Core Lithium has secured $50 million to fast-track early development works at its Finniss lithium project in the Northern Territory, aiming to move the venture closer to a final investment decision.
The Finniss lithium operation, owned wholly by Core, is an Australian hard-rock lithium project on the Cox Peninsula, located 88 kilometers south of Darwin Port.
The funds will enable the company to resume decline and boxcut development at the BP33 deposit, commence long-lead procurement, and advance operational readiness activities.
Additional proceeds will strengthen Core’s balance sheet and support general working capital requirements.
The capital raising was conducted through a two-tranche institutional placement at $0.105 per share. The offer was supported by new institutional investors from Australia and the Americas, including cornerstone backing from boutique asset manager Fourth Sail Capital.
Tranche 1 will raise approximately $29.2 million via the issue of 278.1 million shares. Tranche 2, which will raise a further $20.8 million through 198.1 million shares, is subject to shareholder approval at a meeting expected in early October.
In addition to the placement, Core will launch a non-underwritten Share Purchase Plan for eligible shareholders in Australia and New Zealand. The SPP will be offered at the same $0.105 issue price and aims to raise up to $10 million.
Core CEO Paul Brown said the new capital will allow early-stage workstreams at Finniss to proceed ahead of securing full project funding.
“This ensures we can progress underground development, accelerate operational readiness, and maintain flexibility as we finalise strategic funding solutions to meet the remaining capital needs,” Brown said.
Want to connect with the mining industry, register to attend AIMEX and WA Mining Conference.
