Core Lithium has closed out the June 2024 quarter with its run of mine (ROM) stockpile fully depleted and all processing activities completed in line with expectations.
The lithium miner appears to have bounced back after it experienced a “challenging” March quarter, which saw the suspension of early works at the BP33 project and mining activities at the Grants open pit in the Northern Territory due to a fall in lithium prices.
While production was paused, Core continued to process ore stockpiles. The company has now completed processing all ROM stockpiles built up during the previous two quarters.
During the June quarter, Core produced 20,563 dry metric tonnes (dmt) of spodumene concentrate and achieved a record 65 per cent recovery rate, demonstrating consistency month on month.
The company said it had experienced an 18 per cent decrease in production from the previous quarter due to the Finniss operation suspension. However, Core said the decrease was “in line with expectations”.
“We are pleased that we have managed a difficult FY24 (2023–24 financial year) with several positive achievements to carry forward into FY25 (2024–25 financial year),” Core chief executive officer Paul Brown said.
“The June quarter saw record quarterly spodumene concentrate shipments and our lowest quarterly operating costs. Core remains debt free with a cash balance of $87.6 million at June 30 2024.
“This provides a solid financial foundation to reset the business and enable our Finniss operations to be in a position to restart as a lower cost lithium producer when market conditions improve.”
Core has completed the transition work to bring the Finniss processing plant and site infrastructure to a non-operational state, with safe preservation of the assets prioritised. The company is also conducting restart assessments to improve future operations at Finniss.
“Looking ahead, we intend to put Finniss in a position where it can restart as a longer life lower cost operation and restore shareholder value through sensible exploration and potential corporate opportunities,” Brown said.
Core will also focus on exploration during FY25, with the company already drilling at its Shoobridge project in the Northern Territory.
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