CORNISH LITHIUM PLC
A public limited company backed by institutional investors, it focuses on exploring and developing lithium extraction projects from hard rock and geothermal waters in Cornwall to supply the domestic battery industry.
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Cash
£10m
-25.5% vs 2024
Net assets
£14m
+58.8% vs 2024
Employees
118
+19.2% highest in 3 filed years
Profit before tax
-£5.1m
+68.8% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
Nonetheless, there is no guarantee that this financing will be obtained, or what amount, conditions, or timeline might apply. Taken together, these considerations result in material uncertainties which may cast significant doubt about the Group's ability to continue as a going concern. Whilst material uncertainties exist in this regard, the Group maintains strong ongoing support from its existing institutional shareholders, as evidenced by the successful fundraise during 2025. As such, management believes it is appropriate to adopt a going concern basis of preparation of the Financial Statements.
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Going-concern uncertainty disclosed
Net assets
3-year trend · vs Energy median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | — | — | — | — | |
| Operating profit | -£8,395,876 | -£11,356,746 | -£11,537,306 | -1.6% | |
| Profit before tax | -£8,774,772 | -£16,445,189 | -£5,129,781 | +68.8% | |
| Net profit | -£8,593,061 | -£16,239,544 | -£5,018,286 | +69.1% | |
| Cash | £6,887,007 | £13,930,260 | £10,383,417 | -25.5% | |
| Total assets less current liabilities | — | £58,087,290 | £62,085,276 | +6.9% | |
| Net assets | £22,288,604 | £8,591,118 | £13,641,820 | +58.8% | |
| Equity | £22,288,604 | £8,591,118 | £13,641,820 | +58.8% | |
| Average employees | 68 | 99 | 118 | +19.2% | |
| Wages | £5,340,404 | £6,307,061 | £7,743,688 | +22.8% | |
| Directors' remuneration | £1,039,004 | £897,900 | £1,030,350 | +14.8% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Return on capital employed | — | -19.6% | -18.6% | |
| Gearing (liabilities / total assets) | 44.7% | 86.9% | 81.8% | |
| Current ratio | 2.35x | 2.19x | 0.92x | |
| Interest cover | -10.56x | -2.03x | -1.70x |
Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- CORNISH LITHIUM PLC 2022-11-21 → present
- CORNISH LITHIUM LTD 2016-05-28 → 2022-11-21
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- PKF Francis Clark
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“Nonetheless, there is no guarantee that this financing will be obtained, or what amount, conditions, or timeline might apply. Taken together, these considerations result in material uncertainties which may cast significant doubt about the Group's ability to continue as a going concern. Whilst material uncertainties exist in this regard, the Group maintains strong ongoing support from its existing institutional shareholders, as evidenced by the successful fundraise during 2025. As such, management believes it is appropriate to adopt a going concern basis of preparation of the Financial Statements.”
Group structure
- CORNISH LITHIUM PLC · parent
- Geocubed Limited 100%
- Cornish Lithium G5 Limited 100%
- Cornish Lithium Geothermal Limited 100%
- Cornish Lithium Land Holdings Limited 100%
- Cornish Lithium Hard Rock Limited 100%
- Elevate Minerals Limited 100%
- Ecometals Cornwall Limited 100%
Significant events
- “In 2025 we secured a £37 million equity funding package comprising up to £31 million from the National Wealth Fund, £4 million from long-standing institutional shareholder TechMet, and £2.6 million raised from our supportive crowdfunding community.”
- “Another major milestone was our acquisition of cutting-edge processing technology from the Australian company, Lepidico, with the technology now rebranded as LiStract™.”
- “A major milestone this year was the successful production of our first samples of lithium hydroxide monohydrate at our state-of-the-art demonstration plant.”
- “I am pleased to confirm that the Feasibility Study for our Trelavour Lithium Project has now been successfully completed.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
11 active · 7 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| HUSSAIN, Quamail | Secretary | 2019-03-29 | — | — |
| AIRNES, Jamie | Director | 2025-10-15 | Apr 1974 | British |
| BLAS, Janet | Director | 2022-04-08 | Sep 1981 | British |
| CASTLE, Darryll John | Director | 2023-09-14 | Dec 1968 | South African |
| GARDNER-BOND, Simon Alan | Director | 2021-12-07 | Mar 1976 | British |
| GOKOOL, Varshan Baboolal | Director | 2022-04-05 | Jun 1976 | British |
| ISHERWOOD, John Mark | Director | 2025-12-22 | Aug 1972 | British |
| LIDDELL, Keith | Director | 2024-02-28 | Dec 1958 | British |
| RAYMOND, John | Director | 2023-11-30 | Aug 1970 | American |
| STEVEN, Gary Martin | Director | 2024-12-03 | Mar 1977 | British |
| WRATHALL, Jeremy Bruce Earl | Director | 2016-08-05 | May 1963 | British |
Show 7 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| MCMELLON, Chris John, Mr. | Secretary | 2018-03-22 | 2019-03-29 |
| COCKERILL, Ian David | Director | 2022-04-06 | 2024-02-28 |
| HOWARD, Adam James | Director | 2023-11-30 | 2024-12-03 |
| LIDDELL, Keith | Director | 2017-08-07 | 2023-06-08 |
| LINFIELD, Derek Norman | Director | 2016-09-22 | 2023-11-30 |
| WHITESIDE, James Robert | Director | 2023-11-30 | 2025-12-08 |
| WRATHALL, Louise Elizabeth | Director | 2016-05-28 | 2022-03-25 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| National Wealth Fund Limited | Corporate entity | Shares 25–50% | 2025-10-24 | Active |
| Mr Jeremy Bruce Earl Wrathall | Individual | Shares 25–50%, Voting 25–50%, Appoints directors | 2016-08-05 | Ceased 2020-10-20 |
| Mrs Louise Elizabeth Wrathall | Individual | Shares 25–50%, Voting 25–50%, Appoints directors | 2016-05-28 | Ceased 2020-10-20 |
Filing timeline
Last 20 of 171 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-07-28 | AP01 | officers | Appoint person director company with name date | |
| 2026-07-28 | TM01 | officers | Termination director company with name termination date | |
| 2026-07-28 | AP01 | officers | Appoint person director company with name date | |
| 2026-07-24 | TM01 | officers | Termination director company with name termination date | |
| 2026-07-14 | SH01 | capital | Capital allotment shares | |
| 2026-07-10 | AA | accounts | Accounts with accounts type group | |
| 2026-06-23 | SH01 | capital | Capital allotment shares | |
| 2026-04-22 | CH03 | officers | Change person secretary company with change date | |
| 2026-03-31 | SH01 | capital | Capital allotment shares | |
| 2026-03-05 | SH01 | capital | Capital allotment shares | |
| 2026-01-08 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-19 | SH01 | capital | Capital allotment shares | |
| 2025-12-08 | TM01 | officers | Termination director company with name termination date | |
| 2025-11-25 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2025-11-25 | PSC09 | persons-with-significant-control | Withdrawal of a person with significant control statement | |
| 2025-11-20 | SH01 | capital | Capital allotment shares | |
| 2025-11-19 | SH01 | capital | Capital allotment shares | |
| 2025-11-13 | SH01 | capital | Capital allotment shares | |
| 2025-11-06 | SH01 | capital | Capital allotment shares | |
| 2025-10-30 | SH01 | capital | Capital allotment shares |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 20
- Capital events
- 10
- Officers appointed
- 2
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.