Cornish Metals, the AIM-listed mineral exploration and development company advancing its wholly owned South Crofty tin project in Cornwall, issued an oversubscribed $210 million senior secured bond during the second quarter.
The bond, now trading on Nordic ABM, drew demand from investors across North America, the UK and Europe, with proceeds earmarked for the construction of South Crofty.
The company also secured bridge financing facilities of up to approximately £52 million from the National Wealth Fund and Vision Blue Resources, strengthening the funding package ahead of a targeted final investment decision.
Cash stood at £12 million at the end of June, rising to £18.5 million by 24 August, excluding $215.8 million held in escrow from the bond placement.
Tin prices remained supportive through the quarter, with a period-end spot price of approximately $56,600 a tonne underpinning the project's estimated net present value of around £550 million at a 6% discount rate.
Dewatering is underway through the newly commissioned 195-level pump station, the first time the mine has been dewatered to this depth in more than 28 years.
Front-end engineering design of the process plant is complete, with detailed engineering now progressing under lead contractor Ausenco.
Excavation at the pre-concentration building is around half complete, and orders have been placed for long-lead items including skips and cages for the New Cook's Kitchen shaft.
Near-term focus remains on finalising the project finance package alongside continued dewatering and infrastructure development.
News Intelligence what this means for the company
Cornish Metals has secured $210 million in senior secured bonds and up to £52 million in bridge facilities, with $215.8 million held in escrow pending final investment decision on South Crofty. The oversubscribed bond draw and dual funding sources materially de-risk the path to construction: the company now holds £18.5 million in accessible cash (excluding escrow), dewatering has reached depths unseen in 28+ years, and front-end engineering is complete—positioning it to move toward FID with a funded balance sheet rather than seeking capital mid-project.
The funding package removes the primary near-term execution risk (capital availability) and anchors the project's economics to a tin price of ~$56,600/tonne underpinning an estimated £550 million NPV at 6% discount. Execution risk now shifts to construction schedule, commodity price sustainability, and FID timing—none of which this announcement resolves.
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