Vision Blue Resources strategic investment in Cornish Metals


  • £25 million strategic investment in Cornish Metals to advance the South Crofty tin project for an approximate 27% shareholding in the company
  • The investment is subject to shareholder approval and comprises 138,888,889 units containing:
    • One common share priced at 18p
    • Warrants to purchase one common share priced at 27p for a period of 36 months
  • The Cornish Metals opportunity is based on
    • An advanced, scalable asset with a clear path to production and committed management
    • Operating in an established mining jurisdiction with low logistics, processing and technology risk
    • The implementation of an ESG framework to deliver shared value for society and economy
  • Provides VBR with exposure to highly attractive tin market
    • Demand for tin is expected to increasingly outstrip supply in coming years driven by growing demand from the electronics sector, EVs, and renewable power, especially solar cells
    • Since March 2021, LME cash tin prices have risen from approximately US$25,000 per tonne to in excess of US$40,000 per tonne today
  • Board and relationship agreement in place to protect interests of VBR and other Cornish Metals shareholders
  • South Crofty is a fully permitted underground tin mine, located in Cornwall, UK
    • One of the world’s highest-grade tin projects not currently in production
    • With the potential to be amongst the lowest cost producers globally
    • Previously operating mine with significant infrastructure already in place
    • Potential to deliver significant environmental benefits through use of modern mining and environmental technologies
    • Opportunities for further downstream beneficiation
  • Investment will enable Cornish Metals to complete a feasibility study into bringing the mine back into production using modern mining technology

Vision Blue Resources (“VBR” or “Vision Blue”) announces that it will invest £25 million in Cornish Metals (“the Company”) a TSX Venture Exchange (“TSX-V”) and AIM listed company that is reopening
the historic underground South Crofty tin mine (“South Crofty”), located in Cornwall, UK. VBR has conditionally agreed to purchase 138,888,889 units of the Company, with each unit comprising one
Cornish Metals common share priced at 18p per common share and a warrant to purchase one
common share priced at 27p for a period of 36 months. Upon closing, following receipt of requisite
shareholder approvals and the approval of the TSX-V, VBR will own approximately 27% of the Company.


VBR was founded to invest in the supply of the commodities necessary to facilitate the transition to clean, green energy. We are pleased to support Cornish Metals’ team because investment in South Crofty has the potential to produce tin responsibly to address an expected supply shortfall. Restarting production at this historic underground mine, within the existing footprint and with the benefit of modern production techniques, is being enabled by VBR’s commitment to invest. We have created an opportunity for the management to deliver real benefits which clean up the historic mine works, create employment and demonstrate clear, social and economic change for local communities which will be supported for years to come. Furthermore, the mine is expected to be one of the largest tin producers globally and to supply the needs of the UK market in entirety, thereby helping it to reach its de-carbonisation targets.

Sir Mick Davis, CEO of Vision Blue Resources


VBR’s strategic investment leads a £40.5 million fundraising by Cornish Metals that will be used to
advance the reopening of South Crofty. This involves the dewatering of the mine, resource drilling,
completion of a feasibility study, evaluation of additional downstream beneficiation opportunities, and on-site early works in advance of a potential construction decision.

Demand for tin is expected to grow rapidly as it is essential for the high-tech, low carbon economy and, according to research by the Massachusetts Institute of Technology, it is the metal most likely to be positively impacted by new technologies. Tin is primarily used in the production of lead-free solder used in almost all circuit boards and semiconductors, as well as renewable energy systems where tin is used in the production of photo voltaic cells, and there is growing demand from the automotive sector where it is utilised in EV components and has been shown to enhance the performance of EV batteries themselves.

At the same time there is no primary mine production of tin in Europe or North America and the metal has been designated as a mineral critical to economic and national security by the USA.

South Crofty has one of the highest grade tin Mineral Resources in the world not currently in production and has the potential to be amongst the lowest cost producers globally. Having previously operated until 1998, there is significant mine infrastructure still in place, most notably several mine shafts that can be used for future production and ventilation purposes, and the operation is located within an industrial area with access to the national electricity grid as well as existing transport infrastructure.

Due to the long, 400-year history of operations at South Crofty, there is also significant potential to undertake remediation work, particularly as part of the planned mine de-watering process.

At closing VBR will enter into a relationship agreement with Cornish Metals and its nominated adviser to ensure that the company can continue to operate independently. Subject to maintaining a
minimum percentage interest, VBR has the right to nominate one person to the Company’s board of
directors, a further person as an observer at board meetings and one person to a technical committee of the Company as well as having the right to maintain its percentage ownership interest in Cornish Metals upon any offering of securities at the subscription price and similar terms as are
applicable to the offering. VBR has also agreed to a lock in in respect of its shares for 12 months.

An announcement by Cornish Metals in relation to VBR’s strategic investment, UK Placing and associated Canadian Subscription has been made via the TSX and AIM and is available via



Aura Financial
Michael Oke, Andy Mills
Tel: +44 207 321 0000
Mobile: +44 7834 368 299, +44 7841 748911

About Vision Blue Resources

Vision Blue was founded in December 2020 by Sir Mick Davis to identify and capture opportunities in
battery and technology minerals linked to EV & Grid Storage growth. VBR aims to create lasting value
for all stakeholders and superior returns for investors by accelerating the supply of the commodities
necessary to facilitate the green energy transition. The growth in demand for these metals and
minerals is decoupled from GDP growth as a result of the regulatory and social pressures associated
with this transition.

Leveraging the VBR team’s proven acquisition and integration skills together with its financial, ESG,
technical, construction and operating experience in the mining and metals sector, VBR aims to
capitalise on this secular change in demand in selected commodities, which is occurring against a
backdrop of limited supply.

Vision Blue targets companies in established mining jurisdictions, with well advanced assets that are
scalable, have low logistics and processing risks and can be brought into production rapidly. VBR aims to work with existing management teams to provide critical growth capital, technical support, experience in securing future finance. Where possible, VBR will utilise a phased development approach based upon a self-financed expansion to achieve large scale revenue and cash flows.

28 Mar 2022

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