Cornish Metals Inc ended last year with a significant increase in cash despite nearly doubling losses at its copper-tin project in Cornwall.
FINANCES
The Canadian company published its annual results on the same day it announced that Sir Mick Davis‘s Vision Blue Resources Ltd will be the ‘controlling person’ with the completion of a £40 million investment.
For the year ended 31 January 2022, Cornish Metals held cash of CA$6,922,704 (2021: $353,601).
Losses rose to $2.9m (2021: $1.6m) and the company reported no revenue.
Operating expenses rose due to $368,325 costs relating to AIM listing ineligible for capitalisation, media, investor and corporate activities.
This was offset by a reduction in costs from the closure of Vancouver office in April 2021.
The company had an unrealised gain of $445,703 from increased valuation of its holding in Cornish Lithium based on allotment price following its fundraising completed in December 2021.
| (Expressed in Canadian dollars) | 31 January 2022 | 31 January 2021 |
| Total operating expenses | 3,007,748 | 1,986,727 |
| Loss for the year | 2,911,140 | 1,598,400 |
| Net cash used in operating activities | 3,085,862 | 1,264,568 |
| Net cash used in investing activities | 3,988,978 | 1,646,685 |
| Net cash provided by financing activities | 13,963,043 | 1,970,752 |
| Cash at end of the financial year | 6,922,704 | 353,601 |
Costs of $2,108,368 and $419,078 were in connection with the exploration programme at United Downs and Carn Brea.
Cornish Metals raised gross proceeds from AIM listing of $14.4 million (£8.2 million) with share issue costs of $1.5 million.