Key facts
- Core Lithium will acquire 100% of the Bynoe lithium project in the Northern Territory.
- The seller is developer Charger Metals.
- The purchase price is A$3.75 million in cash, with potential further payments.
- Additional payments are tied to reaching 8 million tonnes of inferred mineral resource at a minimum 1% lithium oxide grade.
- Core Lithium will also pay Charger Metals a 1% royalty on gross revenue, capped at A$10 million.
Australian lithium producer Core Lithium has agreed to acquire the Bynoe lithium project in the Northern Territory from developer Charger Metals for A$3.75 million in cash. The 63km² site is adjacent to Core's Finniss project and lies 9km from its lithium concentration plant.
Core Lithium will make additional cash payments of A$1 million if the Joint Ore Reserves Committee infers a mineral resource of at least 8 million tonnes with a minimum grade of 1% lithium oxide, subject to further drilling. The company will also pay Charger Metals a 1% royalty on all gross revenue from the tenement, capped at A$10 million.
The Bynoe project includes Core's existing Blackbeard prospect and contiguous exploration sites like Carlton and BP33, offering growth potential and the possibility of extending the Finniss project's 20-year mine life, especially given the sharp increase in spodumene prices over the past year.
Charger Metals had acquired the Bynoe project from battery recycler Livium in 2024 for $500,000. Charger intends to use the proceeds from this sale to advance its Lake Johnston lithium project in Western Australia.