Core Lithium greenlights Finniss restart with A$290m backing
Australia's Core Lithium on Wednesday announced a final investment decision (FID) to restart operations at its Finniss lithium project in the Northern Territory, backed by a fully funded package combining debt, strategic investment and equity.
The company secured $120-million (about A$170-million) in strategic funding from a consortium including Glencore, InfraVia and Nebari Natural Resources, alongside a planned A$120-million equity raise.
The funding package also includes a $70-million convertible note from Glencore and InfraVia, as well as a $50-million senior secured debt facility from Nebari.
The FID marks a key milestone in the planned restart of the Finniss operation, following a revised mine plan, updated engineering work and optimisation studies aimed at repositioning the project as a lower-cost, long-life lithium asset.
Core said the restart plan outlined a staged ramp-up, beginning with openpit mining at the Grants deposit, followed by underground development at BP33.
The company is targeting first spodumene concentrate production in the September quarter of 2026, with ramp-up to nameplate production of 1.2-million tonnes a year expected by mid-2028.
“Today’s approval of the final investment decision and the securing of a fully committed funding package is the culmination of 18 months of diligent planning and execution for Core," said MD Paul Brown.
He added that the restart plan delivered “a de-risked, lower cost, long-life operation with robust economics supported by valued strategic partners”.
The Finniss restart is underpinned by a pre-tax net present value of A$1.1-billion and forecast free cash flow of A$1.7-billion, based on a long-term spodumene price assumption of $1 500/t.
Core said the project would benefit from existing infrastructure and a shorter path to production, while retaining expansion and exploration upside.
As part of the restart, the company has also entered into a marketing and distribution arrangement with Glencore, leveraging its global sales platform while maintaining flexibility over offtake.
Early works and site preparation are set to begin immediately.
