Proactiveinvestors Australia Core Lithium Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Core Lithium Ltd RSS feed en Sun, 21 Jul 2019 10:25:12 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Core Lithium confirms FIBR approval for $8.125 million Lithium Royalty Corp investment ]]> https://www.proactiveinvestors.com.au/companies/news/223655/core-lithium-confirms-fibr-approval-for-8125-million-lithium-royalty-corp-investment-223655.html Core Lithium Ltd (ASX:CXO) has successfully completed its recent funding initiatives totalling $11.8 million from a share purchase plan, a share placement and a Lithium Royalty Corporation (LRC) investment.

LRC has now obtained a written confirmation from the Australian Foreign Investment Review Board (FIBR) confirming that the government does not object to LRC’s investment of $8.125 million for a 2.5% royalty over production from the Finniss Lithium Project. 

FIRB approval was the remaining condition precedent to the transaction which is now complete.

READ: Core Lithium to receive $8.1 million for 2.5% royalty at Finniss

Core has also confirmed the receipt of $0.35 million from the underwriters of its oversubscribed share purchase plan (SPP).

A total of $3.3 million was raised via the SPP which was oversubscribed by $1.3 million.

Funds raised totalling $11.8 million from the oversubscribed SPP, share placement and LRC royalty transactions are now being used to progress the Finniss Lithium Project towards development.

READ: Core Lithium begins resource expansion drilling at Finniss following $11.4 million capital raise

Core managing director Stephen Biggins said: “Strong support shown by existing and new investors in Core Lithium illustrates the current value and potential upside of the Finniss Lithium Project.

“This capital strengthens our balance sheet and enables the company to invest significantly to further increase profitability and rapid payback of the near development ready, Finniss Lithium Project, which we expect to generate attractive returns for our shareholders.”

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Wed, 10 Jul 2019 16:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223655/core-lithium-confirms-fibr-approval-for-8125-million-lithium-royalty-corp-investment-223655.html
<![CDATA[News - Core Lithium begins resource expansion drilling at Finniss following $11.4 million capital raise ]]> https://www.proactiveinvestors.com.au/companies/news/223549/core-lithium-begins-resource-expansion-drilling-at-finniss-following-114-million-capital-raise-223549.html Core Lithium Ltd (ASX:CXO) has commenced exploration and resource growth drilling at the Finniss Lithium Project near Darwin in the NT.

Funds received from the recently completed $3.3 million share purchase plan (SPP) and $8.1 million non-dilutive funding from Lithium Royalty Corporation (LRC) will be used to progress Finniss Lithium Project development plans, near-term resource growth and focused exploration to improve the production profile and extend mine life.

READ: Core Lithium to receive $8.1 million for 2.5% royalty at Finniss

Core’s exploration team mobilised to site last week and a reverse circulation (RC) drill rig and diamond drill rig have now commenced drilling at Finniss.

Drilling over coming months will be conducted at a number of prospects aimed at making new discoveries, expanding existing resources and adding additional ore reserves and mine life at the Finniss Lithium Project.

Core has increased the resource base of the project by 500% since the start of last year and in 2019, the company is aiming to continue significant resource growth and making new substantial discoveries through active and well-funded exploration and drilling campaigns.

Reserve, resource, resource expansion and exploration targets

The Bynoe Pegmatite Field near Darwin comprises hundreds of lithium-rich pegmatites that haven’t yet been tested.

Core has tested 30 pegmatites to date, of which six now have a resource or an exploration target.

The company’s exploration work comprising soil geochemistry, mapping and shallow scout drilling has identified 50 more pegmatite targets to test and prioritise.

Core has the potential to make a large, step change discovery of spodumene pegmatites as it tests the huge number of pegmatites covered by its dominant 500 square kilometre tenement holding in the area.

READ: Core Lithium exceeds share purchase plan target by 65%, raising $3.3 million

The company is also actively working on several material goals that, once achieved, are likely to have a significant impact on the project, including:

• Expanding lithium resources, ore reserves and mine life at Finniss;
• NT Govt regulatory approval to achieve full approval for mine and plant construction;
• Binding offtake along with customer finance support for remaining lithium concentrate;
• Fine lithium offtake agreements; and
• Project financing for Finniss.

Lithium resources and pegmatite prospects

Core managing director Stephen Biggins said: “With the recent SPP and LRC funding, Core is in a great position to refocus on building lithium Mineral Resources and Ore Reserve expansion and exploration drilling to grow upside for shareholders.

“The strong economics of the Finniss Project, as recognised by LRC, are underwritten by the low capex development of high-grade lithium Mineral Resources with robust margins and the best logistics connection to Asia of any Australian lithium project.

“With the DFS complete, approvals, additional offtake and project finance advancing and being finalised, Core is well placed to be Australia’s next lithium producer.”

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Tue, 09 Jul 2019 12:51:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223549/core-lithium-begins-resource-expansion-drilling-at-finniss-following-114-million-capital-raise-223549.html
<![CDATA[News - Core Lithium retains speculative buy recommendation from RM Research ]]> https://www.proactiveinvestors.com.au/companies/news/223007/core-lithium-retains-speculative-buy-recommendation-from-rm-research-223007.html Core Lithium Ltd (ASX:CXO) recently received a positive Assessment Report from the Northern Territory Environment Protection Authority (NTEPA) for the development of its Grants Lithium Project.

This completes the Environmental Impact Assessment process for Grants and paves the way for the company to apply for an authorisation under the NT Mining Management Act.

RM Research has maintained its speculative buy on this potentially near term, low CAPEX/OPEX producer with favourable logistics and relatively low CAPEX giving this project an excellent chance of making it through to production.

Following is an extract from RM Research’s update on Core:

Royalty deal provides development/exploration funding for Finnis

• Speciality royalty company Lithium Royalty Corporation (LRC) has agreed to provide A$8.125 million in two tranches in return for the right to receive a 2.5% of gross revenue royalty on the project. A$6.88 million will be released on execution and held in escrow pending FIRB approval (Stage 1-timing 8 weeks), with A$1.25 million conditional on CXO outlining a 15 million tonne JORC Mineral Resource at Finniss and achieving continuous operation of the processing plant for more than 14 consecutive days (Stage 2).

• The Royalty rate is 2.115% on Stage 1 increasing to 2.50% on achievement of the Stage 2 milestone and payment of the balance of the purchase price by LRC.

• Funds will be used to progress Finniss towards development, near term resource growth and exploration activity.

DFS delivers compelling metrics

• The DFS published in April 2019 returned a healthy NPV10 of $114 million with an IRR of 80% based on a 3.5 year mine life treating 2.6Mt of ore for 481,018 tonnes of concentrate at a head grade of 1.42%. CAPEX at $73 million is modest and assumes a US$687/tonne spodumene concentrate price and a USD:AUD exchange rate of US$0.70. We note that prices have slipped to around US$550/tonne however the A$ spodumene concentrate price has increased from $981 to $999/t over this period.

• While the mine life is short, logistics (rail, access to shipping facilities) are excellent in comparison to peers and we are optimistic that near term exploration will be successful within the license areas (covering an area of around 500km2 ) in pushing the mine life out beyond 5 years.

• In late May 2019, CXO also indicated Finniss could produce 200K to 250K tonnes of fine lithium as a by-product at a very low additional cost. Given projected pricing of US$50 to US$75/t, and recent end user interest, RMR consider this has an excellent chance of adding to the revenue stream.

Lithium prices remains under pressure

• 2019 to 2020 looks like the market will remain in oversupply driven by Australia-China spodumene conversion capacity. Current lithium prices do make a large proportion of lithium resources look attractive with much of the supply surplus coming from hard rock lithium producers. We anticipate prices to recover moving into late 2020.

Near-Term Price Catalysts

• Price catalysts include further drilling and resource upgrades (including conversion of the majority of 5-8Mt of JORC Resources to Reserves), permitting, offtake agreements, project financing, updates on fine lithium products and possible extensions to mine life beyond 2024.

Action and Recommendation

• RMR is maintaining its speculative buy on this potentially near term, low CAPEX/OPEX producer with favourable logistics and relatively low CAPEX giving this project an excellent chance of making it through to production. The primary caveat remains the market for lithium which has been under recent pressure however we anticipate spodumene concentrate prices to recover moving into late 2020. RMR intend to publish more detailed commentary later in 2019.

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Fri, 28 Jun 2019 16:14:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223007/core-lithium-retains-speculative-buy-recommendation-from-rm-research-223007.html
<![CDATA[News - Core Lithium exceeds share purchase plan target by 65%, raising $3.3 million ]]> https://www.proactiveinvestors.com.au/companies/news/222898/core-lithium-exceeds-share-purchase-plan-target-by-65-raising-33-million-222898.html Core Lithium Ltd (ASX:CXO) has received strong support for a share purchase plan (SPP) which raised $3.3 million, 65% above the originally targeted $2 million.

In addition, the first $6.9 million tranche of Lithium Royalty Corporation (LRC) non-dilutive $8.125 million royalty funds are expected next month.

These funds will enable the company to initiate drilling aimed at expanding mineral resources and reserves at the Finniss Lithium Project in the Northern Territory.

The company hopes this work will further improve the production profile and extend the mine life as it progresses the project to a Final Investment Decision.

READ: Core Lithium extends closing of oversubscribed SPP following strong investor demand

Core managing director Stephen Briggs said: “We are very pleased with the strong support from shareholders in the SPP in addition to the non-dilutive finance from the $8.1 million royalty investment by LRC.

“Core is now positioned to move forward towards the Final Investment Decision for the Finniss Lithium Project and focus on increasing its mineral resource base.”

Due to strong demand for the SPP, the company extended the placement to Monday, June 24, allowing shareholders more time to participate.

In coming weeks Core will begin focused exploration in the highly prospective Finnis project area with the aim of discovering and defining new lithium-rich pegmatites within the large 500 square kilometre area.

READ: Core Lithium crosses a major milestone towards becoming Australia’s next lithium producer

Earlier this month Core obtained a positive assessment report from the Northern Territory Environment Protection Authority (NTEPA) for the development of the Grants Lithium Project within the broader Finniss project.

This completes the Environmental Impact Assessment process for the project and paves the way for the company to apply for an authorisation under the NT Mining Management Act.

Core will now submit a Mining Management Plan (MMP) to the Department of Primary Industry and Resources (DPIR) for assessment.

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Thu, 27 Jun 2019 13:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222898/core-lithium-exceeds-share-purchase-plan-target-by-65-raising-33-million-222898.html
<![CDATA[News - Core Lithium extends closing date of oversubscribed SPP following strong investor demand ]]> https://www.proactiveinvestors.com.au/companies/news/222472/core-lithium-extends-closing-date-of-oversubscribed-spp-following-strong-investor-demand-222472.html Core Lithium Ltd (ASX:CXO) has received strong support above the originally targeted $2 million for its share purchase plan (SPP) to eligible shareholders.

Due to the strong demand for the SPP, Core will allow shareholders to participate up to until Monday June 24 and is considering increasing the amount raised to minimise scaling back of the SPP as Core progresses towards development of the Grants Project.

READ: Core Lithium crosses a major milestone towards becoming Australia’s next lithium producer

Accordingly, the issue of new share under the SPP timetable will change from Wednesday June 26 2019 to Thursday June 27 2019.

Core managing director Stephen Biggins said: “We are very pleased with the strong support from shareholders in the SPP as recognition of the value to come from the recently announced non-dilutive finance from the $8.1 million royalty investment by LRC, as Core moves forward towards the Final Investment Decision for the Finniss Lithium project and focus on increasing its mineral resource base.”

READ: Core Lithium to receive $8.1 million for 2.5% royalty at Finniss

The non-dilutive finance received from the sale of the royalty, alongside the proceeds from the SPP, will be used to progress the Finniss Project towards development and near-term resource exploration, growth and conversion drilling focused on further improving the production profile and extending the life of Finniss.

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Thu, 20 Jun 2019 16:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222472/core-lithium-extends-closing-date-of-oversubscribed-spp-following-strong-investor-demand-222472.html
<![CDATA[News - Core Lithium crosses a major milestone towards becoming Australia’s next lithium producer ]]> https://www.proactiveinvestors.com.au/companies/news/222289/core-lithium-crosses-a-major-milestone-towards-becoming-australias-next-lithium-producer-222289.html Core Lithium Ltd (ASX:CXO) has received a positive Assessment Report from the Northern Territory Environment Protection Authority (NTEPA) for the development of its Grants Lithium Project.

This now completes the Environmental Impact Assessment process for the Core’s flagship Grants Lithium Project and paves the way for the company to apply for an authorisation under the NT Mining Management Act.

READ: Core Lithium looks ahead to expanding beyond 10 million tonnes

Core will now submit a Mining Management Plan (MMP) to the Department of Primary Industry and Resources (DPIR) for assessment.

All of the NTEPA’s recommendations were within expectations and will be incorporated into the MMP.

An authorisation under the MMP is expected to be granted during the coming quarter.

Earlier this month, Core announced that Canada-based royalty business, Lithium Royalty Corporation has agreed to invest about $8.1 million for a 2.5% royalty over production from the Finniss Project.

READ: Core Lithium to receive $8.1 million for 2.5% royalty at Finniss

The non-dilutive finance received from the sale of the royalty, alongside the proceeds from the SPP, will be used to progress the Finniss Project towards development and near-term resource exploration, growth and conversion drilling focused on further improving the production profile and extending the life of Finniss.

Core managing director Stephen Biggins said: “The NTEPA positive Assessment Report is another exciting milestone achieved by Core as we steadily work towards becoming Australia’s next lithium producer in 2020.

“This significant approval step along with the recently announced non-dilutive finance from the $8.1 million royalty investment by Lithium Royalty Corporation and the soon to-close $2 million share purchase plan, puts Core on solid footing as we run down the checklist of milestones to meet before construction is expected to commence later this year.

READ: Core Lithium expands Finniss lithium concentrate offtake deal with Yahua by 50%

“Core is pleased to have secured this key approval step, recent agreements and funding, and looks forward to updating shareholders on the further development of the Finniss Project.”

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Tue, 18 Jun 2019 15:27:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222289/core-lithium-crosses-a-major-milestone-towards-becoming-australias-next-lithium-producer-222289.html
<![CDATA[News - Core Lithium to receive $8.1 million for 2.5% royalty at Finniss ]]> https://www.proactiveinvestors.com.au/companies/news/221514/core-lithium-to-receive-81-million-for-25-royalty-at-finniss-221514.html Core Lithium Ltd (ASX:CXO) has agreed to sell a 2.5% royalty over production from its Finniss Lithium Project in the Northern Territory for $8.125 million.

