The contract includes an option for a two year extension by agreement. The BP33 deposit underpins the Company’s Finniss Lithium Operation (Finniss) in the Northern Territory, providing a long-life, low-cost underground production base with more than 10 years of mine life and significant future exploration upside.
The contract award follows a competitive tender process focused on reducing project execution risk and selecting a contractor with the balance sheet and technical capability to support Core’s BP33 delivery objectives. Develop demonstrated strong underground mining capability, including relevant experience in comparable geological conditions, a mature understanding of geotechnical risk, and the practical application of development methodologies suited to anticipated ground conditions. This technical capability, supported by a solution-led approach to execution, provides Core with confidence in the safe and effective delivery of the BP33 underground development.
The scope of work under the ~US$274 million contract includes drill & blast, load & haul, decline development, production, & ground support works associated with underground mining activities at BP33. Works will be completed under a standard fixed and variable schedule of rates, with lump sum components for mobilisation and 2 corelithium.com.au establishment of operations. The contract has been structured to provide Core with greater operational and production flexibility and to share risk related to delivery and productivity.
The award of the underground contract is another significant milestone for the Finniss project, marking the commencement of development at BP33. Under the company’s mine plan, BP33 is expected to contribute 88% of ore feed in the first ten years of operation. Mineralisation at BP33 is hosted within a large, sub-vertical pegmatite body, 290 m in strike length and up to 30 m in true width. There is a very strong, steep southerly plunge component with a depth extent currently more than 800 m. These characteristics make BP33 well suited for highly productive, low cost, Long Hole Open Stoping mining methods. Dual level access to the ore body from the decline will allow flexibility in stope sequencing.
BP33 production will be a significant contributor to Finniss as a lower cost, long-life, brownfield lithium operation with a shorter path to nameplate production of 214ktpa1 and reduced execution complexity. Box cut and infrastructure site works are being undertaken at BP33 concurrently with the Grants opencast activities. Dewatering was completed in March, immediately followed by box cut remediation and site civil works, in preparation for the commencement of underground decline.
BP33 development will progress in parallel with Grants production, supporting a staged ramp up and early cash generation at Finniss. Procurement of key long lead items has commenced, along with mobilisation activities, with targeted completion for June 2026. All conditions precedent under the contract have been satisfied, with the decline works expected to commence in July 2026.