Core Lithium has awarded a three-year underground mining contract worth approximately A$274 million (US$198 million) to Develop Global subsidiary Dev Mining Services Pty Ltd for the BP33 deposit at its Finniss lithium operation in Australia’s Northern Territory. The agreement also includes an option for a two-year extension.
The BP33 deposit is expected to become the cornerstone of the Finniss operation, providing a long-life, low-cost underground production source with more than 10 years of mine life and significant exploration upside.
The contract follows a competitive tender process focused on selecting a technically capable contractor with strong underground mining expertise and the financial strength to support project delivery. According to Core Lithium, Develop demonstrated extensive experience in similar geological environments, strong geotechnical understanding, and practical underground development capabilities suited to BP33’s ground conditions.
The contract scope covers drill-and-blast operations, load-and-haul activities, decline development, production mining, and ground support works. The agreement combines fixed and variable schedule rates with lump-sum components for mobilisation and site establishment, providing operational flexibility while sharing delivery and productivity risks between both parties.
Core Lithium said the contract award marks another major milestone for the Finniss project and officially advances underground development at BP33.
Under the current mine plan, BP33 is expected to supply around 88% of total ore feed during the first decade of operations. The orebody is hosted within a large, steeply plunging pegmatite system extending more than 800 metres in depth, making it highly suitable for efficient long-hole open stoping mining methods.
Development of BP33 will progress alongside production activities at the nearby Grants open pit, supporting a staged ramp-up strategy and early cash generation for the Finniss operation.
Site preparation activities, including dewatering, civil works, and box-cut remediation, are already underway. Procurement of long-lead equipment and contractor mobilisation activities have also commenced, with underground decline development expected to begin in July 2026.
Core Lithium Managing Director Paul Brown said BP33 is central to improving Finniss’ long-term production profile and operating costs, while Develop Global Managing Director Bill Beament described the project as a strong partnership opportunity built around a high-quality orebody and experienced underground mining team.