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Core Lithium Ltd Initiates Early Works Program for BP33 Project Core Lithium Ltd

Core Lithium Ltd Initiates Early Works Program for BP33 Project

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Core Lithium Ltd, an Australian lithium miner listed as ASX: CXO, has officially started the early works program and detailed feasibility study for the BP33 Underground Project. This project marks the second proposed mine at the company's 100% owned Finniss Lithium Operation, located in the Northern Territory.

Early Works Program Underway

The early works program includes various activities such as excavation and construction of a covered box cut. This box cut will serve as the structurally stable entry point for developing the decline to the BP33 orebody. Additionally, surface works, including water management facilities and associated infrastructure, are being carried out as part of the program. Northern Australia Civil (NAC), a contractor based in the Northern Territory, has been entrusted to complete the early works contract.

Progress on Feasibility Study

Simultaneously, Core Lithium Ltd has commenced an updated feasibility study for the BP33 Project.

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This comprehensive study will incorporate the recently announced significantly larger BP33 Mineral Resource, announced in April 2023. The study will also take into account the company's operating experience and learnings from the pit and plant, as well as additional mining, metallurgical, and geotechnical studies.

Final Investment Decision Anticipated in Q1 2024

Following the completion of the early works program and feasibility study, a final investment decision is scheduled to be made in the first quarter of the calendar year 2024. Gareth Manderson, the Chief Executive of Core Lithium, expressed confidence in the potential of the BP33 deposit, stating that it has the ability to become the cornerstone asset for the company. He further added that commencing the early site works, estimated to cost between $45-50 million, will allow the company to stay on track and expedite the development of the BP33 underground mine.

Manderson stated, "This approach will position the company to move forward quickly if we receive a positive investment decision. "

With the early works program well underway and the feasibility study progressing, Core Lithium Ltd is actively pursuing its goal of becoming a leading player in the lithium mining industry.

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