Cornish Lithium has revealed that it has successfully raised over £826k from shareholders.
This funding will be used to continue exploration for lithium in Cornwall, in both geothermal waters and in hard rock, and will build on the successful drilling programmes that concluded earlier this year.
Cornish Lithium says recent exploration activity has proved highly encouraging and it is now planning further phases of drilling as soon as “current conditions allow”.
Samples from the recent hard rock drilling campaign are currently undergoing metallurgical testing and evaluation in both Cornwall and Australia.
Founder and CEO, Jeremy Wrathall, said: “Given the results from exploration activities, the company decided to offer shareholders the opportunity to invest further in the company and we are delighted with the result, during a time of huge uncertainty where investors are thinking carefully about where they deploy their funds.
“Following Brexit, and as the UK moves to reopen its economy after the Covid-19 pandemic, the UK Government is focussed on becoming a world leader in battery technology and electric vehicle manufacturing. Given this situation, it is now apparent that the creation of a battery and electric vehicle industry in the UK is more likely to happen if the nation has a domestic supply of lithium, especially if this lithium can be responsibly sourced with a low-carbon footprint.
“This puts Cornish Lithium in a good position, as our project could revolutionise supply of lithium required for large-scale manufacture of Li-ion batteries in the UK, aligning directly with key Grand Challenge Missions under the 2019 UK Industrial Strategy.”