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Core Lithium’s (ASX:CXO) short-mid term plans will not be impacted by COVID-19

Mining
ASX:CXO      MCAP $299.1M
26 March 2020 15:02 (AEST)
Core Lithium (ASX:CXO) - Managing Director, Stephen Biggins

Sourced: Cannings Purple

Advanced lithium developer, Core Lithium (CXO) has updated the market on its short and medium-term plans in the wake of the COVID-19 pandemic.

Core’s short-to-medium-term objectives are currently not expected to be impacted by the coronavirus. Majority of the near-term goals include the Mineral Resource estimate upgrade, updated mine plan and an updated Feasibility Study, and is not reliant on fieldwork.

“Even though COVID-19 will delay our next round of Mineral Resource expansion drilling in 2020, our commercial and financing discussions continue, and the Project’s Feasibility Study update and approvals are progressing,” Managing Director Stephen Biggins said.

“Alongside progress on major milestones on approvals, offtake and finance, Core is
working towards updating the Finniss Feasibility Study to at least double or possibly triple the project mine-life,” he added.

Updated Mine Plan

Following the completion of a large drilling and field program in 2019, the company is currently working towards the delivery of an updated Feasibility study for the Finniss Lithium Project.

The aim of the drilling program was to define sufficient Mineral Resources to materially increase Finniss’ mine life.

Based on the high-quality drill results received since completing the Feasibility Study in 2019, Core is confident the Mineral Resource upgrade and mine plan update will be strongly positive.

The updated mine plan does not require travel, therefore it is on schedule to be completed by mid-2020.

“Given the low capex and naturally competitive operating costs of the project close to Port, with project approvals potentially in place and substantially increased mine life in the near future, we see Finniss being front of the line of new global lithium supply as EV manufacturing recovers post COVID-19,” Stephen added.

Core said its Asian partners and strategic investors are beginning to return to normal following the Chinese New Year and COVID-19.

On the market today, Core is up 40 per cent and is trading at 2.1¢ apiece at 2:31 pm AEDT.

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