Australian Lithium Miner Core Lithium, an Australian enterprise focused on lithium mining, has
announced the initiation of a fully underwritten institutional placement to
secure A$100 million (prior to expenses) at a share offer price of A$0.40
each. Furthermore, Core Lithium plans to extend an invitation to eligible
existing shareholders to partake in a non-underwritten share purchase
plan. This initiative aims to raise an additional A$20 million (before costs),
maintaining the same price as the placement.
The proceeds generated from this equity infusion will be directed towards
fueling the company’s imminent growth ventures. This encompasses the
early phases of BP33 and an ongoing exploration initiative. Furthermore,
the financial resources will bestow flexibility as Core Lithium advances its
efforts to amplify and fine-tune production at its flagship project, Finniss
Lithium. Having accomplished its first concentrate production in February
2023, the company is currently overseeing the Grants open pit, a
foundational aspect of its operations. Notably, Core Lithium has
efficaciously executed the delivery of its initial two shipments of spodumene
concentrate. Focusing on its forthcoming endeavor, BP33, Core Lithium
envisions it as a pivotal asset that could shape the company’s trajectory.
The project remains steadfast in its trajectory toward a final investment
decision, anticipated in the first quarter of 2024.
Core Lithium was established as a prominent Australian player in the
domain of hard-rock lithium mining. It owns and operates the Finniss lithium
operation situated on the Cox Peninsula, positioned southwest and 88
kilometers from the Darwin Port in the Northern Territory.
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