Cornish Metals’ FY2025: disciplined de‑risking, robust PEA and a clear 2026 financing agenda
I’ve been waiting for these numbers. Cornish Metals has delivered a busy 2025 at South Crofty, underpinned by a £57.4 million fundraise, a UK re-domicile and a refreshed economic study that still stacks up despite higher capex. There’s plenty to like in the execution detail, but also a very frank flag on funding risk for 2026. Here’s what matters and why.
Headline takeaways investors should know
- £57.4 million raised in March 2025, anchored by the National Wealth Fund (£28.6 million) and Vision Blue Resources (£18.1 million).
- Re-domicile to the UK completed and trading on AIM under ticker TIN from December 2025.
- Underground dewatering progressed to approximately 370 metres; New Cook’s Kitchen shaft refurbishment advanced to the mid-level pump station.
- Updated PEA confirms strong economics: £180 million NPV6% and 20% IRR at a tin price assumption of $33,900/tonne; pre-production capex now £198 million.
- FEED (front end engineering design) and detailed engineering underway with Ausenco, supported by Worley and Technical Management Group.
- Cash at 31 December 2025: £22.7 million; loss after tax: £7.9 million; no debt at year-end.
- Zero lost-time injuries across the year; first Sustainability Report published; Digbee ESG rating ‘A’.
South Crofty economics: what the updated PEA tells us
PEA stands for Preliminary Economic Assessment – the first full sweep at project economics. Cornish Metals’ September 2025 update reconfirmed the commercial case for South Crofty despite cost inflation. On the numbers provided, NPV6% is £180 million and IRR is 20% using a conservative $33,900/tonne tin price. Management also flags a >4,700 tonnes per annum production profile in the early years, a 14-year mine life and all-in sustaining costs in the industry’s lowest quartile.
Yes, pre-production capex has risen to £198 million. The company attributes this to scope changes, labour costs, longer dewatering and shaft refurbishment, an extended timeline and general escalation. Crucially, that extra spend is tied to tangible de-risking and more rigorous engineering definition – that should help lenders price risk more confidently when the big financing comes.
| Metric | Figure |
|---|---|
| NPV (6% real, after tax) | £180 million |
| IRR (after tax) | 20% |
| Tin price assumption | $33,900/tonne |
| Pre-production capex | £198 million |
| Avg annual tin (early years) | Over 4,700 tonnes |
| Mine life | 14 years |
Operational progress: dewatering, development and long‑lead kit
On the ground, 2025 looks like a proper “get things done” year. Dewatering and refurbishment at New Cook’s Kitchen kept moving, with a significant step at the mid-shaft pump station – removing legacy kit and installing permanent pumps. That’s not just housekeeping; it’s essential to reach deeper levels safely and at pace.
Shallow-level lateral development also kicked off from the Tuckingmill decline on the 25-level (about 45 metres below surface). This supports future materials handling and gives the team a live training platform – sensible capacity-building before production. Works began at Roskear shaft too, setting up ventilation and a secondary egress route roughly 850 metres west of the main shaft.
On surface, the Mine Dry refurbishment advanced, process plant earthworks progressed, and the Bartles Foundry workshop and stores were pushed ahead with help from UK Shared Prosperity Fund grant support. Orders for long-lead items – including ore sorters and the production and service winders – were placed, which should protect the schedule.
FEED and detailed engineering are in Ausenco’s hands, with Worley and Technical Management Group bolstering project management. This is exactly the kind of integration you want to see before hitting final investment decision (FID).
Financials: a bigger platform, no revenue yet, and clear runway limits
The company is still pre-revenue. The loss after tax was £7.9 million (2024: £0.7 million), reflecting higher professional fees and salaries, including £1.8 million related to the corporate reorganisation. There was an unrealised £1.6 million loss on marketable securities, mainly a write-down of the Cornish Lithium holding.
| FY2025 financial snapshot | Figure |
|---|---|
| Cash and cash equivalents (31 Dec 2025) | £22.7 million |
| Loss after tax | £7.9 million |
| Gross fundraise (March 2025) | £57.4 million |
| Net cash proceeds from fundraise | £47.6 million |
| Exploration & evaluation assets (carrying value) | £66.2 million |
| Property, plant & equipment (carrying value) | £19.3 million |
| NSR liability | £5.1 million |
| Debt at year-end | None |
| Weighted average shares | 110,848,396 |
Cash was strengthened by the fundraise, with the company noting that proceeds have been deployed into shaft works, dewatering, the mid-shaft pump station, early site works, long-lead orders and engineering. Grants also help: up to £4.2 million has been awarded for Bartles Foundry (62% of an estimated £6.8 million project cost); £1.2 million was received in 2025 with a further £1.0 million receivable at year end.
Funding outlook for 2026: opportunity and risk spelled out
The auditors are backing a going concern basis, but the company is very clear: the March 2025 raise was planned to fund activity into H1 2026, and a larger debt and equity package will be needed to progress beyond early works and reach FID. Preparatory work is “well underway”, and supportive shareholders plus a strong tin market are helpful tailwinds. However, the RNS explicitly states there are material uncertainties that may cast significant doubt over going concern if additional financing is not secured. There’s no guarantee on timing, terms or quantum.
For investors, that transparency is useful. Development stories hinge on financeability; the upgraded engineering, long-lead procurement and clearer schedule should help when lenders and strategic investors do their own diligence.
Safety, ESG and community: tangible progress
Safety performance was spotless in 2025: zero lost-time injuries and a Total Recordable Injury Frequency Rate of zero. The first Sustainability Report aligned to GRI was published, and the project earned an ‘A’ Digbee ESG rating. Community dialogue looks healthy, with an on-site open day attended by more than 80 locals and a growing Cornwall-based workforce of around 100 employees.
My view: why this update matters for retail investors
On balance, this is a solid year of delivery. The team has pushed real de-risking underground and on surface, locked in long-lead items and progressed FEED. The updated PEA still produces attractive returns even after capex inflation – that’s important. The re-domicile to the UK and AIM listing tighten alignment with domestic stakeholders and should help on governance and capital access.
Risks remain. The capex move to £198 million underlines how hard it is to restart a historic underground mine, and the RNS flagged schedule challenges during dewatering. Most importantly, funding risk is front and centre heading into 2026. The company has no debt at year end and £22.7 million of cash, but a full construction package is still to be secured. The £1.6 million unrealised loss on marketable securities shows mark-to-market noise can also affect reported results.
Key 2026 catalysts I’ll be watching, all drawn from the RNS:
- Progress to the lower pump station level and continued dewatering/refurbishment.
- Advancement of 25-level and 290-level development, and ventilation/egress via Roskear.
- Completion milestones in FEED and detailed engineering.
- Assembly of the project financing package and a final investment decision.
Tin’s fundamentals were a help in 2025 and into early 2026, with prices reaching close to $60,000/tonne according to the company. If markets stay constructive and the team continues executing, South Crofty is shaping up as a credible, low-cost, long-life tin source in a tier-one jurisdiction. For me, this update strengthens the operational story; the next chapter is all about the balance sheet.
Want to follow along?
The company invites investors to engage via its hub: investors.cornishmetals.com. I’ll keep tracking progress, especially on financing and underground milestones.
