Core Lithium has struck conditional agreements with Todd River Resources for two new projects in the Northern Territory.
The projects, Soldiers Creek and Walabanba, are close to Core Lithium’s existing Finniss lithium project and Darwin port.
Core Lithium believes the projects have a strong lithium potential, particularly with their proximity to the company’s existing projects and direct rail link to the port.
The acquisition of these projects will benefit Core’s position as Australia’s next lithium producer and its strategy to make Darwin and the Finniss project a central processing and global transport hub for lithium and spodumene production.
Core Lithium has made tenement sale agreements with Todd River in the form of $50,000 in shares for each project, subject to Core Lithium completing satisfactory due diligence.
The Finniss project has some of the best supporting infrastructure and logistics chain to Asia of any Australian lithium project, being located just one hour by sealed road to Australia’s nearest port to Asia, Darwin.
Since Core Lithium discovered the Finnis project in 2017, it has aspired for the project to become Australia’s first lithium resource outside of Western Australia.
Core Lithium released a pre-feasibility study in June 2018, proposing $346 million of pre-tax revenue would be generated during the project’s 26-month life, with a definitive feasibility study to be released by the end of this year.
The company anticipates a transition from explorer to producer by the end of this year.