The Core Lithium Ltd (ASX: CXO) share price is marching higher today.
Shares in the All Ordinaries Index (ASX: XAO) lithium stock closed yesterday trading at 11.0 cents. In early morning trade on Thursday, shares are changing hands for 11.5 cents apiece, up 4.5%.
For some context, the All Ords is down 0.4% at this same time.
This comes on the heels of Core Lithium's September quarterly update.
Here's what's happening.
Core Lithium share price lifts on results
ASX investors are bidding up the Core Lithium share price with the miner highlighting the strong Ore Reserve estimate for Finniss that was delivered during the quarter. That estimate now stands at 9.25 million tonnes at 1.38% Li2O.
Core said its expansion in the BP33 Ore Reserve site to 8.7Mt at 1.38% Li2O, provides it with "a robust basis" for ongoing restart studies at Finniss, where mining remains suspended.
Those restart studies were said to remain on track for completion in the second half of FY 2025, with Finniss maintained in a state of operational readiness. The newly appointed Chief Operating Officer, James Bruce, who commenced last week on 14 October, will oversee this work.
The Core Lithium share price has also gotten some support with the miner actively expanding its footprint into other metals, like gold.
Reverse circulation (RC) drilling at its Shoobridge project over the quarter confirmed multi-commodity potential. The miner noted that shallow high-grade gold mineralisation was intersected over a 1 kilometre of strike. Top results included 2 metres at 12.9 grams of gold per tonne from 54 metres.
And in September, Core purchased 7.6 million shares in Charger Metals NL (ASX: CHR), held by Lithium Australia (ASX: LIT).
At the end of the quarter, Core had 5,178 wet metric tonnes (wmt) of spodumene concentrate and 75,000 wmt of lithium fines available for sale.
As at 30 September, Core's cash balance was $61.3 million, down from $87.6 million on 30 June.
What did management say?
Commenting on the results helping support the Core Lithium share price today, CEO Paul Brown said, "We are pleased with the progress made across various areas of the business during the September quarter."
Brown noted:
A key highlight was Core's delivery of a strong Ore Reserve estimate for Finniss, now standing at 9.25Mt at 1.38% Li2O. This solid foundation underpins our ongoing restart studies and aligns with our strategy to resume operations at Finniss.
Exploration activities have yielded positive results, particularly with the discovery of shallow, high-grade gold mineralisation at Shoobridge, opening new growth opportunities for Core.
Furthermore, our strategic investment in Charger Metals and the Bynoe Lithium Project enhances our land position around the Finniss infrastructure, providing a strong platform for future development.
How has the ASX lithium stock been tracking?
It's been a difficult year for shareholders in the ASX lithium stock. With today's intraday gain factored in, the Core Lithium share price is down 67% over 12 months.
