Company No: 10935627 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	3,900,377		2,683,980
Tangible assets	4	25,320		33,729
		3,925,697		2,717,709
Current assets
Debtors	5	206,434		556,910
Cash at bank and in hand		159,514		689,692
		365,948		1,246,602
Creditors: amounts falling due within one year	6	( 188,234)		( 61,177)
Net current assets		177,714		1,185,425
Total assets less current liabilities		4,103,411		3,903,134
Provision for liabilities		( 130,758)		( 269,201)
Net assets		3,972,653		3,633,933
Capital and reserves
Called-up share capital	7	126		123
Share premium account		4,863,874		4,171,233
Profit and loss account		( 891,347 )		( 537,423 )
Total shareholders' funds		3,972,653		3,633,933

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Cornish Tin Limited (registered number: 10935627) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

S Norcross-Webb Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cornish Tin Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Osprey House, Malpas Road, Truro, TR1 1UT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The company is still in the exploration and evaluation stage of its development and is reliant on equity funding to finance its work, development plans and operations including capital expenditure required to contract any of its projects. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences	not amortised
Other intangible assets	not amortised

Other intangible assets

The entity is engaged in the exploration for and evaluation of mineral resources in Cornwall.

FRS 102 34.11 requires us to apply IFRS 6 Exploration for and Evaluation of Mineral Resources in accounting for these activities. This says we should determine an accounting policy specifying which expenditures are recognised as exploration and evaluation assets and apply the policy consistently.

The policy we have developed is that exploration and evaluation costs are capitalised within intangible assets. These costs are incurred after obtaining the legal rights to explore a specific area, and before the technical feasibility and commercial viability of extracting minerals have both been demonstrated.

They are labelled as ‘Other intangible assets’ in note 3.

Intangible exploration and evaluation expenditure comprises costs directly attributable to:

• Researching and analysing existing exploration data;
• Conducting geological studies, exploratory drilling and sampling;
• Examining and testing extraction and treatment methods;
• Compiling pre-feasibility and feasibility studies; and
• Costs incurred in acquiring mineral rights.

If our policy was not to capitalise the costs above then they would be expensed as research costs.

Exploration and evaluation assets are subsequently valued at cost less impairment. In circumstances where a project is abandoned, the cumulative capitalised costs related to the project are written off in the period when such decision is made. Intangible exploration and evaluation assets are not amortised.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	20 % reducing balance
Office equipment	3 years straight line
Computer equipment	5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	7		8

3. Intangible assets

	Trademarks, patents and licences		Other intangible assets		Total
	£		£		£
Cost
At 01 January 2024	62,088		2,621,892		2,683,980
Additions	25,571		1,195,726		1,221,297
Disposals	0		( 4,900)		( 4,900)
At 31 December 2024	87,659		3,812,718		3,900,377
Accumulated amortisation
At 01 January 2024	0		0		0
At 31 December 2024	0		0		0
Net book value
At 31 December 2024	87,659		3,812,718		3,900,377
At 31 December 2023	62,088		2,621,892		2,683,980

'Other intangible assets' above are Exploration and Evaluation costs in accordance with IFRS6.

4. Tangible assets

	Vehicles		Office equipment		Computer equipment		Total
	£		£		£		£
Cost
At 01 January 2024	33,245		2,860		23,837		59,942
Additions	0		2,415		0		2,415
At 31 December 2024	33,245		5,275		23,837		62,357
Accumulated depreciation
At 01 January 2024	11,125		2,860		12,228		26,213
Charge for the financial year	4,424		309		6,091		10,824
At 31 December 2024	15,549		3,169		18,319		37,037
Net book value
At 31 December 2024	17,696		2,106		5,518		25,320
At 31 December 2023	22,120		0		11,609		33,729

5. Debtors

	2024		2023
	£		£
Corporation tax	166,376		524,521
Other debtors	40,058		32,389
	206,434		556,910

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	159,304		36,721
Other taxation and social security	16,351		20,544
Other creditors	12,579		3,912
	188,234		61,177

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
12,625,255 Ordinary shares of £ 0.00001 each (2023: 12,324,468 shares of £ 0.00001 each)	126		123

300,787 new Ordinary shares of £0.00001 each were allotted during the year at £2.296983 per share.

8. Events after the Balance Sheet date

After the balance sheet date the company secured £1,109,041 of equity investment in relation to share allotments.