Question 1

How much committed Tranche 1 funding is available to Cornish Metals?

Accepted Answer

Cornish Metals has committed Tranche 1 funding availability of £21.1m (US$13.7m) under secured facilities.

Question 2

What assay results did Cornish Metals report from drillhole SDD26_001A at Roskear?

Accepted Answer

Cornish Metals reported that SDD26_001A (1,199.1 m) included 0.79 m at 4.18% tin in the Roskear 1 South lode and a broader 12.41 m zone at 0.43% tin in the Roskear Numbered Zone.

Question 3

Which lenders in Cornish Metals' recent financing are also substantial shareholders?

Accepted Answer

The lenders are National Wealth Fund (approximately 28.45% stake) and Vision Blue (approximately 29.08% stake).

Question 4

What interest rate and fee terms apply to the Cornish Metals facilities?

Accepted Answer

The facilities carry 13% per annum interest that is capitalised and compounded daily and include a 1.65% arrangement fee.

Question 5

What is the amount and status of uncommitted Tranche 2 available to Cornish Metals?

Accepted Answer

Cornish Metals has an uncommitted Tranche 2 of £13.9m (US$9.05m) that is contingent on lender approval and customary drawdown conditions for underground development and surface works.

Question 6

What will Cornish Metals use the proceeds from the secured credit facilities for?

Accepted Answer

Up to about £16m of the proceeds will be credited to an escrow account tied to a previously announced US$210m Nordic bond issue; the remainder will fund underground development, shaft refurbishment, surface facilities and general corporate purposes at the South Crofty project.

Timeline

Mining Today: Kazera Global seals life-of-mine China partnership, Xtract Resources, Cornish Metals, First Tin

Cornish Metals returns high-grade tin from first Roskear drillhole

Mining Today: Petra Diamonds suspends Finsch as business rescue begins, Caledonia Mining, Shuka Minerals, Premier African Minerals, Fulcrum Metals, Cornish Metals

Cornish Metals completes design for South Crofty process plant

Cornish Metals intersects mineralised structures west of South Crofty resource

Cornish Metals agrees up to £52m secured facility with two strategic shareholders

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