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- Core Lithium (CXO) posts quarterly results reflecting steady spodumene production and shipment achievements
- The company approves significant funds for the BP33 underground mine and initiates an exploration program
- No significant safety incidents were reported in FY23
- Total Finniss mineral resource increased by 62 per cent to 30.6 million tonnes at 1.31 per cent lithium oxide
- Core Lithium is down 11.5 per cent, trading at 77 cents at 11:52 am AEST
Core Lithium (CXO) has achieved milestones during the final quarter of FY23, highlighting strong performances in its ongoing expansion endeavours.
Despite this, the company sunk into the red during this morning’s trade.
Core reported no significant safety incidents during the quarter.
The company’s quarterly spodumene production stood at 14,685 tonnes, contributing to a total of 18,274 tons for the financial year 2023. Core Lithium maintained a C1 unit cost of $902 per ton during the quarter.
Two major spodumene concentrate shipments were completed, with a maiden shipment of 5,500 tons in April and a subsequent shipment of 13,100 tons in early July. The spodumene concentrate quality ranged between 5.35 per cent and 5.6 per cent.
Lithia recoveries were around 49 per cent, with ongoing efforts to enhance recovery processes.
The company has approved a budget of $45-$50 million for the early works of the BP33 underground mine and a revised feasibility study for BP33 is underway, incorporating the latest increase in mineral resources.
The total Finniss mineral resource saw a 62 per cent surge, reaching 30.6 million tonnes at 1.31 per cent lithium oxide.
Core Lithium is looking to further exploration and development. The company has initiated a $25 million exploration program, aiming to unlock new prospects and enhance existing operations.
Core was down 11.5 per cent, trading at 77 cents at 11:52 am AEST.
