Core Lithium has reported its preliminary production results and financial position for the fiscal year ending June 30, 2024. The company exceeded its revised production guidance, achieving 95,020 dry metric tonnes (dmt) of spodumene concentrate and shipping 97,423 dmt.
In the June quarter, Core Lithium recorded shipments of 33,027dmt of spodumene concentrate and 19,771dmt of lithium fines, reaching an all-time high. The company's FY24 production surpassed its revised guidance range of 90,000 to 95,000dmt, and sales exceeded the expected 80,000 to 90,000dmt.
Currently, Core has 5,178 wet metric tonnes (wmt) of spodumene concentrate and 75,000 wmt of lithium fines available for sale.
Core Lithium has paused its operations at the Finniss project to evaluate the feasibility of a restart. The company reported an unaudited cash balance of A$87.6 million as of June 30, 2024, up from A$80.4 million at the end of the previous quarter, and remains debt-free.
On the exploration side, Core Lithium plans to focus on exploration activities in the Finniss region, with drilling programs set to commence at Shoobridge, Finniss, and Napperby. These efforts aim to extend the life of the lithium mining operations and explore potential resources in lithium, gold, and uranium.
The company also faces a challenge with the Northern Territory Revenue Office of Australia, which has issued a Notice of Assessment for additional royalties payable for FY23 amounting to approximately A$6.4 million. Core intends to contest this assessment, which it claims will not materially impact its operating plans for FY25.
Author: Hongqiu Su | Battery Metals Analyst Associate | London Office, Shanghai Metals Market
Email: lilysu@smm.cn
