Core Lithium announces that it has successfully terminated its offtake agreement with Ganfeng Lithium Co. (Ganfeng) in relation to the sale of spodumene concentrate from the Finniss Lithium Project, located 88km by road southwest of Darwin Port.

The earlier termination of the Yahua Offtake Agreement together with this settlement, effected through a one-off US$2 million payment to Ganfeng, all spodumene offtake obligations are removed, leaving 100% of future Finniss production unencumbered. This provides Core with complete marketing flexibility, with all future spodumene concentrate production now available for project partners or spot sales. It also delivers increased optionality within the current strategic funding process for Finniss, enhancing the Company’s ability to partner with additional new counterparties.

Together with the recently announced Restart Study and A$50 million placement and follow on share purchase plan, the removal of all offtake commitments optimally positions Finniss as a strategic, long-life, low-cost and high-quality lithium restart opportunity.

Paul Brown, CEO, Core Lithium, said: “Today’s announcement is another important advancement for Core. By concluding this agreement, Core has now unencumbered 100% of its future spodumene offtake available, allowing us to fully leverage the quality of our resource base and infrastructure within the strategic funding process. This outcome complements the recently announced equity raising, which strengthens our balance sheet and enables us to advance the strategic funding process, providing the restart of Finniss with maximum flexibility and confidence. We thank Ganfeng for their past support.”