Core Lithium Boosts Finniss Ore Reserves by 42%, Advancing Restart Plans
Core Lithium has significantly increased its Ore Reserve Estimate at the Finniss Lithium Project, with the Carlton deposit upgrade driving a 42% rise in total reserves. This milestone strengthens the project's restart schedule and expansion potential.
- Carlton Ore Reserve updated to 4.5Mt @ 1.19% Li2O
- Total Finniss Ore Reserves increased by 42% to 15.2Mt @ 1.26% Li2O
- Contained lithium oxide metal up 39% to 192kt
- Restart Study mine schedule now 87% Ore Reserve-backed
- Carlton underground mining planned using Long Hole Open Stoping with paste backfill
Significant Reserve Upgrade at Carlton
Core Lithium Ltd (ASX:CXO) has announced a substantial update to the Ore Reserve Estimate at its 100%-owned Finniss Lithium Project in the Northern Territory. The Carlton deposit, one of the project's three key deposits, now boasts an Ore Reserve of 4.5 million tonnes at 1.19% lithium oxide (Li2O). This upgrade has driven a 42% increase in total Ore Reserves across Finniss to 15.2 million tonnes at 1.26% Li2O, with contained lithium metal rising by 39% to 192 kilotonnes.
Implications for Restart and Expansion
The enhanced Ore Reserve base significantly de-risks the Restart Study mine schedule, which is now 87% supported by Ore Reserves, up from 61%. Core Lithium’s CEO Paul Brown highlighted that the updated Carlton Reserve not only extends the mine life but also provides flexibility to accelerate ore extraction from Carlton should market conditions justify plant expansion. The deposit remains open at depth, suggesting further exploration upside.
Mining and Processing Plans
The Carlton deposit will be mined underground using Long Hole Open Stoping with paste backfill, a method well-suited to the deposit’s geometry and ground conditions. Access is via a 1.2km underground decline from the existing Grants pit, leveraging existing infrastructure to minimise capital expenditure. The pre-production capital cost for Carlton is estimated at $66 million, with total capital expenditure around $210 million.
Processing will utilize dense media separation (DMS) and gravity methods, consistent with the 2025 Restart Study flowsheet. Metallurgical test work indicates a recovery rate of approximately 70.1% for lithium concentrate, factoring in expected dilution from deleterious rock.
Economic Robustness and Approvals
Economic analysis at the pre-feasibility level shows positive net present value (NPV) outcomes under a range of sensitivities, including commodity price fluctuations, capital and operating costs. The long-term spodumene concentrate price used in modelling is US$1,330 per tonne. Regulatory and environmental approvals are anticipated to be in place on schedule, supporting the planned development timeline.
Exploration Target and Future Potential
Beyond the updated Ore Reserves, Core Lithium has defined an Exploration Target below the current Carlton Mineral Resource, estimated between 1.2 and 1.8 million tonnes at 1.2–1.4% Li2O. This target is conceptual and contingent on mining commencement, with planned underground drilling to test the target as part of future operations.
Overall, the Carlton Ore Reserve upgrade marks a pivotal step in Core Lithium’s strategy to restart and expand the Finniss Lithium Project, reinforcing its position in the critical minerals sector amid growing global lithium demand.
Bottom Line?
With Ore Reserves now underpinning nearly 90% of the mine schedule, Core Lithium’s Finniss Project is poised for a confident restart and potential expansion.
Questions in the middle?
- How soon can Core Lithium commence underground drilling to test the new Exploration Target at Carlton?
- What market conditions might trigger an accelerated processing plant expansion to bring Carlton ore forward in the schedule?
- How will fluctuations in spodumene prices impact the economic viability of the expanded Ore Reserves?
