Core Lithium commences mining operations at Finniss

Core Lithium Ltd announced new updates about mining start at Grants and progress in Finniss Lithium Operation restart activities. 

Core Lithium Ltd (ASX: CXO) 

on 20 May 2026 informed that mining has started at the Grants open pit within the Finniss Lithium Operation in Northern Territory. First blasting and excavation works have initiated and marking a return to active mining. Ore from this pit is planned for processing in the September quarter. First spodumene concentrate shipment is targeted for the December quarter. Grants is designed as a low strip ratio source for early output. The pit contains about 784kt of ore and is expected to produce around 134kt of SC5 product. BP33 box cut and civil works continue supporting progress toward production restart

BP33 Underground Contract

On 13 May 2026, Core Lithium Ltd announced that it had awarded a $274 million underground mining contract for BP33 at Finniss. The agreement was signed with Develop Global Ltd for a three year term with an option to extend for two additional years. The selection followed a competitive tender process. The contractor was chosen due to strong alignment on commercial structure mining approach and project capability. BP33 is a key underground deposit that supports a long life production base of more than 10 years with further exploration upside. Underground works will run alongside open pit activities to strengthen output continuity at Finniss operation

March Quarterly Report 

During the March Quarterly Activities Report Core Lithium confirmed Final Investment Decision for restart of Finniss and secured a fully funded package of about A$290 million combining strategic and equity support. A purchase and distribution arrangement was signed with Glencore International AG providing access to global markets. Around 5100 dmt of spodumene concentrate stockpile was sold at SC6 CIF China equivalent price of US$2023 per dmt. About 75000 dmt of lithium fines remained available. Cash position at quarter end was A$91.6 million compared with A$48.7 million earlier. Additional funds were received through equity and convertible note tranches after the quarter end execution

Operational Strategy 

The company specified that the restart phase has moved from approval into execution with focus on safe and steady operations. Activities across site are progressing in stages with mining processing readiness and infrastructure development moving together. The method is planned to bring early output followed by stable ramp up into full production.

CXO emphasis remains on disciplined delivery cost control and meeting planned timelines. The operation is positioned to transition back into the spodumene market with shipments expected after initial processing begins. The progress is being managed to maintain consistency between construction work and mining activity whereas supporting long term production stability.

(Source: Company Report)