Cornish Lithium has announced that it will receive £7.2 million in government funding as part of a £14.5 million drilling and testing programme aimed at advancing the Cross Lanes Geothermal Lithium project in Cornwall. This funding, part of the DRIVE 35 initiative, is intended to enhance the technical and economic viability of commercial lithium production from geothermal sources. The project aligns with the UK Government’s Industrial Strategy and Growth Sector strategies, particularly in light of the increasing importance of lithium in the energy transition.
The funding will facilitate the drilling of two production wells, each reaching depths of 2,000 metres, and the operation of a Direct Lithium Extraction demonstration plant at the Cross Lanes site. Additionally, an appraisal well will be drilled at the nearby Baldhu site to confirm the presence of further lithium resources. Exploration drilling conducted in 2023 has already established the existence of lithium-enriched geothermal waters circulating through the underlying rock formations at the project site, near Chacewater.
Cornish Lithium received planning consent for the development of the site in 2025, which includes further phases of testing and evaluation. The company aims to contribute to the UK’s domestic lithium production target of 50,000 tonnes per year by 2035, recognising lithium’s critical role in the transition to sustainable energy. The full planning application and associated documents can be accessed on the Cornwall Council planning register under PA24/06661.
This initiative not only supports local economic growth but also positions the UK as a key player in the global lithium market, which is essential for the production of batteries used in electric vehicles and renewable energy storage solutions. As the demand for lithium continues to rise, projects like Cornish Lithium’s are crucial for ensuring a sustainable supply chain within the UK.
In a significant move to enhance its industrial capabilities, Tajikistan’s Minister of Industry and New Technologies, Sherali Kabir, engaged in discussions with leading Chinese companies, including SANY, Huayou, and Bosai Group, during a recent visit to Shanghai. The talks focused on various collaborative projects aimed at modernising Tajikistan’s industrial sector, particularly in the fields of electric machinery production, lithium extraction, and the upgrading of the Tajik Aluminium Plant (TALCO).
The discussions with SANY revolved around the establishment of manufacturing facilities for electric construction, municipal, and mining machinery within Tajikistan. This initiative is expected to cater to both domestic needs and export markets. The Tajik government is keen on transitioning from diesel-powered machinery to electric alternatives, which they believe will reduce operational costs and emissions while enhancing energy efficiency and productivity, especially in the mining sector.
Further negotiations with Huayou centred on lithium exploration, extraction, and processing in Tajikistan. The potential establishment of a battery manufacturing facility was also on the agenda, aimed at serving both local and export markets. Huayou, known for its development of lithium, nickel, and cobalt resources, is expected to bring modern technologies and investment to facilitate this venture, thereby creating a comprehensive industrial chain from raw material extraction to high-value product manufacturing.
The talks also included Bosai Group, which is poised to play a crucial role in the comprehensive modernisation of TALCO. The discussions highlighted the need for advanced technologies to improve production efficiency and environmental sustainability, as well as to attract investment. The modernisation of TALCO is viewed as a strategically important project that could significantly enhance Tajikistan’s aluminium industry and expand its export capabilities.
In addition to these industrial discussions, the Tajik delegation participated in the World Artificial Intelligence Conference (WAIC) 2026, where they became founding members of the World Organisation for Cooperation in Artificial Intelligence (WAICO). This initiative aims to foster international collaboration and improve global governance in AI technology, ensuring its safe and equitable development for the benefit of humanity.
Overall, these engagements signify Tajikistan’s commitment to modernising its industrial landscape through strategic partnerships with Chinese firms, which could lead to substantial advancements in technology and production capabilities within the country.
The Rhine Graben, a geological formation located between France and Germany, is emerging as a significant potential source of strategic metals, specifically lithium and rubidium. A recent study highlights the region’s promising resources, which are found in the hot, saline waters of its geothermal systems. As Europe seeks to reduce its reliance on external sources, particularly China, for these critical elements, the Rhine Valley could play a pivotal role in meeting the growing demand, especially for lithium used in electric vehicle batteries.
