Core Lithium has announced an optimised mine plan for its Grants deposit at the Finniss Lithium Project, a move that will significantly reduce capital costs and accelerate the path to revenue.
The company’s updated plan will see the Grants deposit mined as an open pit first, before transitioning to an underground mine later.
This strategic shift is based on an updated geotechnical assessment, which identified an opportunity to extend the existing pit. When operations were paused in 2024, the pit had not reached its planned depth, leaving ore “readily available at the bottom of the existing open pit”, according to a statement.
“The updated ore reserve for Grants delivers clear benefits, continuing as an open pit (transitioning to underground later) brings first ore within one month of mobilisation, brings revenue forward, and reduces Grants pre-production capital by $35 to $45 million through deferral of underground infrastructure,” Core chief executive officer Paul Brown said.
“The Grants Ore Reserve has increased by 33 per cent to 1.53Mt at 1.42 per cent Li₂O lithium oxide, lifting contained Li₂O, by 44 per cent. Collectively, these changes lower capital intensity, support the ongoing strategic funding process, and strengthen Finniss as a compelling restart with a robust, independently supported operating plan.”
Core Lithium is an Australian hard-rock lithium company. Its 100 per cent-owned Finniss Lithium Project is located on the Cox Peninsula within the Bynoe Pegmatite Field in the Northern Territory, just 88km by sealed road from the Darwin Port.
