The funds raised will enable the Company to commence exploration activities on the ground in Cornwall. The initial focus will be to collate all relevant data on lithium occurrences in Cornwall and to assemble this in digital format. The company intends to integrate surface and underground data in order to prioritise the best locations for subsequent drilling and sampling. Such exploration is expected to include further geophysical surveys where possible. Once drill sites have been selected the company intends to apply for the necessary permits ahead of drill testing of suitable targets.
Cornish Lithium welcomes the investment from incoming investors given the wealth of mining, processing, capital raising, project development and operational experience amongst the group.
Under the terms of the investment, the incoming shareholder group will have the opportunity to appoint one director to the board. The incoming shareholders include:
- Keith Liddell, the former CEO of Aquarius Platinum and investment house Mineral Securities. Mr Liddell is a highly experienced metallurgist and is the inventor of the Kell Process for recovery of platinum group metals from concentrates as an alternative to smelting.
- Chris von Christierson is the Director and Principal of Southern Prospecting. He has been actively involved in the establishment of a number of international exploration and mining projects.
- Peter Smedvig, who has longstanding understanding of investing in the natural resources sector globally. Mr. Smedvig’s model is to invest in a small number of businesses each year, committing time to working closely with management, providing advice and hands-on help as appropriate.
Jeremy Wrathall, CEO of Cornish Lithium, commented:
“We are delighted to have secured this investment to commence our exploration programme. We look forward to working with our new shareholders given the wealth of experience they have to offer in the field of natural resources.”
Keith Liddell, a member of the incoming shareholder group, said:
“Given the extensive historic readings of lithium in geothermal brines as well as the recent advances in technology, we see a real potential for lithium production in Cornwall. Combined with the global shift in focus towards electric vehicles and battery energy storage we believe that Cornish Lithium could potentially become a very significant player in the lithium industry in the UK and Europe. We look forward to working with the team in progressing this exciting project through mits exploration and development phases.”
Notes to Editors
The directors of Cornish Lithium have extensive mining industry and fundraising experience and have secured agreements with various holders of mineral rights in Cornwall to explore for, and to commercially develop, lithium bearing hot spring brines throughout areas considered to be highly prospective. The area over which Cornish Lithium has obtained rights will facilitate what is expected to be the largest unified exploration programme Cornwall has ever seen.
With demand for lithium expected to increase rapidly for uses in modern technologies, the UK government has highlighted this strategic mineral as a metal of importance to UK industry. Lithium is the lightest metal and one of the most chemically reactive. This makes it ideally suited to batteries for electric cars and power storage. Lithium was recently described as “the new gasoline” by Goldman Sachs due to its ability to fuel taransformation in the automotive industry and to move towards a zero-emissions future, especially when combined with renewable power sources. Other industrial applications for lithium include; ceramics, lubricants and glass.
Demand for lithium from electric car batteries alone is forecast to grow rapidly for the foreseeable future, whilst power storage batteries are also expected to significantly augment this demand.
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