Core advances Finniss lithium project

Core Lithium has improved its chances of joining Australia's second tier of lithium producers after increasing the mineral resource at its Finniss project near Darwin in Australia's Northern Territory.

The resource has grown to 7.1mn t, after starting the year at 1.4mn t, and is expected to grow further in January following drilling results.

A definitive feasibility study is being planned to consider the development of a lithium concentrate plant to beneficiate ore from the project, on which a pre-feasibility study has already been completed. Offtake and pre-payment agreements are already in place.

Australia's rapidly growing lithium industry is dominated by large producers such as Talison Lithium, Pilbara Minerals, Altura Mining, Mineral Resources and Galaxy Resources, as well as large project developers such as Kidman Resources and Chile's SQM.

Core Lithium is on track to join smaller companies that are in production or have declared JORC-compliant mineral resources.

These include Alliance Mineral Assets, which operates the Bald Hill lithium and tantalum mine, and Liontown Resources, which has declared a resource and is undertaking a scoping study at the Kathleen Valley project.