Core Lithium Ltd (ASX: CXO) has announced it will spin out certain assets into a new gold-focused company called Axiant Resources.
Image source: Getty Images
New public offer on the way
The company said in a statement to the ASX that the new company would hold exploration assets in the Northern Territory and South Australia, and a new public offer of shares would be launched to fund the company.
Core said further:
A prospectus for the issue of Shares to fund working capital and acquisition costs for the Assets is expected to be lodged with ASIC next month. Axiant is targeting a listing in July or August 2026, subject to market conditions and the satisfaction of ASX listing requirements.
Core Lithium's Chair Greg English will retire from his role, and take up the chair role at the new company.
The company said regarding Mr English:
His tenure marks a highly successful 16 year term at Core as Chair, overseeing early exploration initiatives and in 2021, the commencement of open pit mining and ore processing at Core's Finniss project. More recently, he has supported Core's recent re-start study for the recommencement of open-pit mining and the development of underground mining of the BP33 deposit at Finniss, and the completion of a $307m funding package, announced on 18 March 2026. Under Greg's leadership, Core has grown from a micro-cap South Australian based exploration company into Australia's newest Lithium producer with the recommencement of mining announced on 20 May 2026.
Current non-Executive Director Malcolm McComas will take over as the Chair of Core Lithium.
Mr English said he was proud to leave the company in a strong position.
He added:
The new team, the assets and the outstanding growth opportunity reflects improved commodity prices for spodumene, and also the strength of our new financial partners. So, after many years of rewarding challenges, I have decided to step down.
Stockpile driving cash flow
Core Lithium earlier this week announced the second sale of lithium fines from its Finniss mine, following an initial sale in April.
The company said total revenue from lithium sales this year was about $28.5 million.
The company added:
The transaction represents the second sale from the Finniss lithium fines stockpile, following Core's April 2026 announcement of an initial 20kt sale to Glencore. The sale represents a further step in Core's strategy to monetise existing stockpiled material and generate cash flow while mining, processing and development activities at Finniss progress.
The company said it continued to explore pathways to sell its remaining stockpile of 30,000 tonnes of fines.
Core Lithium shares were 1% lower at 23.75 cents on Thursday, but are up 161% over a year.
