Core Lithium (CXO) Q3 2026 TU earnings summary

Executive summary

• Final Investment Decision (FID) approved for the restart of Finniss Lithium Project, backed by a fully funded A$290 million package from strategic partners and institutional equity raise.

• Binding purchase and distribution agreement with Glencore for spodumene concentrate, with flexibility for future offtake.

• Early works and site preparation commenced post-FID, including mining contracts and infrastructure development at Grants and BP33.

• Board strengthened with the appointment of Paul Brown as Managing Director and Mark Hine as Non-Executive Director.

Financial highlights

• Cash balance at 31 March 2026 was A$91.6 million, up from A$48.7 million at 31 December 2025, reflecting Tranche 1 equity raise proceeds.

• Additional A$37 million received post-quarter from convertible note funding.

• Net cash used in operating activities for the quarter was A$6.4 million; net cash from financing activities was A$51.1 million.

• Estimated 12.8 quarters of funding available based on current cash and outgoings.

Outlook and guidance

• First ore from Grants targeted in the June quarter, with first spodumene concentrate production from the DMS plant in the September quarter.

• First concentrate shipment expected early in December 2026 quarter, with further shipments into CY2027.

• FID case projects a 3-year payback, pre-tax NPV of A$1.1 billion, and free cash flow of A$1.7 billion, assuming US$1,500/t long-term spodumene price.