Chairman’s Letter

As Chairman of Cornish Lithium, I am very pleased to send you my first Chairman’s letter to thank you for investing in Cornish Lithium through our recently completed funding round via Crowdcube. We are delighted with the outcome of this funding and are pleased to welcome over 1200 new investors to the company.

Having set out to raise £1 million, we managed to secure funding of over £1.4 million and are very excited to put this to work alongside the funding we have obtained from the Faraday Battery Challenge in order to develop a new lithium industry for the UK.

As a fast-developing Company, our activities are constantly evolving, and we will endeavour to keep you informed of major developments as they occur.

With respect to new developments, I am pleased to inform you that we have commenced drilling the first of two deep exploration wells to explore for lithium contained within the hot geothermal waters that circulate naturally deep beneath the surface of Cornwall. Below is a picture of our drill rig which is located in the United Downs area of Cornwall, just metres away from where lithium was first discovered in geothermal waters in Cornwall in 1864. The boreholes’ locations have been determined following nearly three years of research and digital geological modelling by our team of geoscientists based in Penryn, Cornwall.

While we are very excited to start our drilling program, I need to emphasise that these are just exploration wells, designed to test our concept and to learn more about the rock structures and the geothermal water that circulates in these rocks. Information received from the wells will be used to help us plan our future projects. We have prepared a new video to help you understand more about the Company, which you can view by clicking below.

Cornish Lithium is proud to have been nominated as a finalist in the Innovation Award category of the Tech South West Awards. We are delighted to see growing recognition of our innovative approach to geoscience and to unlocking the mineral potential of Cornwall.

We have also been nominated for two awards at the prestigious Mines and Money conference in London later this month. Jeremy has been nominated as CEO of the year and Lucy Crane, one of our Senior Geologists, has been nominated for Young Rising Star in Mining. Crowdcube has also been nominated as Best Alternative Finance Provider of the Year as a result of our fundraising this summer – which was, as far as we know, the first successful crowdfund for a mining company.

With all the excitement happening, I have to say that I’m most proud of the team of 14 geoscience professionals who are working with us in the Penryn office in Cornwall. This would be an impossible endeavour if we had not been able to attract this extremely talented team (led by our Head of Exploration, Chris Harker) who all share our vision to build a great new industry in Cornwall and to do something positive for the local Cornish community.

Thank you once again for your support.

Yours Sincerely,

Derek Linfield

Cornish Lithium Ltd.

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