Cornish Lithium (CLi) has raised more than £826,000 from shareholders, allowing it to continue exploration for lithium at United Downs mines in central Cornwall.
The company is mining for lithium in geothermal waters and in hard rock, and funds raised will add to the successful drilling programmes that concluded earlier this year.
CLi plans further phases of drilling as soon as conditions allow.
“Given the results from exploration activities, the company decided to offer shareholders the opportunity to invest further in the company,” said Jeremy Wrathall, CLi founder and CEO.
CLi previously received £1.4m through crowdfunding and found samples of lithium as well as copper and tin from hard rock drilling at United Downs, which are currently undergoing metallurgical testing and evaluation in both Cornwall and Australia.
“The UK Government is focused on becoming a world leader in battery technology and electric vehicle manufacturing,” Mr Wrathall added.
“Given this situation, it is now apparent that the creation of a battery and electric vehicle industry in the UK is more likely to happen if the nation has a domestic supply of lithium, especially if this lithium can be responsibly sourced with a low-carbon footprint.
“This puts Cornish Lithium in a good position, as our project could revolutionise supply of lithium required for large-scale manufacture of Li-ion batteries in the UK, aligning directly with key Grand Challenge Missions under the 2019 UK Industrial Strategy.
“In addition, the grant received for the ‘Li4UK’ project from the Government’s Faraday Battery Challenge Fund, in which Cornish Lithium is a participant alongside Wardell Armstrong and the Natural History Museum, highlights the importance that the Government places on the opportunity for a domestic lithium supply.”