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

First ever lithium mineral lease in the Northern Territory awarded to Core, achieving a key regulatory milestone.

project area
The first production at Finniss is on-track for the end of 2019

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.”

Quick facts: Core Lithium Ltd

Price: 0.048 AUD

Market: ASX
Market Cap: $47.73 m

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