Core Lithium Reports $30M Cash, On Track Finniss Restart Study, and Strong Shoobridge Gold Results

• Restart Study on track for June quarter completion with mining and processing optimisation
• Transition to 100% ownership of Finniss site infrastructure reduces costs and supports flexible restart
• Cash position of approximately $30 million after $10 million crushing circuit acquisition payment
• Shoobridge gold exploration confirms large shallow system with significant intercepts
• Exploration drilling planned for Blackbeard lithium discovery with strong previous results

Restart Study Progress and Infrastructure Ownership

Core Lithium Ltd (ASX: CXO) has reported solid progress in its March 2025 quarterly activities, with the Finniss Lithium Project Restart Study advancing steadily towards completion in the June quarter. The company is focusing on optimising both mining and processing operations, particularly refining the BP33 underground mine plan and enhancing the Dense Media Separation (DMS) plant efficiency. Notably, Core has transitioned to full ownership of all site infrastructure, including the crushing circuit, a move that is expected to halve care and maintenance costs and enable a more streamlined, lower-cost restart model.

This infrastructure acquisition, valued at $19.5 million with $10 million paid in the quarter, marks a strategic shift from legacy contractor arrangements and signals Core’s commitment to operational control and cost discipline. The company emphasises that this transition aligns directly with the Restart Study’s goals of building a leaner, more resilient lithium operation.

Financial Discipline and Operational Readiness

Core ended the quarter with approximately $29.8 million in cash, down from $49.7 million at the end of 2024, reflecting expected outflows related to site maintenance, infrastructure acquisition, exploration, and corporate costs. The company maintained operational discipline, reducing cash outflows in line with forecasts. Wet season stewardship remained a priority, with proactive water management and equipment servicing ensuring no environmental incidents were recorded.

Core continues to hold significant stockpiles of around 5,000 tonnes of spodumene concentrate and 75,000 tonnes of lithium fines, offering optionality should market conditions improve. The company’s commitment to safety and environmental compliance was reinforced by routine inspections from NT WorkSafe and EPA officers, confirming adherence to all regulatory requirements.

Exploration Highlights: Shoobridge Gold and Blackbeard Lithium

Exploration activities delivered encouraging results, particularly at the Shoobridge gold project. Final assays from the 2024 drilling campaign confirmed a large, shallow gold system with broad zones of oxide and primary mineralisation. Standout intercepts included 46m at 0.75g/t Au and 14.2m at 1.36g/t Au, with mineralisation remaining open along strike and at depth. Importantly, only about 20% of the main 4.5km gold anomaly has been drilled, suggesting significant upside potential. Core plans further infill and step-out drilling, metallurgical testwork, and initial economic studies to better define the resource.

At Finniss, exploration was limited by wet season access but focused on preparing drilling plans for the Blackbeard discovery. Previous results at Blackbeard were highly promising, with intercepts such as 63m at 1.67% Li2O, including 20m at 2.09% Li2O, indicating a high-grade spodumene-bearing pegmatite. Additional drilling is planned to test the size and geometry of this deposit, which lies within 20km of the Grants processing facility.

Outlook and Strategic Positioning

With over $250 million already invested in Finniss infrastructure, Core Lithium is positioning itself to deliver a more competitive and sustainable lithium operation. The ongoing Restart Study is expected to finalise a mine plan and processing design that simplifies operations, cuts costs, and boosts recovery without the need for flotation circuits. The company’s CEO, Paul Brown, highlighted the strong momentum across core priorities and the potential for upside opportunities that could enhance the project’s economics.

The final investment decision for the restart remains subject to the Restart Study outcomes, prevailing market conditions, and Board approval. Core plans to hold an investor conference call in the June quarter to coincide with the study’s release, providing further clarity on the project’s path forward.

Bottom Line?

Core Lithium’s strategic infrastructure acquisition and promising exploration results set the stage for a potentially transformative restart decision in the coming quarter.

Questions in the middle?

• How will the full ownership of infrastructure impact Core Lithium’s cost structure and restart timeline?
• What are the potential scale and economic implications of the Shoobridge gold system if further drilling confirms current trends?
• How might market lithium prices and demand influence the Board’s final investment decision on the Finniss restart?