Lithium demand is surging due to its essential role in the production of electric vehicle batteries, while rubidium, though less known, is vital for advanced technologies including optics and atomic clocks. The study suggests that the geothermal brines in the Rhine Graben, which are already being harnessed for energy production, could also be tapped for their rich lithium and rubidium content. The brines contain approximately 174 mg/L of lithium and 25 mg/L of rubidium, making them among the richest sources globally.
The research updates previous estimates of lithium reserves in the Rhine Graben, now suggesting they could range from 1 million to 16 million tonnes, with an average estimate of 6.2 million tonnes. This is a significant increase from earlier figures, indicating the region’s potential to contribute substantially to Europe’s lithium supply, especially as global production is projected to rise.
Rubidium resources are also noteworthy, estimated between 150,000 and 2.3 million tonnes, which could incentivize further exploration and extraction efforts. The study proposes that integrating lithium and rubidium extraction into existing geothermal energy operations could be a sustainable approach, potentially producing 3,000 to 9,000 tonnes of lithium annually, meeting a considerable portion of France’s projected needs by 2035.
However, several challenges remain before these resources can be fully exploited. Technical hurdles include identifying the most productive areas within the complex geological formations and improving extraction technologies. Additionally, environmental concerns, particularly the risk of induced seismicity associated with deep geothermal energy, must be addressed to gain public support.
Initial pilot projects in the region are already underway, with ambitions to establish Alsace as a hub for low-carbon lithium production. As the exploration and extraction of these strategic metals progress, the Rhine Graben could soon become a key player in Europe’s quest for energy independence and sustainability.
On 15 July 2026, Savannah Resources announced the completion of the Definitive Feasibility Study (DFS) for its Barroso lithium project located in Boticas, northern Portugal. This study confirms an initial mine life of 14 years, with a probable ore reserve of 20 million tonnes and an anticipated production of 2.56 million tonnes of spodumene concentrate. Spodumene concentrate is a crucial hard-rock lithium feedstock that battery chemical processors convert into lithium hydroxide for electric vehicle (EV) cells. The Barroso project is notable for holding Europe’s largest battery-grade spodumene resource, which was classified as a strategic project under the EU’s Critical Raw Materials Act in March 2025. This classification grants the project an accelerated 27-month permitting process, a significant advantage over potential new entrants.
Emanuel Proença, CEO of Savannah Resources, expressed his satisfaction with the publication of the DFS findings, highlighting it as a critical milestone in the project’s development. The DFS serves as the essential technical dossier required by banks and offtake partners before they commit capital to the project. Savannah Resources anticipates receiving a final environmental licence in the fourth quarter of 2026, with a final investment decision expected by the end of the year and first production slated for 2028. However, the timeline faces challenges, as the environmental licence decision has been delayed, with a ruling now not expected until late February 2027. This delay could push back the first production date and compress Portugal’s opportunity to emerge as the EU’s second large-scale lithium producer, following Finland’s Keliber.
The regulatory landscape adds further complexity to the project. A precautionary injunction had previously halted geotechnical fieldwork in June 2026, but this was lifted on 30 June 2026 after the Portuguese government declared the project of national and European strategic importance. Nevertheless, a separate legal challenge from community groups MiningWatch Portugal and ClientEarth is currently before the European Court of Justice, contesting the European Commission’s decision to keep Barroso on the strategic list. As Europe currently sources approximately 81% of its extracted lithium and 100% of its refined lithium from outside the continent, the Barroso project’s strategic location—less than 300 kilometres from five deep-water ports—positions it as a key player in reshaping the continent’s lithium supply chain. The success of the permitting timeline will be crucial in determining whether Portugal can secure its place in the upcoming cycle of EU battery-factory investment decisions.
