Core Lithium to restart Finniss alongside Glencore after $170M injection; cap raise to come

Core Lithium (ASX:CXO) has inked a positive Final Investment Decision (FID) on a restart of its erstwhile Finniss lithium project alongside Glencore and an entity called the Nebari Natural Resources Credit Fund.

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The restart package includes $170 million to get things going from the consortium; Glencore will be making available to Core its marketing platform, though the latter has “flexibility” around offtake, CXO reported Wednesday.

The company sees the project reclaiming a value of $1.1B with cash gen of up to $1.7B – assuming “a conservative long-term spodumene concentrate price … of US$1,500/t.”

That tonne is based on an Aussie worth just south of 71 U.S. cents.

“The restart repositions Finniss as a lower cost, long-life, brownfield lithium operation with a shorter path to nameplate production of 214ktpa, reduced execution complexity and untapped expansion and exploration upside potential,” Core Lithium’s media team told shareholders on Wednesday.

Siteworks will now kick off towards a restart of open-pit operations before getting back underground. Contracts to that end are being negotiated in real-time.

As for when that sweet spod hits the market? “September quarter 2026.”

“The company remains focused on safe, disciplined execution as it advances a staged restart program through 2026 and 2027 with first spodumene concentrate production targeted for the September quarter 2026,” CXO MD Paul Brown said on Wednesday.

Core issued a halt before the news on Wednesday, outlining news of a capital raise.

CXO last traded at 22cps; shares are currently halted.

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