Core Lithium posts maiden profit, shares rocket

The news: Shares in Core Lithium have soared after the lithium producer posted its maiden full-year profit following the sale of its first lithium products.

The numbers: The company reported net profit of $10.8 million for the year to 30 June, compared to a $7.5 million net loss a year earlier. It posted revenue of $50.6 million. That helped its shares climb 22% to 41.5 cents in early trading on the ASX.

The context: The maiden profit comes after start of production at Core's Finnis project near Darwin, with first revenue from the sale of spodumene concentrate achieved in the second half. Core has flagged it will sell between 90,000 and 100,000 tonnes of spodumene concentrate in FY24. Despite today's jump, shares in the company are still down two-thirds over the last year, hampered by a discounted capital raising last month to fund ongoing exploration and mine development.