Europe’s security of supply for critical raw materials is deteriorating, according to a new International Energy Agency report, raising serious questions about the effectiveness of the European Union’s Critical Raw Materials Act launched two years ago. The continent remains heavily dependent on a small number of countries, particularly China, which dominates the market for cobalt, lithium, manganese, and raw material processing, while Indonesia leads in nickel production. Together, these nations accounted for more than three-quarters of global refining growth between 2023 and 2025.
The vulnerability became apparent when Chinese export restrictions on magnets forced some European car manufacturers to cut production last year, while the number of Chinese products requiring export licenses tripled. Compounding these challenges, global investments in critical minerals fell by 9 percent in 2025, further jeopardizing Europe’s raw materials security.
Peter Tom Jones, Director of the Institute for Sustainable Metals and Minerals at KU Leuven, argues the strategy is fundamentally flawed. He contends that Europe’s approach of dividing the raw materials chain into separate components is inadequate in a world where China actively restricts exports and expands its monopoly. Jones advocates for comprehensive European investment across the entire value chain—from mining and processing to refining and manufacturing batteries and electric vehicles—requiring billions in state-backed funding.
The bankruptcy of Swedish battery manufacturer Northvolt in 2025 has deterred private investment, underscoring the need for major government intervention. Jones also recommends implementing an export ban on metal and battery waste to keep high-quality materials within Europe for recycling rather than shipping them to China.
Andor Lips, strategic advisor on critical raw materials at TNO, suggests Europe should pursue resilience through diversification and partnership rather than complete independence. He recommends building relationships with countries like Australia and Canada, which produce critical materials like rare earth ores for wind turbine magnets. While acknowledging that new European mines and recycling infrastructure require time to develop, Lips believes the Critical Raw Materials Act represents progress, though Europe must absorb supply shocks in coming years before the strategy fully materializes.
Finnish export credit agency Finnvera has issued a nonbinding letter of interest regarding potential financing for equipment and services to be supplied to Avalon Advanced Materials’ proposed Lake Superior lithium processing facility in Thunder Bay, Ontario, Canada. The letter follows an application by Metso, a Finland-based provider of sustainable technologies for minerals processing, relating to an anticipated commercial contract valued at approximately €100 million. Finnvera confirmed sufficient Finnish interest to consider supporting the contract through an export credit financing structure. Subject to due diligence and credit approval, Finnvera may provide a buyer credit guarantee for an eligible arranging commercial bank, with its subsidiary Finnish Export Credit potentially acting as lender.
Avalon President and CEO Scott Monteith called the letter an important initial milestone in developing a comprehensive financing strategy for the facility, noting that Metso’s global recognition and potential Finnish export credit support provide a credible pathway to finance a significant equipment package while advancing a secure North American lithium supply chain. Under Finnvera’s framework, an export credit may finance up to 85% of eligible Finnish goods and services, along with certain local costs and capitalized interest. Avalon CFO Lorin Crenshaw emphasized that this development enhances the company’s ability to pursue an integrated financing structure combining export credit support with Canadian and US government programs, commercial project debt, strategic investment, and offtake-related financing. The company aims to minimize blended cost of capital by maximizing institutional and project-level financing while reducing reliance on parent-level equity. Avalon will work with Metso and Finnvera to define the eligible equipment package and financing process. A 2024 preliminary economic assessment outlines the use of Metso proprietary technologies including calcination, pressure leaching, conversion, purification through ion exchange, and crystallization to produce high-quality lithium hydroxide monohydrate. The plant is expected to produce approximately 30,000 tonnes per year of battery-grade LHM.
China is exploring the recovery of critical minerals from coal waste, with researchers highlighting fly ash and coal gangue as potential sources of strategic metals including germanium, gallium, lithium and aluminum.
According to a new report, China’s extensive coal mining and power generation infrastructure could be leveraged to recover valuable metals from by-products that have traditionally been treated as industrial waste.
