ASX: CXO
Diggers & Dealers Forum
Paul Brown (CEO) | 7th August 2024
Corporate Overview
Stable Board and new Management team in place to support the restart strategy
Greg English | ASX Code | CXO | |
Paul Brown | |||
Shares (as of 30 June) | 2,137m | ||
Non-Executive Chair | |||
Chief Executive Officer | |||
BEng (Hons), LLB | |||
M.Eng (MI) | Performance Rights | 5.4m | |
Options | 3.5m | ||
Share Price 06 August 2024 | $0.09 | ||
Heath Hellewell | James Virgo | ||
Market Capitalisation | $195m | ||
Non-Executive Director | Chief Financial Officer | ||
BSc (Hons) MAIG | Bcom, CA | Cash 30 June 2024 | $87.6m |
Debt | Nil | ||
Malcolm McComas | Jarek Kopias |
Non-Executive Director | Company Secretary |
BEc, LLB, SF Fin, FAICD | Bcom, CPA, AGIA, AGS (CS, CGP) |
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Investment highlights
Ideally placed to capture future value with infrastructure and key markets on our doorstep
Healthy cash balance and no debt provides a stable platform
The Northern Territory's first and only lithium miner
Operations paused in response to market conditions
Focus on optimising the asset and remaining restart ready
DARWIN
Finniss Lithium
Operation
Disciplined approach to capital allocation and restart studies
NT and SA exploration targets in lithium and other commodities
NORTHERN TERRITORY
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The Finniss Operations
Core holds ~500km2 of the Bynoe pegmatite field in the NT
Potential for lithium deposits within trucking distance of
Finniss
Extensive evidence of historic tin-tantalumworkings throughout the field with large parts yet to be explored
for lithium
Produces a high-quality,coarse-grained pegmatite concentrate which is highly regarded by our offtake partners
Targeting Resource growth over the next 12 months to enhance a future restart plan
Mineral Resource Estimate
Total: 48.2Mt @ 1.26 Li2O% for 608kt of Li2O Contained Metal
M&I: 27.9Mt @ 1.32% Li2O% for 369kt of Li2O Contained Metal
Refer to Appendices for a breakdown of the JORC categories of the MRE. | 5 |
The Finniss Operations
- Lithium discovery in the Northern Territory in 2016
- Consolidation of a major land position over several years
- Ideally located 88km from Darwin Port via sealed roads
- Mineral Lease granted in early 2019
- Completion of a Definitive Feasibility Study in April 2019
- Construction of DMS plant commences in June 2022
- Total Capital Investment to date of +$250m (Grants and BP33)
- First concentrate production from the DMS plant in February
2023 and first shipment in May 2023
- Successful ramp up of mining and processing
- Lithium price fall of ~85% in the 2023 calendar year
- Decision to pause operations was made in January 2024
- Processing of last ore stockpiles completed in June 2024
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High quality infrastructure with capacity
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Exploration opportunity
Very limited exploration conducted outside Finniss in the last three years
Finniss
Li Au
Adelaide River
U Au
Shoobridge
Li Au
• Opportunities to build Resources within |
trucking distance of the Finniss processing |
plant are the highest priority in FY25 |
NORTHERN TERRITORY
• | Low cost exploration to generate and advance |
drill targets in the Central Australian projects is | |
also underway | |
• | Gold, lithium, uranium, base metals, niobium |
and rare earths targets |
Anninngie
Li
Napperby
U V
Albarta
Base metals REE
WESTERN AUSTRALIA
SO UTH AUSTRALIA
Mt Freeling
Base metals
Barrow Creek
Li
Jervois
Base metals
Enita | |
U REE | QUEENSLAND |
Fitton
U
NEW S OUTH WA LES
Lithium
Uranium
Base metals
VICTORIA
TASMANIA
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Building a high performing culture
- Maintaining our culture of capital
discipline into any future operational restart
- Capitalising on the learnings from the
successful ramp-up at Finniss
- Retention of critical site-based skills to
maintain operational readiness
-
Adding new experienced senior
people into the leadership team - Ability to attract a loyal residential
workforce based in and around Darwin
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Remaining Restart Ready
Capturing significant value from Finniss when market conditions stabilise
Small, dedicated team in place at site
Retention of skills and experience to ensure a high standard of site maintenance and operational readiness
Water management and ensuring the processing plant remains operationally sound are key areas of focus
+5,000wmt of spodumene concentrate and 75,000wmt of lithium fines available for sale
Detailed bottom-up assessment of the cost base and future operating strategy being completed
Targeting completion of Restart Study in the first half of CY25
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