Core Lithium (CXO) Q4 2024 earnings summary

Executive summary

• New CEO and CFO with extensive mining sector experience appointed, emphasizing operational discipline and cost control.

• Achieved record quarterly shipments of 33,027dmt of spodumene concentrate, up 224% year-over-year, despite an 18% decrease in production as ROM stockpiles were exhausted.

• Operations safely paused and maintained in a restart-ready state, with a focus on minimizing care and maintenance costs.

• Strong relationships with customers, government, and community highlighted as key strengths.

• Cash balance at 30 June 2024 was $87.6 million, with no debt, providing a strong financial foundation.

Financial highlights

• Q4 FY24 saw record shipments of 33,000 tons of spodumene concentrate, generating $41.7 million in revenue.

• Full-year shipments totaled 97,400 tons of concentrate and 66,000 tons of fines, with total receipts from customers at $108 million.

• Q4 unit operating cost was $644/ton, the lowest of the year; full-year unit cost was AUD 1,396/ton, within revised guidance.

• FY24 production totaled 95,020dmt of spodumene concentrate.

• Capital expenditure for FY24 included $21.9 million in sustaining capital, $2.6 million in deferred stripping, $37.1 million in BP33 early works, and $25.6 million in exploration and studies.

Outlook and guidance

• Operational restart plan under development, targeting readiness and potential restart in the first half of calendar 2025, subject to market conditions and board approval.

• Up to 75,000wmt of lithium fines and 5,178wmt of spodumene concentrate available for sale in FY25, valued at ~$14.8 million at current prices.

• FY25 exploration budget set at AUD 8–9 million, aiming to build lithium mineral resources and target new lithium, gold, uranium, and REE prospects.

• Focus on detailed cost base review and sustainable operating models for future restarts.