“The coal refuse contains a variety of metal elements and could become an important source of critical metal supply,” said Dai Shifeng, a member of the Chinese Academy of Sciences and professor at the China University of Mining and Technology-Beijing.
Coal gangue refers to the rock separated from coal during mining, while fly ash is the fine mineral residue left after coal combustion. Although typically disposed of or used in construction materials such as cement, both materials can contain economically valuable concentrations of critical minerals and rare earth elements.
Researchers argue that China’s integrated coal industry provides a strong foundation for resource recovery. Existing coal washing, chemical processing and power generation facilities could potentially be adapted to extract strategic metals from waste streams, reducing the need for additional mining.
The approach could support China’s growing demand for critical minerals used in semiconductors, batteries, electric vehicles, renewable energy technologies and defence applications, while also improving resource efficiency and reducing industrial waste.
However, the report notes that commercial recovery remains technically challenging. Metal concentrations vary significantly depending on the geological characteristics of individual coal deposits, and fly ash from different coal sources is often blended during power generation, resulting in inconsistent feedstock quality that can affect the economic viability of extraction.
Researchers nevertheless believe rising demand for critical minerals will continue to improve the prospects for recovering metals from coal waste, building on China’s existing experience in extracting germanium from coal-related resources.
Central Asia and Mongolia will remain resilient to geopolitical shocks and record the highest growth rates of the EBRD countries of operation in 2026 and 2027, according to the latest Regional Economic Prospects report published on 3 June 2026, by the European Bank for Reconstruction and Development (EBRD). The combined economies of Kazakhstan, the Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan are projected to grow by 5.6% in 2026 and 5.3% in 2027.
These are compelling headline figures. Yet beneath them lies a more consequential story—one that the OECD’s March 2026 report, Advancing Security and Transparency for the Governance of Critical Raw Materials in Central Asia, articulates with rare precision: the region is not merely growing; it is repositioning itself at the very heart of the global critical raw materials race.
The mining sector is no longer a background variable in Central Asia’s development story. It is the plot itself.
MINEX Asia 2026 is where it gets real. Join EBRD and OECD peers presenting on Kazakhstan’s scale, Tajikistan’s green pivot, Uzbekistan’s processing ambitions—and the governance gaps that determine success.
The Regional Narrative: Resilience With Structural Depth
Growth prospects remain robust but are increasingly dependent on the pace of domestic reforms and efforts to strengthen resilience to external shocks. Strong domestic consumption, rising real wages, and robust capital investment are real. But so are the fault lines: downside risks include energy price volatility, supply-chain disruptions, economic sanctions, and slower growth in the region’s largest trading and economic partners, Russia and China.
The OECD note adds a structural dimension that the growth forecasts alone cannot convey. Central Asia’s substantial yet untapped resource base, combined with its location between major markets in Europe and Asia, raises the region’s relevance in CRM geopolitics and efforts to diversify global supply chains. This is a geostrategic statement. The region holds extraordinary assets: Kazakhstan, already the world’s largest producer of uranium, produces and processes around twenty of the 34 CRMs included on the European Union’s official list. The Kyrgyz Republic and Tajikistan both host some of the world’s largest antimony reserves. Uzbekistan possesses some of the largest copper reserves globally and is advancing lithium and molybdenum production.
Taken together, these endowments amount to a critical minerals portfolio of exceptional strategic depth. Whether the region can translate that portfolio into durable prosperity is the central question of the coming decade.
Country by Country: Where the Headlines Don’t Tell the Full Story
Tajikistan: Gold and Strategic Minerals
Tajikistan: Gold and Strategic Minerals
Tajikistan’s economic performance continues to confound those who underestimate it. In March 2026, Moody’s upgraded Tajikistan’s sovereign credit rating to B2 with a stable outlook, citing the country’s continued economic resilience. The EBRD projects growth easing to 7.9 per cent in 2026 — still remarkable for a landlocked, remittance-dependent economy navigating elevated regional volatility.
