07:11 AM EDT, 05/17/2024 (MT Newswires) -- Cornish Metals ( SBWFF ) overnight Thursday said it is unaware of any operational or corporate reason for yesterday 9.5% drop in its share price to $0.10.

The company on April 30 reported a positive independent preliminary economic assessment (PEA) for the South Crofty tin project in Cornwall, U.K.

"We believe the PEA reported on April 30 is robust and represents a strong foundation for further evaluation of the South Crofty tin project," said Ken Armstrong, interim CEO of Cornish Metals ( SBWFF ).

The PEA validates the project's economic viability, with a base case after-tax net present value of US$201 million, internal rate of return of 29.8% and a 14-year life of mine, the company said.

Cornish Metals ( SBWFF ) will release its financial results for the three months ended March 31 by May 23.