Member Info for Cornishknocker

Duck pond mine was a mine owned by Teck Resources, which shut in 2015 after it was fully worked out. We are buying the mill which has a capacity of 2200tpd, and relocating it to ming mine. Once that is operational we will no longer be using nugget pond mill - one option would be to then relocate nugget pond mill to Little Deer mine and reopen that mine.

There is a large amount of copper in a battery car and avenue larger amount to generate and distribute the required electricity

OK, just to be clear, tge companies assets are: -

1. Ming Mine (Our producing copper mine)
2. Nugget Pond Copper Mill (Processes the material from Ming mine, producing a 28% copper concentrate with silver and gold credits)
3. Nugget Pond Gold mill (Currently unused, being sold for $2 million)
4. Goodyears cove port (the port from which our copper concentrate is shipped)
5. Whalesback/little deer mine - past producing mine with extensive in situ resource.
6. Duck Pond Mill - A copper mill tgat we are buying from Teck Redources to relocate to Ming mine, to remove the ore transport element if our production costs and increase the production capacity.

Yes, I'm happy, at present the company haven't actually done anything they haven't already flagged. The presentation showed $8 million was required this year, they've raised it and more, copper prices are higher than anticipated, which should see the mine finish this year in a better position than anticipated. In the presentation they show a neutral cashflow for 2022 & 2023 - ie all returns are reinvested in the business, with the relocation of Duck Pond, which sets up for huge returns after.

If you go back through the RNS'S look at the previous companies filings on Sedar (thundermin and Cornerstone), the whole of the history of Little Deer is there including the PEA - it was abandoned at the time we took over the asset and we've done nothing with it yet, so its still abandoned.

There is no upkeep, at present its abandoned

All anyone needs to do is look at the company presentation, pages 11 and 12. With the $10 million finance cashflow, there was a planned $8 million negative cashflow for this year, which yesterdays announcement has provided.

This project has a NPV of $300 million, which is now fully funded

Remember the project has evolved from just South Crofty into more of a multi site operation (the way wheal jane/south crofty/pendarves operated in the past).

If the drilling proves a decent structure at United downs, this is what is likely to happen: -

1. Construct the South Crofty Mill, (this is fully permitted).
2. Construct a water treatment plant at United downs
3. Reopen the Wheal Maid decline and start mining, trucking the ore to South Crofty.
4. Construct a water treatment plant at South Crofty (Permitted and designed).
5. Start Dewatering Crofty (all major plant is on site)
6. Refurbish, explore and mine South Crofty
7. Start exploration of Gwinear and other properties that Cornish metals own

At the moment the proven resources are heavily tungsten - that doesn't nessecarily mean redmoor is a tungsten project - Brett covered it quite well in the video. At the end of the last drilling campaign, they put a hole out to the west of the current resource model, which hit high grade tin - at the moment thats an outlier, but the nature of zonation of Cornish deposits, leads to a hypothesis that the ore body becomes a principally tin ore body along strike and dip. However therecis only one way to prove that

People keep saying cornush metals are far behind redmoor - i don't see it. Both cornish metals and strategic minerals are multi asset companies - the biggest immediate advantage that cornish metals have is they own their mineral rights - which is unusual in Cornwall.

They have 3 main project areas they are currently looking at (and possibly a fourth currently undeclared area) being South Crofty (Tin), United downs ((tin/copper/zinc) and Gwinear (Tin/copper), so they are heavily leveraged to tin and copper prices.

We have Redmoor (Tungsten/tin/copper).

South Crofty and Redmoor both have Scoping studies, which currently show redmoor with the better investment case, mainly due to the high capital cost at crofty, and the flooded working and urbanised environment making proving reserves difficult.

The drill result at United downs caused a lot of excitement- they can claim the highest grade copper intercept in the world last year, if tgat proves to be a decent structure, its looking atbore values of around $500 per tonne, which is quite frankly immense.

They have full planning permission to build a processing plant.

In short, Redmoor at present has the better investment case, with significant upside. Cornish metals has quite frankly huge potential upside- Crofty survived for years at crazy low tin prices, because it is a top quality asset and is today ultimately a shovel ready project.

I am invested here, not in Cornish metals because I think Redmoor could be a super project - cornish metals i am still thinking about. All I am saying is don't go believing Crofty is miles behind us, if the tin price does what I believe it may (spike to $50k/tonne), it is entirely possible that the finance may appear at crofty to start work immediately and we haven't yet submitted for any permits. If that happened people will be saying how did they suddenly get in front - they didn't- to date work started at crofty towards reopening in 2001 by different companies and a lot of background work has been done.

My opinion? Its a double edged sword, on the one hand I'm disappointed to see it - who is happy about taking a 10-20% hit on their investment.

On the other hand it looks like its going to be used to accelerate the turnaround projects - ore sorting and a relocated duck pond mill - that will give a combined throughput of upto 3000tpd - to achieve that shaft hoisting would be required - which work is also starting on. So its not a raise to keep the lights on, its a raise for capital improvements.

There is a huge backwardation in the tin market at the moment and China is paying a huge premium over lme for tge metal at the moment, so there's very variable prices going around.

Its interesting as there's never been a lot of geophys/geochem exploration in Cornwall. Does it provide a way of discovering new lodes prior to drilling, does it give clues as to the strike lengths of lodes? Those are the questions I guess the research is looking to answer.

2.5% even

So who owns 5%

It depends what you call near term, increasing production and grade in an increasing price environment I would have thought was a golden recipe.

You think a market cap of £3 billion? Would you like to elaborate?

What he said was a "a fairly high cost producer", which is an accurate statement, tge very large open pit porphyry copper mines have costs in the region of $1.50 - $2.00 per lb Cu. A deep underground mine is always going to struggle to get close to that, if Ming can get to sub $2.50 (which is the plan), that will be a huge achievement.

There's a definite pattern, but who is loading up?

Thats mainly because of C 4 Billion shares issued to these parties during the refinancing.