Core Lithium's Finniss Project Boosts Ore Reserves by 42% to 15.2Mt
Core Lithium's Finniss project in Australia's Northern Territory has seen a significant boost with a 42% increase in ore reserves, totalling 15.2 million tonnes at 1.26% lithium oxide. This expansion is primarily due to the integration of the Carlton deposit, marking a key milestone in the project's development.
The reserve growth is primarily attributed to the inclusion of the Carlton Mine, which has significantly contributed to the total increase. This deposit has allowed the project to anticipate approximately 20 years of underground mining operations, comparable to other Australian operations like Pilbara Minerals' Pilgangoora.
The Finniss project now boasts several strategic advantages, including proximity to established infrastructure and export facilities, providing logistical benefits and operational efficiencies. Additionally, Core Lithium has resolved all legacy offtake obligations, giving it complete control over its production and marketing strategy, a rare position in the lithium industry.
A restart study for the Finniss project has identified it as a 'highly attractive, low-cost' operation with significantly improved economics compared to previous assessments. This is further supported by a $50 million commitment to accelerate the project's development, with $35.9 million in cash reserves reported at the end of the quarter.
The 42% increase in ore reserves at Core Lithium's Finniss project strengthens Australia's position in the global lithium supply chain. With its strategic location, improved economics, and low-cost, long-life operation, Finniss is poised to add significant production capacity to meet growing demand for battery materials. The project's complete control over its production and marketing strategy, coupled with its proximity to established infrastructure, further enhances its attractiveness.
