Name of the Project
Finniss lithium project.

Location
South of Darwin Port, in the Northern Territory, in Australia.

Project Owner/s
Core Lithium.

Project Description
The updated definitive feasibility for Stage 1 of the Finniss project has confirmed that Core Lithium is well positioned to be the next lithium producer in Australia.

Finniss has total ore reserves estimated at 7.4-million tonnes grading 1.3% lithium oxide, supporting an eight-year mine life assuming openpit mining methods are used at the project’s Grants and Hang Gong deposits, and underground mining methods are used at the Grants, BP33 and Carlton deposits.

Stage 1 of the project will involve mining the high-grade spodumene pegmatite deposit from multiple openpit and underground sources; the transfer of the spodumene pegmatite ore to a run-of-mine pad adjacent to the Grants openpit; water-based dense-medium separation to produce a high-quality spodumene (lithium) concentrate product; and the transport of the lithium concentrate product to the Port of Darwin by sealed public road for overseas export.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of A$221-million and an internal rate of return of 53%, with a two-year payback.

Capital Expenditure
The project has a modest preproduction capital expenditure of A$89-million.

Planned Start/End Date
Stage 1 construction is scheduled to start before the end of 2021, with first production anticipated in late 2022.

Latest Developments
Core Lithium has completed its A$91-million capital raise, announced earlier this month, as part of a larger capital raise.

Core previously unveiled a A$106-million capital raise to fund the development of the Finniss project, comprising the fully underwritten placement and a share purchase plan. The plan, targeted to raise a further A$15-million, will open on August 13 and will close on September 2.

Core has received firm commitment for the placement of 293-million shares, at 31c each. The settlement of the new shares is expected on August 16.

Key Contracts, Suppliers and Consultants
None stated.

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