Cornish Metals Inc has granted conditional performance awards over a total of up to 12,837,423 common shares under its new long term incentive plan, approved by shareholders on 18 March 2025.
CRITERIA
Chief executive officer Lodewyk ‘Don’ Turvey received 3,680,982 awards; chief financial officer Matthew Hird, 2,024,540; and chief development officer Fawzi Hanano, 1,978,528.
The Canadian company, advancing the South Crofty mine project, said it used a share price of 8.15p, the closing price on 22 May 2025, to determine the number of awards.
The awards will vest on 31 December 2027, subject to the recipients’ meeting strategic, operational, financial and shareholder return performance criteria as well as continued employment.
Cornish Metals has 12,837,423 unvested performance awards under the new LTIP, equal to approximately 1.03% of the issued share capital of the company.
The company also has 25,916,667 share options under the legacy share option plan, equal to approximately 2.07% of the issued share capital.
Additionally, Cornish Metals Ltd has changed its name to Cornish Metals Holdings Ltd.
Companies House recorded the date of the new name on 27 May 2025.