Finniss Repositioned as a Highly Attractive Low-Cost Operation with a 20-Year Life

Core Lithium’s Chief Executive Officer, Paul Brown, commented:

“Our team has always believed in the opportunity at Finniss, and I’m pleased to share the Restart Study with the market today.

The plan we’ve outlined capitalises on the Project’s strengths, including established infrastructure, high-grade ore bodies well-suited to low-cost underground mining and a process plant with proven recoveries and further scope for optimisation.

We’ve undertaken a rigorous, bottom-up review of every aspect of the operation. The Study brings together our operating experience to deliver a plan that is more robust, more efficient and built for the long term.

At BP33, we are developing a large-scale underground mine. Grants will shift to underground mining, cutting costs and doubling its mine life. Carlton will use Grants’ surface infrastructure, supporting a 20 year mine life. Blackbeard offers further potential to extend mine life and expand operations.

Our plant upgrades will improve recovery and reduce contaminants, whilst keeping capital costs low. These improvements include enhanced screening, with more affordable crushing and the addition of a gravity circuit.

This resets Finniss as a more resilient operation to price volatility, and will be a reliable source of high-quality, coarse-grained spodumene concentrate. The Study outlines a lower-cost, longer-life, and scalable operating plan that generates free cash flow of $1.2 billion, representing a six-fold return on pre-production capital.

Core has identified a range of opportunities and is considering multiple funding pathways. Our focus is to secure an option that minimises dilution and maximises value for shareholders.

Finniss remains an important project for the Northern Territory. While no restart decision has been made, there is the potential to create several hundred jobs, many of which would be residential. We’ve had strong support from the NT Government and look forward to continuing that collaboration.

Finally, I want to thank the Core team and our consultants. This is a substantial piece of work, and the quality of the Study reflects the deep experience and capability of everyone involved.”

Read the full ASX announcement