Core Lithium (ASX: CXO) has reflected on what was a busy three months for the business, in its quarterly activities report for the period ending June 30.
· Increased the Finniss lithium Mineral Resource estimate by over 50%;
· Over 150% increase in the Ore Reserves and, as a result, doubling the Life of Mine (LOM) for Finniss;
· Secured its first European offtake partner, Swiss-based Transamine;
· Received approval of its Mine Management Plan from the Northern Territory Government; and
· Identified a number of attractive gold targets and prospects within the Bynoe Gold and Adelaide River Gold Projects.
Core is positioned to be Australia’s next lithium producer through the development of its flagship Finniss Lithium Project, one of Australia’s most capital efficient and lowest cost lithium projects, located close to Darwin Port, Australia’s closest port to Asia.
The low capital cost and competitive operating costs leverage two key Project advantages. Firstly, the Project’s location adjacent to Australia closest port to markets in Asia and high-quality lithium ore, which only requires DMS (gravity) processing, rather than the more expensive flotation circuits required by West Australian lithium producers.
As detailed the report, along with receiving NT Government approvals during the Quarter, Core has reported substantial increases to Mineral Resources, Ore Reserves and minelife ahead of project construction and lithium production, subject to financing and regulatory approvals.
The Finniss Lithium Project has arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project. The Finniss Lithium Project is within 25km of port, power station, gas, rail and 1 hour by sealed road to workforce accommodated in Darwin and importantly to Darwin Port.
Core has already established binding and non-binding offtake agreements and is in the process of negotiating further agreements within the lithium battery supply chain and electric vehicle industry.