Cornish Tin & Lithium Limited (“CTL” or the “Company”) is pleased to provide an update on progress: The Company has changed its name from Cornish Tin Limited to Cornish Tin & Lithium Limited. A Special Resolution to change the name was passed by an overwhelming majority of the Company’s shareholders on 28 May 2026. The change reflects the extent and potential value of the Company’s hard rock lithium discoveries since 2022, the scale of which is now comparable to its high grade tin discoveries. We intend to advance both our tin and lithium assets towards production, with an inferred resource as the next step.Our recent fundraise, which closed on 31 March 2026, raised just over £2.3M. To date, we have raised £7.2M (all equity, no debt) comprising ~94.4% private equity and ~5.6% retail (Crowdcube). CTL is an EIS-qualifying Knowledge Intensive Company with currently > £36M of EIS tax relief capacity still available.CTL’s Phase 3 exploration drilling program, from September 2025 to January 2026, was primarily designed to target lithium-enriched aplite-pegmatite sheets (“sheets”) in our new extension area of Tregonning South. We had previously discovered this style of mineralisation (the “Newall Formation”) at Tregonning North, containing high lithium grades, (eg 0.3m @ 1.33% Li2O; peak grade 1.42% Li2O). Phase 3 has successfully demonstrated N/S continuity of this new lithium field across ~3.27km, from the northern-most intercept at Tregonning North, with the discoveries at Tregonning South of multiple lithium sheets at different levels extending across a wide area. Phase 3 drilling has also intercepted a new tin mineralisation system across Tregonning South, including ten tin/copper lodes so far and a sheeted vein system. Both the lithium and the tin discoveries are numerous, and require a naming system, hence “Newall” refers to lithium sheets as numbered, and “Norcross” refers to tin lodes as numbered. The plan below gives some context of the scale of these geological structures. Note: drilling also intercepted a number of steeply inclined lithium sheets, not shown on the plan below. Tregonning South is characterised by approximately NW-SE trending valleys (fault structures). In originally designing the Phase 3 drillholes we were focused primarily on lithium. We knew from our exploration at Tregonning North that lithium depletion zones are structurally controlled by fault structures, and we therefore drilled approximately perpendicular (at right angles) to the valleys. Drilling results confirmed significant lithium results both in aplite pegmatite sheets and buried granite flanks. All major lithium depletion zones were present as halos around NW-SE to WNW – ESE mineralised structures. These structures comprised predominately quartz and chlorite +/- tin and copper.We have found a strong correlation between the NW-SE valley orientation and the tin lodes discovered so far, in that 3 drillholes (TS25003, TS25004 and TS25005) all intersected tin mineralisation associated with NW-SE to WNW – ESE lode structures – parallel and underlying the three main valleys within Tregonning South. Extensive soil sampling has also identified NW-SE trending tin anomalies adjacent to the valleys. Coarse fragments from these soils also show the same style of mineralisation as seen in the drilling.The valleys have approximate strike lengths of between 1km and 1.5km, which highlights the potential for continuity of the tin lodes discovered.
The cross-section below identifies the ten tin lodes discovered so far, with the sheeted vein system (Rib SVS) associated with Rib South and Rib North. A further inferred lode is shown aligned with Valley 1. This has not yet been drilled, but we have found elevated tin levels in the soil samples near Valley 1.
Tin Lodes at Tregonning South: Norcross sequence, Rib North, Rib South and Rib Sheeted Vein System (SVS)
In broad terms, there are very extensive lithium-enriched sheets at varying levels across a wide area of Tregonning South. When the sheets approach a valley (fault structure) there is depletion of the lithium, but then tin mineralisation occurs, generally following the NW-SE orientation of the valleys. The model below illustrates the relationship and scale between the lithium and tin mineralisation systems. Note: for simplicity, only Rib North and Rib South are shown on the model, and not the other tin lodes.
