The Core Lithium Ltd (ASX: CXO) share price is flat on the day after the company posted its quarterly activities report for the period ended 30 June 2022.
At the time of writing, the share is swapping hands at $1.04 apiece, the same price it closed out the session yesterday.
Image source: Getty Images
Core Lithium advances mine construction
Key takeouts from the quarter include:
- Advanced construction activities at the Finniss Project
- Received the final 2021 lithium drilling assays
- MRE and ORE updated (announced post-quarter), Finniss Life of Mine extended to 12 years
- Awarded crushing contract for Finniss ore
- Admitted to the S&P/ASX 200 Index.
What else happened last quarter for Core Lithium?
The company says that it was adversely affected by a number of central themes last period. These include ongoing COVID absenteeism, supply chain disruption and inflationary pressure.
Moreover, construction and mining is progressing well at Finniss. The company reckons development
remains on schedule.
At this pace, Core says it is on track for first export of lithium by the end of this fiscal year (2022).
In mid-April, Core entered a binding agreement with Newmont Exploration Pty Ltd, to acquire the Shoobridge Lithium Project.
The project is a subsidiary of Newmont Corporation and is situated around 80km South East of the Finniss site.
What's next for Core Lithium?
The company reported that its mineral resource estimate had increased at the Finnis site after results from drilling undertaken in 2021.
It reported a 28% increase in MRE whereas measured and indicated mineral resource increased by 61% to 13.3Mt at 1.3% lithium.
It also extended the life of the Finnis project by another 12 years.
Core Lithium share price snapshot
In the last 12 months, the Core Lithium share price has increased by 287% and 77% this year to date.
