FINNISS LITHIUM OPERATION | OTHER PROJECTS | RESOURCES & RESERVES
Finniss Lithium Operation
The Finniss Lithium Operation is the Northern Territory’s first and only lithium mine, and Australia’s only lithium mine outside of Western Australia. Finniss is located just 88km by sealed road from the Darwin Port and supported by one of the best logistics chains of any Australian lithium operation.
Core acquired its first landholding in the Bynoe pegmatite field in 2016 and made the Finniss Project’s first discovery shortly after at the Grant’s deposit. In mid-2017, Core published Finniss’ maiden Mineral Resource Estimate of 1.8Mt @1.5% Li20.
In less than six years since the maiden Mineral Resource, Core has advanced Finniss through a Final Investment Decision, secured long term offtakes with two of the world’s largest lithium companies – Sichuan Yahua and Ganfeng Lithium, grown the Mineral Resource at Finniss to 30.6Mt @1.31% Li2O, commenced mining at the Grants pit, completed construction of the operations plant and commenced production of spodumene concentrate.
Core is now ramping up to commercial operations at Grants and progressing the BP33 Underground Project – the potential long life cornerstone asset of the operation – toward a Final Investment Decision in the March quarter of 2024.
Grants Operation
The Grants Operation is an open cut mine, and the starter operation at Finniss. Grants has a current Mineral resource of 2.9Mt @ 1.47% Li2O, with production forecast to continue to late 2025 – pending the outcome of an open pit expansion study.
Core achieved a positive Final Investment Decision in September 2021 and commenced construction at Finniss in October 2021. In less than one year since construction commenced, Core uncovered first ore at the Grants pit and commenced mining.
Following commissioning of the crushing plant in October 2022, Core prepared a maiden cargo of Direct Shipping Ore cargo (DSO) which was successfully tendered using a digital exchange platform and sold to a customer in Fancheng, China in December 2022. The DSO sale was Core’s first revenue event and gave the Company the opportunity to commission all logistics to the Port of Darwin ahead of maiden concentrate production.
Core completed construction of the Dense Media Separation (DMS) plant in February 2023 – representing the final step in Finniss’ construction. Shortly after, commissioning of the DMS plant advanced to achieve first spodumene concentrate production.
Integrated pit and plant operations were achieved in the June quarter of 2023. The DMS plant operated on a campaign basis for an aggregate of around 14 weeks, allowing the Company to commence performance testing processing parameters.
Based on early operational data the company undertook a budgeting and forecasting process. On 24 July, Core published maiden production guidance for the 12 months ending 30 June 2024.
BP33 Underground Project
BP33 is the second proposed mine and the potential cornerstone asset of the business, located 5km from the Grants open pit, crusher and DMS plant. BP33 has a current Mineral Resource of 10.1Mt @ 1.48% Li2O, and Core is targeting a Final Investment Decision in the March quarter of 2024.
BP33 is likely to be Australia’s first underground lithium mine, with the mining method expected to be conventional long hole open stoping.
Core is conducting parallel workstreams of an early works program and revised feasibility study which would enable the next phase of capital works to commence immediately following a positive FID.
Early works program ($40-$50 million)
Development of a covered box-cut, improved access works and associated surface works for water management
Allows a feasibility study to be completed in parallel enabling mine decline development to begin soon after a positive FID.
Maintain the development timeline ahead of the Northern Territory wet season, with the goal of first ore in FY26
Subject to potential early wet season, modelled geotechnical and groundwater impacts, this work is expected to be complete by end of Q1 CY24
Revised feasibility study based on 2023 resource model:
Dedicated team responsible for expanded technical studies including geotechnical and in-fill resource drilling
Study is progressing well with tier 1 consultants engaged, including AMC and Primero
Preliminary discussions are underway for an underground mining contractor
Revised capital expenditure estimate to be provided alongside the updated Feasibility Study and reflecting the current cost environment
OFFTAKE
Core has established long-term offtake arrangements with lithium industry leaders Sichuan Yahua and Ganfeng Lithium.
Sichuan Yahua offtake agreement
Ganfeng Lithium offtake agreement
DOWNSTREAM PROCESSING IN THE NT
A longer-term objective of Core Lithium is to assess and explore the potential of adding downstream processing opportunities in the Northern Territory to accommodate the Finniss Project.
Core is considering the downstream value potential given the Project’s synergies with the adjacent Middle-Arm industrial infrastructure near Darwin, as well as the alignment with Australia’s Modern Manufacturing strategy, and the rapid expansion of global lithium-ion battery (LIB) supply chains to meet the demands of the ever-increasing EV and renewable energy markets.
Exploration MMP
Finniss Lithium Project Exploration Mine Management Plan
Environment & Approvals
BP33 Public Mining Management Plan
Grants Public Mine Management Plan
Public MMP – Sediment basin relocation