Core Lithium Restarts Finniss, Awards US$274 Million Underground Contract

Core Lithium (OTCPL:CXOXF) has officially restarted physical mining at its flagship Finniss operation in Australia’s Northern Territory, initiating open-pit excavation while concurrently awarding a US$274 million contract to anchor the site's long-term underground future.

At the surface level, blasting and excavation activities are now underway at the Grants open pit under a contract awarded to NRW Pty in April. The optimized Grants pit serves as the immediate engine for the Finniss restart, designed as a low-strip ore source to feed the site's processing plant.

Management expects the pit to yield approximately 134,000 tonnes of SC5 spodumene product from 784,000 tonnes of accessible ore.

Ore processing at Grants is slated for the September quarter, keeping the company on schedule to execute its first concentrate shipment in the December quarter of 2026.

“In less than three months since FID, we have secured funding, awarded key mining contracts and transitioned to active mining, demonstrating disciplined execution,” Core Managing Director Paul Brown said. “Grants provides a low-risk, near-term ore source to underpin early production and cashflow, while BP33 continues to progress as the long-term foundation of the operation.”

As surface operations ramp up to capture early revenue, Core is also advancing BP33, the underground deposit that will dictate Finniss' long-term economic viability.

A week prior, Core awarded a three-year, US$274 million underground mining services contract to Dev Mining Services, a subsidiary of Develop Global (AU:DVP,OTCPL:VTEXF).

The agreement, which includes a two-year extension option, covers drill and blast, load and haul, and decline development.

BP33 is central to Core’s overarching mine plan. Hosted within a massive, sub-vertical pegmatite body that extends more than 800 meters deep, the deposit is expected to supply 88 per cent of Finniss' total ore feed over the next decade.

Develop Global is targeting mobilization in June, with underground decline works expected to commence in July.

“The award of the BP33 underground mining contract is a major milestone in the development of Finniss and a strong endorsement of the quality of the project,” Brown noted. “BP33 is expected to deliver the majority of ore feed over the first 10 years of operation and is a key driver of Finniss' significantly improved cost profile and economics.”

First ore from the BP33 underground operation is anticipated by mid-2027, paving the way for the Finniss complex to reach a nameplate production capacity of 214,000 tonnes per annum by mid-2028.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.