Core Lithium Ltd (ASX: CXO) Reports December Quarterly Activities
Operational Achievements
Core Lithium Ltd (ASX: CXO) has reported continued progress for the December quarter, with the Restart Study for its Finniss lithium project on track for completion in June. The company ended the quarter with a cash balance of $50 million, down from approximately $61 million in the September quarter. Notable drilling results were achieved, notably at the Blackbeard lithium prospect, which yielded impressive results of 63m @ 1.67% Li2O.
Exploration Highlights
Further encouraging drill results were identified at Shoobridge, including 6m @ 5.12g/t Au. Follow-up drilling has been completed with results anticipated in the March quarter. Core’s exploration programs continue to demonstrate significant findings, laying a solid foundation for potential growth in both lithium and gold sectors.
Safety and Environmental Updates
Core reported no significant safety or environmental incidents during the quarter. Minor incidents involving the drilling contractor were noted. Ongoing environmental and regulatory compliance remains a priority, with proactive water management and extensive weed control measures being implemented.
Financial Performance
The company experienced notable cash management with total expenditures slowing relative to the prior quarter. Key movements included one-off non-recurring payments related to quotation period adjustments. Core retains a significant inventory of approximately 5,000 wmt of spodumene concentrate and 75,000 wmt of lithium fines.
Director Appointment
Alicia Sherwood was appointed as a Non-Executive Director of Core Lithium, bringing over 25 years of diverse experience in stakeholder management and leadership to the board.
CEO Comments
Core CEO Paul Brown remarked, “The December quarter saw continued progress across three key areas of our business, including the Restart Study workstreams, maintaining operational readiness, and advancing our exploration program. We’re pleased to report that there have been no significant safety or environmental incidents during this period. We will seek to align our strategy with prevailing market dynamics when the Restart Study is concluded in June.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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