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    CXO   AU000000CXO2

CORE LITHIUM LTD

(CXO)
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Core Lithium Ltd Signs Mining Services Contract with Lucas Total Contract Solutions for Finniss Lithium Project

09/22/2021 | 07:34pm EST

Core Lithium Ltd. announced it has signed a Mining Services Agreement (`Mining Contract') with Lucas Total Contract Solutions (`Lucas') for the provision of open pit mining and associated services at the Company's wholly owned Finniss Lithium Project (`Finniss Project'), located near Darwin in the Northern Territory. The Mining Contract represents another major step on Core's path towards commencing construction at the Finniss Project in 2021. Lucas is engaged for the 3-year open pit mining services agreement for the Grants open pit. The Grants open pit is the first mine that will be developed at the Finniss Lithium Project, with first lithium production expected in late 2022. The scope of work covers the construction and mining of the Grants Open Pit Mine including clear and grub, topsoil management, pads, roads, dumps, dams, bunds and water controls and open pit mining (load and haul plus drill and blast). The execution of the Mining Contract closely follows the completion of a $91 million institutional placement and a $25 million share purchase plan, in conjunction with a $34 million equity investment subject to Chinese Government approvals and an offtake agreement with a subsidiary of Jiangxi Ganfeng Lithium Co. Ltd. (Ganfeng), one of the world's large lithium producers by production capacity, for 75,000 tonnes per annum of spodumene concentrate from the Finniss Project over 4 years. Core is fully financed, has construction and operation approvals already in place and on-track to commence construction at the Finniss Project before the end of 2021, with a Final Investment Decision (FID) expected in the coming weeks. Core expects to ramp-up construction at the Finniss Project over the course of 2022, with first spodumene production anticipated in late 2022.


© S&P Capital IQ 2021
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Financials
Sales 2022 - - -
Net income 2022 -4,00 M -2,85 M -2,85 M
Net Debt 2022 - - -
P/E ratio 2022 -
Yield 2022 -
Capitalization 884 M 629 M 631 M
Capi. / Sales 2022 -
Capi. / Sales 2023 11,4x
Nbr of Employees -
Free-Float 79,1%
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Number of Analysts 1
Last Close Price 0,53 AUD
Average target price 0,70 AUD
Spread / Average Target 32,1%
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Managers and Directors
Stephen Richard Biggins Managing Director & Executive Director
Simon Iacopetta Chief Financial Officer
Gregory David English Non-Executive Chairman
Blair L. Duncan Chief Operating Officer
Heath Albert Hellewell Independent Non-Executive Director
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