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Core Lithium (ASX: $CXO) initiates strategic review of operations

Core Lithium's Q2 FY24 Quarterly Update


Core Lithium Ltd (ASX: $CXO) has released its Q2 FY24 Quarterly Update, outlining key operational, financial, and sustainability highlights. The company reported a 20% increase in lithium recovery, a 39% increase in spodumene concentrate production, and a concentrate grade of 54.7%. Additionally, Core Lithium revealed a cash balance of $124.8m with no debt as of 31 December 2024.

Executive Commentary on Strategic Review and Operational Performance


The strategic review of operations reflects our commitment to navigating the challenging market conditions while safeguarding the long-term value of our assets. We have temporarily paused mining at the Grants open pit and suspended certain activities to optimize future mining economics. Our focus remains on cost reduction, sustainability, and maintaining a strong balance sheet to respond effectively to evolving market conditions.

Summary of Q2 FY24 Quarterly Update and Outlook


Core Lithium's Q2 FY24 Quarterly Update demonstrates the company's proactive approach to addressing market challenges through a strategic review of operations. Despite the drop in spodumene prices, Core Lithium aims to continue concentrate production until mid CY24, with reduced cost guidance for H2FY24. The company's revised FY24 guidance includes lowered costs, reduced capital expenditure, and temporary suspension of lithium fines product sales. Core Lithium's operational performance improvements and sustained focus on preserving asset value position the company to respond effectively to market dynamics and potential mining resumption in H1FY25.

Sourcehttps://announcements.asx.com.au/asxpdf/20240124/pdf/05zplnt6mt4kmx.pdf

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