SYDNEY — Shares in Core Lithium Ltd. jumped almost 10% early Monday after the Australian explorer more than doubled its mineral resource estimate for a key deposit in the country’s Northern Territory.
The stock was up 9.4% at A$1.05 (US$0.71) in early trade, putting it on course for its best day since Nov. 14.
Core on Monday said that exploration of the BP33 deposit at the Finniss Lithium Operation had raised the mineral resource estimate to 10.1 million tons, from 4.37 million tons projected earlier. The latest drilling results identified extensions along strike and down depth, it said.
Core plans an aggressive drill program at Finniss during 2023.
“Exploration to extend mine life at Finniss and identify growth opportunities is a priority for the business,” Chief Executive Gareth Manderson said.
Shares in Core closed at a record A$1.865 on Nov. 14, following a 12% surge. The stock has lost ground in 10 of 16 weeks since mid-November amid cooling lithium prices.
