Core Lithium (CXO) Q2 2026 TU earnings summary

Executive summary

• Optimised mine plan for Grants deposit to deliver first ore within a month, accelerating revenue and reducing pre-production capital by $35–$45 million compared to prior estimates.

• Updated Ore Reserve Estimate for Finniss Project increased to 15.6Mt at 1.27% Li₂O, reflecting a 33% rise in tonnage and 44% increase in contained metal at Grants.

• Technical studies and operational readiness for the Finniss Lithium Project are progressing, with a Final Investment Decision (FID) targeted soon.

• Strategic funding process is advancing, with strong interest from potential partners.

• Divested non-core uranium assets for $5 million (cash and shares) plus a 1% Net Smelter Royalty.

Financial highlights

• Cash balance at 31 December 2025 was $48.7 million, up from $35.9 million at 30 September 2025.

• Net cash used in operating activities for the quarter was $7.97 million.

• Net cash from financing activities was $18.99 million, mainly from equity placements.

• Estimated 5.8 quarters of funding available based on current cash and outgoings.

• One-off cash receipt of $2.5 million from uranium asset sale.

Outlook and guidance

• Focus on concluding operational readiness and funding to enable FID and restart of Finniss operations.

• Improved lithium market conditions and spodumene pricing provide increased flexibility for funding and sales.

• Ongoing evaluation of non-core tenements to align capital and management with strategic priorities.