Company
ASX:CXO
Core Lithium Limited is an Australian lithium company and 100% owner of the Finniss Lithium Operation in the Northern Territory. The company also holds a portfolio of tenements in the Northern Territory and South Australia which are prospective for a variety of commodities, including base metals, rare earth elements, gold and uranium.
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“Core is in perfect position to reach its next stage of growth as a lithium producer, and I feel it is the right time to step down as Managing Director and pass the torch on to the right person to lead Core in this next stage,” Biggins said
A Finniss resource update is expected during the second quarter of 2022 and the project remains on schedule to produce the first concentrate in the fourth quarter of 2022.
"The Term Sheet with Tesla is for the supply and delivery of up to 110,000 dry metric tonnes of spodumene concentrate over a term of four years. This adds to the previously announced binding offtake agreements with existing customers over f
”Core’s prime directive of delivering first production of high-quality lithium concentrate in 2022, in the midst of a very high lithium price and high operating margin environment, is on track,” says MD.
“These new world-class lithium drilling results reflect the confidence Core has in delivering significant resource growth from the Finniss Project that will add to our life of mine and our capacity to materially increase lithium production
During the current drilling season, the company's exploration team has focused on mineral resource growth and conversion, as well as regional exploration, to extend mine life and lay the foundation for resource growth and production expansi
“It is important to remember that inflation is not synchronised. Rather, it tends to ripple through markets, creating volatility as different companies are impacted at different times and then recalibrate themselves."
“This acquisition represents another enormous opportunity to add significant value for the Finniss Lithium Project through the acceleration of our resource expansion objectives,” says MD.
“This next phase of the company will be transformational, and we are excited to see construction milestones met at Finniss over the coming 12 months, ahead of first production before the end of 2022,” says MD.
Receipt of Chinese regulatory approvals is the final condition of the agreement and follows Core’s Final Investment Decision for the Finniss Lithium Project.
"We are delighted to be developing the Territory’s first lithium project, investing in the local economy and creating hundreds of new jobs on a project that will deliver lasting value for all Core stakeholders, says chairman.
“As we have stated to the market, construction of the Finniss Project is on schedule to commence before the end of 2021, with Primero ready to hit the ground running immediately with initial work, in the lead-up to the commencement of proce
It is one of the final steps in starting construction at the Northern Territory project, with a final investment decision due in coming weeks.
It also plans to continue to step up exploration activities targeting additional discoveries that could further enhance its lithium resource inventory.
Applications for the A$15 million SPP were received totalling more than A$43 million with the company lifting the amount raised to A$25 million.
The funds raised from the SPP will be used primarily towards the development and construction of the Finniss Lithium Project.
Together with the A$34 million Ganfeng equity investment, Stage 1 project development of the Finniss Lithium Project is now fully funded, with Core on track for first production in late 2022.
Core is contracted to supply around 80% of its Stage 1 lithium production at Finniss over a four-year period — now, it will undertake a multi-faceted equity raise to fully fund this phase of development.
The company’s shares will remain in a trading halt until Wednesday, August 11, or when an announcement is released to the market.
“The definitive feasibility study confirms the Finniss Lithium Project as a simple, low-risk and low-capital intensity project with high cash-generating potential, and puts Core on track to become Australia’s next lithium producer,” says MD
