from the ASX...Completed a strategic $40 million placement to global institutions;
Produced battery grade lithium hydroxide from Finniss concentrate;
Was awarded Major Project Status for Finniss by the Federal Government;
Was granted a Mineral Lease for the BP33 Deposit by the NT Government.
NT Government and Core co-funded geophysical survey has successfully defined lithium pegmatite distribution at Finniss.
Gravity geophysics is an effective exploration technique and potential game changer for targeting spodumene pegmatites at regional scale in the NT.
Newly identified 20km long “Grants Belt” of lithium rich pegmatites - that includes Grants, BP33, Carlton Lees and Booths - stretches south to include Core’s new acquisition at Leviathan and north to new Kings Table target area.
Detailed gravity is also prospective as a tool for direct targeting new lithium pegmatites.
Detailed follow-up gravity surveys to commence alongside 2021 drilling campaigns.
Core is finalising drill contracts and preparing for a massive 2021/22 exploration and resource drilling campaign expected to commence in May.
Core well-funded with new acquisition in place and drill rigs lined up to commence resource push.
Scoping level test work on Finniss Project spodumene mineral concentrate sample has produced battery grade lithium hydroxide monohydrate (LH).
Core’s LH satisfied all impurity specifications of the commonly referenced battery grade specification from Livent.
Conversion to battery grade LH used the conventional direct flowsheet.
Excellent extraction and recovery of lithium to LH crystallisation steps (>95%).
Core believes Finniss lithium concentrate quality suitable for the high-end Lithium Battery, Renewable Energy and EV industries.
Customer demand for Core’s high-quality concentrate and spodumene prices increasing rapidly – Core aiming to complete new offtake deals in due course.
Core on-track to update Finniss Lithium Concentrate DFS ahead of FID Q3 2021.
Major Project Status (MPS) for the Finniss Lithium Project awarded by the Hon Karen Andrews MP, Federal Minister for Industry, Science and Technology and the Hon Keith Pitt MP, Federal Minister for Resources, Water and Northern Australia.
Award of MPS provides Finniss with extra support from the Major Projects Facilitation Agency.
Construction anticipated to begin at Finniss in H2 of 2021, subject to several conditions including Final Investment Decision.
Core Lithium has entered into an option agreement to acquire six granted Mineral Leases (MLs) adjacent to the Company’s Finniss Lithium Project in the NT.
Granted MLs include over 30 pegmatites previously mined for tin and tantalum.
Previous work has identified high lithium grades and potential for near surface spodumene mineralisation.
Near-term growth opportunity to add and bring forward substantial resource growth in 2021.
Objective to accelerate increases to Finniss Lithium Project life of mine.
Acquisition to support future lithium production capacity increases and downstream processing.
Drill assessment to start next quarter once approved - as 2021 field season commences.
Majority of the assays from Core’s 2020 resource diamond and RC drilling at the Grants Lithium Deposit have been received and compiled.
Lithium assays and widths strengthen the current resource model and include:
Assay results awaited for new drill intersection of 55m of pegmatite outside current resource (FRCD022)
This new drilling expected to deliver high conversion of Inferred Mineral Resource to Indicated Mineral Resource and add Reserves to Life of Mine (LOM).
Intersections in the Inferred-Indicated transition are of excellent width (+20m) and quality in line with surrounding drill holes and resource model.
Further underground mining potential remains open below 300m at Grants.
Geological and Geotechnical logging of drillcore almost complete with further drill assays to be received in late February ahead of a resource upgrade at Grants.
Core raises $40million to advance development of the Finniss Lithium Project in placement to global institutional investors.
Project substantially de-risked with funding through to construction, anticipated to commence prior to year-end, subject to FID.
Core well capitalised to accelerate resource drilling, further increase mine life, advance spodumene project development and preliminary LiOH design.
Shares placed to a select group of high-quality global institutional investors, primarily in North America, Europe and Australia.
During the December quarter, Core was focused on a number of initiatives aimed at further enhancing the value and potential of its wholly owned Finniss Lithium Project, located near Darwin in the Northern Territory.
During the reporting period, Core:
Core Lithium has been granted a Mineral Lease (ML) for the BP33 Lithium Deposit.
The BP33 ML is the second lithium Mineral Lease in the Northern Territory awarded to Core, after being awarded the Grants Deposit Mineral Lease in 2019.
Another key milestone achieved towards being shovel-ready on Australia’s most advanced new lithium project.
