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Core Lithium has received approval for early works at the BP33 underground mine at its Finniss lithium project in the Northern Territory.

Early works funding of $40–50 million has been approved for BP33, along with the necessary mine authorisation approvals.

A final investment decision for BP33 is expected by the end of the first quarter of 2024 (Q1 CY24).

The news comes after Core announced it would undertake exploration activities to expand the Finniss lithium resource at depths of over 500 metres.

“We are pleased to announce this positive, incremental investment decision that allows initial works to be undertaken while the feasibility study is completed for BP33, our potential next mine at the Finniss lithium operation,” Core Lithium chief executive officer Gareth Manderson said.

“Core would like to acknowledge the support of the Government of the Northern Territory. We have been able to bring on the Finniss operations at a time in the market when it can deliver benefits for the NT and all its stakeholders due to the professional and efficient processes for approvals. The BP33 approval is another example of this.

“I am pleased the civil works contract has been awarded to a successful locally based business, Northern Australian Civil. NAC currently provides civil construction activities at Grants operations and is a fantastic local contracting partner which employs local Darwin and NT residents and invests back into the Territory.

“We will continue focus on the safe ramp up of the Grants open pit and concentrate production through
the DMS plant.

“We will aim to provide final project expenditure and other project metrics once we have incorporated the
increased resources into our studies by Q1 CY24.”