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UK Lithium Group Risks Bankruptcy Without $12M Infusion

Published by: dailynews
Published on:

UK lithium project developer Cornish Lithium has warned that it could go bust if it fails to secure a £10mn cash injection by next month.

The private company, which aims to produce the battery metal in Cornwall, needs to secure short-term funds to give it breathing space to obtain a longer term financing arrangement.

“All of the scenarios modelled require the receipt of further funding by July 2023,” it said in its annual accounts.

“Without this, a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern.”

Read the full story on the Financial Times here.