A new opportunity to invest in Cornish Lithium’s next phase of exploration has been announced.
The company opened up the opportunity to pre-registered investors yesterday (Oct 12) at 9am and within 30 minutes of this opportunity being offered, the amount raised had smashed through the target of £1.5 million by almost £545k and the total continued to rise throughout the day, hitting £3 million within three hours.
The offer has now been opened up to the wider public via a crowdfunding campaign on Crowdcube.
Cornish Lithium uses modern technology to evaluate the potential to responsibly extract vital battery metals in Cornwall, including lithium from the geothermal waters that circulate deep beneath historic mine workings.
According to the Volkswagen Group, lithium is the “irreplaceable element of the electric era,” which makes lithium vitally important for the future economy as the world moves towards renewable energy sources and away from a reliance on fossil fuels.
As a result of its previous crowdfund in 2019, the company has drilled and evaluated its own shallow wells of approximately 1km deep into lithium-rich geothermal waters near United Downs, as well as 41 holes of approximately 40m deep in a prospective hard rock granite source of lithium in a former china clay pit near St Austell, the metallurgical results of which are also highly encouraging.
Founder and CEO Jeremy Wrathall said: “The globally significant findings of our recent exploration and evaluation programme…together with a substantial award from the UK Government’s Getting Building Fund for a £4 million lithium extraction pilot plant at United Downs in conjunction with Geothermal Engineering Ltd provides us with a once-in-a-lifetime opportunity to catalyse commercial production and establish the UK’s battery metals hub here in Cornwall.
“This funding will enable us to evaluate accessing geothermal waters with high grades of lithium using shallow drilling techniques, and to undertake further drilling and bulk sampling within the St Austell china clay pit to assess the feasibility of building a large-scale operation in the region.
“With a minimum investment of just £10, this crowdfund offers an accessible opportunity for the people of Cornwall, who are justifiably proud of the Duchy’s heritage as a world-class producer of tin and copper, to share in our pioneering mission to develop a 21st century lithium extraction industry that will create local jobs and prosperity for the future, and contribute significantly to the UK’s domestic supply.”
To find out more about Cornish Lithium’s crowdfunding campaign on Crowdcube, visit crowdcube.com/cornishlithium