The funding adds to the partly underwritten share purchase plan (SPP) underway to raise up to $2.0 million through the issue of shares priced at 4 cents.

Core released a definitive feasibility study (DFS) and maiden ore reserve in mid-April 2019 supporting its aspirations to become Northern Territory’s first lithium producer.

This royalty deal with Canadian royalty company, Lithium Royalty Corporation (LRC) represents a strategic partnership progressing the project closer to production.

Notably, LRC has royalty agreement over other high-quality producing and near development lithium assets including Galaxy’s(ASX:GXY) Mt Cattlin Lithium Mine.

READ: Core Lithium looks ahead to expanding beyond 10 million tonnes

Core’s managing director Stephen Biggins said: “We are delighted to have the support of Lithium Royalty Corporation in the form of a Royalty arrangement which contributes toward the company’s plans to transition from developer to miner.

“Lithium Royalty Corporation’s significant investment in Core recognises the current value of the Finniss Lithium Project.

“The recently completed DFS details the profitability and rapid payback of the near development ready, Finniss Lithium Project, which we expect to generate attractive returns for our shareholders.”

Strong news flow expected over the coming weeks and months

He added: “The Board remains committed to overseeing a low-risk, measured transition to lithium producer at the Finniss Lithium Project to ensure long-term shareholder value.

“As such, the company is pursuing several well-funded, near-term activities with the potential to improve the project’s returns further and continue to de-risk the decision to mine.

“These activities include further investment in Mineral Resource conversion and advanced exploration opportunities across Core’s 500 square kilometre tenement package.

Global resource increased over 500% since start of 2018

“The global Finniss Project Mineral Resource has increased by over 500% from the start of 2018 to almost 10Mt, and we expect to continue to increase that rapidly with the further drilling commencing next month.”

Two stage royalty deal

Under the terms of the agreements, LRC will pay a total consideration of $8.125 million in two stages for the right to receive 2.5% of gross revenue from the sale of products from Finniss.

Stage one is a $6.875 million payment upon execution of the agreement which will be held in escrow pending approval from the Foreign Investment Review Board (FIRB).

The stage two balance payment of $1.25 million is conditional on Core attainting a 15 million tonne JORC resource at Finniss and achieving continuous operation of the processing plant for more than 14 consecutive days.

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Wed, 05 Jun 2019 12:58:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221514/core-lithium-to-receive-81-million-for-25-royalty-at-finniss-221514.html
<![CDATA[News - Core Lithium enters trading halt pending news on capital raising ]]> https://www.proactiveinvestors.com.au/companies/news/221346/core-lithium-enters-trading-halt-pending-news-on-capital-raising-221346.html Core Lithium Ltd (ASX:CXO) has been granted a trading halt by the ASX pending an announcement on an upcoming capital raising.

The company’s shares will remain halted until the earlier of an announcement being released to market or the start of trade on Wednesday, June 5.

READ: Core Lithium reveals possible new revenue source from Finniss project

Core is focused on developing the Finniss Lithium Project in the Northern Territory, targeting annual production of 175,000 tonnes of lithium concentrate set to begin in 2020.

An additional 200,000-250,000 tonnes a year of fine lithium (FL) is forecast to be produced as a by-product of concentration at Finniss’ dense media separation plant.

Expressions of interest from a number of parties for the potential purchase of FL have been received, representing a new revenue source from Finniss.

The project hosts a JORC resource of 9.63 million tonnes grading 1.3% lithium across six deposits.

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Sun, 02 Jun 2019 23:03:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221346/core-lithium-enters-trading-halt-pending-news-on-capital-raising-221346.html
<![CDATA[News - Core Lithium reveals possible new revenue source from Finniss project ]]> https://www.proactiveinvestors.com.au/companies/news/221007/core-lithium-reveals-possible-new-revenue-source-from-finniss-project-221007.html Core Lithium Ltd (ASX:CXO) has obtained expressions of interest from a number of parties for the potential purchase of fine lithium (FL), which may represent a new revenue source from the Finniss Lithium Project near Darwin in the Northern Territory.

FL is a by-product of the production of high-quality lithium concentrate from the project.

The company is targeting annual production of 175,000 tonnes of high-quality lithium concentrate set to begin in 2020.

In addition, between 200,000 tonnes and 250,000 tonnes per annum of FL is forecast to be produced as a by-product of the concentrate process through Core’s Dense Media Separation (DMS) plant.

READ: Core Lithium looks ahead to expanding beyond 10 million tonnes

Core’s managing director Stephen Biggins said: “The addition of fine lithium to the suite of saleable products is likely to materially improve the economics of what is already a very good project.

“We are already mining and partially processing this material anyway as we produce spodumene concentrate.

“There is little extra work that needs to be done to add significant revenue – Core is well advanced with debt financiers in addition to finalising offtake terms in coming months.”

READ: Core Lithium new Lees resource expands Finniss total to 9.63 million tonnes

The FL product was initially planned to be stored for processing at a later date but in response to recent expressions of interest, Core is considering adding potential sales of FL to project revenues.

As a by-product, FL incurs only a low marginal increase in operating cost and because Core’s Finiss project is only 30 kilometres from Port Darwin, the company’s cost of transport of bulk lithium product from mine to port is only US$7/tonne.

The indicative pricing of FL is between $US50 and US$75 per tonne.

Core is undertaking further studies on FL product preparation and transport, and aims to complete binding FL offtake agreements in coming months.

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Tue, 28 May 2019 15:57:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221007/core-lithium-reveals-possible-new-revenue-source-from-finniss-project-221007.html
<![CDATA[News - Core Lithium looks ahead to expanding beyond 10 million tonnes ]]> https://www.proactiveinvestors.com.au/companies/news/220637/core-lithium-looks-ahead-to-expanding-beyond-10-million-tonnes-220637.html Core Lithium Ltd (ASX:CXO) has today released a presentation focused on its 2019-20 strategy plan for its Finniss Lithium Project in the Northern Territory.

The definitive feasibility study (DFS) and maiden ore reserve for the project was released in mid-April 2019 supporting Core’s aspirations to become Northern Territory’s first lithium producer.

The DFS considers only two (Grants and BP33) of the project’s six deposits highlighting the potential to increase the project’s valuation through mine life extensions.

The Sandras, Carlton, Hang Gong and recently expanded Lees deposits are not yet included in the DFS project valuation estimates.

READ: Core Lithium new Lees resource expands Finniss total to 9.63 million tonnes at 1.3% lithium

Core’s aspirations for 2019 are to increase the resources through exploration and convert most of the 5 to 8 million tonnes of Exploration Targets to resources and a subset of reserves.

Furthermore, with 500 square kilometres of the Finniss Project containing hundreds of pegmatites, Core belives exploration can result in new discoveries.

Looking ahead to 2020, Core aims to increase the resource base by 2-3 times and extend reserves and mine life to over 7 years as well as continue to make new exploration discoveries.

READ: Core Lithium confirms Finniss is likely to be Australia's next lithium mine

The DFS focused on ore reserves within the high-grade Grants and BP33 deposits at Finnis over an initial 3.5-year period and confirmed the project comprises a low-risk, open pit mining operation.

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Tue, 21 May 2019 12:11:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220637/core-lithium-looks-ahead-to-expanding-beyond-10-million-tonnes-220637.html
<![CDATA[News - Core Lithium new Lees resource expands Finniss total to 9.63 million tonnes at 1.3% lithium ]]> https://www.proactiveinvestors.com.au/companies/news/219710/core-lithium-new-lees-resource-expands-finniss-total-to-963-million-tonnes-at-13-lithium-219710.html Core Lithium Ltd’s (ASX:CXO) mineral resource estimate for Finniss Lithium Project in the Northern Territory has been further boosted to 9.63 million tonnes at 1.3% lithium oxide with the addition of a maiden resource from Lees deposit.

The initial Lees inferred estimate of 780,000 tonnes at 1.3% Li2O is expected to be substantially upgraded in scale and confidence over 2019 with further drilling.

A further exploration target of 2 to 3 million tonnes grading between 1% and 1.3% lithium oxide has been identified by Core at the adjacent Lees-Booths Link.

READ: Core Lithium confirms Finniss is likely to be Australia’s next lithium mine

Core Lithium’s managing director Stephen Biggins said: “The global Finniss project mineral resource has increased over 500% from the start of 2018 to now at almost 10 million tonnes.

“Along with an additional exploration target of 5-8 million tonnes, Core is confident in being able to rapidly build the resources in the upcoming 2019 field season, with the aim to potentially deliver more reserves for mining.

“The solid economics highlighted in detail in the recently released DFS focused on development of the first two well-defined ore bodies at Grants and BP33 – are highly sensitive on the upside to increasing the life of the project.

“Core very much has a plan in mind to deliver upside to shareholders through continuing resource growth as we finalise regulatory, offtake and financing in 2019.”

READ: Core Lithium expands Finniss lithium concentrate offtake deal with Yahua by 50%

The Lees estimate combines existing reverse circulation (RC) drilling data with assays for two targeted drill holes:

NRC 116: 18 metres at 1.59% lithium oxide from 210 metres, including 7 metres at 1.91% lithium oxide from 211 metres and 3 metres at 1.93% lithium oxide from 174 metres; and NRC 115: 5 metres at 1.04% lithium oxide from 159 metres.

There are at least five spodumene pegmatites at Lees with only two of those having adequate drilling to date to enable estimation for the initial estimate and there are several additional infill pegmatite targets requiring further drilling to test to bring those into the estimate.

READ: Core Lithium in trading halt with update on offtake agreement imminent

The Lees Booth exploration target is based on several broadly spaced RC drill holes stretching between the Lees resource estimate and the historical open pit mines at Booths.

The average grade range of 1-1.3% lithium oxide was derived from the typical range of grades seen for drilling at this and other similar deposits nearby and is consistent with recently received assay results:

NRC117: 4 metres at 1.2% from 121 metres, 3 metres at 1.53% from 156 metres and 3 metres at 1.24% from 174 metres; and NRC114: 4 metres at 0.96% from 143 metres and 6 metres at 1.23% from 170 metres.

The potential quantity and grade of the exploration target is conceptual in nature and there has been insufficient exploration to estimate a mineral resource. It is also uncertain if further exploration will result in the estimation of additional mineral resources.

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Mon, 06 May 2019 16:01:00 +1000 https://www.proactiveinvestors.com.au/companies/news/219710/core-lithium-new-lees-resource-expands-finniss-total-to-963-million-tonnes-at-13-lithium-219710.html
<![CDATA[News - Core Lithium confirms Finniss is likely to be Australia's next lithium mine ]]> https://www.proactiveinvestors.com.au/companies/news/218741/core-lithium-confirms-finniss-is-likely-to-be-australia-s-next-lithium-mine-218741.html Core Lithium Ltd’s (ASX:CXO) definitive feasibility study for the Finniss Lithium Project in the Northern Territory confirms that the company is well positioned to be Australia's next lithium producer.

The DFS focused on ore reserves within the high-grade Grants and Bp33 deposits at Finnis over an initial 3.5-year period and confirmed the project comprises a low-risk, open pit mining operation.

It outlines mining of a high-grade ore reserve of 2.2 million tonnes at 1.4% lithium oxide which when combined with exceptional spodumene metallurgy will enable Core to produce high-quality, coarse concentrate using simple gravity DMS processing.

The DFS also reveals that construction of a 1 million tonne per annum Dense Media Separation (DMS) process plant will produce up to 180,000 tonnes per annum of high-quality lithium concentrate with robust margins.

READ: Core Lithium expands Finniss Lithium concentrate offtake deal with Yahua by 50%

Core managing director Stephen Biggins said: “The definitive feasibility study for Finniss once again highlights the significant potential of the project and puts Core on track to become the Northern Territory’s first lithium producer.

“The DFS confirms Finniss as a simple but high-value operation, in part due to the minimal spend required on infrastructure thanks to high-grade spodumene reserves in close proximity to Darwin port.

“With the DFS now complete, we are aiming to finalise funding over the coming months so that construction can commence as soon as practicable.

"We are also maintaining our exploration momentum, with the aim of materially increasing the potential mine life of Finniss before we commence first production.”

READ: Core Lithium in trading halt with update on offtake agreement imminent

A pre-production or start-up capex of $73 million and strong cash flows would enable quick capital payback of less than 1.5 years, which confirms that Finniss will be one of Australia’s lowest capital intensity lithium projects.

Economics are reflected in the high pre-tax nominal internal rate of return (IRR) of 80%, net present value (NPV) of $114 million and free cash flows of $158 million from revenue of $501 million.

 

 

Between the preparation of the pre-feasibility study (PFS) and the DFS there have been several changes to inputs and assumptions that have had an impact on the project economics.

Revenue has increased by about 45% resulting from additional ore from Grants and the added development of the BP33 deposit.

As a result of the additional ore tonnage, the mine life has increased from two years to four years.

On the capital front, an additional $22 million has been included with the majority of this dedicated to the installation of a three-stage DMS plant rather than the single stage DMS.

This flowsheet improvement will enable the production of high value 5.5% lithium oxide concentrate, rather than 5.0% and about $6 million of the increase is due to a combination of larger pre-strip at Grants and slightly higher mining costs.

Overall there are now more than 2.5 times more tonnes being moved, which affected the operating costs with mining rates having increased 15% to reflect commercial contracted scheduled mining rates.

Next steps

Completion of the DFS paves the way for the company to advance offtake and financing discussions as well as project permitting to ensure Core is positioned to begin development and construction in 2019.

In addition, the company will maintain an aggressive exploration campaign focused on growing the resource base of the Finniss project to support a long-life mining operation and is expecting to ramp-up commercial production of spodumene concentrate to customers in the first half of 2020.

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Wed, 17 Apr 2019 16:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218741/core-lithium-confirms-finniss-is-likely-to-be-australia-s-next-lithium-mine-218741.html
<![CDATA[News - Core Lithium expands Finniss lithium concentrate offtake deal with Yahua by 50% ]]> https://www.proactiveinvestors.com.au/companies/news/217586/core-lithium-expands-finniss-lithium-concentrate-offtake-deal-with-yahua-by-50-217586.html Core Lithium Ltd (ASX:CXO) has expanded its existing binding lithium offtake agreement with Yahua for the Finniss Lithium Project near Darwin in the Northern Territory.