The mining dimension is crucial. Gold remains the cornerstone of export revenue and fiscal stability, and Tajikistan’s antimony sector is poised for a structural step-change. Tajikistan possesses the world’s second largest antimony reserves, and China’s effective ban on antimony exports to the US and EU provides a significant window of opportunity. Together, France and Belgium accounted for 77% of Tajikistan’s antimony exports in 2024. With TALCO nearing completion of a new antimony metallurgical plant, Dushanbe is finally beginning to capture processing value rather than simply shipping raw material.
But what I find most intriguing about Tajikistan’s trajectory is the emerging convergence of green energy and artificial intelligence with its mining ambitions. The Rogun Hydropower Project — set to have an annual capacity of over 3,600 megawatts once fully operational — would cover most of Tajikistan’s domestic consumption and create the conditions for green aluminium production, with approximately 70 per cent of output earmarked for export to Kazakhstan and Uzbekistan. Cheap, clean electricity is not merely an industrial asset — it is the foundation for competitive mining, smelting, and increasingly, data infrastructure.
Tajikistan has initiated groundbreaking infrastructure projects, including the launch of “Area AI” — the world’s first dedicated AI Zone — a technopark and cluster designed to serve as a hub for research, development, and application of AI technologies. The country has forged partnerships with international tech firms including Perplexity AI, Google DeepMind, Yotta and Presight to accelerate technology transfer and innovation. The government has declared 2025–2030 the “Years of Digital Economy and Innovation Development.” Taken alongside the Rogun-powered industrial ambitions, this is Tajikistan’s bid to become not just a minerals supplier but a genuinely integrated green industrial economy — using AI and clean energy together to escape the extractive trap.
The key vulnerability remains Tajikistan’s dependence on Russia, where a slowdown would depress the remittance inflows that underpin household incomes. That risk is real and should not be minimised. But the strategic direction of travel is clear — and it is more ambitious than most Western observers appreciate.
Kyrgyzstan: The Kumtor Imperative and Exploration Needs
Kyrgyzstan remains the region’s most dramatic case study in resource-dependent growth. Kumtor Gold Company — nationalised in 2022 after nearly three decades of Canadian stewardship — generated net profit exceeding USD 706 million in 2025, contributes 10–15 per cent of GDP, and represents nearly two-thirds of the country’s mineral exports. The March 2025 discovery of an additional 147 tonnes of gold reserves extended the mine’s productive life to at least another 17 years.
Underground mining operations, launched in August 2025, are transformative. At current gold prices hovering above USD 4,500 per ounce, Kumtor’s economics are exceptional — and the government’s plan to process tailings estimated to contain over 100 tonnes of gold adds further upside. Fixed capital investment rose by 25.5 per cent year on year thanks to strong investment in infrastructure, energy and housing.
Yet the near-term outlook has darkened. The European Union’s 20th sanctions package, announced in late April, restricts exports of dual-use goods to Kyrgyzstan and tightens controls on its financial and logistics sectors. The EBRD has revised its 2026 growth forecast down to 8.7 per cent as a result. This is a significant geopolitical constraint on what would otherwise be an exceptionally strong growth story — and it underscores the OECD’s broader finding that regulatory unpredictability and governance gaps impose real costs on the region’s investment attractiveness.
The OECD note also flags a structural vulnerability that sits beneath the Kumtor euphoria: limited exploration since independence means that the Kumtor mine, accounting for 90% of the Kyrgyz gold exports, is set to close in 2031 due to reserves depletion — and the lack of exploration since independence will make it harder to offset this decline quickly. The reserve discovery of 2025 has bought time but not resolved the underlying fragility.
Kazakhstan: Scale, Strategy, and Industrial Output
Kazakhstan’s mining profile is defined by scale and global strategic significance. The country holds the world’s largest chromium reserves, accounts for roughly 40 per cent of global uranium output, and produces massive quantities of refined copper, largely exported to major industrial buyers like China and Türkiye.
