07:42 AM EDT, 05/23/2024 (MT Newswires) -- Cornish Metals ( SBWFF ) on Thursday reported a larger net loss for the three months ended March 31 compared to the three months ended April 30, 2023.

Cornish posted a net loss of $2.6 million compared to a net loss of $206,802. The company changed its financial year-end to Dec. 31 from Jan. 31, with effect from Dec. 31, 2023.

Total operating expenses rose to $2.8 million from $924,120, driven by higher travel and marketing expenditure arising from increased investor engagement and termination settlement payable to the former CEO.

The company said it is advancing the South Crofty tin project in the UK to a potential construction decision, allocating funding for near term opportunities to progress the project. It recently acquired land near the property.

"The Cornish Metals ( SBWFF ) team has recently accomplished an important milestone for the company, completing a preliminary economic assessment of the South Crofty project that confirms the project's potential to be a low-cost and long-life tin mining operation," said interim CEO Ken Armstrong.

The assessment outlined a post-tax net present value of US$201 million based on an 8% discount, with a 30% internal rate of return.

Cornish's share price fell 4.8% to 6.38 pounds at last look in UK trading.