UK-based mineral exploration company Cornish Lithium has secured £35 million in its latest funding round, marking a significant step forward in its mission to establish a domestic lithium supply chain in the United Kingdom.
The financing round was led by the Energy & Minerals Group (EMG), a Texas-based private equity firm specializing in energy and mineral resources investments. TechMet, a critical metals investment company, also participated as a returning investor, demonstrating continue
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UK-based mineral exploration company Cornish Lithium has secured £35 million in its latest funding round, marking a significant step forward in its mission to establish a domestic lithium supply chain in the United Kingdom.
The financing round was led by the Energy & Minerals Group (EMG), a Texas-based private equity firm specializing in energy and mineral resources investments. TechMet, a critical metals investment company, also participated as a returning investor, demonstrating continued confidence in Cornish Lithium’s development strategy.
The capital injection comes at a crucial time for the Cornwall-focused mining company, which is accelerating its efforts to tap into the region’s abundant lithium resources. The funds will primarily support the advancement of Cornish Lithium’s Trelavour Hard Rock Lithium Project and its geothermal waters portfolio, both considered vital components of the UK’s emerging battery metals sector.
Jeremy Wrathall, Founder and CEO of Cornish Lithium, described the investment as “transformational” for the company’s growth trajectory. “This significant funding provides us with the resources needed to progress our flagship projects toward production while supporting the UK’s transition to a low-carbon economy,” Wrathall stated.
The Trelavour project, located near St Austell in Cornwall, has gained particular attention as one of the most promising lithium developments in the UK. Recent feasibility studies have indicated economically viable concentrations of lithium in the granite rocks of the area, with the potential to supply a substantial portion of Britain’s anticipated lithium demand.
The investment comes amid growing global competition for critical battery minerals, with lithium prices experiencing significant volatility over the past two years. Despite recent market corrections from the all-time highs of 2022, industry analysts predict strong long-term demand as electric vehicle adoption accelerates worldwide.
John Raymond, co-founder of EMG, emphasized the strategic importance of the investment: “Cornish Lithium represents a unique opportunity to develop a sustainable, domestic source of lithium that can reduce the UK’s reliance on imports while creating hundreds of skilled jobs in a historic mining region.”
The UK government has identified lithium as a mineral of strategic importance as part of its Critical Minerals Strategy. The country currently imports all its lithium requirements, leaving it vulnerable to supply chain disruptions and price fluctuations in international markets. Domestic production could provide greater security for British automotive manufacturers and battery producers as they transition to electric vehicle production.
Cornwall’s mining heritage dates back thousands of years, with the region once being one of the world’s most significant producers of tin and copper. This latest investment signals a potential revival of Cornwall’s mining industry, albeit focused on the minerals required for modern technologies rather than traditional industrial metals.
Brian Menell, Chairman and CEO of TechMet, noted that their continued investment in Cornish Lithium aligns with broader industry trends: “The transition to clean energy technologies is driving unprecedented demand for battery metals. Establishing secure, environmentally responsible supply chains is essential for meeting climate goals while ensuring economic competitiveness.”
Environmental considerations feature prominently in Cornish Lithium’s development plans. The company has emphasized its commitment to sustainable extraction methods, including Direct Lithium Extraction (DLE) technology for its geothermal waters project, which promises a smaller environmental footprint compared to traditional lithium production methods used in South America and Australia.
Local authorities in Cornwall have generally welcomed the developments, seeing potential for economic regeneration in a region that has faced economic challenges since the decline of traditional industries. The company estimates that hundreds of direct and indirect jobs could be created once operations reach full scale.
The £35 million funding round follows several smaller capital raises by Cornish Lithium in recent years, including a successful crowdfunding campaign that attracted thousands of retail investors. This latest investment represents a significant scaling up of financial backing and signals growing institutional confidence in the project’s viability.
As the UK aims to ban the sale of new petrol and diesel vehicles by 2030, the development of domestic battery material supply chains has taken on increased urgency. Cornish Lithium’s progress will be closely watched by policymakers and industry stakeholders as a test case for the revival of strategic mineral production in Britain.
The company expects to use the new funding to complete definitive feasibility studies at Trelavour and advance its pilot plant operations for extracting lithium from geothermal waters, with commercial production targeted within the next three to five years.
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