Core Lithium has bolstered its ability to restart the Finniss Lithium Project in the Northern Territory, reporting a major upgrade to its ore reserves and a robust capital position in its September quarterly report.
According to the report, the Finniss Project’s total ore reserve increased to 15.2 million tonnes at 1.26 per cent lithium oxide. In a statement, the company reported that the uplift was achieved by incorporating the Carlton deposit into the project’s reserves.
The Finniss Lithium Project, located 88km from Darwin Port, suspended operations in 2024.
“During the September quarter, we built on the Restart Study, delivering a 42 per cent uplift in Ore Reserves with the inclusion of Carlton. FID-related technical workstreams and optimisation activities are progressing well, with improvements to be reflected in subsequent disclosures,” Core Lithium chief executive officer Paul Brown said.
To fund this next stage, Core Lithium successfully raised $50 million through a placement and an additional $4.3 million via a Share Purchase Plan during the quarter. Brown said the company is now “well-capitalised” and able to “accelerate critical early works”.
A key corporate move was the termination of the final offtake agreement, which means 100 per cent of all future spodumene production from Finniss is now “unencumbered”, providing maximum flexibility for sales or strategic partnerships.
Core Lithium ended the quarter with a cash balance of $35.9 million.
