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2026-11-06
◂ Monitor CXO ASX

Core Lithium Ltd

Ramping Producer · Lithium · AU Rating locked: sign in to view v8.1 · cxo-20261031t211003-full
Last 2026-11-06
A$0.23
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$744.5M
EV
A$684.5M
Cash
A$199.7M
Debt
A$134.9M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$199.7M2025-06-30: 23,486,000 A$2025-09-30: 35,923,000 A$2025-12-31: 48,656,000 A$2026-03-31: 91,606,000 A$2026-06-30: 181,827,000 A$2026-09-30: 199,683,000 A$ Construction Funded
Debt A$134.9MFY25A: 9,500,000FY26A: 29,121,000 Net cash A$64.7M
Basic shares 3.2BFY25A: 2,143,015,544FY26A: 3,236,801,664 2026-09-30
Runway 14.1 quarters Appendix 5B item 8.7 (cash A$199.7m over operating and exploration outgoings of A$14.1m); with A$157m of restart capital still to spend the company states Finniss is fully funded to steady state in 2028.

Liquidity

Financial position

Cash A$199.7m plus an undrawn US$25m Nebari tranche (subject to an EV above A$350m) against A$157m remaining restart capital, ramp-up working capital and corporate costs. Our base case keeps the minimum cash above A$70m through FY28 before Grants and BP33 cash flow; a delay to BP33 or recoveries near the historical 64% would consume most of that buffer, and senior loan amortisation (3.5% a month) starts about 18 months after drawdown.

Inventory composition2

Inventory at 30 June 2026 A$7.1m (consumables A$6.2m, finished goods A$0.6m, work in progress A$0.3m); the remaining 25kt lithium fines stockpile was sold in the September quarter.

Consumables and stores on hand (30 June 2026)
A$6.2M carrying
Spodumene concentrate finished goods on hand (30 June 2026)
A$628K carrying

Capital structure

Ownership and dilution

Ordinary shares
3.2B
Fully diluted
3.7B

2,143,015,544 shares at 30 June 2025 + 1,050,476,190 placement shares (A$50m Sept 2025 placement and A$120m 2026 placement in two tranches) + 41,309,930 SPP shares + 2,000,000 option exercises = 3,236,801,664 at 30 June 2026, unchanged at 30 September 2026. Fully diluted adds 32,912,688 performance rights, 6,500,000 options and 396,126,984 shares on conversion of the notes. Up to 6,039,474 one-off rights for the Managing Director await AGM approval.

Security classes4
ClassTypeQuantityStrikeExpiry
Fully paid ordinary sharesOrdinary Share3.2B——
Unquoted performance rights (incentive plan)Performance Right32.9M—2030-06-30
Unquoted options exercisable at A$0.224Option6.5MA$0.2242027-06-30
US$70m convertible notes (70,000,000 notes of US$1), conversion A$0.252; 396,126,984 shares at the 30 September 2026 A$ face of A$99.824mConvertible396.1MA$0.2522032-06-30

Actuals and forecasts

Financial statements

Reported years only; our forecasts are available to subscribers
AUDUnitTrendFY25AAFY26AA
Profit and loss
RevenueAUDmFY25A: -2,421,000 AUDFY26A: 17,846,000 AUD(2.4)17.8
Site operating costs (incl. care and maintenance in actuals)AUDmFY25A: -18,447,000 AUDFY26A: -27,488,000 AUD(18.4)(27.5)
RoyaltiesAUDmFY25A: -1,981,000 AUDFY26A: 23,000 AUD(2.0)0.0
Corporate and administrationAUDmFY25A: -14,073,000 AUDFY26A: -27,452,000 AUD(14.1)(27.5)
Other items (provision releases, NRV, fair-value gains, impairments)AUDmFY25A: 24,241,000 AUDFY26A: 18,616,000 AUD24.218.6
EBITDAAUDmFY25A: -12,681,000 AUDFY26A: -18,455,000 AUD(12.7)(18.5)
Depreciation and amortisationAUDmFY25A: -10,008,000 AUDFY26A: -8,643,000 AUD(10.0)(8.6)
EBITAUDmFY25A: -22,689,000 AUDFY26A: -27,098,000 AUD(22.7)(27.1)
Net interestAUDmFY25A: -681,000 AUDFY26A: 1,138,000 AUD(0.7)1.1
Income taxAUDm0.00.0
Net profit after taxAUDmFY25A: -23,370,000 AUDFY26A: -25,960,000 AUD(23.4)(26.0)
Cash flow
Operating cash flowAUDmFY25A: -43,934,000 AUDFY26A: -21,087,000 AUD(43.9)(21.1)
Total capital expenditureAUDmFY25A: 19,409,000 AUDFY26A: 24,012,000 AUD19.424.0
Free cash flowAUDmFY25A: -63,343,000 AUDFY26A: -45,099,000 AUD(63.3)(45.1)
Equity issued net of costsAUDmFY25A: 0.00 AUDFY26A: 166,069,000 AUD0.0166.1
Debt and lease flowsAUDmFY25A: -626,000 AUDFY26A: 35,065,000 AUD(0.6)35.1
Other investing, bonds and FXAUDmFY25A: -151,000 AUDFY26A: 2,306,000 AUD(0.2)2.3
Net change in cashAUDmFY25A: -64,120,000 AUDFY26A: 158,341,000 AUD(64.1)158.3
Balance sheet
CashAUDmFY25A: 23,486,000 AUDFY26A: 181,827,000 AUD23.5181.8
Debt (face; FY25-FY26 carrying value)AUDmFY25A: 9,500,000 AUDFY26A: 29,121,000 AUD9.529.1
Net debt (negative = net cash)AUDmFY25A: -13,986,000 AUDFY26A: -152,706,000 AUD(14.0)(152.7)
Per share
Diluted shares (notes as debt)m sharesFY25A: 2,143,015,544 sharesFY26A: 3,236,801,664 shares2,143.03,236.8
Earnings per shareAUD/shareFY25A: -0.01 AUD/shareFY26A: -0.01 AUD/share(0.01)(0.01)
Dividends per shareAUD/share0.000.00
Multiples and ratios
EV / EBITDA (x, current EV)xFY25A: -48.87 xFY26A: -33.58 x(48.9)(33.6)
P / E (x, current market cap)xFY25A: -29.09 xFY26A: -26.18 x(29.1)(26.2)
FCF yield (current market cap)%FY25A: -0.09 fractionFY26A: -0.07 fraction-9.3%-6.6%
EBITDA margin%FY25A: 5.24 fractionFY26A: -1.03 fraction523.8%-103.4%
Net debt / EBITDA (x)xFY25A: 1.10 xFY26A: 8.27 x1.18.3

