Member Info for Valuation-it-is

K dot

I have the letter sent to Cornish Lithium shareholders (by email) extracts of which I posted on the CUSN board on 24/9/25 finishing 19.09pm

If you are a CL shareholder you should have received the message about the fund raise - from which I posted extracts yesterday.

I am not inferring anything, I am posting the message from the Cornish Lithium plc to its shareholders onto this board, so CUSN posters can see what CUSN's interest in CL is doing.

The 7p price is not for Cornish Metals Inc , it is for Cornish Lithium plc, in which Cornish Metals has a stake.

We have until 12 noon today to vote.

"A Form of Proxy for use at the Annual General Meeting accompanies this Document. The Form of Proxy should be

completed and signed in accordance with the instructions thereon and returned to the Company’s registrars,

Neville Registrars Limited of Neville House, Steelpark Road, Halesowen B62 8HD on as soon as possible, but in any

event so as to be received by no later than 12:00p.m. on 25 September 2025"

Link https://www.tungstenwest.com/_files/ugd/3e92e8_b2de8f12d5df4662b3e33b37d4518096.pdf

Nothing

Hi Pawgee,

In the posts that follow you will find the 7p mentioned in part 1.

The posts are extracts from the message to shareholders.

Proposed £35 million equity investment in Cornish Lithium Plc and notice of General Meeting

Cornish Lithium Plc (“Cornish Lithium” or the “Company”) has secured an additional cornerstone investment of £35 million (the “Investment”) led by the National Wealth Fund Limited ("NWF"). We are delighted that our longstanding institutional investor TechMet Limited ("TechMet" together with NWF being the "Primary Investors") has chosen to participate alongside NWF in the Investment. The Investment demonstrates the Primary Investors’ confidence in the long-term prospects of the Company and allows the Company to progress to the next stage of development.

I am therefore pleased to be writing to you in your capacity as a shareholder of the Company to explain the terms and rationale of the proposed Investment, and to provide you with the formal notice of a General Meeting of the Company’s shareholders which is to be held at The Sennen Suite, Tremough Innovation Centre, Penryn, Cornwall TR10 9TA on 8th October 2025 at 14h00. The formal Notice of General Meeting and the form of proxy can be downloaded from the link below:

In addition to the Investment from the Primary Investors, Cornish Lithium also intends to launch a new fundraising round on the Crowdcube platform following receipt of the necessary shareholder approval at the General Meeting for the same. This will give the Company’s wider community of shareholders and supporters the opportunity to invest in this next stage of growth.

Since the last fundraise in August 2023, the Company has made substantial progress with all workstreams, but in order to take us to the next stage of development the Company now needs to raise additional capital. This new capital will allow the Company to complete the feasibility study at its Trelavour Lithium Project and to advance towards commercial-scale drilling at its Cross Lanes Geothermal Project.

1. Investment by NWF and TechMet

NWF, the UK Government-owned policy bank, will invest up to £31 million along with TechMet, the critical minerals investment company, whose major backers include the US Government's Development Finance Institution, investing a further £4 million.

Each Primary Investor has agreed, subject to various conditions, to subscribe for redeemable convertible preference shares in the capital of the Company at a placing price of £0.07 per share (the "2025 Preference Shares"), as further described in paragraph 2 below (the "Investment Terms").

The Company is further proposing to offer additional investors, including existing shareholders, (together the “Additional Investors”), the opportunity to subscribe for up to an aggregate of £21,500,000 by way of (i) ordinary shares in the capital of the Company (“Ordinary Shares”) or (ii), where an individual investor is committing to invest £1million or more, for 2025 Preference Shares (the “Additional Raise”). The Additional Raise will be priced at £0.07 per share and conclude on or prior to 31 December 2025. Up to £6,500,000 of the Additional Raise will be offered to retail investors via the platform offered by Crowdcube Capital Limited (or a member of its group) (the "Crowdfund").

2. Proposed Investment Terms

The Investment Terms are set out in separate subscription letters entered into between the Company and each of the Primary Investors (each, a "Subscription Letter"). Each Primary Investor's subscription is conditional on, amongst other things, the necessary resolutions being passed by the shareholders of the Company at the General Meeting, which includes amending the articles of association of the Company (the "Articles") and granting the necessary allotment authorities and approval of the dis-application of pre-emption rights for each of the Investment and Additional Raise.

The subscription by each of the Primary Investors is subject, inter alia, to receiving the requisite approval from the Company’s shareholders and the relevant approvals being obtained under the National Security and Investment Act 2021 and from the UK Takeover Panel. The Investment will be phased in three tranches, with the third tranche paid on or before 31 August 2026, subject to the Company meeting certain conditions. Importantly, the 2025 Preference Shares do not accrue a dividend and have the same rights attaching to them as Ordinary Shares save for certain redemption and conversion rights, which are summarised in note 1, and a liquidation preference right.