Graphite is a high-potential sector for Kazakhstan. With the exploitation of its Sarytogan deposit — added to the EU’s list of strategic raw material projects and reported to contain 30% of the world’s graphite reserves — Kazakhstan is expecting to become a crucial player on the world graphite market.
The tungsten story is equally striking. Kazakhstan holds roughly 2 million tonnes of tungsten resources out of approximately 3.6 million tonnes of global reserves. A joint venture between Kazakhstan’s Tau-Ken Samruk and US-based Cove Kaz Capital Group has been formed to develop the Severniy Katpar tungsten project, with the US International Development Finance Corporation issuing Letters of Interest for up to USD 700 million in potential financing — marking Washington’s most significant entry yet into the region’s critical minerals sector.
Yet the near-term picture carries a real cautionary note. In Kazakhstan, the extractive industry contracted by 11.4 per cent year on year in Q1 2026 following disruptions to the Caspian Pipeline Consortium pipeline and an incident at the Tengiz oil field. The EBRD projects Kazakhstan’s GDP growth moderating to 4.7 per cent in 2026 and 4.5 per cent in 2027 — the lowest in the region, reflecting the inherent vulnerability of commodity-led economies to infrastructure and logistics shocks.
Uzbekistan: The Ambitious Reformer
Uzbekistan’s ambitions deserve particular attention. The country is the world’s fifth-largest uranium supplier, a top-ten gold producer, and is rapidly positioning itself as a critical minerals investment destination. Uzbekistan has actively signed Memorandums of Understanding with Western partners, including the United States, for securing supply chains in the mining and processing of Critical Minerals and Rare Earths. The government has also launched massive industrial initiatives to bolster its critical minerals sector.
The Almalyk Mining and Metallurgical Complex (AMMC) and its specialised subsidiaries targeting tungsten, molybdenum, rhenium, lithium, and graphite signal a genuine strategic shift from raw extraction towards value-added processing. Whether governance and transparency standards keep pace with ambition will be the decisive variable.
The Structural Challenge: From Resource Extraction to Value Creation
Both the EBRD and the OECD converge on a single, uncomfortable truth: Central Asia’s growth is impressive, but its mining sectors remain structurally exposed. The OECD note identifies several systemic vulnerabilities that macro-growth figures obscure.
On reserves reporting: Most countries still operate on Soviet-era GKZ classification systems that differ fundamentally from international CRIRSCO standards — creating information asymmetries that deter sophisticated investors and complicate due diligence. Kazakhstan has made progress through its KAZRC system; other regional peers have barely started.
On foreign investment dynamics: Foreign actors, predominantly Chinese, actively invest in Central Asia’s mining industry. China has been a primary investor in the mining sectors of the Kyrgyz Republic and Tajikistan, and is increasing its presence in Kazakhstan and Uzbekistan, not only by investing in extraction facilities but also by supporting the development of initial processing capabilities. This creates a strong strategic dependency that the region’s governments are increasingly aware of — and that Western partners, including the EU, UK, and US, are now actively looking to balance through alternative commercial partnerships.
On the Trans-Caspian International Transport Route (TITR): Traffic along the corridor (the Middle Corridor) has increased dramatically as exporters seek reliable East–West trade alternatives. Kazakhstan in particular has long relied on the corridor for its mineral, chemical, and agricultural exports, with a substantial portion of its uranium exports to Western markets utilising this bypass route. This corridor is central to the region’s ability to diversify export markets.
On ESG and governance: The OECD is frank: mining in the region is still heavily influenced by large state-owned enterprises with overlapping regulatory and commercial roles, needing stronger occupational health and safety oversight and remediation of legacy environmental risks. These are not peripheral concerns — they are the conditions on which Western investment and international supply chain partnerships will ultimately be conditioned.
