Slide 1: Equity Raising Presentation
ASX:CXO EQUITY RAISING PRESENTATION 28 August 2025 Not for release to US wire services or distribution in the United States
Slide 2: Important and Cautionary Notes
IMPORTANT AND CAUTIONARY NOTES This presentation is dated 28 August 2025 and has been prepared by Core Lithium Ltd (Core or the presentation. Company) in connection with an equity raising by Core comprising a non-underwritten placement of shares in Core (New Shares) to institutional and sophisticate
Slide 3: Important and Cautionary Notes
IMPORTANT AND CAUTIONARY NOTES Investment and other risks legally and economically extract them. There are a number of risks specific to the Company and of a general nature which may affect the future Competent Person Statements operating and financial performance of the Company and the value of an
Slide 4: Important and Cautionary Notes
IMPORTANT AND CAUTIONARY NOTES Determination of eligibility to be refined; future prices of lithium; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the mining Investors acknowledge a
Slide 5: Our Purpose
OUR PURPOSE Transformation of Core into a sustainable, low- cost supplier of high-quality spodumene concentrate for decades to come 5
Slide 6: Finniss Lithium Project Opportunity
FINNISS LITHIUM PROJECT OPPORTUNITY1 An established low cost, long life operational restart opportunity, located 88km from the Port of Darwin Established DMS Plant 100% owned by Core optimising and expanding with the majority of by 20% to 1.2Mtpa offtake uncommitted Average future annual Low operati
Slide 7: Company Overview
COMPANY OVERVIEW Experienced Management team in place PAUL BROWN ASX Code CXO Chief Executive Officer Mining Engineer Shares 2,143M 25+ years in the mining industry, with deep Share Price (26 August 2025) A$0.120 expertise in Lithium. Demonstrated success in operations, strategic growth, and capital
Slide 8: Overview of Equity Raising
OVERVIEW OF EQUITY RAISING Institutional Placement of A$50M and Share Purchase Plan of A$10M • Core has received firm commitments to raise approximately A$50.0 million (before costs) in a two-tranche placement via the issue of approximately 476.2 million fully paid ordinary shares (“New Shares”) at
Slide 9: Source and Use of Funds
SOURCE AND USE OF FUNDS Providing the flexibility to enhance, de-risk and accelerate Finniss to FID Cash Shares on Source of funds Total (A$M) Cash balance and share capital (A$M) issue (M) Cash balance (22 August 2025) 9.4 At 30 June 2025 (unaudited) 23.5 Placement (before costs) 50.0 Settlement of
Slide 10: Indicative Equity Raising Timetable
INDICATIVE EQUITY RAISING TIMETABLE Providing additional financial flexibility to accelerate and de-risk Finniss to FID Placement Date1 Trading halt lifted and announcement of completion of the Placement Thursday, 28 August 2025 Settlement of New Shares under Tranche 1 of the Placement Wednesday, 3
Slide 11: Finniss Lithium Project
FINNISS LITHIUM PROJECT Leveraging significant prior investment and a high-quality resource • Located on Crown land with all major approvals in place • Majority of tenure located within 50km of the process plant • Modern DMS process plant with associated infrastructure in place • Site is well mainta
Slide 12: Our Advantage
OUR ADVANTAGE Enhanced metrics delivered through conventional and deliverable operational changes Element Metric Key Outcomes Mining Methodology All underground Optimised mining across Grants, BP33 and Carlton Production 1.2Mtpa Optimised mine plan, simplifying flowsheet and increasing throughput Co
Slide 13: Underground mining at BP33
Underground mining at BP33 of one large, sub-vertical mineralised pegmatite with 350m strike length and 40m true width for at least 10 years deliver low mining costs of A$63 - BP33 A$72/t of ore Grants and Carlton deposits provide medium-term optionality and flexibility in ore feed, supporting BP33
Slide 14: Drivers of Lower Mining Costs
DRIVERS OF LOWER MINING COSTS Bottom-up, all-in underground mining and stoping costs BP33 Bulk stoping geometry — large, wide, continuous, high-grade stopes with minimal internal dilution and vertical hanging walls Increased productivity by 20% to 1.2Mtpa • Sill pillars allowing multiple mining fron
Slide 15: Process Upgrades
PROCESS UPGRADES New Crushed ore Optimisation plan to boost performance stockpile Existing • Staged plan to debottleneck and Existing with Rolls crusher enhance plant performance: modifications • Screens, floats crusher and tails Ore / Concentrate thickener upgrades Primary sizing Primary fine scree
Slide 16: 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 Finniss with the Port of Darwin • Sufficient capacity exists at the Port of Darwin to accommodate the planned conc
Slide 17: Finniss Project Highlights
FINNISS PROJECT HIGHLIGHTS A low cost, long life, scalable operation capable of producing a high-quality spodumene concentrate SIGNIFICANT OPERATING COST REDUCTIONS1 1,400 20 year 1.60% • Mining costs: $63 – $72/t mine • Processing costs: $40 – $46/t 1,200 life 1.40% • Forecast unit operating costs:
Slide 18: Cost Comparison
COST COMPARISON Competitive operating costs relative to Australian lithium operations of A$690 to A$785/t Unit Operating Cost (FOB) A$/t1 $2,500 $2,000 Significant cost reduction following $1,500 Restart Study Finniss3 $1,000 $500 $0 2 Finniss FY24 1. Unit Operating cost (FOB) A$/t per 2025 H1 finan
Slide 19: Favourable Geographic Location
FAVOURABLE GEOGRAPHIC LOCATION Strategic access to key infrastructure and major 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
