Name of the Project
Finniss lithium project.

Location
The project is located near Darwin, in the Northern Territory, Australia.

Project Owner/s
Core Lithium.

Project Description
A definitive feasibility study (DFS) has confirmed that Core is well-positioned to be the next lithium producer in Australia.

The DFS has focused on the development of the ore reserves in the Grants and BP33 orebodies over an initial 3.5-year period.

The project comprises a low-risk, openpit mining operation and the construction of a one-million-tonne-a-year dense-medium separation plant to produce up to 180 000 t/y of high-quality lithium concentrate with robust margins.

Scheduled production is estimated at 481 018 t of concentrate.

Potential Job Creation
The first three years of the project are expected to create about 200 jobs.

Net Present Value/Internal Rate of Return
The project has a high pretax nominal net present value of A$114-million and an internal rate of return of 80%, with a payback of 1.5 years.

Capital Expenditure
The project is estimated at A$73-million, including preproduction capital costs for grants.

Planned Start/End Date
Construction is planned to start in the second half of 2019, ramping up to commercial production in the first half of 2020.

Latest Developments
The Northern Territory government, through its Local Jobs Fund (LJF) has offered to invest A$5-million in the Finniss project through a low-cost business investment concessional loan.

Core has received a nonbinding indicative term sheet for the concessional finance facility, following an assessment process by the LJF investment committee.

“To ensure the territory rebounds strongly from Covid-19, the Northern Territory government is investing in projects that will help our economy grow and create jobs for territorians,” Chief Minister Michael Gunner has said.

The facility will have a 36-month term and a bank bill swap rate plus 2% interest rate.

The finance facility will contribute to the lower startup capital funding needs, and will reduce the concessional interest rates for the overall cost of finance.

Core is aiming to complete offtake arrangements and have the project construction ready in 2020, ahead of sourcing debt and equity to achieve financial close.

Key Contracts and Suppliers
None stated.

Contact Details for Project Information
Core Lithium, tel +61 8 8317 1700 or email info@corelithium.com.au.