Australia's Core Lithium on Wednesday announced a final investment decision (FID) to restart operations at its Finniss lithium project in the Northern Territory, backed by a fully funded package combining debt, strategic investment and equity.

The company secured $120-million (about A$170-million) in strategic funding from a consortium including Glencore, InfraVia and Nebari Natural Resources, alongside a planned A$120-million equity raise.

The funding package also includes a $70-million convertible note from Glencore and InfraVia, as well as a $50-million senior secured debt facility from Nebari.

The FID marks a key milestone in the planned restart of the Finniss operation, following a revised mine plan, updated engineering work and optimisation studies aimed at repositioning the project as a lower-cost, long-life lithium asset.

Core said the restart plan outlined a staged ramp-up, beginning with openpit mining at the Grants deposit, followed by underground development at BP33.

The company is targeting first spodumene concentrate production in the September quarter of 2026, with ramp-up to nameplate production of 1.2-million tonnes a year expected by mid-2028.

“Today’s approval of the FID and the securing of a fully committed funding package is the culmination of 18 months of diligent planning and execution for Core," said MD Paul Brown.

He added that the restart plan delivered “a derisked, lower cost, long-life operation with robust economics supported by valued strategic partners”.

The Finniss restart is underpinned by a pre-tax net present value of A$1.1-billion and forecast free cash flow of A$1.7-billion, based on a long-term spodumene price assumption of $1 500/t.

Core said the project would benefit from existing infrastructure and a shorter path to production, while retaining expansion and exploration upside.

As part of the restart, the company has also entered into a marketing and distribution arrangement with Glencore, leveraging its global sales platform while maintaining flexibility over offtake.

Early works and site preparation are set to begin immediately.