Lepidico Ltd (ASX:LPD) has welcomed news that L-Max / LOH- Max licensee, Cornish Lithium Plc, has secured a further US$67 million of funding for its lithium developments in Cornwall, UK that includes its Trelavour lithium mica project.
The UK Government funded UK Infrastructure Bank will invest approximately £24.0 million (US$30 million equivalent) in its first direct equity investment. EMG, a US-based private equity fund focused on the energy and minerals sectors will also invest around £24.0 million (US$30 million equivalent) and Cornish Lithium’s largest existing institutional shareholder, TechMet, the critical minerals investment company, whose major backers include the US Government’s Development Finance Corporation, is investing a further US$7 million (£5.6 million), bringing its total initial investment into Cornish Lithium to US$30 million. Lepidico provided support to Cornish Lithium and its new investors during their due diligence process for this financing.
We are delighted that Cornish Lithium has secured this funding, as this will allow it to fast-track the development of its L-Max / LOH-Max demonstration plant, which is a crucial part of the Trelavour Project feasibility study,” Lepidico Managing Director, Joe Walsh, said.
“This work will optimise these proprietary hydrometallurgical technologies on zinnwaldite and polylithionite lithium micas in Cornwall. This investment follows considerable due diligence and as such represents an endorsement of Lepidico’s technologies.”
