Core Lithium Ltd (AU:CXO)
ASX:CXO
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Core Lithium Ltd
(Sydney:CXO)
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Rating:47Neutral
Price Target:
AU$0.25
â–¼(-13.45% Downside)
Action:Reiterated
Date:05/16/26
The score is held down primarily by weak financial performance (loss-making operations and negative cash flows). Technical indicators provide some offset with moderately positive momentum, but valuation remains unattractive due to losses and no dividend data.
Positive Factors
Lithium-focused business model
Core Lithium's core activity is hard‑rock lithium (spodumene) exploration and development with an explicit route to the battery‑materials supply chain. That business model aligns the company with structural demand for battery feedstock and creates a clear commercial path if projects reach production and offtake.
Negative Factors
Revenue collapse / pre‑production
Reported revenue growth of -100% signals effectively no current operating revenue, consistent with a pre‑production or halted sales profile. Without shipments, the company remains dependent on external financing or asset transactions to fund development, increasing dilution and execution risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Lithium-focused business model
Core Lithium's core activity is hard‑rock lithium (spodumene) exploration and development with an explicit route to the battery‑materials supply chain. That business model aligns the company with structural demand for battery feedstock and creates a clear commercial path if projects reach production and offtake.
Read all positive factors
Core Lithium Ltd (CXO) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$825.38M
Dividend YieldN/A
Average Volume (3M)31.16M
Price to Earnings (P/E)―
Beta (1Y)1.81
Revenue Growth-100.00%
EPS Growth59.85%
CountryAU
Employees7
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding3,236,801,800
10 Day Avg. Volume56,563,059
30 Day Avg. Volume31,159,843
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)0.90
Price to Sales (P/S)-86.70
P/FCF Ratio-3.31
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$0.35Price Target Upside20.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)AU$16.53M
Core Lithium Ltd Business Overview & Revenue Model
Company Description
Core Lithium Ltd. is focused on the extraction and processing of lithium, alongside various other metallic resources, across its operations in the Northern Territory and South Australia. The company's main exploration efforts target reserves of co...
How the Company Makes Money
Core Lithium makes money primarily by developing lithium-bearing mineral resources and generating revenue from the sale of lithium products (typically spodumene concentrate) to customers in the battery materials and chemicals supply chain. Its cor...
Core Lithium Ltd Earnings Call Summary
Earnings Call Date:Sep 26, 2024
(Q4-2024)
| % Change Since: |
Next Earnings Date:Sep 24, 2026
Earnings Call Sentiment Neutral
The earnings call presented a balanced view with notable achievements in terms of record shipments, resource growth, and strong cash management. However, there are significant challenges due to market conditions and the operational pause, leading to uncertainty about future operations.Positive Updates
Record Shipments and Strong Cash Position
CXO.AX achieved record quarterly shipments of 33,000 dry metric tonnes of concentrate, generating $41.7 million in revenue. The company ended the year with a strong cash balance of $87.6 million and remains debt-free.
Negative Updates
Market Challenges and Operational Pause
The company paused operations due to weak market conditions, which affected the overall performance and led to challenges in the lithium market dominated by China.
Read all updates
Q4-2024 Updates
Positive
Negative
Record Shipments and Strong Cash Position
CXO.AX achieved record quarterly shipments of 33,000 dry metric tonnes of concentrate, generating $41.7 million in revenue. The company ended the year with a strong cash balance of $87.6 million and remains debt-free.