The offtake agreement is with one of China’s largest lithium hydroxide and carbonate producers, Yahua, a wholly owned subsidiary of Sichuan Yahua Industrial Group Co Ltd (SHE:002497).

READ: Core Lithium’s drilling intersects high-grade lithium mineralisation ahead of Finniss DFS

Core managing director Stephen Biggins said: “The signing of the binding offtake agreement with Yahua for the Finniss Lithium Project is another significant milestone for Core, and we are delighted to further strengthen our strategic relationship with one of our largest shareholders.

“The offtake agreement underscores the strong relationship Core has developed with customers and high-quality chemical converters in Asia, who are suppliers into the fast-growing lithium battery materials sector.

“Additionally, the strengthened terms further de-risks our development plans and gives substantial clarity on project funding as we embark on our plan to rapidly transition into production.”

Finniss Lithium Project

The offtake agreement is for the supply of lithium oxide concentrate from the Grants and BP33 lithium deposits until November 30, 2023.

As part of the agreement, Core has granted Yahua a first right of refusal over lithium oxide concentrate offtake produced from the lithium deposits up to the greater of 300,000 tonnes or 50% of the forecast production for any calendar year.

The offtake agreement ends on the latter of Core having supplied 300,000 dry metric tonnes of lithium oxide concentrate to Yahua, or 30 November 2023, and may be extended by mutual agreement between Core and Yahua.

Importantly, the deal provides for attractive pricing linked to the market for 6% FOB (free on board) spodumene concentrate and contains an agreed price floor and ceiling for the first two years, ensuring Core’s operating margin is protected during the commissioning and capital payback period.

READ: Core Lithium grows Finniss global resource to 8.85 million tonnes with upgraded Carlton estimate

The offtake deal accounts for about 40% of the Grants and BP33 lithium deposit production over the life of those mines, underpinning its production profile and providing great confidence to Core to fast-track development of the mine.

The offtake agreement comes ahead of Core completing the Definitive Feasibility Study (DFS) for Finniss, which is expected to be released in the next few weeks.

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Mon, 01 Apr 2019 13:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217586/core-lithium-expands-finniss-lithium-concentrate-offtake-deal-with-yahua-by-50-217586.html
<![CDATA[News - Core Lithium in trading halt with update on offtake agreement imminent ]]> https://www.proactiveinvestors.com.au/companies/news/217478/core-lithium-in-trading-halt-with-update-on-offtake-agreement-imminent-217478.html Core Lithium Ltd (ASX:CXO) has been granted a trading halt by the ASX pending release of an announcement regarding a material offtake agreement.

Shares in the company will remain halted until the earlier of, the release of relevant information, or, the commencement of trading on Tuesday 2 April 2019.

READ: Core Lithium grows Finniss global resource to 8.85 million tonnes with upgraded Carlton estimate

Core recently upgraded the global resource for its Finniss Lithium Project in the Northern Territory to 8.85 million tonnes at 1.3% lithium oxide with the addition of a new resource at the Carlton deposit.

The updated lithium resource at Carlton is within the same mining lease areas as the Grants Lithium deposit and one kilometre from the proposed mine and processing facility at Grants.

READ: Core Lithium’s drilling intersects high-grade lithium mineralisation ahead of Finniss DFS

Core is in the final stages of studies to enable completion of the Finniss Lithium Project DFS.

These last stages of work will be completed over the coming weeks, to enable Core to release the DFS before the end of April.

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Fri, 29 Mar 2019 13:04:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217478/core-lithium-in-trading-halt-with-update-on-offtake-agreement-imminent-217478.html
<![CDATA[News - Core Lithium’s drilling intersects high-grade lithium mineralisation ahead of Finniss DFS ]]> https://www.proactiveinvestors.com.au/companies/news/217281/core-lithiums-drilling-intersects-high-grade-lithium-mineralisation-ahead-of-finniss-dfs-217281.html Core Lithium Ltd (ASX:CXO) has received new high-grade lithium results from drilling at the BP33 deposit within its Finniss Lithium Project near Darwin in the Northern Territory.

Drill intersections include outstanding lithium grades of about 1.8% lithium oxide over broad intersections exceeding 70 metres in length, confirming the consistent and high-grade nature of the BP33 lithium orebody.

Drill plan and recent drill results at BP33 Prospect

The latest results come ahead of Core completing the Definitive Feasibility Study (DFS) for Finniss, which is expected to be released in the next few weeks.

New wide, high-grade lithium drill intersections at BP33 include:

• 76 metres at 1.78% lithium oxide from 149 metres including 21 metres at 2.06% lithium oxide from 202 metres;
• 51.75 metres at 1.72% lithium oxide from 269 metres; and
• 31 metres at 1.63% lithium oxide from 106 metres.

These exciting new results are from a short reverse circulation and diamond drilling campaign carried out last month at BP33.

READ: Core Lithium grows Finniss global resource to 8.85 million tonnes with upgraded Carlton estimate

These last results from BP33 are important to increase the high level of confidence in the orebody and the accuracy of the input and outcomes of the DFS.

Core is in the final stages of studies to enable completion of the DFS.

These last stages of work will be completed over the coming weeks, to enable Core to release the DFS before the end of April.

Finniss Lithium Project

The Finniss Project comprises over 500 square kilometres of granted tenements over the Bynoe Pegmatite Field near Darwin.

Exploration and resource drilling to date have confirmed that potential ore-grade lithium mineralisation is widespread within the Finniss Project, and Core’s drilling in 2018 and into early 2019 has the potential to substantially grow the resource base to underpin a potential long-life lithium mining and production operation.

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Wed, 27 Mar 2019 12:21:00 +1100 https://www.proactiveinvestors.com.au/companies/news/217281/core-lithiums-drilling-intersects-high-grade-lithium-mineralisation-ahead-of-finniss-dfs-217281.html
<![CDATA[News - Core Lithium grows Finniss global resource to 8.85 million tonnes with upgraded Carlton estimate ]]> https://www.proactiveinvestors.com.au/companies/news/216236/core-lithium-grows-finniss-global-resource-to-885-million-tonnes-with-upgraded-carlton-estimate-216236.html Core Lithium Ltd (ASX:CXO) has upgraded the global mineral resource for the company’s Finniss Lithium Project to 8.85 million tonnes at 1.3% lithium oxide with the addition of a new mineral resource estimate at the Carlton deposit in the Northern Territory.

The Carlton mineral resource estimate now stands at 1.1 million tonnes at 1.3% lithium oxide, an increase by 38% over the past 3 months of which 42% is now in the higher confidence indicated category.

The updated lithium mineral resource at Carlton is within the same mining lease areas as the Grants Lithium deposit and one kilometre from the proposed mine and processing facility at Grants.

 

 

Core Lithium managing director Stephen Biggins said: “The global mineral resource for the Finniss Project has increased rapidly from 1.8 million tonnes at the start of 2018 to 8.85 million tonnes at present.

“Core’s management is of the view that the global mineral is likely to grow even further over the coming weeks.

“These new mineral resources have the potential to add substantial upside to the Finniss Lithium Project, in addition to the lithium mineral resources already defined.”

The results of the updated mineral resource estimate are shown in the table below:

 

 

The spodumene pegmatite at Carlton is defined at surface by a shallow, 200-metre-long and 15 to 20-metre-wide pit, which was mined historically for tin and tantalum.

The regular shape of the existing pit is consistent with the downhole drilling, but the body is much longer and closer to 300 metres long as defined by Core’s recent drilling.

An upgraded mineral resource for the project is expected in the coming weeks as the mineral resource at Hang Gong and a new mineral resource estimate at Lees-Booth Link is made.

READ: Core Lithium discovers new spodumene pegmatite body adjacent to Carlton lithium resource

Recent diamond core drillhole NMRD003 also intersected a second pegmatite to the west of the main pegmatite body at Carlton, with best intersections including 26 metres at 1.33% lithium oxide from 196.7 metres, including 5.7 metres at 2.07% from 197.4 metres.

The concealed extent of this western pegmatite highlights the possibility of other concealed pegmatites close to the identified main body at Carlton and will be a target for future drilling in quarter-two 2019.

READ: Core Lithium results underpin potential resource growth at Finniss Lithium Project

Core is undertaking a definitive feasibility study for the development of a spodumene concentrate operation at the Finniss Project and is aiming to build on strong financial outcomes highlighted in the pre-feasibility study.

The company is targeting the beginning of mining and construction in quarter-three 2019 and to ramp up commercial scale production of high-quality spodumene concentrate in early 2020, subject to financing regulatory approvals.

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Tue, 12 Mar 2019 12:12:00 +1100 https://www.proactiveinvestors.com.au/companies/news/216236/core-lithium-grows-finniss-global-resource-to-885-million-tonnes-with-upgraded-carlton-estimate-216236.html
<![CDATA[News - Core Lithium discovers new spodumene pegmatite body adjacent to Carlton lithium resource ]]> https://www.proactiveinvestors.com.au/companies/news/215573/core-lithium-discovers-new-spodumene-pegmatite-body-adjacent-to-carlton-lithium-resource-215573.html Core Lithium Ltd (ASX:CXO) has discovered a new spodumene pegmatite body adjacent to the current Carlton lithium resource within Core’s Finniss Lithium Project in the Northern Territory.

The company’s recently completed diamond drilling intersected a 26-metre intersection of spodumene pegmatite just 15 metres to the west of the existing resource.

The new spodumene intersection is visually quite similar to the high-quality spodumene mineralisation observed nearby at the Grants and BP33 lithium resources.

Location of the new spodumene pegmatite

Core is currently completing a resource update for the Carlton ore body ahead of finalising the definitive feasibility study (DFS) toward the end of March 2019.

Core anticipates further increases to the resource at Carlton as a result of the new intersection in the future.

However, due to the time required to process and cut the new core and receive assays, this additional newly identified spodumene pegmatite body is not planned to be included in the initial DFS findings.

Finniss Lithium Project

Core managing director Stephen Biggins said: “Core’s new discovery of high-quality spodumene pegmatite at Carlton illustrates the huge potential to substantially add to our lithium resources within our dominant 500 square kilometres tenement position over the Bynoe Pegmatite Field.

“Greenbushes did a great job in finding hundreds of pegmatites in the area in the 1980’s and 1990’s whilst they mined the field for tin and tantalum, but they did not test this area at all for its lithium potential.

READ: Core Lithium boosts Finniss resource to 8.6 million tonnes with initial Hang Gong estimate

“Core is confident, based on past success, that the high-quality lithium resource base of the project will continue to grow over time adjacent to the best logistics pathway to Asia – these fundamental project advantages will be increasingly valued as the global lithium market continues to grow and mature.

“With a DFS focussed on producing spodumene concentrate to be completed shortly, along with the key recommendation to proceed with development, I’m sure one of the outcomes will be for Core to consider future downstream processing to lithium hydroxide at Middle Arm in the context of a growing mineral resource.”

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Fri, 01 Mar 2019 12:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215573/core-lithium-discovers-new-spodumene-pegmatite-body-adjacent-to-carlton-lithium-resource-215573.html
<![CDATA[News - Core Lithium results underpin potential resource growth at Finniss Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/215470/core-lithium-results-underpin-potential-resource-growth-at-finniss-lithium-project-215470.html Core Lithium Ltd (ASX:CXO) has received exploration drill results from Lees-Booths Link and Hang Gong prospects, further confirming potential expansion of the resource base at its Finniss Lithium Project in the Northern Territory.

New and pending assay results, adjacent to Core’s lithium deposits at Grants, Carlton and BP33, are expected to add to an expanded resource estimate at Hang Gong as well as an initial mineral resource at Lees-Booths during March.

Results "show scale potential”

Core Lithium managing director Stephen Biggins said: “These exploration results continue to show scale potential and continuity at Lees-Booths and Hang Gong.

“We have also confirmed a lower spodumene pegmatite in the southwestern part of the resource area at Hang Gong, which will likely add to the initial Hang Gong mineral resource.

“Core is continuing to progress Grants towards development whilst growing the existing mineral resource base through aggressive exploration programs to unlock the hidden potential.”

READ: Core Lithium makes key appointment to progress Finniss Lithium Project

Intersections at Lees-Booths Link prospect include:

7 metres at 1.09% lithium oxide from 95 metres; and 4 metres at 1.50% from 137 metres.

Drill results at Hang Gong continue to highlight the potential for shallow-dipping, multiple stacked pegmatites and include:

12 metres at 0.94% from 88 metres; and 8 metres at 1.90% from 91 metres. READ: Core Lithium boosts Finniss resource to 8.6 million tonnes with initial Hang Gong estimate

Once the final round of assays has been returned the company will have sufficient information to undertake a mineral resource estimation for the two prospects.

Reverse circulation and diamond core drilling that continued through January and February have only recently stopped after the late onset of the wet season.

As final drilling laboratory assay results are received, Core will integrate these into geological models in March.

An updated mineral resource estimate is also expected for Core’s Carlton lithium deposit next week. 

- Jessica Cummins

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Wed, 27 Feb 2019 22:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215470/core-lithium-results-underpin-potential-resource-growth-at-finniss-lithium-project-215470.html
<![CDATA[News - Core Lithium makes key appointments to progress Finniss Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/214758/core-lithium-makes-key-appointments-to-progress-finniss-lithium-project-214758.html Core Lithium Ltd (ASX:CXO) has bolstered its management team as it charges forward with development plans at its Finniss Lithium Project near Darwin in the Northern Territory.

The company has appointed Simon Lacopetta chief financial officer, bringing a wealth of knowledge and experience to the role after having served in similar roles throughout his 15-year career, including with gold developer and miner, Ramelius Resources Limited (ASX:RMS).

Lacopette succeeds Erik Palmbachs, who sadly and unexpectedly passed away in November 2018.

READ: Core Lithium boosts Finniss Resource to 8.6 million tonnes with initial Hang Gong estimate

Lacopetta said he was thrilled to take on the new role.

“It’s clear that I have joined Core at a pivotal moment in the company’s history and I look forward to working with Stephen Biggins and the management team as we strive to meet our goal of delivering first production at the Finniss Lithium Project by the end of the year,” he said.

Lacopetta will begin at Core in the first week of March.

The company has also enlisted Noel O’Brien in a metallurgical consulting services capacity.

