The CEO of Cornish Lithium has responded to "misleading" headlines about the company's future saying it is very much here for the long game.

The response from Jeremy Wrathall, CEO & Founder of Cornish Lithium, came after reports appeared saying the company needed to find £10m before the end of July or go bust.

The company based at the Innovation Centre on the Tremough campus at Penryn, which plans to open a lithium mine in the UK, recently published its annual report.

The company said in its report that all scenarios modelled require receiving £10m in funding by July 2023.

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

The company currently has exploration sites at Blackwater, United Downs, Twelveheads and North Downs.

In response to what it described as "misleading" headlines, Mr Wrathall told the Packet: “The directors and I are confident with the direction of the business, the progression of our current projects, our spending and future funding.

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"As stated by the recent press articles, Cornish Lithium is the flagship of the UK lithium industry, and we are proud to say our current projects are moving at pace.

"These include two forms of lithium extraction, Hard Rock and Geothermal, both of which are at a really exciting stage, as outlined in our recent report. We’re here for the long game and as such we’ll be updating our shareholders regarding funding very soon.”

Cornish Lithium, is a start-up that attracted the battery metals sector interest with its plans to open a lithium mine in the UK.