Core Lithium Ltd. has released an upgraded ore reserve and optimised mine plan for the Grants deposit at its Finniss lithium project in the Northern Territory, lowering its pre-production capital requirements and accelerating its first ore production.
Under the updated plan, Grants will now be initially mined as an open pit and will transition later to an underground mine. Core estimates that this approach will cut pre-production capital requirements by AU$35 million to AU$45 million and deliver first ore within one month of mobilisation.
Core CEO Paul Brown said: “The updated ore reserve for Grants delivers clear benefits, continuing as an open pit (transitioning to underground later) brings first ore within one month of mobilisation, brings revenue forward, and reduces Grants’ pre-production capital by $35–$45million through deferral of underground infrastructure.
“Collectively, these changes lower capital intensity, support the ongoing strategic funding process, and strengthen Finniss as a compelling restart with a robust, independently supported operating plan.”
The updated plan has also resulted in a 33 per cent increase in the Grants ore reserve to 1.53 million tonnes at 1.42 per cent lithium oxide, representing a 44 per cent increase in contained lithium.
Grants revised its mine plan after a review of the existing pit wall performance. The Grants pit did not reach its planned depth when operations were paused in early 2024, and ore remains available at the bottom of the existing open pit.
The optimised design has taken into consideration future underground access, while allowing the pit to achieve a depth of -145 metres below ground level. The proposed open pit design includes more informed pit geometries and is expected to support a stable pit suitable for long-term infrastructure development.
Core will continue to explore additional pegmatite deposits within the Finniss project, including at Blackbeard, BP33 and Carlton projects.