He is an industry veteran with a career spanning over 30 years in Australia and Africa and is a specialist in the provision of consulting services in metallurgy and project development over a variety of commodities.

READ: Core Lithium selects preferred lead contractor for Finniss Lithium Project

Core has also recruited Sean Buxton to the role of project manager for Finniss, with a demonstrated history of working in the mining industry as an experienced mine development engineer.

He has a rich portfolio of operational and technical experience in several commodities including at Newcrest Mining Limited (ASX:NCM), Barrick Gold Corp (NYSE:GOLD), Glencore PLC (LON:GLEN), Alkane Resources Limited (ASX:ALK) and Tasman Mining.

The company is also searching for a suitable candidate to fill the role of marketing commercial manager.

READ: Core Lithium prepares resource update ahead of Finniss DFS expansion

Core managing director Stephen Biggins said: “The wheels are very much in motion in the Core headquarters and the company is pleased to have attracted such talented and highly credentialed candidates to fill these vital roles.

“Simon, Sean, Noel, Workplace Partners and our marketing commercial manager to-be will all play crucial roles in both the successful delivery of the Finniss Lithium Project and the business once we have progressed beyond first production.

“The definitive feasibility study is planned to be delivered by the end of the March quarter and with full regulatory approvals and project financing anticipated in the following quarter, first production at the Finniss Project is on track for the end of 2019.”

- Jessica Cummins 

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Sun, 17 Feb 2019 19:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214758/core-lithium-makes-key-appointments-to-progress-finniss-lithium-project-214758.html
<![CDATA[News - Core Lithium boosts Finniss resource to 8.6 million tonnes with initial Hang Gong estimate ]]> https://www.proactiveinvestors.com.au/companies/news/213667/core-lithium-boosts-finniss-resource-to-86-million-tonnes-with-initial-hang-gong-estimate-213667.html Core Lithium Ltd (ASX:CXO) has increased the lithium resource for the Finniss project in the Northern Territory to 8.55 million tonnes by incorporating resources from Hang Gong deposit.

The maiden Hang Gong JORC 2012-compliant inferred mineral resource estimate is 1.4 million tonnes at 1.2% lithium oxide.

With the Finniss resource at 8.55 million tonnes at 1.33% lithium oxide, further growth is expected from an exploration target adjacent to the resource in the Hang Gong area.

READ: Core Lithium prepares resource updates ahead of Finniss DFS expansion

Core Lithium managing director Stephen Biggins said: “The global mineral resource for the Finniss project has increased rapidly from 1.8 million tonnes at the start of 2018 to 8.55 million tonnes, and we expect it will continue to grow with our ongoing drilling.

“We continue to be excited by the new results that the project turns up for us and we are confident that Hang Gong, together with the other prospects and deposits at Finnis, will add up to a substantial lithium project.”

Development of spodumene operation

The company is undertaking a DFS for the development of a spodumene concentrate operation based on the Grants deposit at Finniss and is aiming to build on the strong financial outcomes highlighted in the prefeasibility study.

Hang Gong is less than 1-kilometre from the proposed mine and plant at Grants and a few hundred metres from the Carlton resource.

Biggins also said: “The increasing global mineral resource at Finniss enhances the potential for the project to deliver robust returns, which are expected to be confirmed by the DFS work that is underway.”

 

READ: Core Lithium selects preferred lead contractor for Finniss Lithium Project

Based on the potential outlined by an exploration target of 3-5 million tonnes, Core is conducting follow-up drilling at Hang Gong with the aim of expanding the initial  estimate. 

The potential quantity and grade of this exploration target is conceptual and there has been insufficient exploration to estimate a mineral resource.

Core’s recent evaluation highlighted multiple stacked pegmatites that are relatively flat lying to shallow dipping and vary from less than 1-metre up to 15 metres in true thickness.

First production late 2019

Core is targeting commencement of mining and construction at Grants in mid-2019 and first production of high-quality spodumene concentrate in late 2019 subject to financing and regulatory approvals.

READ: Core Lithium achieves a major milestone towards production at Finniss Lithium Project

The company was granted a mineral lease for the Grants deposit earlier this month, marking a historic move for the company and the Northern Territory, as it is the first lithium focused mineral lease awarded in the NT.

READ: Core Lithium completes $3 million placement and begins drilling 

The company has also completed a $3 million placement with cornerstone commitments from two of China’s largest lithium producers

Core’s binding offtake partner Sichuan Yahua and parties associated with non-binding offtake partner Ruifu subscribed for a $1.5 million share of the placement.

The project is within 25 kilometres of port, power station, gas, and has arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project.

- Jessica Cummins

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Wed, 30 Jan 2019 21:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213667/core-lithium-boosts-finniss-resource-to-86-million-tonnes-with-initial-hang-gong-estimate-213667.html
<![CDATA[News - Core Lithium selects preferred lead contractor for Finniss Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/213209/core-lithium-selects-preferred-lead-contractor-for-finniss-lithium-project-213209.html Core Lithium Ltd (ASX:CXO) has awarded preferred contractor status for three key components of its 100%-owned Finniss Lithium Project located near Darwin in the Northern Territory.

The three contractors are Primero Group, Lucas Total Contract Solutions, and Qube Holdings Ltd (ASX:QUB).

These three contractors are key participants in the development team Core is assembling on the back of being granted the first mining licence earlier this week.

In line with its construction schedule, Core is targeting first production of spodumene concentrate from Finniss by the end of 2019

READ: Core Lithium achieves a major milestone towards production at Finniss Lithium Project

Core’s managing director Stephen Biggins said: “These key contract roles are crucial for the success of the Finniss Lithium Project, so we did not make our decisions on who should be awarded these packages of work lightly.

“We believe we have selected the best contractors for the respective contracts out a field of worthy contractors, and look forward to working with Primero, Lucas TCS and Qube once the contracts have been finalised and the next phases of work at Finniss get underway.

“Final award of these contracts will follow the completion and release of the definitive feasibility study and financing of the Finniss Project, which should see Core on-track for first production at Finniss by the end of the year.”

Contract terms to be finalised

Primero were engaged as the preferred engineering, procurement and construction (EPC) and FEED contractor.

Qube was selected as the preferred provider of haulage and transport solutions for Finniss, whilst Lucas has been selected for the provision of mining services work at Finniss.

Core will work with Primero, Lucas TCS and Qube to finalise contract terms that reflect the most cost-effective and time-efficient solution for Finniss.

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Thu, 24 Jan 2019 13:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213209/core-lithium-selects-preferred-lead-contractor-for-finniss-lithium-project-213209.html
<![CDATA[News - Core Lithium achieves a major milestone towards production at Finniss Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/212920/core-lithium-achieves-a-major-milestone-towards-production-at-finniss-lithium-project-212920.html Core Lithium Ltd (ASX:CXO) has been granted a mineral lease for the Grants Deposit, a key component of its fully owned Finniss Lithium Project near Darwin in the Northern Territory.

The company has received and accepted the notification from Northern Territory Assistant Minister for Primary Industry and Resources, Nicole Manison, advising Core of the NT Government’s offer of a mineral lease for a term of 20 years.

READ: Core Lithium prepares resource updates ahead of Finniss DFS expansion

The award of the mineral lease is both a historic and momentous one for Core, the NT Government and the Northern Territory in that it is the first lithium-focused mineral lease ever awarded in the NT and moves the NT much closer to having its first operating lithium mine.

Notably, the mineral lease has been awarded three months earlier than anticipated.

READ: Core Lithium completes $3 million placement and begins drilling at Finnis

Core managing director Stephen Biggins said: “As we continue on our path towards becoming Australia’s first lithium producer outside of Western Australia, it’s important that we don’t let any of these important milestones pass us without reflecting on both their significance and importance for Core.

“With the mineral lease secured for Grants, Core is now well on the way towards becoming the Northern Territory’s first lithium producer.

Core's Finnis project and its proposed Grants mine in the Northern Territory

“The definitive feasibility study on Grants is expected to be delivered by the end of the March quarter, with first production at the Finniss Lithium Project on-track for the end of 2019.”

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Mon, 21 Jan 2019 13:27:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212920/core-lithium-achieves-a-major-milestone-towards-production-at-finniss-lithium-project-212920.html
<![CDATA[News - Core Lithium prepares resource updates ahead of Finniss DFS expansion ]]> https://www.proactiveinvestors.com.au/companies/news/212835/core-lithium-prepares-resource-updates-ahead-of-finniss-dfs-expansion-212835.html Core Lithium Ltd (ASX:CXO) (OTCMKTS:CORX) expects to update its mineral resource estimate for the flagship Finniss Lithium Project in the Northern Territory this quarter.

The company, which previously traded as Core Exploration Ltd, has the drill bit spinning at the wholly-owned project, boosted by a $3 million placement of 12 million shares.

READ: Core Lithium completes $3 million placement and begins drilling at Finnis

Core’s binding offtake partner Sichuan Yahua and parties associated with non-binding offtake partner Ruifu subscribed for a $1.5 million cornerstone share of the placement.

The investors are two of China’s largest lithium producers.

Core’s placement will power mineral resource drilling at recently discovered Finniss prospects at the project 80 kilometres by sealed road from Darwin.

The funds will also be used for working capital and to help the company deliver an expanded scope for its definitive feasibility study (DFS), a milestone expected in the March 2019 quarter.

Core highlighted the benefits of the project two days ago, reporting: “The Finniss Lithium Project has substantial infrastructure advantages supporting the project’s development.

“(Finniss is) close to suburban workforce, grid power, gas and within easy trucking distance by sealed road to Darwin port — Australia’s nearest port to Asia.”

The company has a reverse circulation and diamond core rig on site targeting resource definition at the Hang Gong, Lees-Booths Link and Carlton deposits.

Hang Gong drilling had continued into last month, with Lees-Booths Link and Carlton prospect drilling to follow.

The company expects to release an updated lithium resource estimate by the end of January 2019 and publish further resource upgrades and estimates in coming months.

READ: Core Lithium’s latest assays point to two new large deposits

Last month Core increased the total JORC resource of its Finniss project to 7.13 million tonnes grading 1.38% lithium oxide.

The update came as the company released a maiden resource estimate for the Carlton deposit of 790,000 tonnes at 1.3% lithium oxide.

Highlights from drilling at Carlton included 17 metres grading 1.34% lithium oxide from 125 metres and 24 metres grading 1.15% from 169 metres.

Carlton is in the same 770-hectare mining lease application area as Core’s Grants deposit and is only a few hundred metres of the company’s proposed mine and processing facility.

Core's Finnis project and its proposed Grants mine in the Northern Territory

Grants forms part of the Finniss project and Core plans to develop the 117-hectare Grants resource as an open cut lithium mine targeting a pegmatite deposit containing the lithium-bearing ore spodumene.

Regulatory approvals are being sought from the NT Government and funds sought from financiers as the company seeks to open the mine by the end of 2019.

The BP33 deposit is also part of Finniss project.

READ: Core Lithium boosts lithium inventory with maiden Carlton resource

The state’s Environment Protection Authority is assessing an environmental impact assessment for the two-or-three-year Grants mine, 24 kilometres south of Darwin.

A public comment period closed on December 14, 2018.

READ: Core Lithium eyes higher valuation potential for Finniss Lithium Project

Core managing director Stephen Biggins reported in December 2018: “The global mineral resource for the Finniss project has increased rapidly from 1.8 million tonnes at the start of 2018 to 7.1 million tonnes at year end.

“Core’s management is of the view that the global mineral resource will grow even further in January, given the quality of the drilling results received from the recent exploration drilling at Hang Gong and Lees-Booths Link.

“These new mineral resources have the potential to add substantial upside to the economics of the Finniss Lithium Project, in addition to the lithium mineral resources already defined.”

Significant potential to expand the mineralisation has been identified during the Lees-Booths Link and Hang resource estimation process.

Highlights from the results included 6 metres at 1.49% from 146 metres at Hang Gong and 13 metres at 1.46% from 193 metres at Lees prospect.

A drill hole plan for the BP33 deposit at Finniss project

Capital position

Core increased its number of shares by 12 million shares to 693,866,657 on January 16, 2019, after issuing its $3 million of placement shares priced at 5 cents each.

The share issue was a 1.76% dilution of voting power for the company’s investors.

Core advised in its annual report there were 633,591,657 shares on issue and 2,786 shareholders on August 31, 2018.

The company’s top 20 shareholders had 24.56% of the company.

Among the investors were top shareholder Ya Hua International Investment and Development Co Ltd with a 9.44% major stake, and a number of other smaller holders, including then number two largest shareholder Mining Value Fund Pty Ltd (1.58%) and joint number three George Chien Hsun Lu and Jenny Chin Pao Lu (1.28%).

The company had $5.5 million cash on September 30 after spending $2.5 million on its operating activities.

It subsequently received $3 million in commitments from sophisticated investors in December 2018, issuing the new shares in January 2019.

— with John Miller

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Thu, 17 Jan 2019 20:45:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212835/core-lithium-prepares-resource-updates-ahead-of-finniss-dfs-expansion-212835.html
<![CDATA[News - Core Lithium completes $3 million placement and begins drilling at Finnis ]]> https://www.proactiveinvestors.com.au/companies/news/212654/core-lithium-completes-3-million-placement-and-begins-drilling-at-finnis-212654.html Core Lithium Ltd (ASX: CXO) has completed a $3 million placement and has the drill bit spinning for the 2019 resource drilling program at Finniss Lithium Project in the Northern Territory.

The placement was strongly supported, including cornerstone commitments from by Core’s binding offtake partner Sichuan Yahua and parties associated with non-binding offtake partner Ruifu.

These two parties, which are among China’s largest lithium producers, subscribed to $1.5 million of the placement.

READ: Core Lithium reveals high-grade lithium hits at Finniss project ahead of resource update

Funds will enable Core to accelerate mineral resource drilling of recently discovered prospects at Finniss and deliver an expanded scope for the definitive feasibility study (DFS).

Core has a reverse circulation and diamond core rig on site targeting resource definition at the Hang Gong, Lees-Booths Link and Carlton deposits.

The company expects to release an updated lithium resource estimate by the end of January and further resource upgrades and estimates in coming months.

Mineral resource expansion and drilling begin

Core is focused on producing high-quality lithium concentrate from Finniss and subject to finance and regulatory approvals, aims to begin production at Grants deposit by the end of 2019.

Infrastructure advantages, nearest port to Asia

The project has substantial infrastructure advantages supporting development with its close proximity to suburban workforce, grid power and gas.

