Cornish Metals plc today listed on the AIM market of the London Stock Exchange, following completion on 16 December of its redomicile to the UK.
FINANCE
The Canadian company, progressing its South Crofty tin mine project in Cornwall, issued its entire ordinary share capital of 125,450,089 ordinary shares to trading.
The move meets the National Wealth Fund‘s terms on its £28.6 million investment in the development.
The NWF is funded by the taxpayer and government borrowing.
Cornish Metals said: “The board believes that establishing Cornish Metals as a UK-domiciled company provides a stronger long-term corporate, regulatory and governance platform aligned with the company’s primary asset, stakeholder base and strategic ambitions.”
The redomicile also “enhances corporate alignment with the UK Government objectives on critical minerals and domestic supply chain resilience”.
Cornish Metals will also become more visible to European institutional investors and industry partners, while listing only on AIM streamlined “regulatory oversight”.
During 2025, the company received a grant of up to £4.2m from UK Shared Prosperity Fund for the Bartles foundry project, and in 2022 it received £40m from majority shareholder Vision Blue Resources.
As of 18 December 2025, VBR holds 36,493,204 shares, equal to 29.09% of Cornish Metals, and the NWF owns 35,691,128 shares, representing 28.45%.
2026
Next year, the company aims to secure financing to support full construction, before a formal final investment decision, with first tin planned for mid-2028.
Other goals include completion of mine dewatering and the Nick Cook’s Shaft refurbishment to gain access to deeper levels.
Detailed engineering and front-end engineering design for the process plant will progress along with associated infrastructure.
Early construction works will advance, along with installation of long-lead items, including the production and service winders due to be delivered next year.
Earthworks also continue, along with expansion of surface facilities, and integration of the land acquired at Dundance Lane into the site access and logistics planning.