Core Lithium Seals Final Fines Sale With Glencore Completing A$38.5M Haul
Key Takeaways
- Core Lithium has signed a binding agreement with Glencore International AG to sell the final ~25,000 tonnes of lithium DSO fines from Finniss at a base price of ~US$285/t (~A$400/t) CIF, with net proceeds expected in the December quarter 2026.
- This third and final fines sale completes a structured three-transaction stockpile monetisation program across April, June, and September 2026, generating total incremental lithium sales revenue of ~A$38.5 million for calendar year 2026.
- The Finniss logistics chain through Darwin port has been confirmed operational and capable of handling commercial shipments, a prerequisite for the higher-value product phase ahead.
- The December quarter now carries two material catalysts: receipt of proceeds from this fines sale and the first spodumene concentrate shipment from Finniss — the premium product the operation is designed to deliver.
- Glencore's participation across multiple transactions signals confidence in Core's material quality and commercial reliability as the company transitions toward concentrate production.
Core Lithium seals final fines stockpile sale, completing A$38.5 million monetisation strategy
Core Lithium (ASX: CXO) has entered into a binding marketing agreement with Glencore International AG for the sale of the final ~25,000 tonnes of lithium DSO fines from the Finniss Lithium Operation. This is the third and final chapter of a deliberate stockpile monetisation program, following prior fines sales in April and June 2026, bringing total incremental lithium sales revenue for calendar year 2026 to ~A$38.5 million.
The base price under the agreement is ~US$285/t (~A$400/t) CIF, based on indicative Li2O content. Shipment is scheduled through Darwin port this quarter, with net proceeds expected to be received in the December quarter.
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What the deal means — and what comes next
Transaction structure at a glance
The agreement is unconditional and subject only to customary terms for a transaction of this nature. The final realised price will be subject to adjustments including grade, moisture, impurities, and transport differentials. The A$ price is derived using an indicative AUD/USD exchange rate of ~$0.71.
| Parameter | Detail |
|---|---|
| Buyer | Glencore International AG |
| Volume | ~25,000 tonnes of lithium DSO fines |
| Base Price (USD) | ~US$285/t CIF |
| Base Price (AUD) | ~A$400/t CIF (based on AUD/USD ~$0.71) |
| Expected Proceeds Timing | December quarter 2026 |
Logistics chain reactivated
This sale confirms that the Finniss logistics chain, running through the Darwin port, is operational and capable of handling commercial shipments. The more significant forward milestone is the first spodumene concentrate shipment, which is targeted for the December quarter. That shipment would mark a meaningful step up from fines sales to the higher-value product the Finniss operation is ultimately built to produce.
Understanding DSO fines and why this sale matters for investors
DSO, or direct shipping ore, fines are lower-grade, fine-particle lithium material that accumulates as a byproduct of mining operations. The term “fines” refers to smaller particle sizes that result from the crushing and handling of ore. Critically, DSO fines are sold without further processing, which means they carry a lower price per tonne than a refined product like spodumene concentrate.
Spodumene concentrate is the higher-value lithium product Core is working toward producing at Finniss. It undergoes processing to upgrade the lithium content, commanding a meaningfully higher price in the market. Think of the fines as the leftover material, and spodumene concentrate as the premium product the operation is designed to deliver.
Converting stockpiled fines to cash is a strategically sound move at this stage of Finniss’ ramp-up. Rather than leaving lower-grade material sitting idle on site, Core has systematically sold it down across three transactions. For investors, the effect is a strengthened balance sheet ahead of the higher-margin concentrate phase. The stockpile has been converted from a lower-value asset into ~A$38.5 million in incremental cash, providing financial flexibility as operations scale.
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A$38.5 million in 2026 sales and eyes on the December quarter
The three-transaction sequence across April, June, and September 2026 reflects a structured, disciplined approach to capital management. These were not reactive asset sales driven by financial pressure; they represent a deliberate program to extract value from existing stockpiles while the operation transitions toward concentrate production.
The engagement with Glencore International AG on this transaction is commercially significant. The strong relationship Core has established with Glencore, and Glencore’s participation in this final sale, signals confidence in Core’s material quality, operational reliability, and commercial terms.
The December quarter now carries two key catalysts for investors to watch closely.
Paul Brown, Managing Director
“Completing sales of our stockpiled material has been a deliberate strategy to generate additional cash and further enhance financial flexibility in ramping up operations at Finniss. We have now generated incremental revenue of ~A$38.5 million from total lithium sales in calendar year 2026. These transactions demonstrate the strong relationship Core has established with Glencore. Core has successfully reactivated the Finniss logistics chain and is well-positioned for our first spodumene concentrate shipment in the December quarter.”
Key December quarter catalysts to watch:
- Net proceeds receipt from this fines stockpile sale
- First spodumene concentrate shipment from Finniss
- Continued ramp-up of Finniss operations
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