Banter and general comments, page-33666

Core Lithium shares: full-year results

FY23 results were received positively as the company announced a maiden profit. Revenue came in at $50.6 million, resulting in a net profit on $10.8 million — though this was boosted by a $1.6 million deferred tax benefit.
CXO sold 5,423 tonnes of spodumene concentrate at an average realised sales price of US$4,163 per tonne — and it also sold 14,774 tonnes of Direct Shipping Ore at US$951 per tonne from Finniss. Core Lithium saw C1 costs of $1,230 per tonne, leaving EBITDA at $14 million, and operating cash flow at $90.8 million.
The company held $153 million in cash at the end of the financial year, and crucially in this tightening monetary environment, also ended the year with no debt. And this figure doesn’t include either its $111.4 million raising or sales made after the reporting date — a further 23,100 tonnes of spodumene concentrate and 15,000 tonnes of lithium fines.
Where next for Core Lithium shares?

During the financial year, flagship Finniss saw its Mineral Resource Estimate increased by 62% to 30.6Mt @ 1.31% Li2O, including the BP33 Mineral Resource estimate of 10.1Mt @ 1.48% Li2O. Over the longer-term, this hugely improves the company’s business case.
CEO Gareth Manderson enthuses that ‘early works and the updated feasibility study at BP33, Finniss’ potential cornerstone asset, are progressing well and the project is on track for FID in the March quarter…our strategy to drive long-term shareholder value is unchanged – ramp up Grants production and deliver spodumene concentrate into long-term offtake agreements, grow the broader Finniss district mine life.’
Indeed, the company has already reaffirmed production guidance of 80,000 to 90,000 tonnes, and sales of 90,000 to 100,000 tonnes of spodumene concentrate, with C1 costs of $1,165 to $1,250 a tonne.