Core Lithium Ltd (AU:CXO)
ASX:CXO
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Core Lithium Ltd
(Sydney:CXO)
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Rating:46Neutral
Price Target:
AU$0.22
â–¼(-16.92% Downside)
Action:ReiteratedDate:02/27/26
The score is held down primarily by weak financial performance (losses, negative margins, and negative operating/free cash flow). Technicals provide some support with price trading above key moving averages, but momentum is mixed due to a negative MACD. Valuation remains limited by loss-making status (negative P/E) and the absence of a dividend yield.
Positive Factors
Focused asset and product
Core Lithium’s business is concentrated on the Finniss project producing spodumene concentrate. A single, developed asset gives a clear operational focus and predictable production-to-sales pathway, enabling management to prioritize capex, process optimisation and offtake execution over diversification distractions.
Negative Factors
Negative revenue and margins
Core’s income statement shows negative revenue growth and persistent negative gross and net margins, indicating the company is not covering production and operating costs at current scale. Structural profitability shortfalls suggest sustained need for cost reduction, higher prices, or scale gains before delivering durable earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Focused asset and product
Core Lithium’s business is concentrated on the Finniss project producing spodumene concentrate. A single, developed asset gives a clear operational focus and predictable production-to-sales pathway, enabling management to prioritize capex, process optimisation and offtake execution over diversification distractions.
Read all positive factors
Core Lithium Ltd (CXO) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$743.70M
Dividend YieldN/A
Average Volume (3M)31.16M
Price to Earnings (P/E)―
Beta (1Y)1.47
Revenue Growth-100.00%
EPS Growth89.10%
CountryAU
Employees7
SectorBasic Materials
Sector Strength58
IndustryIndustrial Materials
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,916,453,400
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$0.30Price Target Upside17.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)AU$15.85M
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 producing and selling spodumene concentrate (a lithium-bearing mineral concentrate) from its mining and processing operations. Revenue is generated when concentrate is delivered to customers under offtake/sale...
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
0.26
Price Trends
0.23
Positive
0.24
Positive
0.17
Positive
Market Momentum
<0.01
Negative
58.88
Neutral
87.08
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 0.26 is above the 20-day moving average (MA) of 0.23, above the 50-day MA of 0.23, and above the 200-day MA of 0.17, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 58.88 is Neutral, neither overbought nor oversold. The STOCH value of 87.08 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$489.50M | -15.69 | -5.18% | ― | ― | 47.15% | |
46 Neutral | AU$743.70M | -8.93 | -10.17% | ― | -100.00% | 89.10% | |
45 Neutral | AU$39.06M | -33.33 | -28.53% | ― | ― | 96.00% | |
43 Neutral | AU$38.08M | -11.22 | -0.02% | ― | ― | -12.34% | |
41 Neutral | AU$70.82M | -7.36 | -2.83% | ― | ― | -268.97% |
* Basic Materials Sector Average
AU:CXO
Core Lithium Ltd
0.26
0.19
292.31%
AU:GLN
Galan Lithium Limited
0.40
0.25
172.41%
AU:PHO
PhosCo Ltd
0.14
0.08
125.00%
AU:LEL
Lithium Energy Ltd.
0.34
-0.03
-8.11%
AU:PL9
Arizona Lithium Limited
0.01
0.00
0.00%
Core Lithium Ltd Corporate Events
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...
Citigroup steps back from Core Lithium register
Feb 4, 2026
Citigroup Global Markets Australia and its related entities disclosed they ceased to be substantial holders of Core Lithium on 2 February 2026 after securities-lending-driven shifts that saw 1,019,611 additional ordinary shares registered locally ...
Core Lithium Issues 2 Million Shares on Exercise of Options
Feb 1, 2026
Core Lithium Ltd has issued 2,000,000 new ordinary shares at A$0.224 per share following the exercise of previously unquoted options. The shares were issued without a prospectus under the Corporations Act’s disclosure exemptions, with the co...
Core Lithium Seeks ASX Quotation for 2 Million New Shares
Feb 1, 2026
Core Lithium Ltd has applied to the ASX for quotation of 2,000,000 new ordinary fully paid shares, to be issued on 2 February 2026 following the exercise or conversion of existing options or other convertible securities. The modest increase in iss...
Core Lithium Reports Lapse of 2.8 Million Performance Rights
Jan 28, 2026
Core Lithium Ltd has notified the market that 2,775,238 performance rights (ASX code CXOAA) have lapsed after the conditions attached to these securities were not met or became incapable of being satisfied as of 24 January 2026. The cessation of t...
Core Lithium Cuts Finniss Capital Needs as Reserves Grow and Restart Plans Advance
Jan 21, 2026
Core Lithium has delivered an updated mine plan and Ore Reserve for the Grants deposit within its Finniss Lithium Project, lifting total project reserves to 15.6Mt at 1.27% Li2O and enabling first ore within a month of operations while cutting pre...
Core Lithium Says No Undisclosed Information Behind Share Price Moves
Jan 8, 2026
Core Lithium Ltd has responded to an ASX price query, stating it is not aware of any undisclosed information that could explain recent volatility in its share price. The company says it has no additional explanation for the recent trading activity...
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.