Core Lithium Finniss mine restart funding comes from 2 different pools of money
Core Lithium Finniss mine restart funding is now fully in place. On March 18, 2026, the Core Lithium board approved what the mining industry calls a final investment decision, the formal, board level decision that clears a company to actually spend money and start construction, at the Finniss lithium mine in the Northern Territory of Australia. The announcement states total funding of 307 million Australian dollars, which the company calls its total use of proceeds, made up of 208 million Australian dollars of restart capital, 69 million Australian dollars of working capital and transaction costs, and 30 million Australian dollars for growth and exploration.
Today's approval of the Final Investment Decision and the securing of a fully committed Funding Package is the culmination of 18 months of diligent planning and execution for Core.
Paul Brown, managing director of Core Lithium. Source 1.
That funding comes from 2 different pools stated in 2 different currencies. Strategic funding of 120 million United States dollars comes from 3 investors, Glencore, InfraVia and Nebari. A separate equity raise of 120 million Australian dollars, before costs, is being sold to existing and new shareholders in 2 stages, an unconditional placement that closed March 23, 2026 and a conditional placement awaiting shareholder approval in late April 2026.
The announcement itself never adds those 2 pools into 1 combined number. It states the strategic funding in United States dollars and the equity raise in Australian dollars separately, which is why the 307 million Australian dollar total use of proceeds is the only single dollar figure Core Lithium states directly for what the restart will cost.
Glencore is one of Australia's largest producers and marketers of critical and strategic minerals.
Robin Francois, head of lithium at Glencore. Source 1.
These 3 figures sum to the 307 million Australian dollar total use of proceeds Core Lithium states for the restart, a total the company gives directly, not one this article calculated.
Show the numbers
| Restart capital | 208 |
| Working capital and transaction costs | 69 |
| Growth and exploration | 30 |
Most of the restart money goes into 1 underground mine
Of the 208 million Australian dollar restart capital line, 184 million Australian dollars, about 2 of every 3 dollars by a calculation this article performs from the 2 figures Core Lithium reports separately, goes to underground infrastructure at 1 deposit, BP33. Plant and site upgrades take 18 million Australian dollars, and getting the separate Grants open pit site ready takes 6 million Australian dollars. The BP33 pegmatite, the rock body that holds most of the mine lithium ore, runs 290 metres in strike length, up to 30 metres wide, and reaches more than 800 metres deep.
These 3 figures sum to the 208 million Australian dollar restart capital line in the funding breakdown above.
Show the numbers
| BP33 underground infrastructure | 184 |
| Plant and site upgrades | 18 |
| Grants site establishment | 6 |
Construction already under contract
By May 2026, Core Lithium said it had already secured funding, awarded key mining contracts and moved into active mining at the site. The company awarded the underground mining contract for BP33 to Dev Mining Services, a subsidiary of Develop Global, worth 274 million Australian dollars, about 198.5 million United States dollars, a 3 year contract with an option for a 2 year extension.
The award of the BP33 underground mining contract is a major milestone in the development of Finniss and a strong endorsement of the quality of the project.
Paul Brown, managing director of Core Lithium. Source 5.
Core Lithium targets first spodumene concentrate, the partly processed lithium ore it ships to buyers, in the September quarter of 2026. First ore from BP33 itself is expected mid 2027, and full nameplate production, 214,000 tonnes a year, mid 2028, sustained over a planned 20 year life of mine.