Core Lithium Awards $50M Contract to Restart Grants Open Pit Mining at Finniss

Contract Award and Operational Restart

Core Lithium Ltd (ASX:CXO) has announced the award of a surface mining services contract valued at approximately $50 million to NRW Pty Ltd, a subsidiary of NRW Holdings Limited (ASX:NWH), for open pit mining at the Grants deposit within its Finniss Lithium Operation in the Northern Territory. Mobilisation is set to begin immediately, with mining and ore production scheduled to commence in May 2026.

The contract covers all key activities related to delivering material to the Grants Run of Mine (ROM) under a standard schedule of rates. This award represents a significant milestone in the company’s plan to restart operations at Finniss following its recent Final Investment Decision (FID) approval and funding secured earlier in March 2026.

Production Outlook and Infrastructure Utilisation

The optimised Grants Pit design provides access to approximately 784,000 tonnes of ore, expected to yield around 134,000 tonnes of spodumene concentrate (SC5) within a relatively short timeframe. Ore from Grants is planned to be processed and hauled during the September quarter, with the first spodumene concentrate shipment targeted for early in the December quarter of 2026, followed by further shipments into calendar year 2027.

Core Lithium emphasises that the Grants open pit mining leverages existing infrastructure, enabling a near-term production pathway that is both capital efficient and low risk. This approach is intended to accelerate the timeline back into production at Finniss while reducing initial capital expenditure.

Parallel Development and Strategic Positioning

Alongside the Grants open pit mining contract, Core Lithium has commenced the BP33 underground box cut and civil infrastructure site works. The company describes this as a staged, lower-risk ramp-up profile, with Grants providing a bridging opportunity while the BP33 underground development progresses in parallel.

Combined, these developments position Finniss as a lower-cost, long-life brownfield lithium operation with a shorter path to reaching nameplate production capacity. Managing Director Paul Brown highlighted the shift from planning to execution, noting that the contract underpins the restart schedule and near-term cash generation objectives.

Core Lithium’s recent funding announcements, including a $307 million diversified funding package and a $120 million equity raising, provide the financial foundation for this restart phase. The company expects to finalise additional key contracts in the near term as it advances towards full production.

Context and Forward-Looking Considerations

This announcement builds on Core Lithium’s prior updates, including the optimised Grants mine plan and ore reserve upgrades reported in late 2025, as well as the FID and funding secured in March 2026. The company confirms that all material assumptions and technical parameters underpinning the production target remain unchanged.

While the restart plan outlines clear operational milestones, Core Lithium cautions that forward-looking statements are subject to risks and uncertainties inherent in mining operations and market conditions. The company has not provided updated price guidance or detailed cost forecasts in this announcement.