Cornish Lithium.... £18m finance26 Nov 2021 08:19
Cornish Lithium announces £18 million of investment from TechMet which will enable progress on Trelavour hard rock & direct brine extraction projects
Posted by Paul Moore on 25th November 2021
Cornish Lithium Ltd, the innovative mineral exploration and development company based in Cornwall, UK, has announced that it has secured a transformational investment package of up to £18 million from TechMet Ltd, a leading technology metals investment company. “Securing long-term investment from TechMet is a significant step forward for Cornish Lithium and allows the company to step up its activities towards creating a domestic supply of lithium and other battery metals for the UK. The investment represents a key milestone for the company given that it is the first investment that Cornish Lithium has secured from a financial institution.”
Cornish Lithium says it expects to benefit from TechMet’s deep knowledge of the battery metals supply chain and extensive commercial and strategic relationships. Simon Gardner-Bond, Chief Technical Officer of TechMet, will join the Cornish Lithium Board. The investment from TechMet, a company that invests in technology metals projects around the world, will enable Cornish Lithium to fast-track development of its project portfolio in Cornwall and to significantly advance the company’s strategy of establishing a domestic supply of battery metals. The investment will occur in two tranches. The first tranche of £9 million to be invested upon receipt of shareholder approval and the second tranche of £9 million will be invested, at the option of TechMet, following the delivery of the Scoping Study for the Trelavour Hard Rock Project, which is on track for completion in Q2 2022.
The funding package will enable the company to significantly accelerate its projects, including the construction of a beneficiation and hydrometallurgical demonstration plant that will enable the company to optimise the low carbon Lepidico processing technology to which Cornish Lithium secured a 15-year royalty free licence in 2020. It will also allow progress towards feasibility studies for the Trelavour Project, which will enable the company to materially progress construction plans and to seek the necessary finance to build the Trelavour Project and move towards commercial production. It will also permit drilling additional geothermal evaluation boreholes and developing associated direct lithium extraction sites to further demonstrate Cornwall’s prospectivity for lithium contained in geothermal waters. The company will also progress studies into the possibility of using heat from these boreholes to decarbonise local industries in Cornwall.
Jeremy Wrathall, CEO and Founder of Cornish Lithium, said: “We are delighted to welcome such a prestigious investor to Cornish Lithium. TechMet’s support validates the extensive work we have completed in Cornwall since the company was founded in May 2016. The investment by TechMet, combined with the pro
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