Core Lithium (CXO) Q1 2027 earnings summary

Executive summary

• First spodumene concentrate was produced at Finniss within six months of FID; commissioning and optimisation continue ahead of a targeted first shipment in the December quarter FY27.

• Restart schedule, production plan and capital assumptions remain unchanged; BP33 development and exploration progressed alongside Grants mining and plant restart activities.

Financial highlights

• Quarter-end cash was A$199.7m, up from A$181.8m at 30 June 2026; available funding was A$244m, including cash, receivables and undrawn debt.

• Funding receipts net of fees totalled A$98m: A$62m from convertible notes and A$36m from the senior debt facility.

• Capital expenditure was A$50.8m, primarily for BP33, surface infrastructure, DMS upgrades and deferred stripping.

• Operating cash outflow was A$11.3m, investing outflow A$57.4m and financing inflow A$86.5m, including A$11.1m in non-recurring financing costs.

• 2026 stockpile fines sales generated ~A$38.5m; the final ~25,000 tonnes were sold to Glencore at a US$285/t base CIF price, subject to customary adjustments. No Grants revenue was recognised during the quarter.

Outlook and guidance

• First shipment of newly produced concentrate is targeted for the December quarter FY27; ~134kt of SC5 product is planned from Grants.

• BP33 first development ore remains targeted for mid-CY27, with steady-state production targeted for mid-CY28.

• Plant upgrades are expected to lift throughput capacity by ~20% to 1.2Mtpa; reflux classifier delivery is scheduled for the March quarter of CY27, with installation expected in FY27.

• The development program is funded through steady-state production; A$157m of restart capital, including contingency, remained at quarter-end.