Australia’s next lithium producer Core Lithium (ASX: CXO) has received firm commitments for $100 million via an institutional placement of ~97.1 million new fully paid ordinary shares.
The placement was well supported by new and existing high-quality domestic and global institutional investors in strong recognition of the significant available growth opportunities at Core’s Finniss lithium project, near Darwin.
Core has also announced completion of the first sale of a spodumene DSO product (1.4% Li20) from Finniss.
The 15,000 dmt DSO sale was tendered on a CIF basis to several pre-screened participants active in the lithium-ion battery supply chain. Demand for the spodumene DSO material was strong, evidenced by the price achieved.
The product offered for sale is the post-crushing DSO material to a P100 size of 6.3mm.
The DSO sale will enable Core to commission all logistics processes and procedures in place between the Finniss mine site and Darwin Port in advance of the commencement of spodumene concentrate production in H1 2023.
Core Lithium CEO Gareth Manderson commented:
“The completion of the spodumene DSO tender is an excellent result for Core and indicates the strong demand for lithium.”