Finniss is also within easy trucking distance by sealed road to Darwin Port, Australia’s nearest port to Asia.

READ: Core Lithium boosts inventory with maiden Carlton resource

In December last year the company increased the total JORC resource at the Finniss project to 7.13 million tonnes grading 1.38% lithium oxide.

The increase was a result of the maiden JORC resource estimate for the Carlton deposit of 790,000 tonnes at 1.3% lithium oxide.

Substantial economics upside

At the time Core’s managing director Stephen Biggins said: “The global mineral resource for the Finniss project has increased rapidly from 1.8 million tonnes at the start of 2018 to 7.1 million tonnes at year end.

“Core’s management is of the view that the global mineral resource will grow even further in January, given the quality of drilling results from recent exploration at Hang Gong and Lees-Booth Link.

“These new mineral resources have the potential to add substantial upside to the economics of the Finniss Lithium Project, in addition to the lithium mineral resources already defined.”

READ: Core Lithium’s latest assays point to two new large deposits

In November last year the company also revealed high-grade drill results from the Carlton and Hang Gong prospects which demonstrated the potential to expand the resource.

Highlights included:

17 metres at 1.34% lithium oxide from 125 metres at Carlton;

24 metres at 1.15% from 169 metres at Carlton; and

6 metres at 1.49% from 146 metres at Hang Gong.

Biggins said: “These exploration results continue the unveiling of the Bynoe Pegmatite Field as what we believe is a world-class lithium district.”

- Jessica Cummins

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Tue, 15 Jan 2019 23:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212654/core-lithium-completes-3-million-placement-and-begins-drilling-at-finnis-212654.html
<![CDATA[News - Core Lithium’s latest assays point to two new large deposits ]]> https://www.proactiveinvestors.com.au/companies/news/211526/core-lithiums-latest-assays-point-to-two-new-large-deposits-211526.html Core Lithium Ltd (ASX:CXO) has received new assay results from drilling at the Lees-Booths Link and Hang Gong prospects within its Finniss Lithium Project in the Northern Territory.

Results which feature 13 metres at 1.46% lithium oxide from 193 metres depth demonstrate the potential for both prospects to host large lithium deposits.

Additional assay results are still pending and the results will be used to estimate maiden resources for both prospects to build on the growing global inventory within the Finniss Project.

READ: Core Lithium boosts lithium inventory with maiden Carlton resource

Core’s managing director Stephen Biggins said: “These exploration results continue to justify a change in the exploration methodology in the northern part of the Finniss Project, focussing more effort on discovery and follow-up of shallower dipping stacked pegmatites, similar to our Western Australian counterparts.

“While the steeper bodies make up the entirety of Core’s current global resource base, it appears inevitable that the stacked sheets will contribute significantly to the Mineral Resource in the near future.

“With this in mind, Core has already recommenced resource expansion drilling at Hang Gong and Lees-Booths Link.

“It is probable that the bulk of next year’s budget will be targeting shallow dipping mineralisation in the greater Grants-BP33 corridor.”

Assays for 10 of 14 holes at Lees-Booths

Assays have now been returned for 10 of the 14 reverse circulation (RC) holes completed to target depth.

Of these, 9 holes contain mineralised pegmatite and 5 contain at least two mineralised pegmatites, including:

• 13 metres at 1.46% lithium oxide from 193 metres;
• 9 metres at 1.04% lithium oxide from 160 metres;
• 4 metres at 1.72% lithium oxide from 227 metres; and
• 5 metres at 1.38% lithium oxide from 136 metres.

Multiple mineralised pegmatites have been intersected over a 1-kilometre strike length and in stacked horizons which supports the potential for favourable mining economics.

Assays for final 4 holes at Hang Gong received

The assay results for the last 4 RC drill holes of the November program have also been returned

The most northwestern hole intersected two mineralised pegmatites with 6 metres at 0.89% lithium oxide from 130 metres and 3 metres at 1.25% lithium oxide from 157 metres.

This hole extends the known mineralised corridor at Hang Gong to 900x500 metres, which is open to the northeast and southwest.

This interpreted mineralised trend measures 1x1 kilometres and has been shown to contain multiple stacked mineralised pegmatite sheets.

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Thu, 20 Dec 2018 11:01:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211526/core-lithiums-latest-assays-point-to-two-new-large-deposits-211526.html
<![CDATA[News - Core Lithium boosts lithium inventory with maiden Carlton resource ]]> https://www.proactiveinvestors.com.au/companies/news/211360/core-lithium-boosts-lithium-inventory-with-maiden-carlton-resource-211360.html Core Lithium Ltd (ASX:CXO) has increased the total JORC resource of its Finniss Lithium Project in the Northern Territory to 7.13 million tonnes grading 1.38% lithium oxide.

The increase is a result of the maiden JORC resource estimate for the Carlton deposit of 0.79 million tonnes at 1.3% lithium oxide.

Notably, Carlton is located within the same mining lease application area as the Grants deposit and within a few hundred metres of the proposed mine and processing facility at Grants.

READ: Core Lithium commences drilling to expand JORC lithium resource at Finniss

Core’s managing director Stephen Biggins said: “The global mineral resource for the Finniss Project has increased rapidly from 1.8 million tonnes at the start of 2018 to 7.1 million tonnes at year end.

"Core’s management is of the view that the global Mineral Resource will grow even further in January, given the quality of the drilling results received from the recent exploration drilling at Hang Gong and Lees-Booths Link.

“These new Mineral Resources have the potential to add substantial upside to the economics of the Finniss Lithium Project, in addition to the lithium Mineral Resources already defined.”

Carlton to be upgraded through additional drilling

The maiden resource at Carlton is expected to be upgraded in scale and in confidence category with the next round of resource drilling.

The next phase of reverse circulation (RC) and diamond resource drilling is planned to commence at Carlton during January 2019.

Two more maiden resources pending

The Finniss Project resource is expected to materially increase further in coming weeks as new resource estimates are pending for Hang Gong and the Lees-Booths Link in January 2019.

The rapidly increasing global resource enhances the potential for the Finniss Project to deliver robust returns, which are expected to be confirmed by the DFS work that is currently underway.

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Tue, 18 Dec 2018 13:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211360/core-lithium-boosts-lithium-inventory-with-maiden-carlton-resource-211360.html
<![CDATA[News - Core Lithium commences drilling to expand JORC lithium resource at Finniss ]]> https://www.proactiveinvestors.com.au/companies/news/211104/core-lithium-commences-drilling-to-expand-jorc-lithium-resource-at-finniss-211104.html Core Lithium Ltd (ASX:CXO) has commenced resource expansion and infill drilling at the Finniss Lithium Project located 80 kilometres by sealed road from Darwin, Northern Territory.  

Reverse circulation (RC) drilling has been restarted at the Hang Gong and Less-Booths Link prospects within the Finniss Project.

Drilling is funded by the recent capital raising and aims to extend known lithium mineralisation at the Hang Gong, Lees-Booths Link and Carlton prospects.

A maiden JORC resource estimate for Carlton is on track for delivery next week, followed by maiden estimates for both Hang Gong and Lees-Booths Link expected in January 2019.

READ: Core Lithium raises $3 million, DFS expected March quarter

Notably, these pending resources updates have the potential to feed into the expanded definitive feasibility study (DFS) which is on track for completion late in the March quarter 2019.

This most recent round of drilling is already looking to expand upon the yet to be released maiden resource estimates.

This is because during the resource estimation process for the Hang Gong, Lees-Booths Link and Carlton prospects, significant potential to expand the mineralisation was identified.

Larger resource increases project’s potential value

Core is anticipating to materially increase the existing resource base of the Finniss Lithium Project over the next two months through the pending maiden resource estimates.

These new resources have the potential to have strong positive implications in terms of extending the life of the Finniss lithium operation and project economics.

These project economics are presently being considered in the DFS due for completion in the March quarter 2019.

Further resource updates at these prospects are also anticipated to follow during the March quarter 2019.

Drill assays from the new drilling are also expected to be reported throughout the March quarter.

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Thu, 13 Dec 2018 13:29:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211104/core-lithium-commences-drilling-to-expand-jorc-lithium-resource-at-finniss-211104.html
<![CDATA[News - Core Lithium raises $3 million, DFS expected March quarter ]]> https://www.proactiveinvestors.com.au/companies/news/210823/core-lithium-raises-3-million-dfs-expected-march-quarter-210823.html Core Lithium Ltd (ASX:CXO) has received commitments to raise around $3 million in funding through the placement of 60 million shares priced at 5 cents.

The capital raising was strongly supported by the company’s binding off-take partner Yahua and non-binding off-take partner Ruifu, being two of China’s largest lithium producers.

Funding will accelerate resource drilling programs of the recently discovered prospects and delivery of the expanded scope of the definitive feasibility study (DFS).

Resource drilling will target the Carlton, Hang Gong and Lees-Booth Link prospects.

READ: Core Lithium eyes higher valuation potential for Finniss Lithium Project

Core’s managing director Stephen Biggins said: “We are pleased to have such strong support for this capital raising, particularly by experienced players in the lithium space, Yahua and Ruifu, which is a significant demonstration in their belief in the Finniss Lithium Project.

“I would also like to welcome our new shareholders and thank our existing shareholders that participated in the placement.

“We look forward to delivering on our expanded DFS and creating value for our existing and new shareholders as we march towards development in 2019.”

Construction timetable unchanged

The expanded DFS is now targeting for delivery late in the March quarter 2019.

The timetable is unchanged for construction to begin at the Finniss Lithium Project, which is targeting commencement in mid-2019.

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Mon, 10 Dec 2018 11:52:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210823/core-lithium-raises-3-million-dfs-expected-march-quarter-210823.html
<![CDATA[News - Core Lithium eyes higher valuation potential for Finniss Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/210632/core-lithium-eyes-higher-valuation-potential-for-finniss-lithium-project-210632.html Core Lithium Ltd (ASX:CXO) has intersected substantial new spodumene mineralised pegmatites from recent drilling at its Finniss Lithium Project in the Northern Territory.

The company is awaiting drill assays from this exploration/resource drilling and will aim to complete the resource assessment process for each of Carlton, Hang Gong and Lees-Booths Link.

Core is expected to reveal substantially expanded resources for the project over the next two months.

READ: Core Lithium releases maiden lithium resource for Sandras, shares rise

Given the expected material change in the resource, Core has formed the view that the definitive feasibility study (DFS) process needs to recognise this in order to deliver an optimal outcome in terms of the size and scheduling of the mining operations.

Core managing director Stephen Biggins said: “It was a difficult decision to defer the release of the DFS, however the positive exploration results and expected substantial mineral resource increase meant that we would have released a study that would have dated very quickly, and would not reflect the project we believe Core will ultimately develop.

READ: Core Lithium reveals high-grade lithium hits at Finniss project ahead of resource update

“In the context of the recently announced $1.58 billion deal to sell half the Wodgina Lithium Project from Mineral Resources (ASX:MIN) to Albemarle, Core is understandably keen to maximise the resources and valuation potential of the Finniss Lithium Project.

“Given we are not expecting regulatory and other approvals before the start of Q2 2019, we believe it makes much more sense to incorporate the new information and ensure that we have the best project possible before we commit shareholder’s funds to development.

“We look forward to the release of the mineral resource upgrades over the coming weeks and our plans to be Australia’s next lithium producer.”

Capital raising

Core’s binding offtake partner Yahua and non-binding offtake partner Ruifu, being two of China’s largest lithium producers, have committed to $1.5 million of new equity at 5 cents per share to accelerate resource drilling programs of the recently discovered prospects and delivery of the expanded scope of the DFS.

Both Ruifu and Core continue to work diligently towards execution of binding agreements, with the expectation of completion in Q1 2019.

In addition to the $1.5 million strategic placement, Core is finalising plans for the balance of additional new equity up to a further $2.5 million to be raised on the same terms.

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Thu, 06 Dec 2018 17:16:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210632/core-lithium-eyes-higher-valuation-potential-for-finniss-lithium-project-210632.html
<![CDATA[News - Core Lithium granted trading halt pending capital raising activity ]]> https://www.proactiveinvestors.com.au/companies/news/210626/core-lithium-granted-trading-halt-pending-capital-raising-activity-210626.html Core Lithium Ltd (ASX:CXO) has been granted a trading halt by the ASX pending an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of trading on Monday, December 10, or until an announcement is released to market.

READ: Core Lithium releases maiden resource for Sandras, shares rise

The company recently boosted its JORC resource inventory through the release of a maiden resource for the Sandras lithium deposit within the Finniss Lithium Project, Northern Territory.

The resource at Sandras totals 1.3 million tonnes grading 1.0% lithium and it boosts the overall resource for the Finniss Project to 6.34 million tonnes grading 1.39% lithium.

The growing lithium resource at Finniss increases the project’s potential value as a future mining operation which is being investigated further by an ongoing definitive feasibility study.

Core is targeting commencement of mining and construction in mid-2019 and first production of high-quality spodumene concentrate in late 2019, subject to financing and regulatory approvals.

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Wed, 05 Dec 2018 22:22:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210626/core-lithium-granted-trading-halt-pending-capital-raising-activity-210626.html
<![CDATA[News - Core Lithium releases maiden lithium resource for Sandras, shares rise ]]> https://www.proactiveinvestors.com.au/companies/news/210172/core-lithium-releases-maiden-lithium-resource-for-sandras-shares-rise-210172.html Core Lithium Ltd (ASX:CXO) has boosted its JORC resource inventory through the release of a maiden resource for the Sandras lithium deposit within the Finniss Lithium Project, Northern Territory.

The resource at Sandras totals 1.3 million tonnes grading 1.0% lithium and it boosts the overall resource for the Finniss Project to 6.34 million tonnes grading 1.39% lithium.

The growing lithium resource at Finniss increases the project’s potential value as a future mining operation which is being investigated further by the definitive feasibility study (DFS) underway.

READ: Core Exploration becomes Core Lithium Ltd to reflect battery metal focus

Core’s managing director Stephen Biggins said: “Adding an additional 1.3 million tonnes to our Finniss resource base from Sandras is a great result.

“The global Mineral Resource for the Finniss Project has increased rapidly from 1.8 million tonnes at the start of 2018 to 6.3 million tonnes today, and Core’s management is of the view that the global Mineral Resource will grow even further over coming 2 months, given the quality of the drilling results received from the recent exploration drilling at a number of new prospects, namely Carlton, Hang Gong and Lees-Booths-Link.