Read all positive updates
Company Guidance
During the CXO.AX Q4 2024 earnings call, key metrics highlighted included a monthly recovery rate of 63% and production of over 20,000 dry metric tonnes of spodumene with a grade of 4.8%. The company reported a record sale of 33,000 dry metric tonnes, achieving an average SC6 price of over $1,000, and a cash operating unit cost of $644 per tonne. The exploration efforts resulted in an increase of the Mineral Resource to 48.2 million tonnes, marking a 58% rise. Financially, CXO.AX ended the quarter with a robust cash balance of $87.6 million, remaining debt-free, and generated $41.7 million in revenue from shipments, with total annual receipts from customers standing at $108 million. The company’s strategic focus is on maintaining a restart-ready status, optimizing cost structures, and enhancing exploration efforts with a budget of $8-9 million to further expand the resource base.Core Lithium Ltd Financial Statement Overview
Summary
Income Statement
20
Very Negative
Balance Sheet
45
Neutral
Cash Flow
30
Negative
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | -2.42M | 189.49M | 50.60M | 0.00 | 0.00 |
| Gross Profit | 6.66M | -3.01M | 30.90M | 30.61M | -116.13K | -136.81K |
| EBITDA | -17.32M | -14.38M | -163.06M | 15.56M | -7.25M | -2.77M |
| Net Income | -25.48M | -23.37M | -207.01M | 10.81M | -7.47M | -2.91M |
Balance Sheet | ||||||
| Total Assets | 287.18M | 268.44M | 323.96M | 503.14M | 261.85M | 73.19M |
| Cash, Cash Equivalents and Short-Term Investments | 52.22M | 24.06M | 88.18M | 152.95M | 135.39M | 38.19M |
| Total Debt | 6.63M | 2.91M | 3.53M | 22.94M | 2.09M | 102.34K |
| Total Liabilities | 20.49M | 34.16M | 67.09M | 148.22M | 23.13M | 1.88M |
| Stockholders Equity | 266.69M | 234.28M | 256.87M | 354.92M | 238.72M | 71.31M |
Cash Flow | ||||||
| Free Cash Flow | -52.81M | -63.34M | -165.17M | -74.80M | -75.44M | -10.34M |
| Operating Cash Flow | -34.31M | -43.93M | -77.94M | 90.81M | -6.22M | -2.34M |
| Investing Cash Flow | -17.11M | -19.85M | -88.64M | -171.62M | -70.56M | -8.37M |
| Financing Cash Flow | 50.38M | -626.00K | 102.39M | 97.79M | 173.87M | 40.20M |
Core Lithium Ltd Technical Analysis
Negative
0.29
Price Trends
0.31
Negative
0.27
Negative
0.23
Positive
Market Momentum
>-0.01
Positive
40.79
Neutral
20.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CXO, the sentiment is Negative. The current price of 0.29 is above the 20-day moving average (MA) of 0.29, below the 50-day MA of 0.31, and above the 200-day MA of 0.23, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 40.79 is Neutral, neither overbought nor oversold. The STOCH value of 20.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:CXO.
Core Lithium Ltd Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
57 Neutral | AU$441.80M | -38.89 | -4.22% | ― | ― | 56.94% | |
49 Neutral | AU$80.37M | -13.04 | -2.83% | ― | ― | 36.46% | |
47 Neutral | AU$825.38M | -24.29 | -10.17% | ― | -100.00% | 59.85% | |
45 Neutral | AU$33.48M | -0.92 | -28.53% | ― | ― | ― | |
43 Neutral | AU$35.84M | -24.18 | -0.02% | ― | ― | 13.53% |
* Basic Materials Sector Average
AU:CXO
Core Lithium Ltd
0.26
0.16
160.20%
AU:GLN
Galan Lithium Limited
0.35
0.23
191.67%
AU:PHO
PhosCo Ltd
0.15
0.09
150.00%
AU:LEL
Lithium Energy Ltd.
0.32
-0.05
-13.51%
AU:PL9
Arizona Lithium Limited
0.01
0.00
0.00%
Core Lithium Ltd Corporate Events
Core Lithium starts BP33 underground decline as Finniss logistics deliver first shipment
Jun 22, 2026
Core Lithium has commenced underground decline development at the BP33 deposit within its Finniss Lithium Project, after contractor Develop Global mobilised to site and the portal cut was completed. This marks a key milestone in the staged ramp-up...
Core Lithium launches Finniss drilling push and expands Bynoe footprint
Jun 19, 2026
Core Lithium has launched a near-mine brownfields exploration program at the Finniss Lithium Operation, prioritising the Blackbeard prospect to support a maiden Mineral Resource Estimate and assess its potential as a future source of high-grade or...
Core Lithium locks in second Glencore sale as Finniss ramp-up advances
Jun 9, 2026
Core Lithium has signed a second binding agreement with Glencore International to sell 25,000 tonnes of lithium fines from its Finniss Lithium Operation, following an initial 20,000-tonne sale in April. The deal, priced at about US$270 per tonne C...
