Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) has been awarded up to £4.19 million in grant funding from the UK Shared Prosperity Fund for its Bartles Foundry project at South Crofty.
The funding was granted through the Cornwall and Isles of Scilly Good Growth Programme.
The grant will cover 62% of the estimated £6.8 million cost of constructing workshops, stores, and offices on the site.
This infrastructure is intended to support the South Crofty tin project as it progresses toward production.
"We are delighted to be awarded this grant funding by Cornwall Council, demonstrating ongoing local support for South Crofty and following on from the investment by the UK's National Wealth Fund earlier this year,” chief executive Don Turvey said.
“This funding will enable the construction of the Bartles Foundry project that will support South Crofty as we move into the underground development phase, which will provide local employment opportunities during the construction and operational phase."
“This funding will enable the construction of the Bartles Foundry project that will support South Crofty as we move into the underground development phase,” said CEO Don Turvey.
In London, Cornish Metals shares climbed just over 5.5% changing hands at 8.3p.