Cornish Metals says unaware of any reason for selling pressure

Cornish Metals shares surged on Friday after the company released a statement saying they saw no reason for recent selling.

The company said there were no operational developments that would warrant the share price decline and reiterated the key findings of a recent assessment of after-tax Net Present Value $20m and Internal Rate of Return of 29.8%.

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Cornish Metals shares were 15% higher at the time of writing on Friday.

“The Company is unaware of any reason for the selling pressure on the Cornish Metals share price this week. We believe the PEA reported on April 30, 2024 is robust and represents a strong foundation for further evaluation of the South Crofty tin project,” said Ken Armstrong, Interim CEO of Cornish Metals.

“South Crofty is fully permitted for mining through to 2071 and has planning permission in place to construct a process plant and other surface facilities on Company owned land adjacent to New Cook’s Kitchen shaft. South Crofty is a strategic high-grade tin asset that is well positioned to take advantage of the strong demand for tin, which we believe due to its critical nature and continued supply uncertainty, is likely to continue to trade above the PEA tin price assumption of US$31,000 per tonne.”

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