Cornish Metals Inc. (TSX-V) (AIM: CUSN) a mineral exploration and development company focused on its tin/copper projects in Cornwall, United Kingdom, is pleased to announce that it has reached an agreement, through a wholly-owned subsidiary of the Company, to sell a 1% Net Smelter Returns Royalty on its Sleitat tin-silver project in Alaska to Electric Royalties Ltd. (TSX-V:ELEC) (OTCQB:ELECF) for the following consideration:

• 1,000,000 common shares of Electric Royalties Ltd
• CDN$100,000 cash

Upon issuance at closing of the transaction, the Consideration Shares will be subject to a voluntary lock-up agreement whereby 50% of the Consideration Shares will be subject to a six month hold period and the balance subject to a one year hold period.

The completion of the transaction noted herein is subject to completion of due diligence, approval of the TSX Venture Exchange and other customary conditions.

ABOUT CORNISH METALS

Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper / tin projects, plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.

The South Crofty project covers the former producing South Crofty tin mine located beneath the towns of Pool and Camborne, Cornwall. South Crofty mine 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. In 2017, Cornish Metals completed a Preliminary Economic Assessment that demonstrated the economic viability of re-opening the mine. 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 foundations commenced. The dewatering pumps, variable speed drives and new high-voltage power supply have been delivered to site.

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