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Core Lithium (ASX:CXO) jumped +7% out the gate on Wednesday as the company’s FY27 Q1 report notes Core pushed out its first spodumene concentrate since restarting Finniss in March with first shipment set for December.
Also noted on Wednesday was that the company’s cash balance sat at $200M as of 30 September, an increase of A$18M on the company’s coffers compared to late June of this year.
During the period, Core sold 25,000tns of lithium fines to Glencore which brought its overall CY26 stockpile revenues to A$38.5M and extensional drilling remains ongoing with areas of interest hit (34.08m @ 2.09% Li2O from 578m).
Open pit mining at the near-term opportunity that is Grants remains ongoing and the receipt of convertible notes in August leaves the Finniss restart fully funded through to nameplate in 2028.
“Grants provides the near-term ore source for the Finniss processing plant and is expected to support initial product sales and cash generation while development of the longer-life BP33 underground mine continues in parallel,” CXO wrote on Wednesday.
The on-site processing plant remains in the ‘commissioning and optimisation’ phase though the company reported upgrades to crushers and thickener circuits, as well as establishing a single control room to oversee the asset. All in all, upgrades are expected to increase throughput capacity by 20% to 1.2Mtpa by the end of FY27.
The company spent $2.8M on exploration in the period and OpEx hit A$19.4M; the Bynoe tenement pick-up cost the company $3.8M and Finniss site capital works ate up $50M.
The company did not report a net loss or net profit figure in its September quarterly update on Wednesday.
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