“These new Mineral Resources have the potential to add substantial upside to the economics of the Finniss Lithium Project, in addition to the lithium Mineral Resources already defined at Grants and BP33.”

More resource upgrades to come, DFS advancing

Core’s global JORC resource inventory is expected to increase over the coming weeks as new resource estimates are revealed for Carlton, followed by Hang Gong and then Lees-Booths-Link.

The company is undertaking a DFS for the development of a spodumene concentrate operation at Finniss.

Core is targeting commencement of mining and construction in mid-2019 and first production of high-quality spodumene concentrate in late 2019, subject to financing and regulatory approvals.

The DFS aims to build upon the strong financial outcomes highlighted in the pre-feasibility (PFS) released in June 2018.

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Thu, 29 Nov 2018 12:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210172/core-lithium-releases-maiden-lithium-resource-for-sandras-shares-rise-210172.html
<![CDATA[News - Core Lithium reveals high-grade lithium hits at Finniss project ahead of resource update ]]> https://www.proactiveinvestors.com.au/companies/news/209983/core-lithium-reveals-high-grade-lithium-hits-at-finniss-project-ahead-of-resource-update-209983.html Core Lithium Ltd (ASX:CXO) has revealed high-grade drill results from the Carlton and Hang Gong prospects demonstrating the potential to significantly expand the lithium resource at Core’s Finniss Lithium Project in the Northern Territory.

Highlight results from recent drilling include:

• 17 metres at 1.34% lithium oxide from 125 metres at Carlton;
• 24 metres at 1.15% lithium oxide from 169 metres at Carlton; and
• 6 metres at 1.49% lithium oxide from 146 metres at Hang Gong.

Finniss Lithium Project

Core managing director Stephen Biggins said: “These exploration results continue the unveiling of the Bynoe Pegmatite Field as what we believe is a world-class lithium district.

“The mineral resource base of the Finniss Lithium Project has increased from 1.8 million tonnes to 5 million tonnes since May this year and the drilling results coming to hand suggest the company will be able to materially increase that in the coming months.

“Core will continue to progress Grants towards development whilst growing the existing mineral resource base through aggressive exploration programs to unlock the hidden potential.”

READ: Core Exploration becomes Core Lithium Ltd to reflect battery metal focus

Core’s drilling in 2018 is aimed at substantially growing the mineral resource base to underpin a potential long-life lithium mining and production operation.

Earlier this month, the company changed its name to Core Lithium Ltd to better reflect its focus on the key battery metal.

As drilling assay results come to hand from the laboratory, Core will be integrating these into current geological models with the view to estimating resources for Sandras, Carlton, Hang Gong and Booths Lees Link.

This exercise has already been carried out at Grants and BP33.

READ: Core Exploration increases BP33 lithium deposit by 51%

A resource estimate for Sandras is imminent and for Carlton in the next 2 weeks.  Data for Hang Gong and Booths Lees received to date also appears to support the estimation of a resource.

If these resources come to fruition, Core believes that it will likely double the global resource at the project.

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Tue, 27 Nov 2018 13:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209983/core-lithium-reveals-high-grade-lithium-hits-at-finniss-project-ahead-of-resource-update-209983.html
<![CDATA[News - Core Lithium “deeply saddened” to advise of sudden passing of CFO ]]> https://www.proactiveinvestors.com.au/companies/news/209422/core-lithium-deeply-saddened-to-advise-of-sudden-passing-of-cfo-209422.html Core Lithium Ltd (ASX:CXO) is “deeply saddened” to advise of the sudden passing of chief financial officer Erik Palmbachs, who died last week following a cardiac arrest.

The emerging Australian lithium developer said in a statement that although he was a recent addition to the ‘family’, he had an immediate and positive impact on the company and team.

READ: Core Exploration becomes Core Lithium Ltd to reflect battery metal focus

Core Lithium, which recently changed its name from Core Exploration, is progressing plans to bring the Finniss Lithium Project in the Northern Territory into production in 2019.

Provided highly valued, professional and erudite advice

The company’s statement said: “As chief financial officer, and with over 20 years’ experience in the resources sector, Erik gave highly valued, professional and erudite advice to the board and management during this important time in the company’s transition.

“On behalf of the company and our shareholders, we express deepest sympathy to Erik’s family. His positivity and friendly demeanour will be greatly missed.”

READ: Core Exploration early drill results suggest large hidden pegmatite swarms

The company is advancing the Finniss project near Darwin and last month lodged an application for a mining lease at the Grants prospect with the NT Government.

A definitive feasibility study is underway and is on track for completion later this month.

This study is focused on mining and production of high-grade lithium concentrate with development planned to start in 2019.

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Mon, 19 Nov 2018 16:13:00 +1100 https://www.proactiveinvestors.com.au/companies/news/209422/core-lithium-deeply-saddened-to-advise-of-sudden-passing-of-cfo-209422.html
<![CDATA[News - Core Exploration becomes Core Lithium Ltd to reflect battery metal focus ]]> https://www.proactiveinvestors.com.au/companies/news/208975/core-exploration-becomes-core-lithium-ltd-to-reflect-battery-metal-focus-208975.html Core Exploration Ltd (ASX:CXO) has changed its name to Core Lithium Ltd to better reflect the company’s focus on the key battery metal.

The company has received a Certificate of Registration on Change of Name from ASIC and the new name will be updated in ASX records on Wednesday, November 14, 2018, with the ticker CXO retained.

READ: Core Exploration adds lithium to name amid transition to battery metal producer

Core’s shareholders approved the change of name at the company’s annual general meeting on November 8.

The company is advancing the Finniss Lithium Project near Darwin and last month lodged an application for a mining lease at the Grants prospect with the NT Government.

A definitive feasibility study is underway at Finniss and is on track for completion later this month.

The study is focused on mining and production of high-grade lithium concentrate with development planned to start in 2019.

READ: Core Exploration early drill results suggest large hidden pegmatite swarms

Earlier today the company released pre-assay results from 10 step-out holes drilled at the Lees and Booth lithium prospects within the Finniss project.

Drilling was testing whether the two prospects are linked and early indications support that theory.

Pegmatite intersections were encountered in all 10 step-out holes across 1,000 metres of strike length.

While the assays are yet to be received, visual estimates suggest mineralised spodumene within the pegmatites.

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Mon, 12 Nov 2018 15:57:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208975/core-exploration-becomes-core-lithium-ltd-to-reflect-battery-metal-focus-208975.html
<![CDATA[News - Core Exploration early drill results suggest large hidden pegmatite swarms ]]> https://www.proactiveinvestors.com.au/companies/news/208968/core-exploration-early-drill-results-suggest-large-hidden-pegmatite-swarms-208968.html Core Exploration Ltd (ASX:CXO) has received pre-assay results from 10 step-out holes drilled at the Lees and Booth lithium prospects within the Finniss Project in the Northern Territory.

Drilling was testing whether the two prospects were linked and early indications support that theory.

Pegmatite intersections were encountered in all 10 step-out holes across 1,000 metres of strike length.

While the assays are yet to be received, visual estimates suggest mineralised spodumene within the pegmatites.

READ: Core Exploration adds lithium to name amid transition to battery metal producer 

Core’s managing director Stephen Biggins said: “These exploration results demonstrate the potential to uncover large blind spodumene-rich pegmatite swarms at the Finniss Lithium Project.

“The historic pits and workings at Lees and Booths are likely to be just a small surface footprint of more extensive pegmatites buried under thin cover in the area.

“The remainder of 2018 is shaping up to be a very busy one for Core as we continue to progress Grants towards development whilst examining the drilling data at a number of other prospects to bring these into the Project’s resource inventory.”

READ: Core Exploration increases BP33 lithium deposit by 51%

All 10 holes contain at least one pegmatite intersection in the range 6-23 metres thick.

Most holes contain multiple intersections of pegmatite that can be tied with reasonable confidence to pegmatite intersections in holes along strike and down-dip.

Given the relatively shallow dip and apparent lateral consistency over 1-kilometre of strike, the Lees-Booths link has the potential to significantly expand the lithium resource inventory at Finniss.

Project may host other hidden pegmatites

Significantly, the discovery and delineation of a buried pegmatite swarm at Lees-Booths provides confidence that the Bynoe Pegmatite Field has other concealed spodumene pegmatite deposits.

Core is focussed on completing a definitive feasibility study (DFS) later this year for the development of mining and producing high-quality lithium concentrate from the Finniss Project.

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Mon, 12 Nov 2018 12:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208968/core-exploration-early-drill-results-suggest-large-hidden-pegmatite-swarms-208968.html
<![CDATA[News - Core Exploration adds lithium to name amid transition to battery metal producer ]]> https://www.proactiveinvestors.com.au/companies/news/208798/core-exploration-adds-lithium-to-name-amid-transition-to-battery-metal-producer-208798.html Core Exploration Ltd’s (ASX:CXO) shareholders have approved a resolution to change the company name to Core Lithium Ltd at the lithium developer’s annual general meeting today.

Core is advancing the Finniss Lithium Project near Darwin and last month lodged an application for a mining lease at the Grants prospect with the NT Government.

A definitive feasibility study is currently underway at Finniss and is on track for completion later this month.

The study is focused on mining and production of high-grade lithium concentrate with development planned to start in 2019.

READ: Core Exploration increases BP33 lithium deposit by 51%

Core chairman Greg English said at the AGM that Finniss had many characteristics that make it favourable for development.

These include: the high-grade ore being amenable to simple dense media separation; mining of spodumene through open pit mining methods; the project’s 90-kilometre proximity to Darwin’s port; and being Australia’s closest lithium project to China.

English added: “We are confident that once all permits are granted and funding is secured … we will be able to successfully develop the Finniss project and successfully grow the mineral resource to support an increased mine life.”

Proximity to Darwin port

  READ: Core Exploration intersects high-grade lithium expands Finniss potential

Core has been actively drilling at Finniss for over two years after the company reset its strategy in 2016 with the objective of discovering and developing a lithium project in the Northern Territory.

The work to shore up the project has increased the size of the Grants mineral resource by 42% to 4.3 million tonnes at 1.4% lithium and increase the BP33 mineral resource by 51% to 2.15 million tonnes at 1.5%.

Finniss’ global mineral resource now amounts to 5 million tonnes at 1.5% lithium.

The company has signed offtake framework agreements with Yahua and Ruifu and are now negotiating final and binding definitive agreements for the sale of spodumene concentrate.

English noted that the offtake agreements also include pre-payment conditions which may potentially assist with funding Finniss’ development.

READ: Core Exploration reveals 42% increase in Grants lithium resource

Core completed a pre-feasibility study for Finniss in June, indicating the project would be a low-capex lithium concentrate operation with globally competitive cash costs, high operating margins and rapid capital payback.

The Grants deposit is expected to generate a net present value (NPV) of $140 million pre-tax with an internal rate of return (IRR) of 142% at an average concentrate price of US$649 per tonne.

At the time of the PFS’ completion the spot concentrate price was US$895 which, if realised, would increase the NPV to $246 million.

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Thu, 08 Nov 2018 02:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208798/core-exploration-adds-lithium-to-name-amid-transition-to-battery-metal-producer-208798.html
<![CDATA[News - Core Exploration increases BP33 lithium deposit by 51% ]]> https://www.proactiveinvestors.com.au/companies/news/208572/core-exploration-increases-bp33-lithium-deposit-by-51-208572.html Core Exploration Ltd (ASX:CXO) has increased the JORC resource estimate by 51% at its BP33 deposit within its Finniss Lithium Project in the Northern Territory.

The BP33 resource upgrade pertained to size, grade and confidence with the new estimate at 2.15 million tonnes grading 1.5% lithium oxide.

BP33 is one of two deposits within the Finniss project and a maiden resource estimate for a third deposit, Sandras, is expected in the coming weeks.

READ: Core Exploration intersects high-grade lithium, expands Finniss potential

Core’s managing director Stephen Biggins said: “The excellent results from BP33 confirm our expectations that the Finniss Lithium Project will have extremely robust economics.

“We look forward to publishing the DFS in late November.”

One of the highest-grade undeveloped lithium deposits in Australia

The size and average grade of the global Finniss Project resource has also increased and stands at 5 million tonnes grading 1.5% lithium oxide.

This makes the resource is one of the highest-grade undeveloped lithium deposits in Australia.

The additional mining inventory defined is expected to result in a longer mine life at the Finniss Project, and further enhance the robust economics being estimated in the DFS.

Notably, the maiden resource estimate for Sandras is expected to further increase the project’s potential.

Furthermore, considerable scope remains to further increase the global resource given Core’s large undeveloped and underexplored surrounding exploration portfolio.

DFS on track, development to commence in 2019

The DFS remains on track for completion in late November 2018.

The study is focussed on mining and production of high-grade lithium concentrate near Darwin with development planned to commence in 2019.

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Tue, 06 Nov 2018 11:18:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208572/core-exploration-increases-bp33-lithium-deposit-by-51-208572.html
<![CDATA[News - Core Exploration intersects high-grade lithium, expands Finniss potential ]]> https://www.proactiveinvestors.com.au/companies/news/208279/core-exploration-intersects-high-grade-lithium-expands-finniss-potential-208279.html Core Exploration Ltd (ASX:CXO) has intersected high-grade lithium spodumene in reverse circulation (RC) drilling at its Finniss Lithium Project in the Northern Territory, indicating the potential to expand the existing mineral resource.

The company is growing the Finniss resource while completing a definitive feasibility study (DFS) for the development of mining and production of high-quality lithium concentrate.

The DFS is expected to be complete during quarter four 2018 and Core aims to finalise regulatory approvals, financing and internal approvals before beginning production at Grants before the end of 2019.

A mineral resource upgrade for the BP33 deposit is underway and will be reported this month, as well as the maiden resource estimate for Sandras.

After the BP33 resource update, Core will be able to finalise the DFS which is based on the mining of the Grants and BP33 deposits.

  READ: Core Exploration reveals 42% increase in Grants lithium resource

Core managing director Stephen Biggins said the exploration results demonstrated the significant potential of the Finniss project that the company had yet to fully realise.

“The remainder of 2018 is shaping up to be a very busy one for Core as we continue to progress Grants towards development, grow the existing resource base at BP33 and potentially add new resource at Sandras.

