The Core Lithium Ltd (ASX: CXO) share price is lifting amid news the company plans to reach steady state production in financial year 2023.
Core Lithium's chair Greg English also noted lithium industry forecasters' optimistic predictions. He stated experts predict the commodity's price will grow considerably in the medium-term.
That would place the company's Finniss Lithium Project's commencement date in direct alignment with increasing demand.
The comments were released this morning in the company's 2021 annual report.
At the time of writing, the Core Lithium share price is 41.5 cents, 1.22% more than its previous close.
Let's take a closer look at what Core Lithium's bosses expect the company will achieve in the future.
Core Lithium's directors look to a prosperous future
The Core Lithium share price is gaining on the back of the company's 2021 annual report.
Within the report, English commented the company will be focusing on its Finniss Lithium Project and the land surrounding it in the Northern Territory this financial year.
Construction on the project is set to begin shortly.
He also flagged the company might look to acquire nearby lithium and tin tenements. It also plans to attempt to grow the Finniss mine's life to more than 10 years.
Additionally, Core Lithium's managing director Stephen Biggins noted underinvestment in lithium supply has left the world with a shortage of low-risk projects like Finniss.
According to Biggins, Finniss will be the only lithium mine in the Northern Territory.
Core Lithium also expects to be the only ASX-listed, Australian-based company beginning new lithium spodumene concentrate production in 2022.
The project is expected to produce 175,000 tonnes of spodumene concentrate each year from late next year.
That's right when Core Lithium's managing director and chair believe demand for the product will increase, leaving the company in a strategically fortunate position from 2023 and onwards.
Core lithium share price snapshot
The Core Lithium share price has been performing well on the ASX lately.
It is currently 186% higher than it was at the start of 2021. It has also gained a whopping 888% since this time last year.
