Core Lithium Ltd has released an extensive technical update on its Finniss Lithium Operation, outlining a reconfigured underground mining and processing plan designed to extend the mine’s life to 20 years while significantly reducing operating costs. The results of the Restart Study show that around 94% of the first decade’s production is backed by Ore Reserves and that improved underground methods at Grants, BP33, and Carlton deposits are expected to deliver a low-cost, high-grade feed with an average lithium grade of approximately 1.27% Li₂O. According to the announcement, underground mining will minimize waste dilution while capitalizing on the high-grade, steeply dipping nature of the ore bodies. The improved plan has led to mining cost reductions of around 40% (to approximately AUD 63–72 per tonne mined) and processing costs down by 33% (to AUD 40–46 per tonne processed). This cost-efficient operation is set to produce roughly 205 ktpa of coarse-grained spodumene concentrate on an SC6 equivalent basis while generating unit operating costs of AUD 690–785/t. The pre-production capital expenditure is now expected to range between AUD 175 and 200 million, compared to previous estimates, and modeling forecasts indicate free cash flow generation of approximately AUD 1.2 billion. The study confirms that the optimized drives—from revised flowsheet configurations that increase plant throughput from 1.0Mtpa to 1.2Mtpa to pilot-tested improvements in screening, crushing, and gravity classification—will enhance global recovery rates to 78%. The strategic repositioning also includes a shift from surface to underground mining at Grants, which has doubled its Ore Reserve estimates, and employs a refined mining schedule that integrates BP33 and Carlton deposits to further extend the project's life and production output. The technical report also outlines detailed cost breakdowns, safety and production infrastructure updates, and an improved water management strategy for operating in a tropical environment. Bullish sentiment from the news arises from the enhanced cost structure, increased throughput, and extended mine life, which together improve the project's resilience to commodity price volatility. The significant reductions in both operating and capital expenditures, along with a robust free cash flow forecast, may provide added confidence to investors regarding long-term value creation. On the other hand, bearish outlooks might focus on the uncertainties inherent in the funding process—since a final investment decision remains subject to market conditions and financing pathways—as well as the execution risks related to transitioning from surface to underground operations and achieving the forecasted operational efficiencies.