Name of the Project
Finniss lithium project.

Location
The project is located near Darwin, in the Northern Territory, Australia.

Project Owner/s
Core Lithium.

Project Description
A definitive feasibility study (DFS) has confirmed that Core is well positioned to be the next lithium producer in Australia.

The DFS has focused on the development of the ore reserves in the Grants and BP33 orebodies over an initial 3.5-year period.

The project comprises a low-risk, openpit mining operation and the construction of a simple one-million-tonne-a-year dense-medium separation plant to produce up to 180 000 t/y of high-quality lithium concentrate with robust margins.

Scheduled production is estimated at 481 018 t of concentrate.

Potential Job Creation
The first three years of the project are expected to create about 200 jobs.

Net Present Value/Internal Rate of Return
The project has a high pretax nominal net present value of A$114-million and an internal rate of return of 80%, with a payback of 1.5 years.

Capital Expenditure
The project is estimated at A$73-million, including preproduction capital costs for grants.

Planned Start/End Date
Construction is planned to start in the second half of 2019, ramping up to commercial production in the first half of 2020.

Latest Developments
Core Lithium has reported that it will raise A$7-million through a share placement and share purchase plan to progress the Finniss project.

The company will raise an initial A$5.5-million through the placement of 129.8-million shares, at 4.25c each, under its existing placement capacity.

A further A$1.5-million will be raised during the share purchase plan, also priced at 4.25c a share.

The funds raised will enable the company to complete its planned objectives at the project, which are construction-ready as Covid-19 restrictions are lifted, in the second half of 2020.

Core has key milestones in the near future for Finniss, including resource extensions and a feasibility study update to increase mine-life.

Core also plans to continue to invest in engineering studies and environmental monitoring to continue towards the construction of the first lithium mine and processing facility in the Northern Territory.

The capital raising will also fund drilling later this year to continue unlocking the value of new resources and reserves, as well as upside potential to expand the capacity of the project in the future.

Core is aiming to complete offtake arrangements ahead of sourcing debt and equity to achieve financial close.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Core Lithium, tel +61 8 8317 1700 or email info@corelithium.com.au.