Highlights

  • Finniss produced its first new spodumene concentrate in September 2026.
  • The company reported AUD 200 million of cash at 30 September 2026.
  • 2026 sales of existing lithium fines stockpiles generated approximately AUD 38.5 million.
  • The first shipment of newly produced concentrate was targeted for the December 2026 quarter.

Core Lithium Limited (ASX:CXO) develops and operates lithium Assets at its Finniss project in the Northern Territory, including the Grants open pit and BP33 underground deposit. Core shares closed at AUD 0.23 on 5 November 2026. Restart work advanced during the September quarter, with first new spodumene concentrate produced while plant optimisation and underground development continued. The distinction between commissioning progress and sustained production is central to assessing its 2026 activities.

Finniss Production Restart and Processing

Core Lithium Limited (ASX:CXO) reported production of first spodumene concentrate at the recommissioned Finniss plant in September 2026. The milestone followed the resumption of Mining at Grants in May and crushing operations in August. Processing remained in commissioning and optimisation, with the company working toward reliable production rather than claiming full steady-state output. Before restarting, Core completed upgrades to the dense media separation plant, including changes to crushing and ancillary circuits. The company expects these upgrades to raise throughput capacity by approximately 20% to 1.2 million tonnes per annum. Capacity is a design measure and does not establish achieved annual production.

BP33 Development and Exploration

The BP33 underground project forms part of Core Lithium Limited (ASX:CXO) plans for the next phase of ore supply. Development progressed in the September quarter, with first development ore targeted for mid-calendar 2027. Surface infrastructure construction and additional drilling were also being undertaken. One BP33 extension hole, NMRD100, returned 34.08 metres at 2.09% lithium oxide from 578.7 metres downhole. That intercept is a drilling observation and should not be interpreted as a new mineral reserve, a true-width measurement or proven production capacity. Blackbeard drilling was also underway to support a maiden mineral resource estimate, which had not yet been established.

Liquidity and Sales During the Quarter

Core Lithium Limited (ASX:CXO) ended September 2026 with AUD 200 million in cash, compared with AUD 182 million at 30 June 2026. During the quarter, the company received approximately AUD 62 million from a convertible-note funding Tranche and AUD 36 million from a senior secured Facility tranche, before the relevant fees. Its September-quarter Capital Expenditure was AUD 51 million and site operating costs were AUD 13 million. Sales of previously stockpiled lithium fines generated about AUD 38.5 million in calendar 2026. That Revenue should be distinguished from cash receipts arising from newly restarted concentrate production.

Milestones and Funding Considerations

Core Lithium Limited (ASX:CXO) targeted the first shipment of newly produced concentrate in the December 2026 quarter. Its September presentation estimated AUD 157 million of remaining restart capital including contingency, while identifying funding sources including cash, receivables and an undrawn Loan tranche. Management described the restart as funded through planned steady-state production in mid-calendar 2028; that timing remains an objective. Plant recovery, equipment reliability, shipment schedules and underground development are important execution variables. Debt and convertible securities can also affect financing costs and the capital structure. Further quarterly reporting will clarify which operational milestones have become sustained results.

Key Insights

Core Lithium Limited (ASX:CXO) made identifiable progress at Finniss in 2026, including first concentrate production and advancement of BP33. Cash and financing receipts supported the restart, but commissioned capacity and planned shipment dates are different from a demonstrated steady-state operating record. Subsequent production, capital spending and sales data will provide the next evidence.