As you may be aware the global lithium market has been exceptionally challenging since our last fundraising. Whilst the Company has made strong operational progress since the August 2023 fundraising, lithium prices have declined by over 70% during the same period. As a result, many listed lithium development companies have suffered similar percentage share price declines. Whilst many market commentators expect lithium prices to recover from recent lows, the Company’s current valuation reflects the challenging market conditions being experienced by lithium companies worldwide. The securing of new investment demonstrates the Primary Investors’ confidence in the long-term growth prospects of both the market and the Company.

3. Additional investment (including the Crowdfund)

Alongside the Investment, the Company is offering Additional Investors, which, as set out above, will include existing shareholders, the chance to invest up to a further £6,500,000 via Crowdcube at a placing price of £0.07 per Ordinary Share (the “Crowdcube Placing”) and an additional £15,000,000 by way of a private placement at a placing price of £0.07 per share. Approval for the Additional Raise is being sought at the General Meeting of shareholders.

Additional Investors will have the opportunity to subscribe for Ordinary Shares or, where an Additional Investor is committing to invest £1 million or more, 2025 Preference Shares.

The Crowdfund will initially offer the Company's existing shareholders the opportunity to subscribe for Ordinary Shares at a price of £0.07 per share. In the event that existing shareholders do not fully subscribe for the Ordinary Shares available pursuant to the Crowdfund, the Company will offer the surplus of the unsubscribed Ordinary Shares via Crowdcube to new investors. The 2025 Preference Shares and Ordinary Shares in this offering will not qualify for EIS tax relief.

4. General meeting

Each of the subscriptions by the Primary Investors (described in paragraph 2) and the subscription by Additional Investors (including via the Crowdfund) (described in paragraph 3) are conditional, amongst other things, on the necessary resolutions being passed by the shareholders of the Company at the General Meeting, which includes amending the Articles, granting the necessary allotment authorities and dis-application of pre-emption rights necessary for the transactions. The link on the first page of this letter is the notice of General Meeting, to be held at The Sennen Suite, Tremough Innovation Centre, Penryn, Cornwall TR10 9TA on 8th October 2025 at 14h00.

The Directors of the Company consider that all the resolutions to be put to the General Meeting are in the best interests of the Company and its shareholders as a whole. The Directors therefore unanimously recommend shareholders vote in favour of all the resolutions, as they intend to do in respect of their own shareholdings.

5. Forward-looking statements

You should note that this letter contains "forward-looking statements". All statements other than statements of historical facts including, without limitation, those regarding management expectations and expected percentage shareholdings of investors in the Company in the future are forward-looking statements. The Company uses the words "anticipates", "expects", "intends", "plans", "may", "will", "should" and any similar expressions to identify forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company's control and are based on numerous assumptions. As a result of the risks, uncertainties and assumptions, you should not place reliance on the forward-looking statements and no responsibility or liability is assumed by the Company for any such forward-looking statements.

If you have any questions relating to the transactions, or would like to discuss further, please contact either the Company's General Counsel, Kate DaSilva at K.DaSilva@cornishlithium.com or the Company's VP Corporate Development, Neil Elliot at IR@cornishlithium.com.

Interesting contrast to Cornish Lithium, in which UK taxpayers, through the NWF, are increasing their investment.

The CL shares being issued at 7p, compared with 20p at the last raise.

....has just announced it has received an offer of funding. It will again be making two different arrangements, one for large scale investors and another for smaller investors. The capital structure will be further complicated by the issue of a type of preference share.

Why make it so complicated? Why not have one set or ordinary shares to which all investors subscribe? The answer is obvious.

On the positive side the news is that not just the NWF is providing finance but also to a smaller degree, TechMet. But rather than fund the company through to production with enough money to build a process plant, it appears stop gap funding has been arranged to keep the show on the road "it will enable Cornish Lithium to complete the Feasibility Study for its Trelavour Lithium Project and finish testing of its low-carbon processing technology at its Trelavour Demonstration Plant." So it enables survival - and hopefully will give the company time for the hoped for revival in the lithium price to occur.

The raise appears to be priced at 7p per ordinary share, which will likely have implications for the valuation of the shares that CUSN holds in Cornish Lithium.

Re-assuring......

"He has helped initiate funding discussions for the restart of Hemerdon and these are progressing positively with a number of parties. "

TUN is in the middle of its critical financing round. There could not be a worse time to the CFO to go.

The question that must be answered is why.

Fatrabbit

Note 24 to the accounts on Loans and Borrowings is helpful to understand the position re the CLNs. See page 53 of

https://www.tungstenwest.com/_files/ugd/3e92e8_afac44501b964d8282a804393547bd23.pdf

Prop= Thanks Answer appears to be Trinity Metals in Africa.

Penultimate paragraph mentions flexibility to invest in wealthier countries -

https://www.mining.com/web/us-in-talks-to-set-up-5-billion-fund-for-critical-mineral-deals/

One wonders why Techmet is not involved.

Https://www.tungstenwest.com/_files/ugd/3a2c95_87c5bd82488b499897b2527e27c36f1f.pdf

Shareholders page 338

Wolfram Offtake Agreement- page 346 of pdf or 345 of document page numbers section 11.13

Orion Senior Loan Agreement page 348 of pdf, 347 of document page numbers section 11.19