Core Lithium Ltd (ASX: CXO), an Australian hard-rock lithium company that owns the Finniss Lithium Operation, has announced a successful A$120 million institutional placement to support the restart of its Finniss Lithium Operation. The placement, structured in two tranches, received strong backing from both existing and new institutional investors, underscoring market confidence in Core’s strategy and value proposition. The company’s vision is to generate sustained value for shareholders from critical minerals exploration and mining projects underpinned by strong environmental, safety and social standards.
The placement consists of an unconditional Tranche 1, raising A$53 million, and a conditional Tranche 2, aiming to secure A$67 million, subject to shareholder approval. The offer price for new shares was set at A$0.21 per share. This equity raising complements the US$120 million strategic funding already secured from Glencore Australia Holdings Pty Limited, InfraVia CMF Invest S.à r.l., and Nebari Natural Resources Credit Fund II, LP, completing the fully funded restart package for the Finniss Lithium Operation.
Proceeds from the placement, combined with the strategic funding, will be used to advance the Finniss Lithium Operation in line with the Final Investment Decision (FID). This includes long-lead procurement, recommencement of BP33 boxcut and decline development, mobilisation and operational readiness activities, and general working capital to support the restart. Core expects to resume trading on the ASX on 19 March 2026, with settlement of Tranche 1 shares expected on 23 March 2026 and trading commencing on 24 March 2026.
Core Lithium Managing Director Paul Brown stated that the strong support received through the equity raising is a clear endorsement of Core’s restart strategy and the long-term value of the Finniss Operation. Argonaut Securities Pty Limited and Morgan Stanley Australia Securities Limited acted as joint global coordinators and lead managers for the placement.