KPI history

Operating metrics · Finniss Lithium Operation

Mine development payments shown
014,149,80028,299,60042,449,40056,599,200Jun Q 2026: 15,208,000 AUDJun Q 2026Sep Q 2026: 50,535,000 AUDSep Q 2026
MetricUnitTrendJun Q 2026Sep Q 2026
Mine development paymentsAUDJun Q 2026: 15,208,000 AUDSep Q 2026: 50,535,000 AUD15,208,00050,535,000

KPI history

Operating metrics · Company

Cash at bank shown
055,911,240111,822,480167,733,720223,644,960Sep Q 2025: 35,923,000 AUDSep Q 2025Dec Q 2025: 48,656,000 AUDDec Q 2025Mar Q 2026: 91,606,000 AUDMar Q 2026Jun Q 2026: 181,827,000 AUDJun Q 2026Sep Q 2026: 199,683,000 AUDSep Q 2026
MetricUnitTrendSep Q 2025Dec Q 2025Mar Q 2026Jun Q 2026Sep Q 2026
Cash at bankAUDSep Q 2025: 35,923,000 AUDDec Q 2025: 48,656,000 AUDMar Q 2026: 91,606,000 AUDJun Q 2026: 181,827,000 AUDSep Q 2026: 199,683,000 AUD35,923,00048,656,00091,606,000181,827,000199,683,000
Net operating cash flowAUDSep Q 2025: -12,450,000 AUDDec Q 2025: -7,972,000 AUDMar Q 2026: -6,376,000 AUDJun Q 2026: 5,710,000 AUDSep Q 2026: -11,302,000 AUD(12,450,000)(7,972,000)(6,376,000)5,710,000(11,302,000)
Operating metric source table16
MetricProjectPeriodPeriod typeValueStatus
Cash at bankCompany30 Jun 2025Point In Time23,486,000 AUDReported
Cash at bankCompany30 Sep 2025Point In Time35,923,000 AUDReported
Cash at bankCompany31 Dec 2025Point In Time48,656,000 AUDReported
Cash at bankCompany31 Mar 2026Point In Time91,606,000 AUDReported
Cash at bankCompany30 Jun 2026Point In Time181,827,000 AUDReported
Cash at bankCompany30 Sep 2026Point In Time199,683,000 AUDReported
Net operating cash flowCompanySep Q 2025Quarter-12,450,000 AUDReported
Net operating cash flowCompanyDec Q 2025Quarter-7,972,000 AUDReported
Net operating cash flowCompanyMar Q 2026Quarter-6,376,000 AUDReported
Net operating cash flowCompanyJun Q 2026Quarter5,710,000 AUDReported
Net operating cash flowCompanySep Q 2026Quarter-11,302,000 AUDReported
Mine development paymentsFinnissJun Q 2026Quarter15,208,000 AUDReported
Mine development paymentsFinnissSep Q 2026Quarter50,535,000 AUDReported
Revenue (net of quotational-period adjustments)CompanyFY25Year-2,421,000 AUDReported
Revenue (stockpile sales)CompanyFY26Year17,846,000 AUDReported
Drawn senior loan and convertible notes (face)Company30 Sep 2026Point In Time134,935,000 AUDReported
Company guidance5
MetricProjectPeriodLowHighStatus
Nameplate Concentrate Production (Sc6 Equivalent) From Mid 2028finnissSteady state from mid-CY2028214,000214,000 t/yrCurrent
Unit Operating Cost Fob Ex Royalties At Bp33 Full CapacityfinnissSteady state762762 AUD/t SC6Current
Restart Capital Including ContingencyfinnissFY26-FY28208,000,000208,000,000 AUDCurrent
Restart Capital Remaining At 30 September 2026finnissFrom 1 October 2026157,000,000157,000,000 AUDCurrent
Plant Throughput Capacity After Brownfields UpgradesfinnissFY27 onward1,200,0001,200,000 t/yr oreCurrent

