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Core Lithium crosses a major milestone towards becoming Australia’s next lithium producer

Core is now on solid footing as it runs down the checklist of milestones to meet before construction is expected to commence later this year.

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$2 million share purchase plan to close in the next few days

Core Lithium Ltd (ASX:CXO) has received a positive Assessment Report from the Northern Territory Environment Protection Authority (NTEPA) for the development of its Grants Lithium Project.

This now completes the Environmental Impact Assessment process for the Core’s flagship Grants Lithium Project and paves the way for the company to apply for an authorisation under the NT Mining Management Act.

READ: Core Lithium looks ahead to expanding beyond 10 million tonnes

Core will now submit a Mining Management Plan (MMP) to the Department of Primary Industry and Resources (DPIR) for assessment.

All of the NTEPA’s recommendations were within expectations and will be incorporated into the MMP.

An authorisation under the MMP is expected to be granted during the coming quarter.

Earlier this month, Core announced that Canada-based royalty business, Lithium Royalty Corporation has agreed to invest about $8.1 million for a 2.5% royalty over production from the Finniss Project.

READ: Core Lithium to receive $8.1 million for 2.5% royalty at Finniss

The non-dilutive finance received from the sale of the royalty, alongside the proceeds from the SPP, will be used to progress the Finniss Project towards development and near-term resource exploration, growth and conversion drilling focused on further improving the production profile and extending the life of Finniss.

Core managing director Stephen Biggins said: “The NTEPA positive Assessment Report is another exciting milestone achieved by Core as we steadily work towards becoming Australia’s next lithium producer in 2020.

“This significant approval step along with the recently announced non-dilutive finance from the $8.1 million royalty investment by Lithium Royalty Corporation and the soon to-close $2 million share purchase plan, puts Core on solid footing as we run down the checklist of milestones to meet before construction is expected to commence later this year.

READ: Core Lithium expands Finniss lithium concentrate offtake deal with Yahua by 50%

“Core is pleased to have secured this key approval step, recent agreements and funding, and looks forward to updating shareholders on the further development of the Finniss Project.”

Quick facts: Core Lithium Ltd

Price: 0.036 AUD

ASX:CXO
Market: ASX
Market Cap: $28.45 m
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