LONDON (ShareCast) - (Sharecast News) - Cornish Metals reported steady progress at its South Crofty tin project in Cornwall on Monday, saying both underground refurbishment work and key surface construction activities remained on schedule as it advanced the mine toward production.
The AIM-traded company said the refurbishment of the New Cook's Kitchen mid-shaft pump station, located about 360 metres below surface, was well advanced, with all legacy pumps, pipes and steelwork removed and the installation of new permanent equipment underway.

It said the work was due to finish before year-end, after which submersible pumps would be lowered to around 730 metres below surface.

Dewatering of the mine would then resume, with water expected to reach the lower pump station level by mid-2026.

Underground development had also started at the number one level roughly 50 metres below surface.

Cornish said it was undertaking around 600 metres of lateral development to establish skip discharge and rock-handling facilities for the rock-hoisting system.

The programme was also being used to train newly recruited miners in mechanised development techniques using recently acquired equipment, including jumbo drill rigs and trackless mining vehicles.

On the surface, the second phase of excavation for the project's pre-concentration plant started in late November, following earlier topsoil removal.

Construction of a new workshop and storage facility at the Bartles Foundry site was progressing, with foundations and steelwork complete and cladding now underway.

Major works were expected to conclude by the end of the first quarter of 2026.

The first phase of refurbishment of the mine's 'Mine Dry' facilities, including changing rooms and a canteen, was completed in October, with the second phase due to finish in the first quarter of next year.

Chief executive Don Turvey said the workstreams were advancing as planned following the group's first-quarter fundraise.

"The work programme at South Crofty has continued this year following the successful fundraise completed in the first quarter, and is progressing in line with our latest guidance," he said.

"On surface, excavation and construction activities continue to advance across the site.

Underground, significant progress has been made at the New Cook's Kitchen mid-shaft pump station ... and the start of development at the number one level serving as an important step that will provide a training platform for newly recruited miners."

South Crofty, one of the highest-grade known tin resources not currently in production, holds permits for mining and processing infrastructure until 2071.

Cornish said it aimed to turn the historic mine into what it says could be the first primary tin producer in Europe or North America, positioning it to supply a critical mineral used widely in electronics and power generation.

At 1327 GMT, shares in Cornish Metals were down 0.15% at 7.89p.

Reporting by Josh White for Sharecast.com.

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