Cornish Lithium has raised just over £826,000 from shareholders. This money 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.
The company is now planning further phases of drilling as soon as current conditions allow. Samples from the recent hardrock drilling campaign are currently undergoing metallurgical testing and evaluation in both Cornwall and Australia.
“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,” said Cornish Lithium chief executive Jeremy Wrathall.
“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.