Cornish Lithium Secures Significant Investment of $73.352 Million

Cornish Lithium has secured a substantial funding package amounting to approximately $67 million that will accelerate its endeavors to establish a domestic supply of high-quality lithium compounds for batteries. The investment was orchestrated by the UK Infrastructure Bank in collaboration with the Energy & Minerals Group and TechMet. It garnered overwhelming support from shareholders during the company's general meeting held on August 30, with nearly all shareholders casting their votes in favor of the transaction.

Furthermore, the investors have the option to contribute an additional $223.68 million  as a second-stage investment, which is anticipated to fulfill the equity component necessary for achieving commercial production at Cornish Lithium's Trelavour hard rock lithium project.

Cornish Lithium embarked on surface exploration activities at the Trelavour Downs project near St. Dennis between 2018 and 2019. The project involved extensive research into historical records and the analysis of modern geological, geochemical, and geophysical data sets. These efforts pinpointed the Trelavour Downs kaolin pit as a prime site for exploration and development.

Ian Cockerill, the independent non-executive chairman of Cornish Lithium, expressed immense satisfaction with the strong backing from existing shareholders. He revealed that an overwhelming 99.89% of the votes cast were in favor of the transaction, and an impressive 92.64% of shareholders participated in the vote. Cockerill noted that this level of shareholder support and engagement was unprecedented and underscored the remarkable interest and backing that Cornish Lithium has garnered.

Jeremy Wrathall, the founder and CEO of Cornish Lithium, characterized this funding as a transformative milestone for the company. He outlined how the approved funding would facilitate the advancement of the Trelavour hard rock lithium project to a construction-ready status. Additionally, it would support the completion of engineering design work essential for constructing a demonstration-scale geothermal waters extraction facility. These key project milestones are expected to yield substantial benefits for all stakeholders involved.

Notably, in the previous autumn, Jeremy Wrathall had presented at the Welding Institute's (TWI's) geothermal industry panel meeting, where he discussed the potential of Cornwall's lithium-enriched geothermal waters. These waters have the potential to not only meet the UK's increasing demand for lithium but also generate heat.

The global demand for lithium is on a significant upward trajectory, particularly as more individuals transition from traditional petrol-powered vehicles to electric vehicles powered by lithium batteries. In this context, Wrathall emphasized that the UK needs approximately 80,000 metric tons of lithium carbonate equivalent (LCE) by 2030 to meet its growing lithium demand. This demand is driven by the rapid adoption of electric vehicles, making domestic lithium production a strategic priority.

The funding injection secured by Cornish Lithium represents a pivotal step in realizing its vision of contributing to the UK's domestic lithium supply chain and addressing the mounting demand for this critical battery component in the era of electric mobility.