The Core Lithium Ltd (ASX: CXO) share price has been flipping from gains to losses in Thursday morning trade.
Shares in the S&P/ASX 200 Index (ASX: XJO) lithium stock closed yesterday trading for 67 cents. In morning trade on Thursday, shares are currently changing hands for 67 cents, leaving the stock flat at the time of writing.
For some context, the ASX 200 is down 0.8% and the S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.2% at this same time.
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ASX 200 lithium share expanding its horizons
The Core Lithium share price is outpacing the benchmark after the miner updated the market on the second proposed mine at its Finniss Lithium Operation in the Northern Territory.
The company reported it has started the early works program and detailed feasibility study at the second mine, called the BP33 Underground Project.
Northern Australia Civil is completing the early works contract. That includes excavation and construction of a covered box cut, along with surface works encompassing water management facilities and associated infrastructure.
Core Lithium said its updated feasibility study was "well underway". It will incorporate the BP33 Mineral Resource, which the miner announced in April. It will also include operating experience and learnings from the pit and plant, alongside additional mining, metallurgical and geotechnical studies.
Management commentary
Commenting on the progress that could be helping the Core Lithium share price outperform today, CEO Gareth Manderson said, "The Grants mine has seen us get into production as a lithium miner. The larger BP33 deposit now has the potential to be the cornerstone asset for Core Lithium."
Manderson added:
Commencing these $45 million to $50 million of early site works to establish the box cut allows the company to work at pace and stay on the critical path for developing the BP33 underground mine while updating the feasibility study in parallel.
He said this strategy would put Core Lithium "in the best position to move forward quickly should a final positive investment decision be received."
That final investment decision is due for BP33 in the first quarter of the 2024 calendar year, after the early works program and feasibility study are completed.
Core Lithium share price snapshot
Core Lithium has come under selling pressure over the year, with shares down 43% in 12 months. The Core Lithium share price remains up 138% over two years.
