Exploration junior Cornish Lithium has raised another £826 000 from shareholders.
Founder and CEO Jeremy Wrathall says shareholders chose to put more funds into the company during a time of “huge uncertainty”, noting that investors are “thinking carefully" about where to deploy their funds.
The funding will be used to continue exploration for lithium in Cornwall, in both geothermal waters and in hard rock, and will build on the successful drilling programmes that concluded earlier this year.
The company says recent exploration activity has proved highly encouraging and that it is planning further phases of drilling as soon as current conditions allow.
Samples from the recent hard rock drilling campaign are currently undergoing metallurgical testing and evaluation in Cornwall and Australia.
“Following Brexit, and as the UK moves to reopen its economy after the Covid-19 pandemic, the UK government is focused on becoming a world leader in battery technology and electric vehicle manufacturing.
“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,” says Wrathall.