18 Jan 2022admin correction● Neutral
Share registry Automic notified that its Perth office moves to a new address from 20 December 2021. Administrative notice with no impact on Core's operations.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Dec 2021other● Neutral
Core is moving its registered and head office to a larger Adelaide CBD location from 20 December 2021, citing a growing workforce as it shifts from explorer to producer. Administrative, with no change to project plans.
13 Dec 2021drilling result▲ GoodMajor
Drilling at Ah Hoy returned thick lithium intercepts, such as 19m @ 1.21% Li2O, and Core says they likely support a maiden resource estimate in coming months. Far West results were more variable, with a best of 6m @ 1.79% Li2O.
8 Dec 2021asset acquisition disposition▲ GoodMajor
Core exercised its option to buy six mining leases next to Finniss, which include over 30 historic pegmatite mines. Price is $5M (at least $1.5M cash), plus up to $5M contingent on resources found. First drilling hit lithium, for example 22m @ 0.74% Li2O. This resolves the Leviathan option thread.
25 Nov 2021investor presentation● Neutral
AGM presentation titled 'Construction Started'. The visible text is only disclaimers and competent person statements, so no new figures can be reported.
26 Oct 2021investor presentation● Neutral
Conference presentation for Mining the Territory titled 'Construction of the Territory's First Lithium Mine has started'. The visible text is mostly disclaimers and competent person statements, with no new figures.
26 Oct 2021other▲ GoodMajor
Core said construction of Finniss has started, following the 30 September final investment decision. Site works are under way, mining is due later this year, DMS plant construction starts March 2022, and first concentrate is scheduled for Q4 2022. It says the project is fully funded with $150M raised.
22 Oct 2021other● Neutral
Required notice that Core received JobKeeper payments: $24,000 for FY2020 and $90,000 for FY2021, with none repaid. Administrative disclosure with no operational impact.
22 Oct 2021material agreement▲ GoodMajor
Ganfeng's 75,000tpa four-year offtake and A$34M equity investment became unconditional after Chinese approvals. Core has received the A$34M and will issue 100,591,715 shares, giving Ganfeng about 6.1%. This resolves the 31 October conditions thread.
30 Sept 2021other▲ GoodMajor
Core's board made the final investment decision to build Finniss, saying it is fully funded after raising A$116M. Site establishment starts in October 2021, with first concentrate scheduled for Q4 2022. This resolves the long-running FID and construction thread.
28 Sept 2021contract award▲ GoodMajor
Core awarded Primero the EPC contract to build the Finniss DMS plant, converting its preferred-contractor status. Work starts after the investment decision, on-site plant construction begins March 2022, and first concentrate is scheduled for Q4 2022.
28 Sept 2021contract award● Neutral
Primero's parent NRW Holdings announced the same Finniss plant EPC award, valuing it at $40M. It repeats the March 2022 site start and commissioning from October 2022. It is the contractor's notice of Core's 28 September award.
23 Sept 2021contract award▲ GoodMajor
Core signed a 3-year open pit mining contract with Lucas TCS for the Grants pit, moving Lucas from preferred contractor to awarded. This supports starting construction before end-2021, with a final investment decision expected within weeks and first production in late 2022.
21 Sept 2021annual report▲ Good
The 2021 Annual Report says Finniss is fully funded after the A$91M placement and A$25M share purchase plan, with binding offtakes with Ganfeng and Yahua. Contracts are being finalised, early site works are planned this financial year, and steady-state output is about 175,000tpa in FY2023.
15 Sept 2021price query● Neutral
ASX queried a jump in Core's share price (A$0.355 to A$0.44) and heavy volume on 14 September. Core said it knew of no undisclosed news, pointing to high spodumene prices (a cargo sold near US$2,500/dmt) and its readiness to build Finniss.
7 Sept 2021capital raising announcement▲ GoodMajor
The share purchase plan drew over A$43M in applications against a A$15M target. Core raised the size to A$25M, scaled back all applications, and will issue about 81M shares at A$0.31, extra funds going to acquisition, exploration and resource drilling.
24 Aug 2021investor presentation● Neutral
Notice that the Managing Director will present at a Broker Briefing investor webinar on 26 August 2021. Administrative notice with no new information.
13 Aug 2021capital raising announcement● Neutral
Chairman's letter and terms for the share purchase plan: eligible Australian and NZ holders can buy A$2,500 to A$30,000 of shares at A$0.31, free of brokerage. The plan targets up to A$15M and closes 2 September 2021.
11 Aug 2021capital raising announcement▲ GoodMajor
The A$91M placement at A$0.31 was completed, with demand well above the shares on offer. With Ganfeng's A$34M (pending approvals) and the share purchase plan, Core says Stage 1 is fully funded, with first production targeted for late 2022.
9 Aug 2021material agreement▲ GoodMajor
Core signed a binding 4-year offtake with Ganfeng for 75,000tpa of concentrate, with a price floor, plus a A$34M equity investment at A$0.338. With Yahua's 75,000tpa, about 80% of early Stage 1 output is contracted. Needs shareholder and Chinese approvals by 31 October 2021.
9 Aug 2021investor presentation● Neutral
Presentation supporting the 9 August equity raising of up to A$140M. Visible text is cautionary notes and legal disclaimers; it repeats the raise terms announced the same day and adds nothing new.
9 Aug 2021capital raising announcement▲ GoodMajor
Core launched a fully underwritten A$91M placement of ~293M shares at A$0.31, plus a Ganfeng A$34M investment at A$0.338 and a share purchase plan of up to A$15M. Total up to A$140M, which Core says fully funds Stage 1, resolving the funding thread before construction start in 2H 2021.
What it means for a shareholder
293m new shares at A$0.310 to raise about A$91.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
6 Aug 2021other● Neutral
Core lodged an updated Securities Trading Policy under Listing Rule 12.10. It includes trading blackout periods for directors and staff. Administrative; no impact on operations or finances.
6 Aug 2021investor presentation● Neutral
Re-lodged copy of the 26 July DFS investor presentation, identical except for updated comparative data on slide 16. No new project results or announcements.
6 Aug 2021security holder rights change● Neutral
Notice that 21,739,130 shares held under voluntary escrow will be released after 18 August 2021, as required by the listing rules. These shares become freely tradable; administrative notice.
27 July 2021investor presentation● Neutral
Invitation to an investor webinar on 28 July 2021, where the Managing Director will walk through the Stage 1 DFS presentation released 26 July. Administrative notice with no new information.
26 July 2021other▲ Good
A scoping study (preliminary) finds Core could sell about 110,000tpa of lithium fines at ~1.0% Li2O as a by-product, for A$8.4M extra capital. Potential offtakers have shown non-binding interest at US$75-85/t. It could cut concentrate C1 costs by US$23/t.
26 July 2021other▲ Good
A scoping study (preliminary, ±30% accuracy) adds inferred material to give a 10-year mine life, with pre-tax NPV8 of A$259M and 56% IRR. Capex stays at A$89M. 31% of production is not Ore Reserve; about A$5M extra funding would be needed.
26 July 2021resource reserve update▲ GoodMajor
Updated Stage 1 DFS lifts Ore Reserves 30% to 7.4Mt @ 1.3% Li2O, supporting an 8-year mine life. It shows initial capex of A$89M (up from US$50M in the 2019 DFS), pre-tax NPV8 of A$221M, 53% pre-tax IRR and 2-year payback. FID is targeted before end-2021 construction start.
26 July 2021investor presentation● Neutral
Investor presentation on the Stage 1 DFS and scoping studies released the same day. The visible text is cautionary notes only; it repeats the DFS and extension study results and adds nothing new.