Cornish Lithium has raised £5.1mln through crowdfunding

Now the fundraising round is closed, the mining company will progress its hard-rock lithium project to be construction ready.

Cornish Lithium is also planning to complete the engineering design to build a demonstration-scale geothermal waters extraction facility.

The funding round was to allow existing and new retail shareholders to invest alongside the £53.6mln from the UK Infrastructure Bank, the Energy and Minerals Group, and TechMet.

'The proceeds of the crowdfunding along with those from our landmark investment package will give us the balance sheet strength to materially progress our projects in order to provide a secure, domestic source of lithium and support the UK’s automotive sector’s shift to electric vehicles, while providing long-term career opportunities for the communities around the project,' says Jeremy Wrathall, founder and CEO.

The mining company says this is one of the largest UK crowdfunding campaigns in 2023, and the largest on Crowdcube by a B2B business this year.