Core Lithium has posted its September quarterly activities report, showing a near-50 per cent increase in ore reserves at its Finniss reserve in the Northern Territory.
An updated ore reserve for at the Carlton mine has shown an increase of 42 per cent to 15.2 million tonnes (Mt) at 1.26 per cent lithium oxide.
The quarterly activities report also summarised that the advancement of the Finniss project’s restart has been earmarked as “highly attractive, low cost” with a 20-year underground mining operation life, according to the outcomes of a recent restart study.
Operations at the project, located 88km from Darwin Port, were suspended in 2024.
Commitments have also been received for an investment of $50 million (before costs) to accelerate Finniss’ development – which has already been the subject of evolution and further de-risking.
The company noted interest in the project is “strong”.
“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 work streams and optimisation activities are progressing well, with improvements to be reflected in subsequent disclosures,” Core Lithium chief executive officer Paul Brown said.
“The $50 million placement, together with the $4.3 million share purchase plan, has strengthened our balance sheet and enables us to accelerate critical early works. With all legacy offtake obligations resolved, 100 per cent of future Finniss production is unencumbered, providing maximum flexibility for the strategic funding process.”
“We are well-capitalised and focused on advancing Finniss towards restart and a final investment decision,” he said.
A balance sheet of $35.9 million cash at the bank was also recorded.
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