Core Lithium (CXO) Q1 2025 earnings summary

Executive summary

• BP33 Ore Reserve expanded to 8.7Mt at 1.38% Li₂O, supporting restart studies for Finniss operations and a notional 9.5-year mine life.

• Strong balance sheet with $61.3 million cash and no debt; operations paused and positioned for rapid restart if market conditions improve.

• Strategic investment in Charger Metals and conditional acquisition of 30% Bynoe Lithium Project interest.

• Shoobridge drilling confirmed high-grade gold (up to 19.76g/t Au) and lithium mineralisation, with follow-up drilling underway.

• No recordable injuries or environmental incidents; strong focus on safety, compliance, and community engagement.

Financial highlights

• Cash balance at quarter end was $61.3 million, down from $87.6 million at 30 June 2024, with no debt.

• One-off payments included $8.8 million in contractor fees, $1.2 million in redundancies, and $4.8 million in royalties.

• Net cash outflow from operating activities was $19.4 million for the quarter.

• Estimated 2.8 quarters of funding available based on current cash and outgoings.

• 5,178wmt of spodumene concentrate and 75,000wmt of lithium fines available for sale.

Outlook and guidance

• Restart studies for Finniss are progressing, with completion expected in H2 FY25; expenditures to focus on site maintenance, exploration, and restart strategy.

• Ability to restart quickly if lithium prices rebound; open pit at Grants ready for rapid mobilization.

• Exploration at Shoobridge to continue, targeting both lithium and gold.

• Ongoing engagement with potential funders, including government grants and possible bank debt.

• Any decision to resume mining will depend on study outcomes and market conditions.