Finniss lithium reserves get 42% boost
Core Lithium (ASX: CXO) has revised the ore reserve at its Finniss lithium mine in the Northern Territory to 15.2mt at 1.26% lithium oxide.
Operations at the project were previously suspended in 2024 due to the global lithium price slump caused by oversupply of the mineral. The project is now advancing towards a low-cost underground operation with a 20 year mine life, supported by the findings of a restart study.
There have been firm commitments for a $50m (before costs) placement and an additional $4.3m raised through a share purchase plan (SPP) to accelerate the Finniss development.
Core Lithium chief executive Paul Brown says the company has built on the restart study during the September quarter.
“Final investment decision (FID)-related technical workstreams and optimisation activities are progressing well, with improvements to be reflected in subsequent disclosures,” he said.
“With all legacy offtake obligations resolved, 100% of future Finniss production is unencumbered, providing maximum flexibility for the strategic funding process.
“We are well-capitalised and focused on advancing Finniss towards restart and a final investment decision.”
The company recorded a balance sheet of $35.9m for the quarter.
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