Core Lithium (CXO) Q4 2026 TU earnings summary

Executive summary

• Transitioned from planning to execution at Finniss, with open pit mining at Grants and underground development at BP33 commenced, and all major mining and development contracts awarded.

• Logistics chain fully operational, with shipments of lithium fines and concentrate dispatched through Darwin Port.

• Strong financial position with A$182 million cash and A$320 million in available funding as of 30 June 2026, fully funding the project through to steady state production.

• Exploration growth initiatives underway, including the Blackbeard drilling program and acquisition of Bynoe Lithium tenement, with results and maiden Mineral Resource Estimate expected in CY2026.

• Announced divestment of gold and non-lithium assets into Axiant Resources Limited to sharpen strategic focus.

Financial highlights

• Cash balance of A$181.8 million at 30 June 2026, with A$320 million in available sources including undrawn facilities.

• Received A$67.3 million from equity raising and A$37.0 million from Convertible Notes during the quarter.

• Generated A$16.2 million from sales of lithium fines and spodumene concentrate, with 45kt sold and ~30kt remaining available for sale.

• Net cash from operating activities was A$5.7 million for the quarter.

• $193 million of restart capital remaining, with major contract awards in line with expectations.

Outlook and guidance

• Plant recommissioning targeted for the September quarter, with first shipment of newly produced spodumene concentrate expected in the December quarter 2026.

• Steady state production of 1.2Mtpa targeted for mid-2028 at BP33, with no anticipated ore gap due to significant ROM stockpiles.

• Exploration at Blackbeard to be completed before the wet season, aiming for a maiden Mineral Resource Estimate in CY2026.