Cornish Lithium celebrates another year of positive progress

Cornish Lithium, the pioneering mineral exploration and development company, is pleased to celebrate another successful year in 2024. The Company made significant progress and achieved major milestones in its journey towards commercial production of lithium in the UK.

The Company has continued to positively develop both its hard rock and geothermal projects, delivering several highly technical and complex projects with the highlight being the opening of the Trelavour Demonstration Plant.

Hard Rock Project

In October, Cornish Lithium opened the UK’s first low-emission, lithium hydroxide Demonstration Plant at St Dennis, near St Austell, marking a significant milestone in the UK’s energy transition given that lithium is a crucial component in batteries for smartphones, laptops, electric vehicles (EVs) and the storage of renewable energy. The £9 million Demonstration Plant facility is now ready to produce battery-grade lithium hydroxide samples from granite extracted from a former china clay pit. Once in commercial production, the Trelavour Hard Rock Project is expected to produce 10,000 tonnes of lithium hydroxide annually, which will considerably strengthen the UK’s critical minerals supply chain and reduce the UK’s reliance on importing carbon-intensive materials from abroad.

The project will create around 300 jobs and generate up to £800 million for the Cornish economy over its 20-year life.

Another major milestone for the Company was when the UK Government designated the Trelavour Hard Rock Project as a Nationally Significant Infrastructure Project in early September. This development marks an important step towards securing the domestic supply of lithium that the UK needs to develop the nation’s battery industry, thus sustaining the competitiveness of British automotive manufacturing, and accelerating the country’s transition to renewable energy. Jonathan Reynolds MP, Secretary of State for Business and Trade, said: “This is great news for Cornish Lithium, and will not only support high-skilled jobs in the South West but give a major boost to our critical minerals supply chains for the long term."

The Company’s Feasibility Study for the Trelavour Hard Rock Project, managed by Ausenco Engineering Canada, also remains on track with completion expected in mid-2025.

Community engagement remained a high priority throughout the year, marked by the opening of a new visitor centre at the Trelavour Demonstration Plant site and the establishment of a community liaison group to build stronger connections with local stakeholders.

Geothermal Projects

As part of the Company’s portfolio of geothermal projects, an application was submitted to Cornwall Council for planning permission to develop a new state-of-the-art lithium facility at Cornish Lithium’s Cross Lanes Project, near Chacewater, with a decision expected early in 2025.

The planning application followed two years of positive test results from an exploration borehole drilled at the site by Cornish Lithium, establishing that lithium-enriched geothermal waters circulate naturally within the permeable structures underlying the area. Planning consent for the facility will enable Cornish Lithium to demonstrate the viability of commercial lithium extraction at the site.

The proposed development consists of two new 2,000-metre-deep boreholes with an associated geothermal lithium extraction plant on the site. Following an initial demonstration phase, one borehole will be used to extract lithium-enriched geothermal waters, while the second will be used to reinject lithium depleted water to source. The Company plans to further evaluate cutting-edge environmentally responsible Direct Lithium Extraction (DLE) technologies.

In the future, the Company also expects to harness heat from the same geothermal waters to provide heating for local homes and businesses.

Cornish Lithium has also made progress at other sites in Cornwall, including drilling an exploration hole at Tolgus near Redruth and at Besore Farm near Threemilestone, Truro. The Company continues to test various different Direct Lithium Extraction (DLE) technologies and will select its preferred DLE provider for its Cross Lanes project early in the New Year.

Proactive community outreach and consultation on geothermal projects has continued throughout the year, featuring a variety of events designed to engage stakeholders - including local communities, businesses, and authorities as the projects progress.

Corporate Developments

In October, the Company published its Policy Manifesto, outlining how and why the UK must secure domestic supplies of sustainable lithium, rather than relying solely on imported material. This comprehensive report was the result of detailed research and extensive consultations with industry leaders, policymakers, MPs and sustainability experts.

The Manifesto calls on the Government to make three high-impact and cost-free policy changes that are expected to deliver growth nationwide:

• Set a UK extraction target of 50,000 tpa (tonnes per annum) of lithium carbonate equivalent from domestically sourced raw materials per year by 2030
   
• Ensure that the regulatory and policy landscape is focused on delivering the new UK domestic production target
   
• Establish a traceability standard that will future-proof our ability to use and trade lithium produced in the UK.

Cornish Lithium formed a new partnership with HELM AG, through its subsidiary Leverton HELM Limited, to further develop a lithium supply chain in Europe. The agreement, formalised through a Memorandum of Understanding, sets out plans to collaborate on producing battery-grade lithium compounds from Cornish geothermal brines. LevertonHELM, a UK-based producer of speciality lithium chemicals, will work alongside Cornish Lithium to advance the production.

The Company has further strengthened its Board with the appointment of Gary Steven as a Non-Executive Director. He joins the Board as a representative of the National Wealth Fund (formerly UK Infrastructure Bank). Former director and representative of the National Wealth Fund, Adam Howard stepped down from the Board following his appointment as Chief Financial Officer at Invinity Energy Systems. The National Wealth Fund, owned by HM Treasury, is a key investor in Cornish Lithium, alongside TechMet and The Energy & Minerals Group.

Former Director, Keith Liddell also rejoined the Board as a Non-Executive Director, bringing a wealth of knowledge of mineral extraction techniques and management of mineral projects worldwide. Founder and CEO, Jeremy Wrathall, has assumed the role of Chairman on an interim basis until a replacement independent Non-Executive Chair is appointed.

During the year the Company celebrated another major milestone with the appointment of its 100th employee.

Community engagement remained a key priority throughout the year, with the Company's outreach team actively participating in a diverse range of local and national events, such as exhibitions, presentations, coffee mornings, and career fairs. Cornish Lithium awarded £17,310 to 11 organisations through its Summer 2024 Community Fund, established in collaboration with the Cornwall Community Foundation. The Cornish Lithium Community Fund supports the work of local clubs, charities and activity groups that seek to make a positive difference in the Gwennap, Blackwater, Chacewater, St Day, Carharrack and china clay areas where the Company’s projects are located. Recipients of grants from the 2024 Autumn Community Fund are expected to be announced later in January.

Founder, Interim Chairman and CEO, Jeremy Wrathall, said: “Cornish Lithium made exceptional progress during 2024 and achieved significant milestones across the business. As we start the new year, I believe we are in our strongest position yet, thanks to the passion and dedication of our hardworking colleagues who share my vision for lithium extraction in Cornwall, thus developing a strong supply chain for battery production in the UK.

“Last year saw exciting developments in both our hard rock and geothermal projects, including the opening of the UK’s first lithium hydroxide demonstration plant. We now await the outcome of our planning application for Cross Lanes and our focus remains on unlocking the region’s capacity to become a key supplier of those critical minerals that are essential to the UK’s transition to renewable clean energy. Looking ahead, I am confident that 2025 will be a defining year for the Company, further strengthening our role in supporting the UK’s journey to net zero.”

For further information, visit cornishlithium.com.