The Strategic Opportunity
The OECD projects global demand for many critical raw materials to increase multifold over the coming decades to meet the needs of the green and digital transitions. Central Asia sits atop a significant share of the reserves that will need to come online to meet that demand. The region holds massive global shares of manganese ore, chromium, lead, zinc, titanium, aluminium, copper, cobalt, and molybdenum.
That is an extraordinary endowment. Translating it into durable prosperity requires three things that remain in genuinely short supply across the region: transparent governance, world-class ESG practice, and the institutional capacity to negotiate from strength with both regional and global partners.
This is precisely why platforms like the MINEX Forum matter. The conversation between producers, investors, policymakers, and development finance institutions that happens at these gatherings is not peripheral to the critical minerals agenda. It is where the terms of engagement are shaped.
Conclusion: Cautious Optimism, Clear Conditions
The EBRD’s projection of robust regional growth is credible. The OECD’s assessment of the region’s critical minerals potential is genuinely exciting. But both institutions are equally clear-eyed about the conditions that must be met for that potential to be realised responsibly.
Central Asia’s mining sectors are not simply economic contributors. They are strategic assets in the most consequential industrial transformation of our era. Their management — balancing extraction with environmental stewardship, concentrating revenue into productive capital formation, building institutional capacity, and securing diversified partnerships — will determine whether current growth translates into sustainable prosperity or rehearses the resource curse that has constrained other commodity-rich regions.
The next chapter will be written in mining offices, government ministries, and international forums across Dushanbe, Bishkek, Astana, Tashkent, and Ulaanbaatar. We should be not merely watching — we should be in the room.
References:
Central Asia and Mongolia to see highest economic growth in the EBRD regions
Arthur Poliakov is the Managing Director of the United Kingdom-based company Advantix Ltd and the Executive Chairman and founder of the MINEX Forum. He has over 30 years of experience in international business communications, event management, and natural resource markets.
He is currently organising the upcoming 12th MINEX Asia Forum (24–25 June 2026, Ankara, Turkey), the 10th MINEX Europe Forum (28–30 October 2026, Trim, Ireland), and the 14th MINEX Eurasia Conference (30 November 2026, London, United Kingdom).
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.
Savannah Resources has slightly revised the timeline for its flagship Barroso lithium project in northern Portugal, now expecting to complete its definitive feasibility study and environmental compliance process in July.
The updated schedule represents a minor delay from the company’s previous target of end-June completion. Despite this, Savannah maintains its broader development timeline, with the final environmental licence anticipated in the third quarter of 2026, a final investment decision by year-end, and first production targeted for 2028.
Chief executive Emanuel Proença stated that the company can meet required technical and environmental standards without waiting for additional geotechnical and resource data from ongoing fieldwork. Instead, this data will be incorporated into future engineering phases. The decision follows validation from independent technical consultants and project finance advisers.
The Barroso project has been designated as a “strategic” asset under the European Critical Raw Materials Regulation and is considered by Savannah to be Europe’s largest spodumene lithium deposit. The company is currently finalising metallurgical testing and conducting environmental studies, including noise modelling, as part of the permitting process.
Savannah plans to develop four open-pit mines at the site, with projected annual output sufficient to supply lithium for approximately 500000 electric vehicles. According to the company, the project is economically viable at lithium prices of around $600 per tonne, positioning it as a competitive source of supply for European battery manufacturers seeking shorter and more secure supply chains.
The company is also progressing procurement, with a tender underway for detailed engineering services and a contractor expected to be selected in the coming weeks. Additional fieldwork is pending approval for temporary land access and will inform subsequent project stages.
Portugal has historically produced lithium for ceramic applications but has yet to establish large-scale battery-grade production. The government has recently awarded Savannah a €110 million grant to support the project’s development.
However, the Barroso project continues to face opposition from local communities and environmental groups, particularly given the area’s designation as a World Heritage agricultural landscape since 2018.
