07:03 AM EDT, 09/30/2025 (MT Newswires) -- Cornish Metals ( SBWFF ) (AIM/CUSN.V) was at last look down near 2% in late morning UK trade after it reported earlier Tuesday the results of a detailed review and updated Preliminary Economic Assessment study for its wholly owned and permitted South Crofty critical mineral project in Cornwall, United Kingdom, "the highest grade known tin resource not in production and potentially the first primary producer of tin in Europe or North America".

According to Tuesday's statement, the updated PEA, constrained by the current Mineral Resource, confirms South Crofty's compelling economics: an after-tax Net Present Value 180 million pounds (US$235 million) and Internal Rate of Return of 20%, underpinned by a low-cost operating profile.

All-In Sustaining Cost is estimated at approximately US$14,500 per tonne over the Life of Mine, compared to a tin price recently trading at approximately US$35,000 per tonne, positioning South Crofty in the lowest quartile of the industry cost curve and among the lowest cost producers. Pre-production capital is estimated at 198 million pounds, with pay back in 3.3 years and annual average earnings before interest, taxes, depreciation and amortisation of near 70 million pounds in the first five years of full production.

Don Turvey, CEO and director of Cornish Metals ( SBWFF ), said: "Completion of the project review and updated study marks another important step for South Crofty as we advance toward first tin production by mid-2028. We are delighted with the attractive economics that the project offers and, once in operation, we expect South Crofty to be a long life, lowest quartile cost producer and highly cash generative with EBITDA margins in excess of 60%."

"The project continues to be supported by robust economics with an increased NPV and a short payback period of only 3.3 years."

Turvey noted, additionally, the upside potential through further Mineral Resource expansion is material, as evidenced by the mine's historical record of consistently replacing mined tonnes and adding to the resource base, a trend that we expect will be replicated once we are in a position to start an underground near-mine drilling programme on commencement of underground development.

The programme is structured to build on historical resource replacement and de-risk the mine plan aiming at accelerated resource growth targeting defined in-mine exploration zones to expand inventory and extend mine life, he added.

"We believe that the current South Crofty Mineral Resource, which constrains the current study's 14-year mine life, is only a small deposit within a much broader tin system in the South Crofty mining permission area that will support a multigenerational asset, as it was once before."

"South Crofty was the last mine in the region to close, and we are proud to be on the cusp of making it the first to re-open, producing tin, a critical mineral that is essential to the green economy. The project is effectively already in construction with major works underway including the shaft and pump station refurbishment, construction of the workshop and stores building, process plant site excavation and critical site utilities," Turvey said.

Key long-lead equipment has been ordered and locked in, including the production and service winders and other important systems. The company is deploying best practice initiatives including real-time monitoring for safer operations, productivity enhancement, equipment availability, and continuous optimisation, and is also designing operational buffers to maximise flexibility and uptime.

"We have a comprehensive development plan for South Crofty and the backing of the community and government. South Crofty remains a flagship project within the UK Government's Critical Minerals Strategy. The company benefits from direct investment and strong strategic support from the UK Government, alongside backing from leading industry partners in the critical minerals space," Turvey said.

"We look forward to restarting production and bringing significant value to Cornwall, including the creation of more than 300 direct jobs, and a further 1,000 indirect jobs. The detailed project human resources plan envisages the establishment of an on-site training centre to harness and upskill local talent in preparation for developing and operating the mine."

CUSN edged down $0.005 to $0.14 in Canada yesterday.