. 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; outcome of any future feasibility studies; 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. Accordingly, readers should not 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.
Caution regarding non-IFRS measures
This news release contains certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "all-in sustaining costs". Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with Cornish Metals' consolidated financial statements and Management Discussion and Analysis, available on its website and on SEDAR+ at www.sedarplus.ca.
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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