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Core Lithium enters trading halt pending news on capital raising

The company aims to increase its resource by 2-3 times, extend reserves and mine life to over 7 years and continue to make new exploration discoveries.
Core Lithium enters trading halt pending news on capital raising
Core has increased Finniss’ resource base by more than 500% since the start of 2018

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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