Published: March 19, 2026
Soaring metal prices are driving investor appetite in critical minerals. As a result, we are seeing a wave of capital raises among UK mining companies like Tungsten West and Cornish Lithium.
In October 2025, the British mining company Cornish Lithium reached a huge technical milestone. Just a year after opening its demonstration plant, it became the first company ever to produce lithium hydroxide monohydrate (LHM) from ore mined in the UK.
A key raw material in lithium-ion batteries, which are used to power everything from electric vehicles to smartphones, LHM is one of the metals highlighted in the UK’s ambitious new Critical Materials Strategy. The government anticipates that demand for critical materials is poised to surge – and that we can no longer take the global marketplace for granted.
“At the moment, the global lithium supply chain is highly concentrated. That creates geopolitical risk and makes it harder for countries like the UK to secure reliable supply,” a Cornish Lithium spokesperson tells EMEA Finance. "Developing domestic lithium production changes that dynamic.”
Looking ahead, the company wants to scale up towards commercial production. It believes its projects could contribute more than 20% of the UK’s projected lithium requirement, which would be a step toward strengthening the country’s critical minerals security. It would also put Southwest England back on the map as an industrial hub: the region has one of Europe’s largest lithium resources, and developing it responsibly could be an economic boon.
“When Cornwall’s South Crofty mine closed in 1998, it may have seemed like the end of an era, but it was really only a pause,” Nicola Lloyd, director of Global Cornish, tells EMEA Finance. “As lithium, tin and other critical minerals become central to the energy transition, Cornwall is stepping back onto the world stage, combining proven geology, world-class, strong government backing and a commitment to responsible extraction.”
Investors have certainly bought into this promise. Since Cornish Lithium was founded in 2016, it has raised capital from a mix of strategic investors, institutional partners and thousands of private investors. Most recently, the company secured £35mn in equity funding including £31mn from the National Wealth Fund and £4mn from a longstanding institutional investor, TechMet. The funds will be used to advance its projects towards commercial production. The firm also raised £2.6mn from over 3,700 investors in November, via a crowdfunding campaign.
“Crowdfunding has always been a key part of our story,” says the spokesperson. “We have attracted a broad mix of investors: people interested in the energy transition, people who believe in the UK developing its own critical minerals supply chains, and local investors who want to support economic growth and skilled employment in Cornwall.”
A boost for British tungsten
Less than an hour’s drive away, in neighbouring Devon, the disused Hemerdon tungsten and tin mine is gearing up towards resuming production. Thought to be the second largest tungsten resource in the world, the mine could one day generate over 20% of the world’s tungsten supply outside of China. Phil Povey, Chief Financial Officer of Tungsten West, describes the operation as “fully permitted and shovel ready.”
“Conversations surrounding tungsten and its critical nature in industry, defence, nuclear energy fusion reactors, and alternative energy sources, are growing,” he tells EMEA Finance. “Once in production, Hemerdon will provide a critical supply of tungsten, having already been designated as a Strategic Project under the European Commission’s Critical Raw Materials Act and received interest from the EU and the US.”
Tungsten West has been working to restart production since it took control of the mine in 2019. Raising funds proved a struggle to begin with. But more recently, with metal prices soaring, mining development companies have attracted a new wave of investor interest. In February 2026, Tungsten West initiated an equity raise.
In total, the company raised £44.4mn split across retail shareholders investing £3mn, existing investors adding £11mn and the remaining sum coming from a new, unnamed institutional buyer. The fundraise was more than 2.5 times oversubscribed. While the proceeds will go a long way towards restarting operations, Povey says the full financing will involve a debt package too. “We hope to conclude this in due course. Once complete, it will provide us with the funds to see the company into production,” he says.