Core Lithium has made a final investment decision (FID) to restart its flagship Finniss lithium project in the Northern Territory, backed by a comprehensive AU$290 million funding package.
The announcement marks a major turnaround for the project, repositioning Finniss as a lower-cost, long-life brownfield lithium operation with a shorter path to nameplate production.
The restart is fully funded through a strategic mix of US$120 million (A$170 million) from a heavyweight consortium, including Glencore, InfraVia, and Nebari, alongside a planned AU$120 million equity raise.
The refreshed restart plan reveals a project with robust financial fundamentals. Core reports a pre-tax net present value (NPV) of AU$1.1 billion and expected free cash flow of AU$1.7 billion.
These figures are underpinned by competitive operating costs of AU$762 per tonne, based on a conservative long-term spodumene price of US$1,500 per tonne, well below current spot prices of approximately US$2,200 per tonne.
As part of the deal, Core has entered a purchase and distribution arrangement with Glencore, leveraging the Swiss giant’s global distribution platform while maintaining the flexibility to place its own offtake.
Core plans a de-risked, staged ramp-up to reach a nameplate capacity of 214,000 tonnes per annum.
Early works and site preparations are set to commence immediately, beginning with the Grants open pit and processing plant, followed by the development of the BP33 underground mine.
Core’s Managing Director Paul Brown said the decision and funding package is the culmination of 18 months of diligent planning.
“The restart plan delivers a de-risked, lower cost, long-life operation with robust economics supported by valued strategic partners who share our long-term vision for Finniss.
“The company remains focused on safe, disciplined execution as it advances a staged restart program through 2026 and 2027 with first spodumene concentrate production targeted for the September quarter 2026.”
The restart is expected to provide a significant boost to the Northern Territory economy through the re-engagement of mining and processing contractors.
With key contracts already advanced through competitive tendering, the company expressed high confidence in its execution pathway.
