Core Lithium Surpasses Production Guidance for FY2024, Pauses Operations for Feasibility Review

Core Lithium has reported preliminary production results and its financial position for the fiscal year ending June 30, 2024. The company achieved 95,020 dry metric tonnes (dmt) of spodumene concentrate, exceeding its revised production guidance. Additionally, Core shipped 97,423 dmt, with the June quarter seeing record shipments of 33,027 dmt of spodumene concentrate and 19,771 dmt of lithium fines. These figures surpassed the revised guidance range of 90,000 to 95,000 dmt for production and 80,000 to 90,000 dmt for sales.

At present, Core Lithium has 5,178 wet metric tonnes (wmt) of spodumene concentrate and 75,000 wmt of lithium fines available for sale.

The company has paused operations at its Finniss project to evaluate the feasibility of a restart. As of June 30, 2024, Core reported an unaudited cash balance of A$87.6 million, up from A$80.4 million at the end of the previous quarter, with no debt.

Looking ahead, Core Lithium plans to focus on exploration activities in the Finniss region, with drilling programs set to begin at Shoobridge, Finniss, and Napperby. These initiatives aim to extend the life of its lithium mining operations and explore potential resources in lithium, gold, and uranium.

However, Core Lithium is currently contesting a Notice of Assessment from the Northern Territory Revenue Office of Australia for additional royalties payable for FY23, amounting to approximately A$6.4 million. The company asserts that this will not materially impact its operating plans for FY25.