Development tenure locked in for mining and supporting project infrastructure.
During the September quarter, Core was focused on a number of initiatives aimed at further enhancing the value and potential of its wholly owned Finniss Lithium Project, located near Darvvin in the Northern Territory. During the reporting period, Core:
Resource expansion drilling has re-commenced at Gore’s Finniss Lithium Project; Drilling targeting open extensions of the Grants and BP33 orebodies; First diamond drill rig has arrived and has commenced drilling operations; Second diamond rig to arrive in the coming week; Drilling is targeting further increases to Gore’s Mineral Resources and Ore Reserves and focused on the potential to further increase Life of Mine at the Finniss Lithium Project.
Evaluation of key underground Pre-Feasibility Study findings identifies significant opportunities to further add value resulting from recent increases to the Finniss Lithium Project's Mineral Resources and Ore Reserves and doubling of life of mine (LOM) including: Increasing Finniss’ production capacity, based on growing offtake interest and expanded LOM, with only minor change to start-up capex. Assessing the growth potential of the Grants prospect. Optimising the balance between initial Grants open pit and new Grants underground mining operation to minimise strip ratio and start-up capex. Assessing grid connection for the Finniss Project to reduce power cost and emissions footprint. Further increases to Resource, Reserve and LOM. Update to the June 2020 PPS to Definitive Feasibility Study (DFS) level in Q1 2021 to include these opportunities. COVID-19 has influenced a positive world-wide pivot toward EVs as part of the global green economic recovery, but lockdown also has delayed EV sales volumes and slowed lithium demand. New Lithium price forecasts predict increasing lithium prices in 2022 and accelerating upward in 2023. Finniss final investment decision (FID) in 2021 timed for expected post-COVID-19 recovery in global lithium demand and prices. DFS update aimed to maximise Project outcome without delaying Core's capability to achieve target FID. Core has approvals in place to build and operate the Finniss Lithium Project as soon as global COVID-19 economy and lithium sector recovers and can be ready if the world economy recovers sooner than expected.
Offtake partner discussions and negotiations culminate in Core signing a non-binding term sheet (MOU) for Finniss Lithium Project offtake with leading lithium player. MOU for 20,000-30,000tpa offtake of Core's high-quality lithium concentrate and potential to participate in Finniss project finance. Growing offtake interest and recently extended Finniss mineral resource and life of mine (LOM) offer significant upside opportunities. $1M at-market strategic placement to Xinfeng to fund further Finniss project optimisation.
The Northern Territory Government Local Jobs Fund (LJF) offers to invest $5 million in the Finniss Lithium Project through a low-cost business investment concessional loan (Finance Facility). Concessional Finance Facility will contribute to lower start-up capital costs. Finniss Lithium Project will create over 250 jobs in the Northern Territory and is expected to generate significant socio-economic benefits and enterprise opportunities. NT Government finance building foundation for FID as Core engages with Project Finance Markets. NT Government support boosts Core Lithium's progress towards becoming the next Australian lithium producer.
Increased the Finniss lithium Mineral Resource estimate by over SO%; Over 150% increase in the Ore Reserves and, as a result, doubling the Life of Mine (LOM) for Finniss; Secured its first European offtake partner, Swiss—based Transamine; Received approval of its Mine Management Plan from the Northern Territory Government; and Identified a number of attractive gold targets and prospects within the Bynoe Gold and Adelaide River Gold Projects.
Core accepted as a member of the European Battery Alliance (EBA250); EBA250 brings together interested stakeholders and industry participants across the European Union’s battery value chain; Follows Core’s recent signing of a non-binding offtake term sheet with Geneva-based Transamine Trading for the supply of spodumene concentrate from its Finniss Lithium Project.
52% increase to new Finniss Lithium Mineral Resource Estimate (MRE) to l5Mt at 1.3% Li2O; Measured and Indicated Mineral Resource increased by 150% to 7.62Mt @1.41% Li2O to add aignificant potential to increase mine-life for the newly approved Finniss Lithium Project; New MRE is expected to provide a material increase in the Ore Reserve classification when finalised later in June; Mining studies targeting a 7-10 year mine-life are expected to be completed in June and will be used to update the Project Feasibility Study; Further offtake negotiations and financing plans accelerating as markets continue to improve; Additional reserves and resources can be added to the Finniss Project with further drilling in 2020; Core at the front of the line of new global lithium production.
