Cornish Metals Inc (AIM:CUSN, TSX-V:CUSN, OTC:SBWFF) said it can see no end to rising demand for tin as the uptake of electric vehicles and renewable power gathers pace.
“We concur with market analysis that the increasing demand for tin seen against supply restraints shows no sign of abating in the near to medium term,” said Richard Williams, chief executive.
This is helping in its assessment of the financing options for its planned South Crofty mine in Cornwall, he added.
“With the backdrop of record-high tin prices, recognition of tin's importance to electrification of the economy and new renewable power generation initiatives, and the importance of domestic and responsible supply of minerals, we continue to assess various financing options to progress South Crofty,” he said.
"In the last few months, the ongoing exploration program at United Downs has delivered promising results validating the exploration potential we believe exists within our mineral properties,” he added.
Results for the nine months to end October 2021 showed cash at the period end of C$7.9mln after a loss of C$2.05mln.
“Management believes that, subject to drilling success, the proceeds from the AIM listing will result in the company being fully funded to the completion of a maiden JORC resource at the United Downs exploration project,” said today’s statement.