Cornish Lithium, an innovative mineral exploration company exploring for lithium and other battery metals in the South West of the UK, announces that, after raising £5.2 million in only three days, it is closing its crowdfunding round on Crowdcube.

Jeremy Wrathall, Founder and CEO of Cornish Lithium, said: 
“We set out to raise £1.5 million. To be so massively oversubscribed in only three days is an amazing vote of confidence in Cornish Lithium, the team, and our plans for the creation, in Cornwall, of a vital new industry for the UK economy.

“Having raised more money than we expected means that we are now able to accelerate our plans to build an environmentally responsible lithium extraction industry in Cornwall while continuing to create value for our shareholders. With this additional funding, we can accelerate our drive towards the production of lithium from our geothermal waters project and from our hard rock project near St Austell as well as to advance our exploration program focused on other battery metals.

“On behalf of the Board, I would like to thank our shareholders for their support and to welcome our new shareholders.”

Cornish Lithium announced on 17 September 2020 that it had discovered some of the world’s highest grades of lithium and best overall chemical qualities encountered in published records for geothermal waters anywhere in the world at the United Downs Deep Geothermal Project. Geothermal waters which contain lithium are very different from other occurrences of lithium in brine given that the same water can be used to generate zero-carbon electrical power and heat. As such these waters are rapidly becoming recognised as the ultimate ethical source of lithium. Having received funding from the UK Government’s ‘Getting Building Fund’, the Company is now moving ahead, with its partner Geothermal Engineering Ltd, to construct a £4 million lithium extraction pilot plant in Cornwall. If successful, the Company believes that this pilot plant will set the scene for a much larger combined geothermal and lithium extraction industry across Cornwall.

Cornish Lithium is using modern exploration techniques and digital technology to re-evaluate Cornwall’s mineral potential in the light of the battery revolution. Cornwall has a world-class mineral endowment, but has stood idle for decades. The battery revolution provides the impetus and opportunity to explore for raw materials which are vital to modern technologies. Cornish Lithium believes that the extraction of lithium, in combination with geothermal energy, has the potential to rejuvenate the economy of Cornwall and to provide much needed high value employment across the county. The Company is primarily focussed on extracting lithium from known occurrences in brine and in hard rock. Cornish Lithium is also evaluating the potential in Cornwall for other metals particularly those which are vital to modern technologies such as electric vehicles and power storage batteries.

KeyFacts Energy Industry Directory: Cornish Lithium