Core Lithium shares soar after strong quarter
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The news: Shares in Core Lithium soared after the miner reported record quarterly shipments in the June quarter, helping it overshoot annual guidance.
The numbers: Core said it shipped a record 33,027 dry metric tonnes of spodumene concentrate, taking its full-year sales to 97,423 tonnes and helping it top the full-year target of 80,000 to 90,000 tonnes.
Shares in the company jumped more than 15% to 10.5 cents on the news but are still down more than 85% over the last 12 months.
The context: The company’s record quarterly production and sales comes despite an ongoing downturn in the lithium market on slowing demand for electric vehicles. The conditions have forced Core to cut jobs and cease production at its Finniss project in the Northern Territory.
The company said it will now temporarily pause production at Finiss and assess reopening options. The strong results helped it boost cash balances, which increased to $87.6 million at June-end from $80.4 million three months earlier.
The source: ASX announcement
