Core Lithium (CXO) Q2 2025 earnings summary

Executive summary

• Restart study for Finniss lithium project is progressing on schedule, targeting completion in the June quarter 2025, with a focus on consolidation and preparation for restart after ceasing processing mid-last year.

• Strong cash position of $49.7 million at quarter end, with no debt, supporting operational stability and readiness.

• Significant lithium and gold exploration results, including high-grade lithium at Blackbeard and gold at Shoobridge, with further assays pending.

• Sustainability focus maintained, with no significant safety or environmental incidents and only two minor safety incidents.

• Alicia Sherwood appointed as Non-Executive Director, bringing extensive operational and stakeholder experience.

Financial highlights

• Cash balance at quarter end was $49.7 million, with no outstanding debt.

• One-off non-recurring payment of $3.5 million related to prior year shipments impacted cash flow.

• Finniss site maintenance and exploration each cost $3.4 million for the quarter.

• Favorable AUD/USD movement resulted in a $2.7 million cash flow gain.

• Net cash outflow from operating activities was $10.7 million for the quarter.

Outlook and guidance

• Restart study remains on track for completion and reporting by mid-year, aiming for a more efficient, lower-cost operation.

• Cash burn expected to decrease in coming quarters after seasonal and drilling-related expenses.

• No major changes anticipated for the Finniss plant; focus on incremental improvements.

• Further drilling results from Shoobridge gold project expected in March quarter 2025.

• No further QP payments expected before any operational restart.