Capital history

Capital events

5 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-05-08Ann. 2026-03-19RaisingOrdinary SharesA$120M571MA$0.21CompletedTranche 1 254m shares (A$53m) unconditional; Tranche 2 317m shares (A$67m) approved by shareholders and completed 8 May 2026.Max 571M · Period 2026-03-18 to 2026-05-08 · Argonaut Securities and Morgan Stanley Australia Securities · Holder approval required
2026-06-30Ann. 2026-03-18DebtConvertible Notes (Us$1 Face)A$37M25.9MA$0.252CompletedUS$26m Tranche 1 notes to InfraVia; 6-year maturity; 10% coupon until steady state then 8%, payable in cash or capitalised.Max 26M · From 2026-03-18
2026-08-04Ann. 2026-03-18DebtConvertible Notes (Us$1 Face)A$62.2M44MA$0.252CompletedUS$44m Tranche 2 notes to Glencore (US$20m) and InfraVia (US$24m) after FIRB and shareholder approval; net A$62.2m.Max 44M · Period 2026-03-18 to 2026-08-04 · Holder approval required
2026-08-04Ann. 2026-03-18DebtSenior Secured LoanA$35.1M——CompletedUS$25m Tranche 1 of the US$50m Nebari loan drawn (A$35.7m net); 48-month term; 3.5% monthly amortisation from month 18; Tranche 2 US$25m undrawn, needs EV above A$350m.From 2026-08-04 · SOFR + 5.0% with 3.5% SOFR floor · Holder approval required
2025-09-04Ann. 2025-08-28RaisingA$50M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-31

Royalties, marketing and offtake terms from the Restart Study, FID announcement, annual report and transaction releases; no commodity or FX hedges are disclosed. Mining contracts (NRW A$50m, Develop A$274m) are service contracts inside operating costs.

2.5% gross revenue royalty to Lithium Royalty Corp on Finniss product (Grants, BP33, Carlton); the prospects are held as security. Blackbeard is excluded.

Royalty · Active
Counterparties
Lithium Royalty Corp
Applies to
Finniss Lithium Operation · Lithium
Economic direction
Burden
Period
Dates not stated
Key terms
Gross revenue royalty rate: 2.5 %
Deposits covered: Grants, BP33, Carlton and certain other deposits; not Blackbeard
How it affects our valuation

No valuation treatment is available for this arrangement.

Five-year purchase and distribution (marketing) arrangement with Glencore signed with the funding package; Core keeps full flexibility to place offtake. Fees not disclosed.

Offtake · Active
Counterparties
Glencore International AG
Applies to
Finniss Lithium Operation · Lithium
Economic direction
Mixed
Period
From 2026-03-18; no end date stated
Key terms
Term: 5 years
Scope: Glencore markets and sells all Finniss spodumene concentrate and DSO; Core may place offtake and refer customers directly
How it affects our valuation

No valuation treatment is available for this arrangement.

Equity-linked offtake right for InfraVia, conditional on ownership thresholds, at market-linked Fastmarkets pricing.

Offtake · Conditional
Counterparties
InfraVia CMF Invest S.a r.l.
Applies to
Finniss Lithium Operation · Lithium
Economic direction
Mixed
Period
From 2026-03-18; no end date stated
Key terms
Share of production: Greater of 5% or as-converted equity ownership, capped at 12%
Pricing: Market-linked, Fastmarkets spodumene index
How it affects our valuation

No valuation treatment is available for this arrangement.

EL30897 acquired for A$3.75m cash; A$1.0m deferred cash on a Mineral Resource Estimate of at least 8Mt and a 1% gross revenue royalty capped at A$10m.

Royalty · Active
Counterparties
Charger Metals NL
Applies to
Finniss regional lithium resources and exploration · Lithium
Economic direction
Burden
Period
From 2026-07-17; no end date stated
Key terms
Gross revenue royalty: 1 %
Royalty cap: 10,000,000 AUD
Deferred cash on an 8Mt Mineral Resource: 1,000,000 AUD
How it affects our valuation

No valuation treatment is available for this arrangement.

Core retains a 1.0% net smelter royalty over the Napperby uranium project (EL31449) sold to Elevate Uranium for A$5.0m.

Royalty · Active
Counterparties
Elevate Uranium Ltd
Applies to
Company-wide · Uranium
Economic direction
Benefit
Period
From 2025-12-23; no end date stated
Key terms
Net smelter royalty: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.