CORNISH METALS ANNOUNCES ITS ADMISSION TO TRADING ON AIM, CLOSING OF THE £8.2 MILLION FUNDRAISING & FIRST DAY OF DEALINGS

Cornish Metals Inc., a mineral exploration and development company focused on its projects in Cornwall, United Kingdom, is pleased to announce the following:

• Admission of its Common Shares (“Common Shares”) to trading on the AIM Market of the London Stock Exchange (“AIM”) (“Admission”);
• Dealings will commence at 08:00am GMT today, Tuesday, 16 February 2021, under the ticker “CUSN” (ISIN: CA21948L1040). The Company’s Common Shares will continue to be listed and traded on the TSX Venture Exchange (“TSX-V”) in Canada;
• Closing of the oversubscribed £8.0 million placing of Common Shares with institutional and other professional investors (the “Placing”) through SP Angel Corporate Finance LLP (“SP Angel”) and H&P (Advisory) Ltd (“Hannam & Partners”);
• Closing of an additional investment of approximately £206,000 raised through an offer to high net worth investors by Minexia Limited’s wholly owned platform ‘NR Private Market’ (“Minexia” and such investment, the “Subscription”);
• A total of 117,226,572 Common Shares were issued pursuant to the Placing and the Subscription (together the “Fundraising”) at a price of 7 pence per share (the “Placing Price”) raising gross proceeds of circa. £8.2 million (approximately C$14.44 million based on the February 15, 2021 exchange rate) for the Company;
• Upon Admission, the Company will have 267,145,157 shares issued and outstanding;
• The proceeds of the Fundraising will be used to conduct a drill programme at the United Downs copper-tin project (“United Downs”) to determine the resource potential of a 1,000 metre strike section of the target area, to conduct initial field work (soil sampling and geophysics and possible drill testing) on other high priority exploration targets within trucking distance of the South Crofty Mine in Cornwall, and for general working capital purposes;
• The Company expects to commence drilling at United Downs in late March or early April, 2021.

Richard Williams, CEO of Cornish Metals, stated, “Listing on the AIM Market represents a significant milestone for the Company and offers investors from the United Kingdom the opportunity to be a part of the Company’s growth as we work towards the goal of becoming a domestic supplier of technology metals fundamental to a green economy.”

SP Angel is the Company’s Nominated Adviser and is joint broker with Hannam & Partners. Further to the Company’s February 5, 2021 news release, in connection with the completion of the Fundraising, the following cash commissions have been paid by the Company: (i) approximately £268,400 (C$469,700) in commission to SP Angel; (ii) approximately £138,800 (C$242,900) in commission to Hannam & Partners; and (iii) approximately £10,300 (C$18,000) in commission to Minexia.

As announced on February 11, 2021, the Company has received conditional approval of the Fundraising from the TSX-V. In accordance with such conditional approval, the Company has closed the Fundraising. Common Shares issued under the Fundraising will be subject to a hold period in Canada expiring on June 17, 2021 in accordance with applicable Canadian securities legislation. Under applicable Canadian securities legislation, such hold period will only apply to trades (as defined under applicable Canadian securities legislation) of such Common Shares in Canada.