Core Lithium has reported a strong increase in ore reserves at its Finniss lithium project in the December quarter of 2025 and has nodded to a potential restart of operations.
During the quarter, Core reported a 42 per cent increase in ore reserves at the Carlton deposit within the Finniss project area. The uplift follows ongoing drilling, geological modelling and mine planning work, strengthening the project’s development optionality as the company progresses technical and commercial assessments.
Core also completed a two-tranche placement during the period, raising $50 million, alongside a $4.3 million share purchase plan.
The capital raise has significantly improved the company’s financial position, with Core closing the quarter with $35.9 million in cash.
Expenditure for the quarter was focused on care and maintenance activities, technical studies, exploration and corporate costs, remaining consistent with guidance.
A key strategic outcome during the quarter was the termination of the existing Ganfeng offtake agreement.
Core said the move leaves future spodumene production uncommitted, providing greater flexibility to pursue alternative offtake, funding or strategic partnership opportunities aligned with prevailing market conditions.
The company continues to hold a stockpile of spodumene concentrate and lithium fines, which it says may be available for sale in the future, subject to pricing and market dynamics.
Core said it remains focused on maintaining operational readiness at Finniss while continuing feasibility work, funding discussions and stakeholder engagement.
“Through the restart study process, we have comprehensively re-evaluated and reset the Finniss lithium project,” chief executive officer Paul Brown said.
“This work has included resolving key contractual matters and terminating all existing offtake arrangements, leaving Finniss as an attractive, unencumbered development with strong leverage to prevailing and improving market conditions.”
Management believes these steps will support a timely and informed restart decision as lithium market conditions continue to evolve.
“The substantial body of work completed over the past 18 months has positioned Core strongly for the current lithium market environment, which has recently shown signs of improvement in spodumene concentrate pricing and investor sentiment,” Brown said.
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