Slide 1: Restart Study – Finniss Lithium Project
ASX:CXO RESTART STUDY Finniss Lithium Project 14 May 2025
Slide 2: Important and Cautionary Notes
IMPORTANT AND CAUTIONARY NOTES This presentation has been prepared by Core Lithium Ltd (“Core”, “Company”) and provides a general Currency overview of the Company and its strategy. Unless otherwise stated, all cashflows are in Australian dollars, are undiscounted and are in real terms (not This pres
Slide 3: Corporate Overview
CORPORATE OVERVIEW Experienced Management team in place PAUL BROWN Chief Executive Officer ASX Code CXO Mining Engineer 25+ years in the mining industry, with deep Shares 2,143m expertise in Lithium. Demonstrated success in operations, strategic growth, and capital markets Share Price (13 May 2025)
Slide 4: Our Purpose
OUR PURPOSE Transformation of Core into a sustainable, low cost supplier of high-quality spodumene concentrate for decades to come 4
Slide 5: Finniss Lithium Project
FINNISS LITHIUM PROJECT Favourably located to access infrastructure and key export growth markets Producing a highly desirable, low impurity, coarse grained spodumene concentrate for decades to come South Korea Close to key export markets in Asia and the Middle East China Japan Middle East Long life
Slide 6: Operational Overview
OPERATIONAL OVERVIEW Leveraging significant prior investment and a high-quality resource • Located on Crown land with all major approvals in place • Largest landholding in the Bynoe pegmatite field and majority located within 50km of the process plant • Site is well maintained and remains restart re
Slide 7: Mineral Resource and Upside
MINERAL RESOURCE AND UPSIDE A high-grade Mineral Resource with the majority in Measured and Indicated categories • The Bynoe Lithium Field contains more than 100 Resource Contained known pegmatites Tonnes (Mt) Li2O (%) Category Li2O (kt) • Mineral Resources have been declared for 11 deposits Measure
Slide 8: Updated Ore Reserve
UPDATED ORE RESERVE High-grade ore mined in the first 10 years of operations • Total Ore Reserves increased by 15.9% to 10.73Mt Reserve Tonnes Contained Deposit Li2O (%) Category (Mt) Li2O (kt) • Grants Ore Reserve doubles with the transition from open pit to planned underground extraction Proved 0.
Slide 9: Study Overview
STUDY OVERVIEW Finniss operating history and foundations of the Restart Study STUDY OBJECTIVES STUDY PROCESS To reposition Finniss Deliver an Leverage the significant Detailed bottom-up Investigate Complete trade-off as a lower cost and optimised set of investment at Finniss assessment of the opport
Slide 10: Key Drivers of the Study
KEY DRIVERS OF THE STUDY Enhanced metrics delivered through conventional and deliverable operational changes SIGNIFICANTLY IMPROVED PROJECT Metric % Change1 Key Driver Mining Methodology All underground Underground mining extends Grants, BP33 and Carlton Processing Capacity (Mtpa) 20% Upgrading plan
Slide 11: Restart Study Outcomes
RESTART STUDY OUTCOMES Pathway to a lower cost, more resilient operation delivering Free Cash Flow of $1.2 billion1 SIGNIFICANT OPERATING COST REDUCTIONS2 • Mining costs down 40% to $63 – $72/t 1,400 1.60% • Processing costs down 33% to $40 – $46/t 20 year • Forecast unit operating costs of $690 – 7
Slide 12: Sustainability
SUSTAINABILITY A commitment to local employment and sustainability • Strong and supportive Northern Territory (NT) and Federal Government • Previous operating experience with proven track record of local community engagement and high environmental performance • Wet season water management infrastruc
Slide 13: Underground Advantage
UNDERGROUND ADVANTAGE Significant advantages gained from a switch to fully underground mining • Deposits are high-grade, continuous, steeply dipping and open at depth • These characteristics make them well suited to underground mining • Advantages of underground mining include: • Smaller surface foo
Slide 14: Mining – BP33
MINING – BP33 BP33 Underground Mine • Located 6km from the process plant • Large, sub-vertical continuous orebody with mining widths of 8m – 40m ideally suited to LHOS • Orebody width and consistency drives low underground mining costs of $63-72/t • High Ore Reserve conversion (+80%) with current mi
Slide 15: Mining – Grants
MINING – GRANTS Transitions to underground mining • Trade off study undertaken to consider open pit and underground mining methods • Underground mining reduces costs (due to waste strip in open pit), improves ore feed quality and extends life • High understanding of the orebody and its metallurgy ba
Slide 16: Process Upgrades