“Core is also maintaining an aggressive exploration program to continue to identify new prospects and better define spodumene pegmatites such as Lees, Booths, Carlton and Hang Gong, which all look very promising as potential additional sources of ore supply.

“We are in the final phases of the DFS for the Finniss project, which for the time being is focused on extraction of the resources defined at Grants and BP33 only, and we look forward to reporting the findings of the DFS in the weeks ahead.”

READ: Core Exploration targets lithium concentrate production at Finniss by late 2019

Drill holes at the northern end of Sandras intersected a greater thickness of mineralised pegmatite than previously modelled, hitting 24 metres at 1.0% lithium from 177 metres, including 2 metres at 2.04% from 182 metres.

RC drilling at the Lees prospect aimed to identify down-dip continuation of the pegmatite and five separate pegmatite sheets are now interpreted, with a number intersected being strongly mineralised.

Highlighted assay results from Lees include: 11 metres at 1.66% lithium from 122 metres; and 8 metres at 1.56% from 117 metres.

Proximity to Darwin port

  READ: Core Exploration boosts Napperby uranium deposit

Drilling at the Booths prospect targeted down-dip potential and encountered 5-10-metre thick pegmatites mineralised over narrow intervals.

Best results from Booths include: 6 metres at 1.03% lithium from 154 metres; and 5 metres at 0.95% from 113 metres.

The recent drilling at Lees and Booths suggests a broad northeast-trending synform, or a topographic feature composed of sedimentary layers in a concave formation, with stacking and thickening of pegmatites and an increase in lithium grade in the hinge.

This is interpreted by Core as a possible link between Lees and Booths, which with future drilling may potentially improve the prospectivity of the area.

Core intends to continue its regional exploration at Finniss until the wet seasons begins in late November, including geological mapping, auger mapping, rotary air blast (RAB) drilling and RC drilling.

RC drilling currently underway is testing as many as 12 different prospects on both the northern and southern areas of the project.

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Wed, 31 Oct 2018 21:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208279/core-exploration-intersects-high-grade-lithium-expands-finniss-potential-208279.html
<![CDATA[News - Core Exploration reveals 42% increase in Grants lithium resource ]]> https://www.proactiveinvestors.com.au/companies/news/207517/core-exploration-reveals-42-increase-in-grants-lithium-resource-207517.html Core Exploration Ltd (ASX:CXO) has revealed a substantial resource upgrade for its Grants Lithium Deposit at its Finniss Lithium Project in the Northern Territory.

The Grants resource is now 2.89 million tonnes at 1.5% Li2O (lithium oxide) and is one of the highest-grade spodumene deposits in Australia.

Interestingly, Grants resource tonnes have increased by 42% in size at a high grade of 1.5% Li2O, with over one-third classified in the measured category - the highest resource confidence classification.

The global resource for the Finniss Project is now 4.3 million tonnes at 1.4% Li2O and is expected to grow further in the coming weeks when a new resource estimate is announced for BP33.

The increase in the size of the estimate and confidence of the resource, following successful drilling in recent months, provides Core with great conviction that the project has the potential to deliver robust returns, which is expected to be confirmed by the definitive feasibility study (DFS).

READ: Core Exploration targets lithium concentrate production at Finniss by late 2019

Core is in the final stages of completing a DFS for the development of a spodumene concentrate operation from the Finniss Lithium Project and expects to deliver the DFS in late November 2018.

The company is targeting commencement of mining and construction mid-2019 and first production of high quality spodumene concentrate in late 2019.

The DFS is expected to dramatically build on the strong financial outcomes highlighted in the pre-feasibility study ($140 million net present value and 142% internal rate of return).

The DFS is likely to consider substantially expanded resources and longer mine life, optimised recoveries and increased grade of product as well as further confirmation of offtake and customer prepayment finance.

The Finniss Lithium Project has arguably the best supporting infrastructure and logistics chain to Asia of any Australian lithium project.

Finniss is within 25 kilometres of port, power station, gas, rail and one hour by sealed road to workforce accommodated in Darwin and importantly to Darwin Port - Australia’s nearest port to Asia.

High grade, low processing costs and cheap haulage make Core’s Finniss Project potentially one of the least capital intensive and most cost competitive spodumene operations in Australia.

READ: Core Exploration enters lithium off-take term sheet with US$35 million prepayment, share rise

Lithium demand is expected to rise significantly over the coming years due to demand from growing electric vehicle (EV) sales (lithium is a major component of lithium-ion batteries used in EVs).

EV sales recently reported year-on-year growth of 65% in the US, 44% in China and 42% in Europe.

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Mon, 22 Oct 2018 12:47:00 +1100 https://www.proactiveinvestors.com.au/companies/news/207517/core-exploration-reveals-42-increase-in-grants-lithium-resource-207517.html
<![CDATA[News - Core Exploration boosts Napperby uranium deposit ]]> https://www.proactiveinvestors.com.au/companies/news/206940/core-exploration-boosts-napperby-uranium-deposit-206940.html Core Exploration Ltd (ASX:CXO) has upgraded the JORC resource estimate for its 100% owned Napperby Uranium Deposit in the Northern Territory.

The new estimate of 9.54 million tonnes at 382 ppm U3O8 for 8.03 million pounds of U3O8 is an increase in both grade and contained U3O8.

Notably, the Napperby deposit also includes significant vanadium mineralisation of 9.54 million tonnes at 236 ppm vanadium pentoxide.

READ: Core Exploration strengthens executive team with chief financial officer appointment

Core’s managing director Stephen Biggins said: “The upgrade of Napperby to JORC 2012 guidelines is particularly exciting during a time of increasing uranium prices.

“Core notes with interest that the spot uranium price has increased close to 35% over the past year.

“We remain committed to moving as quickly as possible towards development of our Finniss Lithium Project, and to this end, with the resource estimate now completed, we can move forward on divestment discussions on Napperby to extract value for Core shareholders.”

Resource growth potential, parties interested

Significant potential remains to grow Napperby through further drilling of the immediately surrounding mineralisation.

In addition, there is substantial potential for additional uranium mineralisation within Core’s large 714 square kilometre prospective project area at Napperby.

Core has been contacted by multiple parties expressing interest in Napperby.

READ: Core Exploration targets lithium concentrate production at Finniss by late 2019

Napperby is located in the Northern Territory which is a low-risk Australian jurisdiction with a long consistent history of uranium production.

Notably, the Ranger Uranium Mine in the Northern Territory has been operating since 1981.

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Fri, 12 Oct 2018 10:33:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206940/core-exploration-boosts-napperby-uranium-deposit-206940.html
<![CDATA[News - Core Exploration strengthens executive team with chief financial officer appointment ]]> https://www.proactiveinvestors.com.au/companies/news/205707/core-exploration-strengthens-executive-team-with-chief-financial-officer-appointment-205707.html Core Exploration Ltd (ASX:CXO) has strengthened its executive team with the recruitment of experienced mining finance officer Erik Palmbachs as chief financial officer (CFO).

The key appointment comes as the company establishes the capabilities to move into development and production of high-quality lithium concentrate from its Northern Territory project over the next 12 months.

Extensive experience as CFO

Palmbachs has served as CFO during the development, start and operation of a number of mining and mineral processing projects over the past 20 years.

These include mining projects in the Northern Territory, Western Australia and internationally.

Notably, he was CFO at Catalpa Resources Ltd in the lead-up to the merger to create Evolution Mining Ltd (ASX:EVN) as the market cap grew from $15 million to $400 million.

Jarek Kopias will continue as company secretary

Jarek Kopias has served in a part-time capacity as Core’s CFO since 2011 and will continue as company secretary.

Core’s board has thanked Kopias for his commitment to the company in the part-time CFO role.

READ: Core Exploration targets lithium concentrate production at Finniss by late 2019

The company is on the path to low-capex lithium concentrate production by late 2019 at its Finniss Lithium Project near Darwin in the Northern Territory.

Core aims to complete regulatory approvals, financing and internal approvals before commencing production at the Grants deposit by the end of 2019.

READ: Core Exploration enters lithium offtake term sheet with US$35 million prepayment, share rise

A pre-feasibility study (PFS) clearly demonstrates the Finniss project economics to be compelling, with globally competitive cash costs that result in high operating margins and rapid capital payback.

Grants is a key component of the project and is expected to generate a net present value (NPV) of $140 million (pre-tax) with an internal rate of return (IRR) of 142% at an average concentrate price of US$649 per tonne.

Interestingly, the NPV is anticipated to increase to $246 million if the recent spot concentrate price of US$895 per tonne is realised.

Finniss comprises more than 500 square kilometres of tenements across the Bynoe Pegmatite Field, with exploration results confirming that ore-grade lithium mineralisation is widespread.

Core’s 2018 drilling is aimed at growing the resource to underpin a potential long-life lithium mining and production operation.

The company is focused on completing a definitive feasibility study later this year.

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Wed, 26 Sep 2018 14:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205707/core-exploration-strengthens-executive-team-with-chief-financial-officer-appointment-205707.html
<![CDATA[News - Core Exploration targets lithium concentrate production at Finniss by late 2019 ]]> https://www.proactiveinvestors.com.au/companies/news/205182/core-exploration-targets-lithium-concentrate-production-at-finniss-by-late-2019-205182.html Core Exploration Ltd (ASX:CXO) is on the path to low-capex lithium concentrate production by late 2019 at its Finniss Lithium Project near Darwin in the Northern Territory.

The company’s pre-feasibility study (PFS) clearly demonstrates the Finniss project economics to be compelling, with globally competitive cash costs that result in high operating margins and rapid capital payback.

READ: Core Exploration’s pre-feasibility study delivers robust economics for Grants Lithium Deposit

The Grants lithium deposit, a key component of its Finniss Lithium Project, is expected to generate a net present value (NPV) of $140 million (pre-tax) with an internal rate of return (IRR) of 142% at an average concentrate price of US$649 per tonne.

Interestingly, the NPV is anticipated to increases to $246 million if the recent spot concentrate price of US$895 per tonne is realised.

The Finniss project comprises over 500 square kilometres of tenements across the Bynoe Pegmatite Field, with exploration results confirming that ore grade lithium mineralisation is widespread.

Core’s 2018 drilling is aimed at growing the mineral resource to underpin a potential long-life lithium mining and production operation.

Countdown to first lithium production

The company is focused on completing a definitive feasibility study (DFS) later this year for the development of mining and producing lithium concentrate.

Core aims to complete regulatory approvals, financing and internal approvals before commencing production at Grants by the end of 2019.

READ: Core Exploration receives lithium assays revealing BP33 potential

Core has another promising area within the project, the BP33 prospect, where recent drilling returned high-grade lithium results.

Highlight results include 63 metres at 1.50% lithium oxide from 76 metres, 43 metres at 1.78% lithium oxide from 157 metres and 59 metres at 1.59% lithium oxide from 198 metres.

The PFS focussed only on the Grants deposit, with BP33 drilling results to be included in the 2018 DFS.

Drilling programs underway

The follow-up resource extension drill program at Grants is progressing with results expected this month.

Exploration drilling is also underway at the spodumene pegmatite at Sandras, Booths, Lees, Carlton and Hang Gong targets.

READ: Core Exploration new test work shows improved lithium recoveries

Core recently received updated metallurgical test work results showing improved lithium recoveries for samples from the Finniss project.

High grade 5.5% lithium concentrate was produced at an elevated recovery of 79%.

The new results are expected to further enhance the already robust economics demonstrated in the June 2018 PFS.

Test work demonstrates the viability of a simple gravity separation plant using industry standard dense media separation (DMS).

Notably, the further test work demonstrates a DMS circuit can easily produce a 6.1% lithium concentrate at good commercial recoveries of 69%.

Near Darwin Port - Australia’s nearest port to China

It is worth noting that the Finniss Lithium Project has a capex of only $53.5 million, with US$20 million already committed by major lithium offtake partner Sichuan Yahua Industrial Group.

Sichuan Yahua is a $2.4 billion listed company on the Shenzhen Stock Exchange and one of China’s largest lithium hydroxide and carbonate producers.

Core’s project can be considered fully funded when Sichuan Yahua’s US$20 million is combined with the US$35 million pre-payment facility with Shandong RuiFu Lithium Co Ltd.

READ: Core Exploration enters lithium off-take term sheet with US$35 million prepayment, share rise

Core and RuiFu have signed a term sheet for a lithium concentrate off-take agreement for up to 150,000 tonnes per annum for up to five years.

The prepayment facility will see RuiFu prepay US$35 million in stages to Core for lithium concentrate to be purchased under the off-take agreement.

RuiFu also intends to increase its equity holding to 10% in Core through a share placement, which would raise an estimated $3 million at 5 cents per share.

ASX lithium sector: comparative market capitalisations

Significantly, core's enterprise value of about $20 million offers substantial leverage to development and exploration.

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Wed, 19 Sep 2018 14:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205182/core-exploration-targets-lithium-concentrate-production-at-finniss-by-late-2019-205182.html
<![CDATA[News - Core Exploration receives lithium assays revealing BP33 potential ]]> https://www.proactiveinvestors.com.au/companies/news/203352/core-exploration-receives-lithium-assays-revealing-bp33-potential-203352.html Core Exploration Ltd (ASX:CXO) has received assay results from the BP33 prospect within its Finniss Lithium Project near Darwin in the Northern Territory.

Several new high-grade intersections have been produced from the reverse circulation (RC) drilling program including 63 metres at 1.50% lithium oxide from 76 metres.

Additional assays remain pending from BP33 and follow-up diamond drilling is to recommence shortly ahead of a new JORC resource estimation.

READ: Core Exploration intersects high-grade pegmatites at Finniss Lithium Project

Core’s managing director Stephen Biggins said: “The high lithium grades and thicknesses in these new drill holes are positive for expanding and increasing the confidence level of the Resource at BP33 over coming months.

“The higher grades and improved continuity from our recent drilling should potentially have a material impact on the economics of the Finniss Lithium Project.

“The addition of BP33, as well as the potential for further mineralisation across the project, highlights the significant value that we are building for shareholders.

“We are busy with the Finniss BFS and look forward to increasing the mine life and value of the project.”

Southern extension of BP33

Core’s most recent phase of drilling has focused on the potential southern extension of the current resource and infill at BP33.

Highlights include 63 metres at 1.50% lithium oxide from 76 metres, 43 metres at 1.78% lithium oxide from 157 metres and 59 metres at 1.59% lithium oxide from 198 metres.

