RBI revises gold lending norms for NBFCs

[SMM Tin Morning Meeting Summary: The most-traded SHFE tin SN2611 contract fell 3.52% overnight, breaking below 380,000 yuan, while LME tin dropped 2.71% to $51,767, pressured by both macro and AI sector sentiment]

Caspin Resources (ASX: CPN) reported a 45% increase in the Mineral Resource estimate for the Kelpie tin deposit at its wholly-owned Bygoo Tin Project in New South Wales, now at 6.5 million tonnes grading 0.43% tin for 28,000 tonnes of contained tin. The resource is fully constrained within an optimised open-pit shell, includes a maiden Indicated component representing 25% of the total, and is supported by refined mining and processing parameters. This update marks a key milestone in advancing Bygoo as a potential standalone, high-grade open-pit tin development, underpinned by strong tin prices and improved confidence in the geological model. Caspin sees substantial upside from a large near-surface drilling gap, down-plunge extensions and new targets, with ongoing drilling aimed at significantly growing the resource base and strengthening project economics.

Cornish Metals (AIM:TIN) has opened a new workshop and stores facility to provide permanent maintenance, engineering and storage services for the South Crofty tin project in the UK, supporting the project through development and into production. The building stands on the site of the former Bartles Foundry within South Crofty's surface footprint, is covered with solar panels and will use geothermal energy recovered from mine water pumped from South Crofty, providing a lower-carbon energy source. The project was part-funded by a grant of up to 4.2 million GBP (about 7.98 million USD) from the UK Government through the UK Shared Prosperity Fund, managed by Cornwall Council; total project cost was approximately 6.8 million GBP (about 12.92 million USD). CEO Don Turvey said installation of the service winder and completion of the production winder building mark a visible shift from preparation to construction at the New Cook's Kitchen (NCK) shaft, with underground dewatering passing 400m below surface and progressing steadily. A two-hole, 2,330m surface drilling programme at Roskear has been completed; both holes intersected the known Roskear lodes at or close to predicted positions, confirming tin mineralisation continues west beyond the current resource and supporting potential resource growth. High-grade tungsten was also discovered, but tin remains the company's focus. South Crofty is a historical underground tin mine considered among the highest-grade tin resources globally, with potential to become a new low-cost global producer. Tin mining in Cornwall's Central Mining District dates back to 2,300 BC, with large-scale production from the mid-1600s until South Crofty, the last active mine, closed in 1998.