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Core Lithium Ltd

Core Lithium exceeds share purchase plan target by 65%, raising $3.3 million

Exploration programs aimed at increasing mineral resources at the Finniss Lithium Project will begin in the coming weeks.

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Core is focused on reaching a final investment decision to become Australia’s next lithium producer

Core Lithium Ltd (ASX:CXO) has received strong support for a share purchase plan (SPP) which raised $3.3 million, 65% above the originally targeted $2 million.

In addition, the first $6.9 million tranche of Lithium Royalty Corporation (LRC) non-dilutive $8.125 million royalty funds are expected next month.

These funds will enable the company to initiate drilling aimed at expanding mineral resources and reserves at the Finniss Lithium Project in the Northern Territory.

The company hopes this work will further improve the production profile and extend the mine life as it progresses the project to a Final Investment Decision.

READ: Core Lithium extends closing of oversubscribed SPP following strong investor demand

Core managing director Stephen Briggs said: “We are very pleased with the strong support from shareholders in the SPP in addition to the non-dilutive finance from the $8.1 million royalty investment by LRC.

“Core is now positioned to move forward towards the Final Investment Decision for the Finniss Lithium Project and focus on increasing its mineral resource base.”

Due to strong demand for the SPP, the company extended the placement to Monday, June 24, allowing shareholders more time to participate.

In coming weeks Core will begin focused exploration in the highly prospective Finnis project area with the aim of discovering and defining new lithium-rich pegmatites within the large 500 square kilometre area.

READ: Core Lithium crosses a major milestone towards becoming Australia’s next lithium producer

Earlier this month Core obtained a positive assessment report from the Northern Territory Environment Protection Authority (NTEPA) for the development of the Grants Lithium Project within the broader Finniss project.

This completes the Environmental Impact Assessment process for the project and paves the way for the company to apply for an authorisation under the NT Mining Management Act.

Core will now submit a Mining Management Plan (MMP) to the Department of Primary Industry and Resources (DPIR) for assessment.

Quick facts: Core Lithium Ltd

Price: $0.04

Market: ASX
Market Cap: $31.53 m
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