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$0.32
â–²(10.34% Upside)
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
Low leverage
Conservative leverage improves financial resilience during multi‑year project development cycles. Lower debt reduces interest burden and refinancing risk, giving management flexibility to fund mine ramp‑up or capital spending from equity/partnering without immediate debt pressure.
Negative Factors
Negative margins
Sustained negative margins indicate the business is not converting activity into profitable operations. Over months this drains equity and limits reinvestment in projects, making it harder to reach production scale without external funding or material cost/operational improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage
Conservative leverage improves financial resilience during multi‑year project development cycles. Lower debt reduces interest burden and refinancing risk, giving management flexibility to fund mine ramp‑up or capital spending from equity/partnering without immediate debt pressure.
Read all positive factors
Core Lithium Ltd (CXO) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$1.05B
Dividend YieldN/A
Average Volume (3M)31.16M
Price to Earnings (P/E)―
Beta (1Y)1.67
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$16.35M
Core Lithium Ltd Business Overview & Revenue Model
Company Description
Core Lithium Ltd engages in the development of lithium and various metal deposits in Northern Territory and South Australia. The company primarily explores for copper, gold, iron, silver, uranium, lead, and zinc deposits. Its flagship project is t...
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
Positive
0.29
Price Trends
0.24
Positive
0.25
Positive
0.18
Positive
Market Momentum
0.03
Negative
79.78
Negative
90.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CXO, the sentiment is Positive. The current price of 0.29 is above the 20-day moving average (MA) of 0.26, above the 50-day MA of 0.24, and above the 200-day MA of 0.18, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 79.78 is Negative, neither overbought nor oversold. The STOCH value of 90.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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$572.83M | -15.69 | -4.22% | ― | ― | 56.94% | |
49 Neutral | AU$84.91M | -7.36 | -2.83% | ― | ― | 36.46% | |
47 Neutral | AU$1.05B | -8.93 | -10.17% | ― | -100.00% | 59.85% | |
45 Neutral | AU$33.48M | -33.33 | -28.53% | ― | ― | ― | |
43 Neutral | AU$35.84M | -7.76 | -0.02% | ― | ― | 13.53% |
* Basic Materials Sector Average
AU:CXO
Core Lithium Ltd
0.33
0.23
245.74%
AU:GLN
Galan Lithium Limited
0.46
0.35
333.33%
AU:PHO
PhosCo Ltd
0.16
0.08
100.00%
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 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...
Citigroup Entities Exit Substantial Holder Position in Core Lithium
Mar 26, 2026
Citigroup Global Markets Australia and related Citi group entities have notified Core Lithium Ltd that they have ceased to be a substantial holder in the company as of 24 March 2026, following significant changes in their relevant interests under ...
Core Lithium Confirms Regulatory Compliance on New Share Issue for Finniss Restart Funding
Mar 23, 2026
Core Lithium Ltd has issued 253,937,459 fully paid ordinary shares at A$0.21 per share as part of Tranche 1 of a previously announced share placement to fund the restart of its Finniss Lithium Operation. The company has confirmed that the shares w...
Core Lithium Seeks ASX Quotation for 254 Million New Shares
Mar 23, 2026
Core Lithium Ltd has applied to the ASX for quotation of 253,937,459 new ordinary fully paid shares under its code CXO. The securities, issued on 24 March 2026, arise from previously announced transactions and will expand the company’s quote...
Core Lithium Plans Issue of 70 Million Convertible Notes to Boost Funding
Mar 18, 2026
Core Lithium Ltd has notified the ASX of a proposed issue of up to 70 million convertible notes as part of a new placement or similar capital-raising initiative. The securities are expected to be issued on 10 April 2026, signalling a move to stren...
Core Lithium Plans Major Share Placement to Raise Capital
Mar 18, 2026
Core Lithium Ltd has notified the Australian Securities Exchange of a proposed issue of up to 574,285,714 new fully paid ordinary shares. The securities are to be issued via a placement or similar capital-raising mechanism, with the proposed issue...
Core Lithium Secures A$120m Placement to Fully Fund Finniss Restart
Mar 18, 2026
Core Lithium has secured binding commitments for a two-tranche institutional placement to raise A$120 million at A$0.21 per share, supported by new and existing institutional investors. Together with a previously announced US$120 million strategic...
Core Lithium Secures Equity Funding Pathway for Finniss Restart
Mar 17, 2026
Core Lithium Ltd has outlined an equity raising via an unconditional and conditional placement of new shares to institutional and sophisticated investors, using its existing ASX placement capacity and subject to shareholder approval where required...
Core Lithium secures funding and gives green light to restart Finniss project
Mar 17, 2026
Core Lithium has approved a final investment decision to restart operations at its Finniss Lithium Project in the Northern Territory, backed by a fully committed funding package. The plan follows extensive technical work and a restart study that a...
Core Lithium Director Restructures Indirect Shareholding Without Changing Beneficial Interest
Mar 6, 2026
Core Lithium Ltd has disclosed a change in director Heath Hellewell’s relevant interest in the company’s securities, lodged in accordance with ASX requirements. The notice shows that 5,360,715 fully paid ordinary shares previously held...
Core Lithium Appoints New Director with Significant Indirect Equity Stake
Mar 1, 2026
Core Lithium Ltd has appointed Paul Brown as a director effective 2 March 2026, signalling a notable change in the company’s board composition. Brown does not directly hold any Core Lithium securities in his own name, but he has a substantia...
Core Lithium Appoints New Director, Discloses Indirect Shareholding
Mar 1, 2026
Core Lithium Ltd has appointed Mark Hine as a director effective 2 March 2026, in a move that updates the company’s leadership structure in line with ASX disclosure requirements. The initial director’s interest notice shows Hine does n...
Core Lithium bolsters board as Finniss restart decision nears
Mar 1, 2026
Core Lithium has strengthened its leadership team as it moves towards a final investment decision and planned restart of its Finniss Lithium Project, appointing Paul Brown as managing director and CEO and adding veteran mining engineer Mark Hine a...
Core Lithium Releases Interim Financial Statements for Half Year 2025
Feb 26, 2026
Core Lithium Ltd has released its interim consolidated financial statements for the half year ended 31 December 2025, presented in Australian dollars. The report includes the directors’ report, auditor’s independence declaration, revie...
Core Lithium Sells Finniss Spodumene Stockpile to Glencore at Premium Price
Feb 26, 2026
Core Lithium has struck a fixed-price deal with Glencore International AG to sell about 5,100dmt of spodumene concentrate stockpiled at its suspended Finniss Lithium Project, with pricing equivalent to US$2,023 per tonne CIF China. The sale, to be...
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.