The Core Lithium Ltd (ASX: CXO) share price had a year to forget in 2024.

Shares in the All Ordinaries Index (ASX: XAO) lithium stock finished out 2023 trading for 25.0 cents. When the closing bell rang on 31 December 2024, those same shares were changing hands for 8.9 cents apiece.

That saw Core Lithium stock down a precipitous 64.4% over the year.

For some context, the All Ords gained 7.6% over the year.

With the Core Lithium share price in a downward spiral in 2024, the once S&P/ASX 200 Index (ASX: XJO) miner also saw itself also removed from the S&P/ASX 300 Index (ASX: XKO) on 23 September as part of the S&P Dow Jones Indices September quarterly rebalance.

This won't have helped the stock's performance, as many fund managers are limited to investing in the larger end of the market covered by ASX 200 or ASX 300 stocks.

Why did the Core Lithium share price get smashed?

The Core Lithium share price was far from alone in taking a beating in 2024. Most ASX lithium producers suffered sharp declines as lithium prices remained in the basement amid excess supplies of the battery critical metal during a year of slowing demand growth.

The global supply glut saw the lithium price continue its slide over the year, ending 2024 down more than 75% from the euphoric record highs of November 2022.

With lithium prices remaining depressed, Core Lithium suspended mining operations at its flagship Northern Territory Finniss project at the start of 2024. The miner is maintaining Finniss in a state of operational readiness as it awaits a material recovery in lithium prices.

At the company's September quarterly update, Core reported the restart studies are set for completion in the second half of FY 2025.

What else happened with the ASX lithium stock in 2024?

Despite the big fall in the Core Lithium share price, 2024 was an eventful year for the miner, with a number of positive developments.

That included a change of management, with Paul Brown taking the helm as CEO on 4 June.

September would have been a prime month to buy and then sell the stock. The Core Lithium share price closed out the month at 13 cents, which saw the stock up a whopping 44.4%.

Stoking investor enthusiasm in September, Core released a series of announcements, including a promising uranium exploration update from its Napperby uranium project, also located in the Northern Territory.

And in September Core Lithium entered into an agreement with Lithium Australia Ltd (ASX: LIT) to acquire a 9.8% stake in Charger Metals NL (ASX: CHR).

With an eye on its future growth prospects, Core also agreed to buy Lithium Australia's 30% interest in the Bynoe Project, situated close to the Finniss Project.

And Core Lithium worked to expand its horizons in 2024, with exploration programs targeting gold, uranium, niobium, and rare earth element (REE) prospects within its Central Australian tenement holdings outside the Finniss region.

On 21 October, the miner reported on promising drill results from its  Mount Shoobridge gold prospect.

"Our exploration program at Shoobridge has delivered strong results, confirming the presence of shallow, high-grade gold mineralisation that remains open along strike," Brown said on the day.

As for 2025, the Core Lithium share price is up 3.45% today, which sees it just above where it exited 2024, at 8.9 cents a share.