Finance, Lithium, News

Core Lithium’s maiden revenue

core lithium, asx

Australian lithium miner Core Lithium has released its full-year financial results following its first revenue in the second half of the 2023 financial year (FY23).  

The company recently completed construction at its Finniss lithium mine in the Northern Territory and commenced production and sales of spodumene concentrate.  

“Delivering a maiden profit in the first year is a significant achievement and a testament to the strategy to move quickly to production in a strong pricing environment,” Core Lithium chief executive officer Gareth Manderson said. 

“Core generated operating cash flows of $90.8 million, remains debt free and had a cash balance of $153 million at year end.” 

Core increased its Finniss Mineral Resource estimate for the financial year by 62 per cent, bringing it to 30.6 million tonnes at 1.21 per cent lithium. 

The company’s maiden revenue reached $50.6 million with an earnings before interest, taxes, depreciation and amortisation (EBITDA) of $14 million. 

“While the breadth and scope of the work at Finniss has expanded significantly, our strategy to drive long-term shareholder value is unchanged,” Manderson said.  

“We will ramp up Grants production and deliver spodumene concentrate into long-term offtake agreements, grow the broader Finniss district mine life through the development of deposits in the region near the established processing infrastructure and pursue longer-term growth initiatives through our exploration program.” 

Core’s FY23 results do not include the $111.4 million raised in the recently completed institutional placement and share purchase plan (SPP). 

The company announced the completion of its $100 million fully underwritten institutional placement a day after the sale went live on August 29.  

The SPP, initiated on August 17, raised a total of $11.4 million with Core issuing 28,418,750 new fully paid ordinary shares which began trading on September 25. 

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