Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) has reported results for the year ended 31 January 2023, showing strong growth in cash and reduced losses as it advances the South Crofty tin project in Cornwall to a construction decision.
At the year-end, Cornish Minerals had cash of C$55,495,233, up from C$6,922,704 a year earlier, while its loss for the year was reduced to C$1,218,257, down from a C$2,911,140 loss in 2021.
During the year, the Canada-based mineral exploration and development company, which is focused on activities in the UK, completed a financing for gross proceeds of £40.5mln (C$65.1mln based on closest available exchange rate), including a strategic investment by Vision Blue Resources Limited (VBR) of £25.0mln (C$40.1mln) to advance the South Crofty tin project to a construction decision.
The company also completed 10,159 meters of drilling at its United Downs exploration project during the year with assay results confirming management's belief in the potential to develop a Mineral Resource in the United Downs project area, subject to the availability of further funding.
In the results statement, Richard Williams, CEO of Cornish Metals, commented: "We are very pleased with the excellent progress achieved on the advancement of South Crofty in recent months. The construction of the water treatment plant is nearing completion and we anticipate its commissioning this summer, followed by commencement of dewatering the mine."
Williams added: "After completion of the metallurgical drill programme in early summer, we are considering options for the continuation of the exploration programmes at the Wide Formation, located along the southern boundary of South Crofty Underground Permission area and only one kilometre south of the South Crofty's Tuckingmill Decline, and United Downs, located 8km east of South Crofty, to demonstrate the Mineral Resource potential of these targets.
"We are continuing to actively engage with and receive strong support from the local community and Cornwall Council."