Slide 20: 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 21: Capital Costs and Funding Process
CAPITAL COSTS AND FUNDING PROCESS An attractive project with funding options • Pre-production capital of A$175 – A$200M Total Item A$ • Core is debt free Grants Underground Infrastructure 40 – 50M • Strategic funding process commenced in May 2025 following release of the Restart Study to support the
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: New operating model for Finniss
New operating model for Finniss creates a long life, scalable and more efficient operation producing a lower cost, high-quality spodumene concentrate 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 – JORC Mineral Resource Estimate
APPENDIX 1 – 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 26: Appendix 2 – JORC Ore Reserve Estimate
APPENDIX 2 – 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 27: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS The business, assets and operations of the Company are subject to certain risk factors that have the potential to influence the operating and financial performance of the Company in the future. These risks can impact on the value of an investment in the shares of the Company.
Slide 28: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Risks specific to Core Finniss is currently in care and maintenance, and while Core is moving forward with early works for a restart of Finniss, a final investment decision to restart operations has not been made at this time. A decision to restart operations at Finniss will b
Slide 29: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Risks specific to Core (continued) The prospects of the Company should be considered in light of the risks, opportunities, expenses and difficulties frequently encountered by companies at a similar stage of production and development. Core's initiatives to improve its producti
Slide 30: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Risks specific to Core (continued) Mineral recoveries are dependent upon the process that is required to liberate economic minerals and produce a saleable product and by nature contain elements of significant risk including changes in mineralogy in the ore deposit or mechanica
Slide 31: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Risks specific to Core (continued) Core intends to enter into offtake agreements in respect of its Finniss Project. As with all contracts, there is a risk that the offtake parties may not perform their respective obligations or may breach offtake agreements. There is also a ri
Slide 32: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Risks specific to Core (continued) Potential mergers, acquisitions and As part of its business strategy, the Company may make acquisitions or divestments of, or significant investments in, companies, products, technologies or resource projects. Any such future transactions wou
Slide 33: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Other risks specific to the industry Mining operations generally involve a high degree of inherent risk and uncertainty. Such operations are subject to all the hazards and risks normally encountered in the exploration, development and production of lithium and other mineral pr
Slide 34: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Other risks specific to the industry (continued) The operations and proposed activities of Core are subject to Australian laws and regulations concerning the environment. The costs of complying with these laws and regulations may impact the development of economically viable p
Slide 35: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS General economic risks General economic conditions, movements in interest and inflation rates, the prevailing global commodity prices and currency exchange rates may have an adverse effect on Core's exploration, development and production activities, as well as on its ability
Slide 36: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS General economic risks (continued) The Company and the Finniss Project's exposure to interest rate risk, which is the risk that a financial instrument’s value will fluctuate as a result of reasonable possible changes in the market interest rates arise in Interest rate risks re
Slide 37: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS General economic risks (continued) Climate change and fossil fuel consumption are key drivers of environmental, social and corporate governance (ESG) investment criteria, and their perceived importance continues to grow. Being a mining company, the Company's carbon footprint,
Slide 38: Appendix 4 – International Offer Restrictions
APPENDIX 4 – INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or
Slide 39: Appendix 4 – International Offer Restrictions
APPENDIX 4 – INTERNATIONAL OFFER RESTRICTIONS Statutory rights of action for damages and rescission. Securities legislation in certain Provinces may provide a purchaser with remedies for rescission or damages if an offering memorandum contains a misrepresentation, provided the remedies for rescissio
Slide 40: Appendix 4 – International Offer Restrictions
APPENDIX 4 – INTERNATIONAL OFFER RESTRICTIONS New Zealand This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The New Shares are not being offered or sold in New Zealand (or allotted with
Slide 41: Appendix 4 – International Offer Restrictions
APPENDIX 4 – INTERNATIONAL OFFER RESTRICTIONS United Kingdom Neither this document nor any other document relating to the offer has been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of section 85 of the Financial Services and M