Core Lithium Director Increases Stake Through Share Placement
May 8, 2026
Core Lithium has disclosed a change in director Paul Brown’s indirect interest in the company following a shareholder-approved share placement. Brown, as a beneficiary of a trust holding his interests, acquired 2,380,952 fully paid ordinary ...
Core Lithium director Alicia Sherwood acquires first stake via share placement
May 8, 2026
Core Lithium Ltd disclosed a change in director Alicia Sherwood’s interests, with the executive acquiring 238,095 fully paid ordinary shares in the company. The shares were issued via a shareholder-approved placement at a consideration of ap...
Core Lithium seeks ASX quotation for over 320 million new shares
May 8, 2026
Core Lithium Ltd has applied for quotation on the ASX of 320,348,255 new ordinary fully paid shares, to be issued on May 8, 2026, under its ticker CXO. The additional securities, previously flagged in an Appendix 3B, will expand the company’...
Core Lithium Secures Second Tranche of Finniss Funding as Project Ramps Up
May 8, 2026
Core Lithium has completed the second tranche of its A$120 million equity raising to fund the Finniss Lithium Project, issuing about 320 million new shares to secure roughly A$67 million before costs. Shareholders also approved the second tranche ...
Core Lithium Investors Back Capital Raisings and Director Share Issues at 2026 Meeting
May 5, 2026
Core Lithium shareholders have approved all resolutions put to the 2026 general meeting, providing clear backing for the company’s current financing and incentive plans. Key items passed by poll included the ratification of prior issues and ...
Core Lithium Sells 20,000t of Finniss Lithium Fines to Glencore
Apr 30, 2026
Core Lithium has signed a binding agreement with Glencore International to sell about 20,000 tonnes of lithium DSO fines from its Finniss project at a base price of US$290 per tonne CIF, with shipment scheduled via Darwin Port in May 2026 and proc...
Core Lithium details financing, convertible notes and Glencore marketing deal
Apr 13, 2026
Core Lithium has clarified a previously issued cleansing notice related to a major financing package, correcting only formatting while confirming the substance of its earlier disclosure. The company is progressing a multi-pronged funding strategy ...
Fourth Sail Capital Drops Below Substantial Holder Threshold in Core Lithium
Apr 12, 2026
Core Lithium Ltd has disclosed that Fourth Sail Capital US LP has ceased to be a substantial shareholder in the company, according to a notice filed under section 671B of the Corporations Act. Following recent changes in its holdings, Fourth Sail ...
Core Lithium Receives First Tranche of Funding to Restart Finniss Mine
Apr 10, 2026
Core Lithium has secured US$26 million in proceeds from the first tranche of a US$70 million convertible note issue, part of a broader strategic funding package to restart its Finniss Lithium Operation in the Northern Territory. The overall packag...
Core Lithium Issues 25.9 Million Unquoted Convertible Notes
Apr 10, 2026
Core Lithium Ltd has notified the market of the issue of 25,926,821 unquoted convertible notes, effective 10 April 2026. The new securities, which are not intended to be quoted on the ASX, form part of a previously announced transaction and reflec...
Core Lithium launches multi-layered funding and Glencore marketing deal
Apr 9, 2026
Core Lithium has outlined a major funding package combining a A$120 million equity placement, a US$50 million secured senior loan and a US$70 million secured convertible note facility with InfraVia and Glencore. As part of the broader financing, t...
Core Lithium awards $50m Grants pit contract to fast‑track Finniss restart
Apr 6, 2026
Core Lithium has awarded a roughly $50 million surface mining services contract to NRW Pty Ltd to restart open‑pit mining at the Grants deposit, part of its Finniss Lithium Operation in the Northern Territory. Mobilisation will begin immedia...
Core Lithium Issues New Performance Rights Under Employee Incentive Scheme
Apr 1, 2026
Core Lithium Ltd has notified the market of the issuance of 820,520 unquoted performance rights under its employee incentive scheme, with an issue date of 16 February 2026. The move underscores the company’s continued use of equity-based rem...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.