PROCESS UPGRADES New Crushed ore Optimisation plan to boost performance stockpile Existing • Staged plan to debottleneck and Existing with Floats crusher enhance plant performance: modifications • Screens, floats crusher and tails Ore / Concentrate thickener upgrades Primary sizing Primary fine scre
Slide 17: Process Strategy
PROCESS STRATEGY Acquisition of crushing plant • Recent acquisition of crushing circuit and associated infrastructure will significantly reduce processing costs • Revised operating model lowers head count, increases throughput, and reduces the reliance on contractors • Previous crushing costs accoun
Slide 18: Proven Logistics
PROVEN LOGISTICS Infrastructure in place for operations • Access to low cost, established export infrastructure • No upgrades required to the existing infrastructure corridor connecting site with the Port of Darwin • Sufficient capacity exists at the Port of Darwin to accommodate the planned concent
Slide 19: Cost Comparison
COST COMPARISON Competitive operating costs relative to Australian lithium operations of $690 to $785/t1 Unit Operating Cost (FOB) $/t $1,200 $1,000 Finniss $800 $600 $400 $200 $- Production 1. Finniss operating costs based on a range of $690 – 785/t 19
Slide 20: Capital Costs and Funding
CAPITAL COSTS AND FUNDING An attractive project with funding options Item Unit Total • Pre-production capital of $175 – $200M Grants Underground Infrastructure $M 40 – 50 • Core is debt free BP33 Underground Infrastructure $M 110 – 120 • Cash balance of $30M1 sufficient to support near-term working
Slide 21: Forward Work Plan
FORWARD WORK PLAN Key objectives for the remainder of 2025 Board endorsement of the Forward work program will Study received continue to advance Finniss towards FID Advancement of funding and Commencement of Front End strategic discussions Engineering Design Planning of a drill program for Site and
Slide 22: Potential Production Upside
POTENTIAL PRODUCTION UPSIDE Potential to extend mine life, increase production and deliver economies of scale over time Pathway to upgrade the plant throughput in Expansion Potential to future beyond 1.2Mtpa bring forward Carlton Plant throughput Extension Potential Potential for mining at for BP33
Slide 23: Restart strategy transforms Finniss into a long life, scalable operation
Restart strategy transforms Finniss into a long life, scalable, underground operation producing a high- quality spodumene concentrate with the ability to operate through all price cycles 23
Slide 24: Contact
CONTACT Core Lithium Ltd Level 9, 2 Mill Street Perth, WA, 6000 info@corelithium.com.au Investor Enquiries Media Enquiries Paul Brown Michael Vaughan CEO Fivemark Partners +61 8 8317 1700 +61 422 602 720 Authorised for release by the Board of Core Lithium Ltd
Slide 25: Appendix 1 – Finniss History
APPENDIX 1 – FINNISS HISTORY Significant operating dataset has been utilised to de-risk the Study outcomes • Lithium discovery in 2016 • Mineral Lease granted in early 2019 12,000 65% 10,000 • Total capital investment to date of +$250M 60% 8,000 • Steady ramp-up of concentrate production and 55% rec
Slide 26: Appendix 2 – Restart Study Physical Outcomes
APPENDIX 2 – RESTART STUDY PHYSICAL OUTCOMES Produces a high quality, coarse-grained spodumene concentrate Parameter Units Metric 1,400 1.60% Life of Mine (LOM) Years 20 20 year 1.40% 1,200 mine life Ore mined kt 17,292 1.20% 1,000 1.00% Feed Grade (%) Reprocessed tailings kt 283 Tonnes (kt) 800 0.8
Slide 27: Appendix 3 – Competitive Operating Costs
APPENDIX 3 – COMPETITIVE OPERATING COSTS Highly competitive costs achieved through optimised mining and processing • New operating cost model provides significant Cost Centre1 Unit Metric lithium pricing downside resilience and upside leverage Mining $/t mined 63 – 72 • Refinement in mining and phys
Slide 28: Appendix 4 – JORC Mineral Resource Estimate
APPENDIX 4 – JORC MINERAL RESOURCE ESTIMATE Measured Indicated Inferred Total Mineral Resource Li2O Li2O Li2O Li2O Tonnes Tonnes Tonnes Tonnes Li2O% Contained Li2O% Contained Li2O% Contained Li2O% Contained (Mt) (Mt) (Mt) (Mt) Metal (kt) Metal (kt) Metal (kt) Metal (kt) Grants 1.34 1.48 19.8 0.61 1.
Slide 29: Appendix 5 – JORC Ore Reserve Estimate
APPENDIX 5 – JORC ORE RESERVE ESTIMATE Ore Tonnes Contained Deposit Category Li2O (%) (Mt) Li2O (kt) Proved 2.55 1.27 32.4 Notes BP33 1. Effective date of the Ore Reserves is 30 April 2025. Probable 6.74 1.32 88.8 Underground 2. Ore Reserves are the total for the Grants and BP33 Mines and TSF/Stockp
Slide 30: Appendix 6 – Outcomes of the Study
APPENDIX 6 – OUTCOMES OF THE STUDY Significant improvements in mine life, mining and processing efficiency at a high return on capital invested SIGNIFICANTLY IMPROVED PROJECT Metric FY24 Reserve1 Study2 % Change Mining Methodology Open Pit & Underground Underground All underground Processing Capacit