High Voltage: UK lithium play turns to crowdfunding… and it’s actually working
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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.
Scroll down for this week’s battery metals winners and losers >>
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.
Of the battery metals players on our list, 51 advanced, 44 remained steady and 57 lost ground this past week.
With the gold price on the up-and-up, Ardiden (ASX:ADV) has decided now would be a good time to get busy on its gold assets in Canada. But it is also advancing discussions with potential strategic partners for the Seymour Lake lithium project.
Result? Best of both worlds for Ardiden, which was up 33 per cent over the past week.
Dart Mining (ASX:DTM) is another explorer with a dual gold-lithium focus.
Last week, the Victoria-based company told investors that pending and approved tenements now totalled some 3350 sq km, with 1830 sq km targeting gold, 580 sq km targeting lithium and 940 sq km targeting porphyry style mineralisation. The ~$4m market cap stock was up 25 per cent for the week.
And Mali Lithium (ASX:MLL) — formerly Birimian — is close to getting the all-important exploitation permit for its large, long life Goulamina project in Mali.
The application, submitted in early April 2019, has passed technical review and is now in front of the Minister of Mines for assessment and sign off.
It also appointed Lycopodium to compete a DFS on the project, another crucial step towards production. The advanced explorer received a 14 per cent boost for the week.
Also up on no news were graphite play Metals Australia (ASX:MLS) (+33 per cent), lithium-cobalt-base metals explorer Traka Resources (ASX:TKL) (+25 per cent), and nickel-cobalt focussed White Cliff Minerals (ASX:WCN) (+25 per cent).
Here’s a table of ASX battery metal stocks with exposure to lithium, cobalt, graphite, manganese and vanadium>>>
Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop.