16 Jul High Voltage: UK lithium play turns to crowdfunding… and it’s actually working
Each week our High Voltage column wraps all the news driving ASX battery metals stocks with exposure to lithium, cobalt, graphite, manganese and vanadium.
Early stage explorer Cornish Lithium wants to extract lithium from geothermal brines in the historic UK mining district of Cornwall.
The company was established after a friend mentioned that that geothermal fluids were a big problem for ye olde miners in Cornwall. After some research (aka googling), company founders discovered historical mining records showing that this water was lithium-enriched:
The data suggests that there is potentially lithium-bearing geothermal fluids across a large area of Cornwall, the company says.
Fascinating stuff, but it gets interesting(er).
After raising about $4.45m from private backers, Cornish Lithium became the first British miner to launch a crowdfunding campaign. It wanted to raise another ~$1.8m towards exploration costs.
And as of right now, the private company has raised over $1m from 267 investors with 26 days remaining.
In an increasingly risk averse investment environment, maybe crowdfunding could be another option for cash strapped exploration juniors with a great story to tell.
Read original article here.