Australian Company Core Lithium Plans To Acquire The Bynoe Lithium Project.

Sydney, June 19th (Argus) - Australian producer Core Lithium announced on the 19th that it will acquire 100% of the Bynoe lithium mine project in the Northern Territory from developer Charger Metals.
Core will purchase the 63-square-kilometer mining area, which surrounds the recently restarted Finniss project with a production capacity of 214,000 tons per year by Charger for 3.75 million Australian dollars (approximately 2.63 million US dollars) in cash. The area is only 9 kilometers away from Core's lithium processing plant.
If the Joint Mineral Resources Board confirms after further drilling that the inferred mineral resources of the deposit reach 8 million tons or more and the minimum grade is 1% lithium oxide, Core will also pay an additional 1 million Australian dollars in cash. In addition, Core announced on the 19th that it will pay a royalty of 1% of the gross revenue it receives from the mining area to Charger, with a maximum of no more than 10 million Australian dollars. The Resource Board is the certification body for mineral resources and reserves in Australia.
Core's existing Blackbeard exploration area is located within the Bynoe project. The company is also developing the adjacent Carlton and BP33 exploration areas. Due to the significant increase in lithium oxide prices over the past 12 months, these exploration areas provide growth opportunities for Core and may extend the 20-year mining life of the Finniss mine.
On June 17th, Argus assessed the spot price of 6% grade lithium oxide in Australia at 2,346.50 US dollars per ton, an increase of 323% compared to the previous year.
Charger initially purchased the Bynoe project from battery recycler Livium for 500,000 US dollars in 2024. Charger plans to use the proceeds from the sale of this project to develop its Lake Johnston lithium mine project in Western Australia.