Cornish Metals Inc., a mineral exploration and development company, has successfully completed the sale of its royalty interests on the Mactung and Cantung tungsten projects in Northern Canada. The company sold these interests to Elemental Altus Royalties Corp. for a total cash consideration of US$4,500,000.
The first cash payment of US$3,000,000 has already been received by Cornish Metals, with the remaining balance due by August 1, 2025. This transaction marks another milestone in the company’s efforts to advance its South Crofty tin project in Cornwall, United Kingdom.
Cornish Metals is focused on developing the South Crofty high-grade, underground tin project and exploring its additional mineral rights in Cornwall. The South Crofty mine, which has a rich history dating back to 1592, is one of the highest-grade tin mineral resources globally.
The 2024 Preliminary Economic Assessment for South Crofty demonstrates the project’s potential, with a projected after-tax net present value of US$201 million and an internal rate of return of 29.8%. The assessment also forecasts an average annual tin production of 4,700 tonnes in years two through six, with a total after-tax cash flow of US$626 million.
Tin is considered a critical mineral by governments in the UK, America, and Canada due to its importance in electronic and electrical infrastructure. With the majority of tin production coming from China, Myanmar, and Indonesia, the South Crofty tin project presents an opportunity for responsible sourcing and security of supply in Europe and North America.
Cornish Metals has received strong support from the local community, as well as regional and national governments. The project has the potential to generate up to 320 direct jobs, contributing to the local economy.
As Cornish Metals continues to progress its South Crofty tin project, the completion of the royalty interests sale provides additional financial resources and strengthens the company’s position in the mineral exploration and development sector.