Member Info for Valuation-it-is

Https://www.bbc.co.uk/news/articles/cjezvydnrezo

https://www.theguardian.com/uk-news/2023/aug/08/cornish-lithium-secures-536m-to-open-first-mine-for-the-metal-in-britain

https://www.ft.com/content/c9e6bfa5-7462-4f36-b828-df890d47fedc

https://businesscornwall.co.uk/news-by-industry/manufacturing-in-cornwall/2023/08/54m-investment-for-cornish-lithium/

https://www.telegraph.co.uk/business/2021/11/25/cornish-lithium-hunt-makes-funding-breakthrough-bid-power-electric/

Cornish Lithium!

Investors UK Infrastructure Bank, EMG and Techmet. Another piece of the jigsaw.

Pawgee

Great news indeed, in a number of ways. Particularly the vote of confidence in finance coming through from the UK's Infrastructure Bank and from EMG and Techmet. This will have been after considerable due diligence has been done by all three entities. The finance will accelerate work towards production, not just on the hard rock side but in brines too.

Bear in mind though, that only one site that CL has set up for brines drilling, has been in CUSN mineral rights area and that is United Downs. The others, Blackwater and Twelveheads have been on Lord Falmouth's mineral rights areas and are outwith the royalty agreement with CUSN - if I have understood it correctly. CL said it had over 100 potential sites in Cornwall as future targets so there is a good chance CUSN will benefit from some of those, as well as the impact through its shareholding. It will be interesting to see if the demonstrator brine unit mentioned in today's announcement is located at United Downs, as this will benefit CUSN. My guess is it will be quicker and easier to do that at UD as the site is already set up for industrial plants and has the deep holes necessary for the hottest water.

CUSN's big investor Vision Blue Resources has, earlier this year, partnered EMG in investing in Serra Verde. One wonders if EMG, having now announced an investment in Cornish Lithium, will also invest in CUSN ...............................

Ditto the UK's Infrastructure Bank.

Source https://cornishmetals.com/site/assets/files/4930/cusn_corporate_ppt_may_2023_comp.pdf

Page 34

Page 34 of the Company presentation (May) states:-

Lithium exposure through Cornish Lithium

Cornish Lithium has the right to explore Cornish Metals’ mineral

right areas for lithium-in-brine & geothermal energy.

Cornish Metals has a 25% free carried interest on the first

project advanced to completion of a Bankable Feasibility Study

within its mineral right areas, and a 10% free carried interest on

all subsequent projects advanced to completion of a Bankable

Feasibility Study.

Cornish Metals will receive a 2% Gross Revenue Royalty on all

metals produced from brines or geothermal energy produced

from within its mineral right areas.

From January 2017, Cornish Metals benefits from annual cash /

share issuances from Cornish Lithium of US$50K per year in

years 1-5, US$100K per year in years 5 – 10, US$500K per

year from year 10, and US$1,000K per year from year 15.

Refer to Company news release dated January 19, 2017 for

details.

Landmark US$67 million Investment for Cornish Lithium

UK Infrastructure Bank makes investment to strengthen domestic lithium supply chain

Cornish Lithium to receive US$67 million in funding from the UK Infrastructure Bank, The Energy & Minerals Group and TechMet

UK Infrastructure Bank’s direct equity investment will support the development of the UK’s critical minerals supply chain

Funding will accelerate growth towards commercial production of lithium

Part of larger funding package of up to an additional US$210 million

Cornish Lithium is pleased to announce a US$67 million (£53.6 million) initial investment from a group of leading institutional investors led by the UK Infrastructure Bank alongside The Energy & Minerals Group (EMG) and TechMet.

In its first direct equity investment, the UK Infrastructure Bank will invest approximately £24.0 million (US$30 million equivalent) into the development of the UK’s critical minerals supply chain with EMG, a US-based private equity fund focused on the energy and minerals sectors, also investing around £24.0 million (US$30 million equivalent). Cornish Lithium’s largest existing institutional shareholder, TechMet, the critical minerals investment company, whose major backers include the US Government's Development Finance Corporation (DFC), is investing a further US$7 million (£5.6 million), bringing its total investment into Cornish Lithium to US$30m.

The funding package is expected to significantly accelerate progress toward the creation of a domestic supply of battery grade lithium compounds, which is crucial to support the scaling up of domestic battery production for electric vehicles and battery energy storage solutions for renewable energy sources. The initial investment is part of a larger funding package of up to an additional US$210 million (c.£168.0 million) potential second-stage financing, which is expected to provide the equity foundation necessary for the pioneering mineral exploration and development company to achieve commercial production.

This investment signals a significant boost for Cornwall, and aligns closely with the Bank’s core mandate to support the UK’s transition to net zero and boost regional and local economic growth. The funding aims to enable the County’s development as an industrial cluster for lithium extraction and will strengthen the move to net zero in line with Cornwall’s local industrial strategy. Once in commercial production, Cornish Lithium aims to build its 70-strong Cornwall-based workforce to over 300. Through its Trelavour hard rock mine development alone, it is estimated that Cornish Lithium could generate £800 million of economic activity for the local economy over the expected 20-year mine life. This figure is expected to increase further through development of the company's geothermal waters project portfolio.

Following the closing of this round of initial investment, Cornish Lithium is

Landmark US$67 million Investment for Cornish Lithium

UK Infrastructure Bank makes investment to strengthen domestic lithium supply chain

Cornish Lithium to receive US$67 million in funding from the UK Infrastructure Bank, The Energy & Minerals Group and TechMet.

