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| Core Lithium |
Exploration success at Blackbeard highlights resource growth potential near idle processing plant
Core Lithium (ASX: CXO) will keep its Finniss lithium mine in the Northern Territory on care and maintenance through most of 2025, citing continued lithium market oversupply and the pending outcome of a restart feasibility study expected in Q4 2025.
The company is focused on cost reduction, sustainability improvements, and long-term project resilience as global lithium prices remain under pressure. Core’s 2024 annual report shows it held $5.5 million in stockpiled ore as of December 31, reflecting weak demand and a cautious operational stance.
Cost Control and Site Upgrades Support Future Restart
Core suspended operations in June 2024 after posting a $167.6 million loss in H1. However, the company significantly narrowed its full-year loss to $17.2 million, supported by cost optimization and infrastructure upgrades.
Key investments included purchasing power generators to reduce leasing costs and deploying enhanced water management systems. The company also made mine repair investments to ensure the Finniss Project is positioned for a successful restart when the market stabilizes.
“We are committed to ensuring the Finniss Project is in the best possible position for a successful restart,” said Chairman Greg English.
Exploration at Blackbeard Delivers Promising Lithium Grades
While production remains halted, exploration at Blackbeard—located just 20km from the Finniss plant—yielded encouraging results. Drilling intercepted 1.67% lithium (Li₂O) at depths between 63m and 166m, confirming the presence of mineable-width pegmatites.
Core believes these findings could support resource expansion and future integration with the Finniss processing plant, offering a low-cost growth pathway once mining resumes.
“High-grade lithium-bearing pegmatites at mineable widths highlight the opportunity to expand Finniss’ lithium resources,” English stated.
Exploration at Shoobridge Gold also continued during the year, though lithium development remains the company’s primary focus.
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RAREMETAL
