Core Lithium (ASX:CXO) is advancing its restart study and associated activities for the Finniss lithium project in the Northern Territory and it is on track for completion in the June quarter, according to a Thursday Australian bourse filing.

Core ended the last remaining operating contracts from the operating period at Finnis, concluding all outstanding obligations to third parties. The total remaining consideration for these transactions is AU$19.5 million, payable over four months.

This provides the firm with complete ownership of all infrastructure, reduces current care and maintenance costs, and is expected to reduce future operating costs under a revised operating model.

The firm's shares rose 5% on market close on Thursday.