UK Infrastructure Bank’s direct equity investment will support the development of the UK’s critical minerals supply chain

Funding will accelerate growth towards commercial production of lithium

Part of larger funding package of up to an additional US$210 million

Cornish Lithium is pleased to announce a US$67 million (£53.6 million) initial investment from a group of leading institutional investors led by the UK Infrastructure Bank alongside The Energy & Minerals Group (EMG) and TechMet.

In its first direct equity investment, the UK Infrastructure Bank will invest approximately £24.0 million (US$30 million equivalent) into the development of the UK’s critical minerals supply chain with EMG, a US-based private equity fund focused on the energy and minerals sectors, also investing around £24.0 million (US$30 million equivalent). Cornish Lithium’s largest existing institutional shareholder, TechMet, the critical minerals investment company, whose major backers include the US Government's Development Finance Corporation (DFC), is investing a further US$7 million (£5.6 million), bringing its total investment into Cornish Lithium to US$30m.

The funding package is expected to significantly accelerate progress toward the creation of a domestic supply of battery grade lithium compounds, which is crucial to support the scaling up of domestic battery production for electric vehicles and battery energy storage solutions for renewable energy sources. The initial investment is part of a larger funding package of up to an additional US$210 million (c.£168.0 million) potential second-stage financing, which is expected to provide the equity foundation necessary for the pioneering mineral exploration and development company to achieve commercial production.

This investment signals a significant boost for Cornwall, and aligns closely with the Bank’s core mandate to support the UK’s transition to net zero and boost regional and local economic growth. The funding aims to enable the County’s development as an industrial cluster for lithium extraction and will strengthen the move to net zero in line with Cornwall’s local industrial strategy. Once in commercial production, Cornish Lithium aims to build its 70-strong Cornwall-based workforce to over 300. Through its Trelavour hard rock mine development alone, it is estimated that Cornish Lithium could generate £800 million of economic activity for the local economy over the expected 20-year mine life. This figure is expected to increase further through development of the company's geothermal waters project portfolio.

Following the closing of this round of initial investment, Cornish Lithium is pl

Compare with Cornish Lithium (from page 6 of Annual report 2022)

Source:- https://cornishlithium.com/wp-content/uploads/2023/07/CL_AnnualReport2022_vF.pdf

"Trelavour project scoping study

published and demonstration plant

to be built

June 2022 saw the completion of the scoping

study for Cornish Lithium’s Trelavour hard

rock lithium project near St Austell. The study

produced robust economic results including an

average forecast production of 7,800 tonnes

of lithium hydroxide per annum. Utilising a

lithium hydroxide price of US$20,000/t of lithium

hydroxide the scoping study produced the

following robust economic results:

• 20-year mine life with average production of

7,800 tpa of lithium hydroxide

• Post-tax NPV (8%) of US$318.6 million and

IRR of 24.4%

• Initial estimated capital expenditure of

US$243.8 million

• Payback within 3.8 years from first production

Whilst the scoping study includes the capital

expenditure to produce a number of by-products

such as caesium and rubidium, the current

results do not include the additional revenue

from such by-products. Test work is currently

being completed that will allow their additional

value to the project to be estimated. The robust

scoping study results have given Cornish Lithium

the confidence to start work on the project’s

feasibility study which will commence in H2 2023. "

and

"An additional drilling programme at Trelavour has

now commenced, which is expected to further

expand the Trelavour mineral resource and to

allow conversion from an inferred resource to a

measured and indicated classification under the

JORC Code, the results of which are expected

before the end of 2023."

Tony

Would you show us how you arrive at your £300m extra revenue? (For storage of CO2)

It is a disaster for all those being laid off that it takes so long to obtain the necessary permits. The EA is said to be under-resourced. One wonders who sets the priorities there and whether the jobs involved at the companies applying for permits have any influence on the EA resources brought to bear, the speed of decision making or the outcomes. Replacing good TUN people who may have moved out of area will be yet another challenge for NG .

There seems to be a disconnect between HMG declaring a list of "critical minerals" (tungsten and tin at Hemerdon being two on the list) and the effort HMG puts in to doing its part in the permitting process.

In our "match" with Putin, it seems we are scoring own goals.

Deranger. 8.11

My understanding is a little different.

I understand that the EA Environment Agency have 16 weeks to make a response, but in the light of the importance of this matter there is a good chance that a response will be forthcoming sooner.

You will probably be able to quiz the directors of each company too - either on the tour or at the conference.

Dotcom999 Did you miss the news about the JLR giga factory?

LB That's a kind thought. I will let you know what I am doing nearer the time.

The Royal Cornwall Museum will receive £476,000 which will be used to transform the museum’s iconic mineral

gallery, including building a state-of-the-art digital lab which will enable people across Cornwall and the world to

interact with the collection.

The work to refurbish the minerals gallery is expected to be completed by Summer 2024,

Chinasyndrome "Also a bit hard to run power tools etc with a hydrogen tank / fuel cell ! "

You might be surprised! A company called Intelligent Energy based in Loughborough, perfected the miniturisation years ago and had produced a pocket sized unit . They now make them for drones. giving 5 times the flight duration of a lithium battery. See April 2019 on:-

https://www.intelligent-energy.com/about-ie-intelligent-energy/our-history/

LB There will be a lot to see and quite a few developments to consider which have arrived over the last 12 months. The difficulty will be in choosing which to visit.

At 8.50 onwards talk about CUSN

https://audioboom.com/posts/8338437-john-meyer-on-improved-liquidity-plus-cornish-metals-beowulf-rainbow-rare-earths-solgold-sove

MO interesting post..............

Key to the future of the lithium supply chain in the UK is whether the JLR plant will take Lithium mined and processed in the UK. I am not aware of any of the conditions set by the UK government for the grant of £500m to TATA towards building the gigafactory. Does anybody know if JLR has been required to take UK lithium where possible?