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Core Lithium Ltd (ASX:CXO)

ALERT: Price-sensitive ASX Announcement for CXO
Current share price for CXO : $0.290 -0.045 (-13.43%)+
Announcement
Release
13 May 2026 8:52AM
Price at Release
$0.335
Full Release
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Summary
Core Lithium Ltd has awarded a significant $274 million underground mining contract to Develop Global Ltd for the BP33 deposit, a central component of the Finniss Lithium Operation in the Northern Territory. This contract, which spans three years with an option for a two-year extension, was secured following a competitive tender process that prioritized reducing project execution risks. Develop Global Ltd was chosen for their expertise in underground mining and experience with similar geological conditions. The project at BP33 is expected to deliver substantial ore feed and significantly enhance the operation's cost profile and economics. Mobilisation is set for June 2026, with operations commencing in July 2026, aimed at achieving first spodumene concentrate production by the December quarter of 2026.
Key Points
  • Core Lithium Ltd has awarded a $274 million underground mining contract to Develop Global Ltd for the BP33 deposit.
  • The contract covers a three-year term with an option to extend for two additional years.
  • BP33 is a key part of the Finniss Lithium Operation in the Northern Territory, providing a long-life, low-cost production base.
  • The contract was awarded after a competitive tender process, focusing on reducing project execution risk.
  • Develop Global Ltd was selected for their strong underground mining capability and experience in comparable geological conditions.
  • The scope of work includes drill & blast, load & haul, decline development, production, and ground support works.
  • BP33 is expected to contribute 88% of ore feed in the first ten years of operation.
  • The project is expected to begin mobilisation in June 2026 and start works in July 2026.
  • First spodumene concentrate is targeted for the December quarter of 2026.
  • The project supports early cash generation and aligns with Core's strategy for efficient execution and early cash flow.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.