ASX-listed Core Lithium has secured firm commitments to raise A$120-million through a two-tranche institutional placement, completing the equity component of the funding package for the restart of its Finniss lithium operation in the Northern Territory.

The placement, priced at A$0.21 a share, will see the company issue about 571-million new shares and was strongly supported by existing and new institutional investors, reflecting confidence in the restart strategy and project economics.

The capital raise follows Core’s final investment decision (FID) announced on Wednesday, alongside a $120-million strategic funding package from partners Glencore, InfraVia and Nebari, placing the company in a fully funded position to restart operations.

An unconditional first tranche of A$53-million is expected to settle on March 23, with a second tranche of A$67-million subject to shareholder approval at a meeting scheduled for late April.

Proceeds from the placement will be used alongside the strategic funding package to advance Finniss in line with the FID, including early works, mobilisation, long-lead procurement and the recommencement of BP33 underground development.

Core MD Paul Brown said the strong demand for the raising underscored market support for the company’s strategy.

"Combined with the strategic funding from Glencore, InfraVia and Nebari, this places Core in a fully funded position to execute the restart in line with the FID. This outcome reflects the confidence investors have in our disciplined planning, improved project economics and the capability of our team to deliver a safe, staged and efficient return to production," he said in a statement.

“With funding now secured, we can move immediately into mobilisation, early works and development activities to position Finniss for first concentrate production in the September quarter of 2026.”

The placement was conducted at a 4.5% discount to the company’s last traded price of A$0.22 a share on March 17.