Core Lithium share price flat after 'progressing well' last quarter

Core Lithium posts earnings.

| More on:
a man sits in unhappy contemplation staring at his computer on his desk in a home environment, propping his chin on his hand.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • Core Lithium posted its quarterly update today 
  • Investors have been agnostic to the release, with the share trading flat on the day at the time of writing 
  • In the last 12 months, the Core Lithium share price has increased by 287% 

The Core Lithium Ltd (ASX: CXO) share price is flat on the day after the company posted its quarterly activities report for the period ended 30 June 2022.

At the time of writing, the share is swapping hands at $1.04 apiece, the same price it closed out the session yesterday.

Core Lithium advances mine construction

Key takeouts from the quarter include:

  • Advanced construction activities at the Finniss Project
  • Received the final 2021 lithium drilling assays
  • MRE and ORE updated (announced post-quarter), Finniss Life of Mine extended to 12 years
  • Awarded crushing contract for Finniss ore
  • Admitted to the S&P/ASX 200 Index.

What else happened last quarter for Core Lithium?

The company says that it was adversely affected by a number of central themes last period. These include ongoing COVID absenteeism, supply chain disruption and inflationary pressure.

Moreover, construction and mining is progressing well at Finniss. The company reckons development
remains on schedule.

At this pace, Core says it is on track for first export of lithium by the end of this fiscal year (2022).

In mid-April, Core entered a binding agreement with Newmont Exploration Pty Ltd, to acquire the Shoobridge Lithium Project.

The project is a subsidiary of Newmont Corporation and is situated around 80km South East of the Finniss site.

What's next for Core Lithium?

The company reported that its mineral resource estimate had increased at the Finnis site after results from drilling undertaken in 2021.

It reported a 28% increase in MRE whereas measured and indicated mineral resource increased by 61% to 13.3Mt at 1.3% lithium.

It also extended the life of the Finnis project by another 12 years.

Core Lithium share price snapshot

In the last 12 months, the Core Lithium share price has increased by 287% and 77% this year to date.

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Earnings Results

A man holds his head in his hands, despairing at the bad result he's reading on his computer.
Earnings Results

NAB shares tumble 3% after FY24 result disappoints investors

The market isn't liking the big four bank's result today.

Read more »

A man looking at his laptop and thinking.
Earnings Results

NAB share price on watch after FY24 profits sink to $7.1b

How did the big four bank perform during the year?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Earnings Results

Goodman shares fall on Q1 update

How did the company perform in the first quarter? Let's find out.

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Earnings Results

Westpac shares on watch amid $6.99b profit and new buyback

Has the big four bank delivered the goods for investors this year? Let's find out.

Read more »

Woman inspecting packages.
Earnings Results

This top 50 ASX stock is diving 5% despite a strong outlook

Investors were looking for more.

Read more »

Two male ASX 200 analysts stand in an office looking at various computer screens showing share prices
Earnings Results

Macquarie share price sinks despite $1.6b half year profit and new buyback

How did this investment bank perform during the first half? Let's find out.

Read more »

A woman holds her hand out under a graphic hologram image of a human brain with brightly lit segments and section points.
Earnings Results

Why the BrainChip share price is in the spotlight this week

Today's reaction is in stark contrast to the day of the release.

Read more »

Shot of a scientist using a computer while conducting research in a laboratory.
Healthcare Shares

2 All Ords ASX healthcare shares making BIG moves on quarterly updates

These two ASX healthcare companies are seeing heavy trading on Thursday.

Read more »