Core Lithium Ltd (ASX: CXO) shares are climbing again on Wednesday after the lithium miner locked in a major contract at its Finniss operation.
At the time of writing, the Core Lithium share price is up 4.48% to 35 cents.
It marks another strong session for a stock that has already staged a huge recovery. Core Lithium shares are now up around 25% in 2026 and 372% over the past year.
Here's what the company announced.
Image source: Getty Images
A major mining contract lands
According to the release, Core has awarded the BP33 underground mining contract at Finniss to Develop Global Ltd (ASX: DVP).
The contract is worth about $274 million and covers 3 years of mining services at BP33. Core also has the option to extend the deal by another year.
The work includes drill and blast, load and haul, decline development, production, and ground support.
Mobilisation is expected to begin in June 2026, with works due to start in July 2026.
Why BP33 is getting attention
BP33 is a key deposit within Core's Finniss Lithium Operation in the Northern Territory.
The company said BP33 underpins a lower-cost, long-life production base, with more than 10 years of mine life and further exploration upside.
Core also said the contract followed a competitive tender process. Develop was selected because of its underground mining experience, technical capability, and alignment with Core's delivery targets.
The project is expected to progress alongside open pit mining at the Grants deposit.
Core said first spodumene concentrate remains targeted for the December quarter of 2026. First BP33 ore is expected in mid-2027, with ramp-up to nameplate production planned by mid-2028.
Finniss restart gathers pace
Core's Finniss project has been through a difficult period, largely due to weaker lithium prices and pressure across the battery materials sector.
But that backdrop is now looking much healthier. Trading Economics shows lithium carbonate prices in China have climbed strongly in 2026, supported by tighter supply and stronger demand.
The price is sitting at CNY 200,000 per tonne, up more than 200% over the past year.
While that doesn't remove the risks around Finniss, it helps explain why investors are taking another look at Core.
Today's underground contract follows the company's final investment decision (FID) and funding package announced earlier this year.
Foolish takeaway
Core Lithium has come a long way from last year's lows.
The once beaten-down stock touched 7.6 cents in June last year. It is now trading at 35 cents, helped by improving lithium sentiment and a clearer restart plan at Finniss.
