Core Lithium Reports Strong Quarterly Performance

Core Lithium Ltd. (ASX: CXO), an Australian lithium mining company, has released its quarterly activities report for the period ending September 30, 2023. The report highlights the company's impressive achievements and continued progress in the lithium mining industry.

Production and Recovery Improvements

Core Lithium reported a significant increase in spodumene concentrate production, with 20,692 tonnes produced during the quarter, compared to 14,685 tonnes in the previous quarter. Furthermore, the company achieved an average lithia recovery rate of 50%, up from 49% in the previous quarter, marking a positive trend in recovery improvements.

Record Material Movement

The company recorded an 8% increase in total material moved during the quarter, as well as record ore extraction in September. These achievements are a testament to Core Lithium's commitment to operational excellence and efficiency.

Stockpiles Growth

The stockpiles of run-of-mine (ROM) ore at the end of the quarter increased significantly, reaching 164,796 tonnes, compared to 7,598 tonnes at the end of the previous quarter.

Successful Shipments

Core Lithium achieved significant milestones in its shipping operations, including the shipment of 23,424 tonnes of spodumene concentrate at an average grade of 5.2%. This included the final concentrate shipment of 13,100 tonnes to the Yahua prepayment agreement and the first 10,000 tonnes of spodumene concentrate delivered into the Ganfeng offtake agreement.

Financial Strength

The company raised $107.9 million in net proceeds after completing an institutional placement and share purchase plan, contributing to a cash balance of $202.1 million as of September 30, 2023.

Measurable Resource Upgrade

The Mineral Resource Estimate for the BP33 project showed significant improvements, with Measured and Indicated categories increasing to 89%. This increase is a promising development for Core Lithium and is being incorporated into an updated feasibility study.

CEO's Comments

Gareth Manderson, Core Lithium's Chief Executive Officer, expressed his satisfaction with the quarter's

progress. He emphasized the importance of increasing recoveries, which play a crucial role in adding value to the business. Manderson noted that there has been a steady improvement in recoveries, with an average of around 55% in October. He highlighted the dedication of the team in achieving their improvement objectives.

Safety and Sustainability

The company remains committed to safety and sustainability, with ongoing efforts to mitigate hazards and manage risks. Wet season and cyclone preparedness are also priorities, with the construction of new storage facilities and water management infrastructure.

Community Grants Program

Core Lithium has opened a second round of its Community Grants program, demonstrating its commitment to supporting the local community.

Finniss Operations

Core Lithium's Finniss operation continues to ramp up, with a focus on improving equipment availability, productivity, and recoveries in both the mine and processing plant.

Conclusion

Core Lithium's strong quarterly performance reflects its dedication to operational excellence, continuous improvement, and sustainability. The company's impressive production and recovery improvements, as well as its financial strength, position it well for future success in the lithium mining industry.

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