Cornish Lithium raises £5.1 million in one of UK’s largest crowdfundings of the year

By Nicky Godding

26 September 2023

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Cornish Lithium, the pioneering mineral exploration and development company, has now closed its crowdfunding round on Crowdcube after raising £5.1 million. The crowdfunding is one of the largest undertaken in the UK this year and is the largest on Crowdcube by a B2B business in 2023.

The crowdfunding was launched to provide Cornish Lithium’s existing shareholders, as well as new retail shareholders, the opportunity to invest alongside the landmark £53.6m investment announced on 8 August this year by the UK Infrastructure Bank, the Energy and Minerals Group and TechMet. Existing shareholders received priority access to the financing round with Crowdcube, investing a milestone £1 million in just 27 minutes.

The investment package together with the funds raised through the crowdfunding will enable Cornish Lithium to progress its hard rock lithium project to a construction-ready status, as well as complete the engineering design work required to build a demonstration-scale geothermal waters extraction facility. We would like to thank existing shareholders for their ongoing support and welcome the support of new shareholders who have participated in this latest crowdfunding.

Jeremy Wrathall, founder and CEO of Cornish Lithium said: “We were delighted to be able to offer our loyal existing shareholders the opportunity to invest alongside our institutional investors following our landmark £53.6 million fundraise.

“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 EVs, while providing long term career opportunities for the communities around the project. We look forward to keeping existing and new shareholders informed as we progress our projects in Cornwall.”

Read our interview with Jeremy Wrathall in our upcoming November South West & West Midlands edition.

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.