Cornish Tin has closed a funding round of over £2.2 million ($3 million), exceeding its target and valuing the privately held minerals explorer at £29 million ($38 million) pre-money, as the company presses ahead with exploration at two critical mineral projects in Cornwall that it believes could play a meaningful role in securing domestic UK supply.
The raise was supported by a combination of existing shareholders and new investors. Proceeds will be directed toward the company’s flagship Great Wheal Vor tin project and the Tregonning South lithium project, funding priority target advancement and further resource definition across both sites.
Great Wheal Vor, located in the Breage mining district, encompasses 26 former producing sites with a history of exceptionally high-grade tin output. Historic records cited by the company indicate average production grades of 3% tin, with peak grades exceeding 5.5% — figures that Cornish Tin says would rank the project among the top three tin mines in the world by grade if it were in production today.
At Tregonning South, initial exploration in 2022 identified a potential new lithium field underlain by what the company describes as G5 granite, also known as topaz granite — a rare geological formation accounting for approximately 1.4% of all outcropping granites across Cornwall. The region has historically been one of England’s most significant mining areas, and its geology is increasingly attracting attention in the context of European critical mineral supply chain diversification.
Chief Executive Sally Norcross Webb said the funding marked an important milestone for the company. “We believe Cornwall has the potential to play a significant role in securing domestic supply of critical minerals, and this capital enables us to accelerate our progress towards that goal,” she said.
