December 2023 Quarterly Activities Report
Today we released our December 2023 Quarterly Activities Report announcing the Kathleen Valley Lithium Project was more than 72% complete by the end of 2023. A major milestone was reached with the commencement of underground mine development in November 2023. The Project remains on budget and schedule for first production mid-2024.
- No Lost-Time Injuries during the quarter and more than two million work hours recorded since construction commenced at Katheen Valley.
- The Project reached 72 percent completion at quarter end.
- Underground mining commenced in November 2023, with 352 total development metres recorded by the end of December. Metres advanced and ground conditions in line with expectations.
- Open pit mining progressed to plan, with 1.4 million bulk cubic metres (BCM) mined for the quarter.
- Construction of crushing, screening and stockpiling infrastructure significantly advanced in the dry plant with commissioning targeted to commence early Q2 2024.
- Wet plant critical path milestones achieved with majority of structural steel delivered to site, switch rooms installed, mechanical equipment and piping installation on schedule.
- Project accommodation peaked in December, with more than 900 people on site. Around 450 people worked throughout the December 2023 holiday period to progress critical activities.
- Recruitment for operations startup is continuing with 222 full time employees working for Liontown at the end of this quarter.
- Construction of the hybrid renewable power station remains on track with commissioning of the 16MW solar farm planned for Q2 2024 to provide early renewable power for the camp and underground mining.
- Contract for supply of liquified natural gas (LNG) awarded to Mid-West LNG Ltd, with supply commencing in January 2024 in line with planned commissioning activities.
- Long-term Port Access and Services Agreement executed with Mid West Ports Authority (MWPA) facilitating the export of lithium spodumene concentrate from the Port of Geraldton.
- A$365 million institutional placement completed on 20 October 2023, supplemented by A$10.8 million placement to the Chair, Mr Tim Goyder, and Shareholder Purchase Plan (SPP) with subscriptions from eligible shareholders totalling A$13.8 million.
- In November 2023, the Company announced the appointment of Mr Ian Wells to its Board as an Independent Non-Executive Director, effective 1 January 2024. Mr Wells’ appointment followed the planned retirement of Mr Anthony Cipriano.
- The Company’s cash balance was A$516.9 million as at 31 December 2023.
- Subsequent to the quarter the Company announced it had commenced discussions with its lending syndicate on a revised, smaller debt facility. A further funding update is expected by the end of the March 2024 quarter.