Summaries of Drilling Results
Tin Summary of results at 0.6% Cut-off grade
Lithium Summary of resultsDrill program focused on identifying aplite-pegmatite sheets and the buried granite flank of the Tregonning Granite.Drill program followed extensive soil sampling and mapping which identified outcropping sheets in Tregonning South.The drilling identified three distinct sheet formations: Newall No. 1, Newall No. 2 and Newall No. 3, as well as a series of inclined sheets.Newall No. 1 was discovered outcropping in one of the valleys within Tregonning South and subsequently intersected in four of the five drillholes (TS25001 – TS25004).True widths of Newall No. 1 at point of intercept in each of the drillholes: TS25001 – 5.51 m TS25002 – 7.1 m TS25003 – 7.08 m TS25004 – 4.9 m (sum of split sheets) Average true width – 6.14 mNewall No. 1 has a modelled extent of ~1.2 km x 0.9 km based on drillhole pierce points and width change between drillholes.Newall No. 2 is visible in the cliffs at Megiliggar Rocks and was intersected by TS25001, TS25002 and TS25003.True widths of Newall No. 2 at point of intercept in each of the drillholes: TS25001 – 0.38 m TS25002 – 4.92 m (sum of split sheets) TS25003 – 0.72 mNewall No. 2 has a modelled extent of ~1.35 x 0.5 km based on drillhole pierce points and width change between drillholes together with observations from the sheet outcropping in the cliff.Newall No. 3 was intersected by TS25004 and at the point of intercept has a true width of 4.44 m. As there is only one pierce point, the extent of the sheet has been modelled to a similar extent as Newall No. 1. Newall No. 1 Sheet grades:
TS25001 – 7.0 m @ 0.27 % Li2O (downhole depth: 69.83 – 76.83 m) including 3.1 m @ 0.37 % Li2O (downhole depth: 69.83 – 72.93 m) Peak grade – 0.26 m @ 0.65 % Li2O
TS25002 – 8.33 m @ 0.57 % Li2O (downhole depth: 4.35 – 12.68 m) including 2.93 m @ 0.66 % Li2O (downhole depth: 4.35 – 7.28 m) Peak Grade – 0.52 m @ 0.71 % Li2O
TS25003 – 8.86 m @ 0.60 % Li2O (downhole depth: 31.52 – 40.38 m) including 4.19 m @ 0.72 % Li2O (downhole depth: 32.76 – 36.95 m) Peak Grade – 0.66 m @ 0.90 % Li2O )
TS25004 1.8 m @ 0.63 % Li2O (downhole depth: 135.23 – 137.03 m) Peak grade – 0.40 @ 0.78 % Li2O 1.2 m @ 0.61 % Li2O (downhole depth: 141.17 – 142.37 m) Peak grade – 0.19 m @ 0.85 % Li2O 1.7 m @ 0.61 % Li2O (downhole depth: 143.88 – 145.59 m) Peak grade – 0.17 m @ 0.86 % Li2O 1.6 m @ 0.63 % Li2O (downhole depth: 147.54 – 149.14 m) Peak grade – 0.86 m @ 0.93 Li2O
Newall No.1 shows increasing grades away from granite. Higher grades possible further from the granite.
Newall No. 2 Sheet grades:
TS25001 – 0.53 m @ 0.25 % Li2O (downhole depth: 157.87 – 158.40 m)
TS25002 – 3.51 m @ 0.36 % Li2O (downhole depth: 72.53 – 76.04 m) including 1.03 m @ 0.4 % Li2O (downhole depth: 74.47 – 75.5 m)
TS25002 – 2.41 m @ 0.42 % Li2O (downhole depth: 82.21 – 84.62 m) including 1.45 m @ 0.46 % Li2O (downhole depth: 83.17 – 84.62 m)
TS25003 – 0.97 m @ 0.36 % Li2O (downhole depth: 174.93 – 175.90 m) including 0.28 m @ 0.36 % Li2O (downhole depth: 174.93 – 175.21 m)
Newall No. 3 Sheet grades:
TS25004 – 2.21 m @ 0.24 % Li2O (downhole depth: 420.84 – 423.05 m) and 0.6 m @ 0.43 % Li2O (downhole depth: 423.57 – 424.17 m). Peak grade 0.48 m @ 0.48 Li2O %.
Pierce point for the deep sheet (Newall No.3) is only 61 m from modelled granite - potential for higher grades further away.
