Core Lithium, whose Northern Territory mine has gone into recess, has announced a $167.6 million half-year loss, along with the departure of its chief executive Gareth Manderson and independent director and chair of the risk and sustainability committee Andrea Hall.

The company paused operations at its Finniss mine south of Darwin at the start of January, with the company citing the 75 per cent reduction in lithium prices but said it would continue to process ore stockpiles.

On Tuesday Core Lithium announced the departure of Mr Manderson, along with a net loss after tax of $167.6 million for the first half of the 2024 financial year, mainly attributed to the price drop, an asset write-down of $119.6 million related to the the decision to suspend mining, and provisions for onerous contracts of $27.6 million. The company’s revenue was $134.8 million.

“Core remains debt-free with a cash balance of $124.8 million at the end of the period. The group has moved to reduce costs and preserve cash. Core will strictly assess capital allocation with the aim of emerging from the current market conditions in the best condition possible,” the company said in a statement.

At the end of the year the company had 289,000 tonne of ore stockpiles and expected it to take about six months to process this material.

“Suspending mining operations has placed the business in the best position possible to weather the current market conditions,” Mr Manderson said.

Chairman Greg English said when Mr Manderson took over running Core Lithium in August 2022 it was a difficult time with the Finniss mine floundering, and with incomplete infrastructure.

“He has built a capable corporate and site team with a problem-solving and continuous improvement mindset,” Mr English said.

Non-executive director Andrea Hall said her leaving would enable a board that is fit for the future of Core. Ms Hall had been a director since April last year, and had been chair of the risk and sustainability committee and a member of the audit committee and nomination and remuneration committee.

The company’s chief financial officer Doug Warden was appointed as temporary CEO, and James Virgo was appointed as interim CFO.

“Doug is a highly credentialed mining executive with a strong commercial background. Before joining Core, Doug was CFO at several major mining companies and has extensive finance and management experience,” Mr English said.

“The outlook for the Company is positive, and the board looks forward to working with Doug and the leadership team to successfully deliver the Company’s purpose and strategy.”