Core Lithium Reports $50M Cash and 63m at 1.67% Li2O Drill Hit Near Grants

Restart Study Progress and Operational Outlook

Core Lithium Ltd continues to advance its Finniss Lithium Project with the restart study progressing well and on schedule for completion in the June quarter of 2025. The study focuses on optimizing mining and processing operations at the BP33 and Grants open pits, aiming to deliver a simpler, more cost-efficient operation with a projected mine life of approximately 9.5 years at the existing 1Mtpa processing capacity.

Efforts include refining mining methods, pit wall designs, and cut-off grades, alongside improvements in ventilation, dewatering, and ore recovery strategies. On the processing front, Core is working with external engineering consultants to enhance plant recovery rates while reducing capital and operating costs, positioning the project for a competitive restart aligned with evolving market conditions.

Financial Strength and Sustainability Commitment

Core Lithium’s balance sheet remains robust, with a cash balance of $49.7 million and zero debt, providing financial stability as the company advances its restart plans. Cash outflows during the quarter were consistent with expectations, covering site maintenance, exploration, and corporate overheads. The company also holds a stockpile of approximately 5,000 tonnes of spodumene concentrate and 75,000 tonnes of lithium fines ready for sale.

On sustainability, Core reported no lost time injuries or significant environmental incidents during the quarter, maintaining strong compliance standards. Preparations for the wet season water management are well underway, including water storage at planned capacity, infrastructure repairs, and water treatment initiatives. The weed treatment program has also commenced, targeting critical infrastructure zones to mitigate environmental impact.

Exploration Success: Lithium and Gold Potential

Drilling results continue to impress, particularly at the Blackbeard prospect located 20km from the Grants processing facility. Recent RC drilling returned high-grade intersections such as 63m at 1.67% Li2O, including a 20m interval at 2.09% Li2O, confirming a steeply dipping primary pegmatite up to 45m thick. Blackbeard and the adjacent Centurion prospect form a significant 600m mineralized trend that remains open at depth, highlighting substantial exploration upside.

Meanwhile, Core’s gold exploration at the Shoobridge project is gaining momentum. The company completed a second phase of drilling totaling around 4,500m, with results confirming shallow, high-grade gold zones within broader low-grade mineralization envelopes. Notable intersections include 12m at 2.93g/t Au and 4m at 3.73g/t Au, underscoring the growing potential of this 4.5km anomalous gold trend.

Strategic Positioning and Market Readiness

As the Northern Territory’s first and only lithium miner, Core Lithium is strategically positioned to capitalize on infrastructure advantages and proximity to key markets. The company’s disciplined capital allocation and focus on operational efficiency underpin its confidence in delivering a successful restart. With a strong cash position and no debt, Core is well placed to navigate the challenges ahead while exploring additional lithium and gold opportunities within its portfolio.