- Significant exploration potential
- Government support
What it owns
Cornish Lithium Ltd has assembled rights to explore for lithium in brines across over 300km of Cornwall, where the battery metal has been found naturally dissolved in saltwater since 1864.
The Cornish mining district is a “world-class mineral province”, with estimated historic production of around £45 billion from tin and £11 billion from copper at current prices.
The company has compiled and digitised various sources of historic data, and made 3D models to evaluate the optimal locations for extraction boreholes to be drilled. An initial drilling programme has been undertaken and the results are now being evaluated.
It 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.
How's it doing?
As for funding, Cornish Lithium blazed a trail as far as the UK mining sector is concerned, raising £1.4mln as of October 2020 in an oversubscribed round via crowdfunding platform Crowdcube.
“We wanted £1mln and we raised £1.4mln,” said the Jeremy Wrathall, chief executive, saying that the company plans to use the cash for further exploration and evaluation work on the Cornish land portfolio.
In addition to this, it’s also received a vote of confidence from the government.
A consortium known as Li4UK, whose members including the Natural History Museum, the specialist geological consultant Wardell Armstrong, and Cornish Lithium itself, recently received £350,000 of government cash to be split between each of the participants according to their responsibilities.
This was part of the Faraday Battery Challenge to advance British interests in the new-generation battery space.