Cornish Metals Inc ended its last financial year with a low cash balance but narrowed losses at its copper-tin projects in South Crofty and United Downs, Cornwall.
In its financial results for the year ended 31 January 2021, the Canadian exploration and development company recorded a cash balance of CA$353,601 [£207,000] (31 Jan 2020: $1,305,253).
Losses for the year were $1,598,400 [£935,000] (Jan 2020: $4,559,178).
The company invested $1,646,685 (Jan 2020: $504,507) with net cash provided by financing activities of $1,970,752 (Jan 2020: $1,017,247).
During February 2020, Cornish Metals raised $2,352,500 [£1,380,000] from a private placement, which was used for a proof of concept drill programme.
This was completed between June and September 2020 with high-grade tin and copper intersections.
OPERATIONS
In April 2020, the company discovered a new zone of high-grade copper-tin mineralisation at the United Downs exploration project.
Patrick Anderson was appointed chairman of the board in July 2020 while his predecessor Grenville Thomas remains a director, and John McGloin was appointed director board in October 2020.
In its outlook for the coming year, Cornish Metals said it intended to start an 18-month drill programme at United Downs.