Core Lithium has released its first full-year financial results as a lithium producer, highlighting first spodumene concentrate produced and shipped from the Finniss operation in the Northern Territory.
Other highlights from the year included the completion and commissioning of a dense media separation processing plant and the increase in Finniss’ mineral resource estimate by 62 per cent.
“In the second half of FY23 (financial year 2023), Core achieved first revenue, completed construction at Finniss and commenced production and sales of spodumene concentrate,” Core Lithium chief executive officer Gareth Manderson said.
“Delivering a maiden profit in the first year is a significant achievement and a testament to the strategy to move quickly to production in a strong pricing environment.
“Core generated operating cash flows of $90.8 million, remains debt free and had cash balance of $153 million at year end.”
In 2023, Core implemented its Critical Risk Management (CRM) program for both employees and contractors. The CRM program prioritises the identification of fatality risk.
Along with the CRM program, Core also made progress in establishing systems and procedures for environmental management, including water management practices.
“As we mature as a business our focus is on safe, reliable and sustainable operations that consider the wellbeing of our people,” Manderson said.
“This year we made significant progress with reviewing our key ESG (environmental, social and governance) risks and opportunities ensuring we will focus on the sustainability issues which are most critical to our business.”