The wide spodumene intersections indicate an increased thickness and grade down-plunge.

New JORC resource estimate in coming months

The current extensional drilling at BP33 will be incorporated into a new JORC resource estimate in the coming months and is expected to have a positive impact on estimates.

Similarly, new drilling positioned within the currently defined resource at BP33 is expected to enable an upgrade in the classification of the BP33 JORC resource to higher confidence categories.

Drilling also underway at Grants deposit

The follow-up resource extension drill program at Grants is currently progressing well with results expected through September.

Exploration drilling is also underway at the spodumene pegmatite at Sandra’s before testing the Booths, Lees, Carlton and Hang Gong targets over the coming weeks.

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Wed, 22 Aug 2018 13:48:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203352/core-exploration-receives-lithium-assays-revealing-bp33-potential-203352.html
<![CDATA[News - Core Exploration intersects high-grade pegmatites at Finniss Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/news/203015/core-exploration-intersects-high-grade-pegmatites-at-finniss-lithium-project-203015.html Core Exploration Ltd (ASX:CXO) has hit high-grade spodumene pegmatite intersections in reverse circulation (RC) drilling at its Finniss Lithium Project near Darwin.

Drilling focused on the Carlton and Hang Gong prospects, both within 1.5 kilometres of the Grants lithium deposit, and results demonstrate the potential to define additional lithium resources.

Both prospects, as well as the Booths, Lees and Sandras prospects, are scheduled to undergo further RC drilling in coming weeks.

 

Highlighted intersections from five holes at Carlton include: 16 metres at 1.79% lithium from 84 metres, including 8 metres at 2.16% from 85 metres; and 21 metres at 0.89% from 113 metres.

Assays from Hang Gong’s seven holes include: 11 metres at 1.34% lithium from 97 metres, including 6 metres at 1.9% from 98 metres; and 17 metres at 0.97% from 90 metres, including 1 metre at 2.67% from 92 metres.

READ: Core Exploration’s new test work shows improved lithium recoveries

Core managing director Stephen Biggins said the results demonstrated the huge potential of the project that had yet to be realised.

He said: “The remainder of 2018 is shaping up to be a very busy one for Core as we continue to progress Grants towards development.

“[We are] continuing drilling to grow the existing resource base at Grants and BP33 as well as maintaining an aggressive exploration program to continue to identify prospects such as Carlton and Hang Gong.”

  READ: Core Exploration enters lithium off-take term sheet with US$35 million prepayment, shares rise

The Finniss project comprises over 500 square kilometres of tenements across the Bynoe Pegmatite Field, with exploration results confirming that ore grade lithium mineralisation is widespread.

Core’s 2018 drilling is aimed at growing the mineral resource to underpin a potential long-life lithium mining and production operation.

The company is focused on completing a definitive feasibility study (DFS) later this year for the development of mining and producing lithium concentrate.

It aims to complete regulatory approvals, financing and internal approvals before commencing production at Grants by the end of 2019.

Potential for additional bulk-style deposit

A further seven RC holes were drilled at the Far West Central and Far West North prospects, testing down-dip and along-strike from some of the better intersection drilled in 2016.

These results are similar to earlier holes and confirm there remains potential for a bulk-style deposit in the Far West belt, which stretches over 1-kilometre immediately southwest of the proposed Grants pit.

Results from Far West include: 12 metres at 1.17% lithium from 78 metres; 7 metres at 1.41% lithium from 77 metres; and cumulative 28 metre intersection averaging 1.25% from 77 metres.

READ: Core Exploration eyes larger lithium resource at Grants following high-grade hits

Core will continue regional exploration, follow-up and resource definition and expansion drilling at Finniss through 2018.

Resource expansion drilling continues at Grants and updated results from recent drilling at the BP33 prospect are expected shortly.

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Thu, 16 Aug 2018 01:31:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203015/core-exploration-intersects-high-grade-pegmatites-at-finniss-lithium-project-203015.html
<![CDATA[News - Core Exploration new test work shows improved lithium recoveries ]]> https://www.proactiveinvestors.com.au/companies/news/202055/core-exploration-new-test-work-shows-improved-lithium-recoveries-202055.html Core Exploration Ltd (ASX:CXO) has received updated metallurgical test work results showing improved lithium recoveries for samples from its Finniss Lithium Project in Northern Territory.

High grade 5.5% lithium concentrate was produced at an elevated recovery of 79%.

The new results are expected to further enhance the already robust economics demonstrated in the June 2018 pre-feasibility study (PFS).

Test work demonstrates the viability of a simple gravity separation plant using industry standard dense media separation (DMS).

Notably, the further test work demonstrates a DMS circuit can easily produce a 6.1% lithium concentrate at good commercial recoveries of 69%.

READ: Core Exploration’s pre-feasibility study delivers robust economics for Grants Lithium Deposit

Core’s managing director Stephen Biggins said: “Core’s metallurgical test work completed to date shows that Core can produce high quality, spodumene concentrates with good recoveries through a simple, low capital cost DMS processing circuit, therefore avoiding the much higher capex requirements of a large flotation circuit.

“The high-grade lithium concentrate produced by Core is showing to be of excellent quality with low iron and low in other impurities being premium characteristics for customers.

“These new improved grades and recoveries in the recent test work are likely to have a significantly positive affect on economics of the project and will be considered by feasibility study numbers that is underway and scheduled for completion later in the year.”

READ: Core Exploration enters lithium off-take term sheet with US$35 million prepayment, share rise

Core recently entered into a non-binding term sheet with one of China’s largest lithium producers, Shandong RuiFu Lithium Co Ltd.

Notably, the term sheet outlines a US$35 million pre-payment facility alongside the 150,000 tonnes per annum lithium concentrate agreement for the Finniss Lithium Project.

The term sheet provides that Core and RuiFu intend to negotiate in good faith with the aim of entering into legally binding agreements.

Notably, the agreement with RuiFu is in addition to the binding agreement with Yahua.

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Thu, 02 Aug 2018 11:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202055/core-exploration-new-test-work-shows-improved-lithium-recoveries-202055.html
<![CDATA[News - Core Exploration enters lithium off-take term sheet with US$35 million prepayment, share rise ]]> https://www.proactiveinvestors.com.au/companies/news/201777/core-exploration-enters-lithium-off-take-term-sheet-with-us35-million-prepayment-share-rise-201777.html Core Exploration Ltd (ASX:CXO) has entered into a non-binding term sheet with one of China’s largest lithium producers, Shandong RuiFu Lithium Co Ltd.

Notably, the term sheet outlines a US$35 million pre-payment facility alongside the 150,000 tonnes per annum lithium concentrate agreement for the Finniss Lithium Project near Darwin.

The term sheet provides that Core and RuiFu intend to negotiate in good faith with the aim of entering into legally binding agreements.

READ: Core Exploration eyes larger lithium resource at Grants following high-grade hits

Core’s managing director Stephen Biggins said: “This funding and concentrate supply term sheet with RuiFu, along with our existing prepayment agreement with Yahua, sum to US$55 million in pre-payments, and has the potential to provide the funding solution for the relatively low capex required to get the Finniss Lithium Project into production.

“The execution of the non-binding term sheet not only validates the high quality of Core’s Finniss Lithium Project but also the strong success Core is having in developing relationships with some of China’s largest lithium producers.”

“As we progress this project towards development we are continuing to build relationships with potential off-takers from China, Korea and Japan.

“We see the development of Grants as just the beginning for Core, as we anticipate Core’s bank of Mineral Resources expand in the future, and our entry into production should be well-timed to coincide with what we see as rapidly increasing global long-term demand for lithium batteries.”

Off-take, prepayment facility, and placement

The term sheet proposed Core and RuiFu enter into legally binding agreements related to a lithium concentrate off-take agreement, a US$35 million prepayment facility, and a share placement.

The off-take agreement will be for up to 150,000 tonnes per annum for up to five years at grades of between 5.0% and 5.5% lithium oxide.

The prepayment facility will see RuiFu prepay US$35 million in stages to Core for lithium concentrate to be purchased under the off-take agreement.

RuiFu also intends to increase its equity holding to 10% in Core through a share placement, which would raise an estimated $3 million using a 5 cent share price.

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Mon, 30 Jul 2018 10:22:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201777/core-exploration-enters-lithium-off-take-term-sheet-with-us35-million-prepayment-share-rise-201777.html
<![CDATA[News - Core Exploration eyes larger lithium resource at Grants following high-grade hits ]]> https://www.proactiveinvestors.com.au/companies/news/201389/core-exploration-eyes-larger-lithium-resource-at-grants-following-high-grade-hits-201389.html Core Exploration Ltd (ASX:CXO) has received high-grade lithium intersections confirming significant extensions to the Grants Lithium Deposit, part of its Finniss Lithium Project in the Northern Territory.

Multiple wide, high-grade lithium intersections from Grants include:

• 67 metres at 1.57% lithium oxide from 191 metres including 16 metres at 2.17% lithium oxide and 12 metres at 2.08% lithium oxide;
• 45 metres at 1.72% lithium oxide from 188 metres including 22 metres at 2.09% lithium oxide; and
• 45 metres at 1.72% lithium oxide from 142 metres including 16 metres at 2.03% lithium oxide.

New drilling results are located outside of the existing resource at Grants and therefore highlight the potential to immediately grow the currently defined resource, which underpins the strong economics of the recent pre-feasibility study.

READ: Core Exploration’s pre-feasibility study delivers robust economics for Grants Lithium Deposit

The average grades of the new significant extensions intersected at Grants are above the resource grade of 1.5% lithium oxide and include wide intervals up to 22 metres, grading >2% lithium oxide.

The new intersections highlight that the spodumene pegmatite orebody is open along strike and down-plunge to the south.

These extensional targets at Grants will be the focus of the next round of drilling once the reverse circulation rig has completed drilling at BP33.

READ: Core Exploration receives a speculative buy from RM Research

Notably, Core’s latest results highlight the potential to increase the size of the Grant’s resource to be incorporated in the definitive feasibility study (DFS) later this year.

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Tue, 24 Jul 2018 12:36:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201389/core-exploration-eyes-larger-lithium-resource-at-grants-following-high-grade-hits-201389.html
<![CDATA[News - Core Exploration receives a speculative buy from RM Research ]]> https://www.proactiveinvestors.com.au/companies/news/201199/core-exploration-receives-a-speculative-buy-from-rm-research-201199.html Core Exploration Ltd (ASX:CXO) has been rated a speculative buy with a price target of 6.5 cents per share by Perth-based RM Research.

The rating is underpinned by Core’s Finniss Lithium Project which is progressing to a development decision by year-end, leveraging off the its proximity to the Darwin Port and the high-grade nature of the deposit.

READ: Core Exploration’s pre-feasibility study delivers robust economics for Grants Lithium Deposit

Core’s recently completed pre-feasibility study (PFS) illustrates a financially robust, albeit small-scale and short-life operation based solely on the Grants deposit.

Based on an assumed average 5% spodumene concentrate price of US$649/tonne, a pre-tax net present value (NPV) of $140 million, internal rate of return of 142% and capital payback of slightly less than 12 months is calculated from the PFS on the currently defined 26-month life of mine.

The capital expenditure estimate for project start-up of $53.5 million is relatively low, with the major components being $20 million for the construction of a dense media separation (DMS) plant and $24.4 million for mining pre-strip.

Action and recommendation

Given that the Finniss Project initial development has a modest capital expenditure requirement, the company has sufficient funds to complete the Definitive Feasibility Study and the PFS was based on what are believed to be realistic product price assumptions, RM Research has estimated that Core should trade in a range of 25%-50% of the NPV derived by the PFS.

This implies a value of $35 million- $69 million, which is 59%-213% higher than Core’s current enterprise value.

RM Research’s price target has been set at 6.5 cents per share (which implies a market capitalisation of $42 million).

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Fri, 20 Jul 2018 14:15:00 +1000 https://www.proactiveinvestors.com.au/companies/news/201199/core-exploration-receives-a-speculative-buy-from-rm-research-201199.html
<![CDATA[Media files - Core Exploration sees strong financials and short payback period for Finniss Lithium Project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9854/core-exploration-sees-strong-financials-and-short-payback-period-for-finniss-lithium-project-9854.html Mon, 16 Jul 2018 11:00:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9854/core-exploration-sees-strong-financials-and-short-payback-period-for-finniss-lithium-project-9854.html <![CDATA[News - Core Exploration’s drilling confirms further extensions to the Grants Lithium Deposit ]]> https://www.proactiveinvestors.com.au/companies/news/200245/core-explorations-drilling-confirms-further-extensions-to-the-grants-lithium-deposit-200245.html Core Exploration Ltd (ASX:CXO) has discovered significant extensions to the Grants Lithium Deposit, part of its Finniss Lithium Project near Darwin in the Northern Territory.

The new drilling results include a 73-metre intersection of spodumene pegmatite outside the existing defined resource at Grants.

New extension drill intersections

These new results are significant and highlight the potential to immediately grow the currently defined resource at Grants which underpinned the strong economics of the recent pre-feasibility study (PFS).

READ: Core Exploration’s pre-feasibility study delivers robust economics for Grants Lithium Deposit

The PFS clearly demonstrates Finniss Project economics to be compelling, with globally competitive cash costs that result in high operating margins and rapid capital payback.

Core’s Grants lithium deposit is expected to generate a net present value (NPV) of $140 million (pre-tax) with an internal rate of return (IRR) of 142% at an average concentrate price of US$649 per tonne.

Interestingly, the NPV is anticipated to increases to $246 million if the recent spot concentrate price of US$895 per tonne is realised.

Adding to the existing lithium resource

All 10 holes drilled in this recent phase of drilling intersected pegmatite extensions to the Grants resource.

Most of the pegmatite intersections included spodumene pegmatite, with the spodumene content being typically higher in the thicker parts of the pegmatite and lower where the pegmatite is thinner.

These new intersections are expected to add to the resource at Grants and highlights that the spodumene pegmatite orebody at the deposit is still open to the south along strike and at depth.

Drilling will recommence at Grants later this month to test for further depth and strike extensions once the current phase of drilling at BP33 is completed.

Similarly, the current drilling at BP33 is also targeting extensions to the initial resource.

Assays from the recently completed phase of drilling at Grants are expected toward the end of July.

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Fri, 06 Jul 2018 11:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200245/core-explorations-drilling-confirms-further-extensions-to-the-grants-lithium-deposit-200245.html