Heads of Terms with IGas to Jointly Develop Commercial Geothermal Heat Projects

Cornish Lithium Ltd. (the “Company” or “Cornish Lithium”), the innovative mineral exploration and development company based in Cornwall, UK, is pleased to announce that it has agreed a Heads of Terms with IGas Energy plc (AIM: IGAS)(“IGas”), a British energy company and the parent company of geothermal heat developer GT Energy UK Ltd., to work together to evaluate suitable sites where geothermal heat can be developed on a commercial basis.

Cornish Lithium has secured extensive land and mineral rights agreements in the South West of England, and has developed 3D models of the sub-surface geology and mineral potential of the region utilising historic records combined with data from modern sources such as satellite imagery, geophysical data and drone mapping.

Cornish Lithium will work with IGas to develop shallow geothermal projects in Cornwall that can supply renewable heat to industrial end users and will also evaluate the potential to extract lithium from the geothermal waters. IGas will bring its experience of well design, drilling and operational management to the projects.

A technical and commercial evaluation of a number of potential project locations is underway, which should result in an initial project location being identified. IGas and Cornish Lithium will then jointly develop the initial project location as a pilot scheme.

Jeremy Wrathall, Founder and CEO of Cornish Lithium, said:

“We are excited to be working with the team at IGas. The combination of our understanding of Cornwall’s geology and IGas’s understanding of geothermal heat projects will be mutually beneficial to both companies.

“This represents a significant opportunity to accelerate the development of shallow geothermal heat projects in Cornwall that can help decarbonise local businesses.” 

Stephen Bowler, IGas Chief Executive, commented:

“This collaboration with Cornish Lithium is another important step in our drive to diversify and leverage our operational expertise.

“This complements the ongoing work on hydrogen production and carbon storage and further augments our geothermal business.”

For further information about Cornish Lithium, please contact:

Neil Elliot, Manager – Corporate Development: IR@cornishlithium.com

National media enquiries: cornishlithium@blytheweigh.com; +44 (0) 207 138 3205

Local/regional media enquiries: Jilly Easterby at Curlew PR; curlew@hotmail.co.uk; 07743 164434

Notes to Editors

About Cornish Lithium

Cornish Lithium is a highly innovative mineral exploration and development company focused on the environmentally-sustainable extraction of lithium from geothermal waters and hard rock in the historic mining district of Cornwall. The Company has secured agreements with the owners of mineral rights over a large area of the County and is using modern technology to re-evaluate the region for its potential to produce lithium and other vital technology metals in a low carbon and low impact manner. A secure domestic supply of such metals is considered vital to the industrial strategy of the UK as it moves towards Net Zero 2050 and the production of electric vehicles.

For more information about Cornish Lithium, visit www.cornishlithium.com

About IGas

IGas is a leading onshore provider of energy in the UK.  IGas businesses have decades of experience of successfully and safely extracting and producing hydrocarbons onshore in the UK. Whilst there is a clear need for oil and gas in a 2050 net zero environment, it is IGas’s intention to play an important role in the UK’s energy transition. The Company’s strategy is to diversify into the wider UK energy market whilst leveraging its core competencies as a UK onshore operator.

IGas is now bringing its experience into renewable energy as part of the transition to net zero in 2050. The Company acquired a deep geothermal business – GT Energy – in 2020 and is seeking to develop the production of hydrogen at a number of its existing sites.

For more information about IGas, visit www.igasplc.com

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