Core Lithium (CXO) H2 2026 earnings summary

Executive summary

• FY26 marked a transformational year with the successful restart of the Finniss Lithium Operation, transitioning from care and maintenance to active mining and development after securing a fully funded restart package and Board-approved Final Investment Decision (FID) in March 2026.

• Major milestones included recommencement of mining at Grants open pit, commencement of BP33 underground development, and the first spodumene concentrate shipment targeted for December 2026.

• The company divested non-core uranium and gold assets, sharpened its focus on lithium, and consolidated its tenement holdings, including the acquisition of the Bynoe Lithium tenement.

• Board renewal occurred with new appointments and retirements, strengthening strategic capability for the next phase of growth.

Financial highlights

• Net loss after tax of $26.0 million for FY26, reflecting transition costs, site-based expenses, and corporate costs, partially offset by $17.8 million in revenue from stockpile sales and a $5.2 million reversal of prior inventory write-downs.

• Strong cash balance of $181.8 million at year-end, bolstered by $174.9 million in equity raisings and $37.0 million from convertible notes.

• Total assets increased to $451.1 million from $268.4 million year-over-year.

• Ore Reserves increased by 3% to 15.6Mt @ 1.27% Li₂O, with a 3% increase in contained metal to 198kt Li₂O.

• Share price rose from 9.8 cents to 25.0 cents over the year.

Outlook and guidance

• Fully funded and on track for first concentrate shipment from Grants in December 2026 and first ore from BP33 in mid-2027.

• Steady-state production of 1.2Mtpa targeted by mid-2028, with a 20-year mine life and robust project economics.

• Exploration focus on Blackbeard prospect and ongoing drilling at BP33 to support resource growth.

• Disciplined capital allocation and cost control remain priorities as the company ramps up operations.