Core Lithium approves Finniss FID with $300M+ funding package to restart operations
Core Lithium Ltd (ASX:CXO, OTC:CXOXF, FRA:7CX) has approved a Final Investment Decision (FID) to restart operations at its Finniss Lithium Project in the Northern Territory, alongside securing a fully funded restart package exceeding $300 million. The FID marks a key milestone for the...
Core Lithium Ltd(ASX:CXOOTC:CXOXF) View Price & Profile Core Lithium approves Finniss FID with $300M+ funding package to restart operations
Last updated: 21:54 17 Mar 2026 EDT, First published: 20:46 17 Mar 2026 EDT
Core Lithium Ltd (ASX:CXO, OTC:CXOXF, FRA:7CX) has approved a Final Investment Decision (FID) to restart operations at its Finniss Lithium Project in the Northern Territory, alongside securing a fully funded restart package exceeding $300 million.
The FID marks a key milestone for the company, following completion of updated mine planning, engineering studies and operating strategies designed to reposition Finniss as a lower-cost, long-life lithium operation with reduced execution risk. It is underpinned by updated project economics, including a pre-tax NPV of $1.1 billion and forecast free cash flow of $1.7 billion, based on a long-term spodumene price of US$1,500/t.
The restart is now fully funded through a diversified financing package combining strategic investment, debt and equity, providing the capital required to move immediately into execution.
The funding package includes $170 million (US$120 million) in strategic funding from partners Glencore, InfraVia and Nebari, alongside an intended $120 million equity raising, existing cash reserves and proceeds from recent spodumene sales.
“Today’s approval of the Final Investment Decision and the securing of a fully committed Funding Package is the culmination of 18 months of diligent planning and execution for Core. The restart plan delivers a de-risked, lower cost, long-life operation with robust economics supported by valued Strategic Partners who share our long-term vision for Finniss," Core’s managing director Paul Brown said.
"With all major approvals in place and a proven processing plant ready for restart, Core will now progress mobilisation activities. Near‑term ore feed will be sourced from the Grants Open Pit, providing a low‑risk and rapid pathway to recommencement of concentrate production. BP33 underground development will occur in parallel, supporting a transition to long‑life, high‑margin underground operations.
"The company remains focused on safe, disciplined execution as it advances a staged restart program through 2026 and 2027 with first spodumene concentrate production targeted for the September quarter 2026. First ore from Grants is targeted within one month of contractor mobilisation, with BP33 first ore expected in mid‑CY2027 and ramp‑up to nameplate production of 1.2Mtpa in mid‑2028."
Funding package underpins restart and near-term execution
The funding structure comprises a US$70 million convertible note facility from Glencore and InfraVia, a US$50 million senior secured loan from Nebari, and a two-tranche equity raising totalling $120 million.
Core said the mix of funding sources was designed to balance flexibility, cost of capital and shareholder dilution, while aligning the company with strategic partners across financing, marketing and project execution.
Proceeds will be directed primarily toward restart capital of about $208 million, covering pre-production works at the Grants open pit, development of the BP33 underground mine and plant and site upgrades. A further $69 million has been allocated to working capital and restart activities, with $30 million earmarked for growth and exploration, including drilling at the Blackbeard prospect.
The company has also entered into a marketing agreement with Glencore, which will support the sale and distribution of spodumene concentrate while maintaining offtake flexibility.
“Glencore is one of Australia’s largest producers and marketers of critical and strategic minerals. We are pleased to play an important role in this transaction which supports the restart of Finniss Lithium Operation in the Northern Territory and brings significant economic benefits to the entire region. We share the Government’s view that this operation is vital to the regions’ critical minerals strategy and is a key asset for achieving the Northern Territory Government’s ambition of a A$40 billion economy by 2030. This is another example of how Glencore’s unique marketing business can support Australian mining companies while we continue to expand as a leading supplier of critical minerals,” Glencore’s head of lithium Robin Francois said.
The integrated funding package provides immediate liquidity and enables mobilisation of contractors, site preparation, plant optimisation and underground development as part of the restart plan.
Staged restart and pathway to production
With FID approved and funding secured, Core will move into immediate early works, with open pit mining at Grants expected to provide near-term ore feed and a rapid restart pathway.
Underground development at BP33 will run in parallel, supporting a transition to long-life, higher-margin operations and a staged ramp-up to nameplate production of 214ktpa.
First spodumene concentrate production is targeted for the September quarter of 2026, with BP33 underground ore expected in mid-2027 and full ramp-up to 1.2Mtpa throughput by mid-2028.
The restart plan outlines a 20-year mine life, with the operation centred on the Grants open pit and BP33 underground mine, and potential future contributions from the Carlton deposit.
Core said the FID and funding package position the company to transition from planning into execution, with a de-risked development pathway, strengthened balance sheet and access to global marketing channels through its strategic partners.