Inclined Sheets TS25001 – 3.88 m @ 0.34 % Li2O (downhole depth: 123.78 – 127.66 m) including 1.73 m @ 0.40 Li2O (downhole depth: 124.91 – 126.64 m). Peak grade – 0.39 m @ 0.46 % Li2O TS25001 – 2.92 m @ 0.33 % Li2O (downhole depth: 129.82 – 132.74 m) including 0.77 m @ 0.50 Li2O (downhole depth: 130.63 – 131.40 m). Peak Grade – 0.26 m @ 0.69 % Li20 TS25003 – 1.94 m @ 0.32 % Li2O (downhole depth: 25.1 – 27.04 m) including 0.3 m @ 0.46 % Li20 (downhole depth: 25.1 – 25.4 m) and 0.64 m @ 0.74 % Li2O (downhole depth: 26.4 – 27.04 m) T25004 – 0.60 m @ 0.24 % Li20 (downhole depth: 127.82 – 128.42 m) Bulk Granite Grades TS25001 – 21.06 m @ 0.28 % Li2O (downhole depth: 160.05 – 181.11 m) TS25001 – 38.23 m @ 0.26 % Li2O (downhole depth: 187.34 – 225.57 m) TS25001 – 63.58 m @ 0.25 % Li2O (downhole depth: 229.72 – 293.30 m) TS25002 – 86.98 m @ 0.30 % Li2O (downhole depth: 95.62 – 182.60 m) TS25003 – 18.19 m @ 0.32 % Li2O (downhole depth: 186.5 – 204.69 m) TS25003 – 26.57 m @ 0.22 % Li2O (downhole depth: 276.51 – 303.08 m) TS25005 – 19.95 m @ 0.22 % Li2O (downhole depth: 169.39 – 189.34 m) TS25005 – 15.82 m @ 0.23 % Li2O (downhole depth: 200.40 – 216.22 m)
TS25004 bulk granite grades were low due to presence of multiple tin/copper structures which have caused Li depletion.
Correlation between tin/copper lodes and alteration related Li depletion in the granite is very strong. The collection of 38 soil samples on the outcropping granite to the west of the area where drilling took place from the top of the bedrock horizon has indicated grades ranging between 0.26 – 0.47 % Li2O with an average of 0.40% Li2O. This area measures 315 x 66 m and is open in all directions. Further soil sampling is planned in the area to fully delineate the extent of this higher grade anomaly.
Sally Norcross-Webb, CEO and Founder, commented: “Building on the success of our previous drilling programs at Wheal Vor and Tregonning North, the results of Phase 3 at Tregonning South are also excellent. Never before explored systematically, Tregonning South clearly has spectacular potential. As a combined mining operation, our Project Areas in West Cornwall could make a very significant and positive contribution to Cornwall’s economy and the critical minerals resilience of the UK and Europe.”
Further information about CTL Cornish Tin & Lithium Limited is a private company limited by shares registered in the UK under company number 10935627, incorporated in 2017. The Board comprises two directors, Sally Norcross-Webb (Founder and CEO) and Clive Newall (Chairman and co-founder).ON BEHALF OF THE BOARD OF DIRECTORS
Sally Norcross-Webb Founder and CEO Cornish Tin & Lithium Limited
Forward looking statements This News Update contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”). Forward-looking statements include predictions, projections, outlook, guidance, estimates and forecasts and other statements regarding future plans, the realisation, cost, timing and extent of mineral resource or mineral reserve estimates, estimation of commodity prices, currency exchange rate fluctuations, estimated future exploration expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, requirements for additional capital, future or estimated mine life and other activities or achievements of CTL, including but not limited to: mineralisation in relation to CTL’s projects, CTL’s exploration drilling programs, strategic vision of CTL and the timing and results of its projects. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, “would” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements, other than statements of historical fact, included in this News Update are forward-looking statements that involve various risks and uncertainties and there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the availability of financing; the timing and content of current or future activities; actual results of exploration activities; possible variations in mineral resources or grades; projected dates to commence any activity; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. CTL’s forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date such statements are made. Although CTL has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward- looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. CTL does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change, other than as required by applicable law.
