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 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 will raise A$40-million in a share placement to global institutional investors to help advance the development of its Finniss lithium project, the company reported on February 4, 2021.

The company has received firm commitments for the placement of 160-million new shares to institutional investors, at 25c each, with the placement to be completed under the company’s existing placement capacity.

The placement price represents a 4% premium to Core’s 20-day volume-weighted average share price.

For every two new placement shares subscribed, Core will issue one unlisted option, which will have an exercise price of 45c each and a two-year expiry.

Key Contracts, Suppliers and Consultants
None stated.

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