Core Lithium Ltd · ASX:CXO
Core Lithium — Investor Presentation (March 2026)
48 slides from Core Lithium's investor presentation, Mar 18, 2026
Slide 1: Finniss Restart: Funding Secured and Final Investment Decision
NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES ASX:CXO FINNISS RESTART FUNDING SECURED AND FINAL INVESTMENT DECISION 18 March 2026
Slide 2: Important and Cautionary Notes
IMPORTANT AND CAUTIONARY NOTES This presentation is dated 18 March 2026 and has been prepared by Core Lithium Ltd (Core or the Company) in reasonableness or completeness of the information, opinions or conclusions in this presentation and expressly connection with an equity raising by Core comprisin
Slide 3: Important and Cautionary Notes
IMPORTANT AND CAUTIONARY NOTES Investment and other risks requirements of Canadian or US securities laws. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to There are a numb
Slide 4: Important and Cautionary Notes
IMPORTANT AND CAUTIONARY NOTES Determination of eligibility 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 industry; and delays in obtaining governmental approvals or Inve
Slide 5: 1. Executive Summary
1. Executive Summary 5
Slide 6: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS A fully funded restart underpinned by strong economics, long mine life with growth potential and clear pathway to execution 1 • Strong returns with 2 to 3-year payback across various prices1 FID Taken, Restart Ready • Robust long term production profile with 20-year mine li
Slide 7: FID Taken, Restart Ready
1 FID TAKEN, RESTART READY4 Project demonstrates robust metrics across various commodity price scenarios Strong Project Returns 3-year2 A$1,104 million A$1.7 billion Payback Period NPV8 Pre-tax Cash Generation 76.5% Free Cashflow of A$837 million (US$1,500/t spodumene IRR Unlevered Post-tax NPV8 Pos
Slide 8: Financing Secured
2 FINANCING SECURED6,8 Strategic funding and equity raise deliver full restart certainty with a disciplined, diversified capital structure Financing Package (excluding Costs) Sources and Uses • 6-year US$70 million convertible notes from Glencore (US$20 Sources of Funds (excluding costs) Total A$ mi
Slide 9: Attractive Cost Position
3 ATTRACTIVE COST POSITION Significant headroom across the commodity price cycle Lithium SC6 Price FOB Australia (US$/t) Low Operating Costs Driven by Production Optimisation5 • Potential EBITDA margin of 48% and 58% at a commodity price 6,000 of US$1,500/t and US$2,200/t respectively • Increased mi
Slide 10: Restart Timeline
4 RESTART TIMELINE1,2 Staged restart pathway delivers near-term production with a disciplined transition to underground operations Q2 CY2026- Mid Mid Q1 Q2 Q3/4 CY2026 CY2027 CY2027 CY2028 CY2026 CY2026 CY2026 Commence Progressive spend BP33 underground BP33 decline across pre- BP33 reaches full res
Slide 11: Strong Sector Tailwinds
4 STRONG SECTOR TAILWINDS Favourable demand and supply dynamics Lithium Demand by Final Product (kt LCE) Strong Long-term Demand Driven by EVs 4,000 • Demand for battery-grade lithium carbonate in the automotive industry continues to be driven by Chinese preference for lithium 3,000 iron phosphate (
Slide 12: Production Expansion Potential
4 PRODUCTION EXPANSION POTENTIAL1,2 Resource growth and potential for plant expansion support increasing scale over time Production Expansion Profile (Mt) >2Mtpa crushing capacity supports a pathway to lift plant throughput above 1.2Mtpa Expansion plan will leverage >15Mt ore reserve with key deposi
Slide 13: Strategic Partnerships Overview
5 STRATEGIC PARTNERSHIPS OVERVIEW Strategic partnerships with Glencore, InfraVia and Nebari support long-term project success Strategic Partnership Combining Commercial Capability and Long-term “Glencore is one of Australia’s largest producers and marketers of critical and strategic Capital minerals
Slide 14: Experienced Team Driving Strategic Growth
5 EXPERIENCED TEAM DRIVING STRATEGIC GROWTH A proven management team with deep expertise in mining, operations, and capital markets Executive Leadership Team Board of Directors PAUL BROWN GREG HEATH Managing Director ENGLISH HELLEWELL MEng (Mining) Non-Executive Non-Executive >25 years in the mining
Slide 15: 2. Funding Overview
2. Funding Overview 15
Slide 16: Diversified Financing Secured
DIVERSIFIED FINANCING SECURED3,4 Robust funding package underpinning project restart with liquidity headroom for further growth Funding Sources1 Pro-Forma Capitalisation (excluding cash)1 A$ million A$ million 35 342 342 35 Senior secured loan - 99 52 307 35 tranche 1 Convertible notes 35 134 120 ~A
Slide 17: Equity Raising
EQUITY RAISING Summary of key terms • Placement to raise approximately A$120 million, comprising a: − Unconditional Placement (“Unconditional Placement”) of approximately A$53.3 million − Conditional Placement (“Conditional Placement”) of approximately A$66.7 million Structure and Size • Together th
Slide 18: Timetable and Pro-Forma Capital Structure
TIMETABLE AND PRO-FORMA CAPITAL STRUCTURE Key dates and announcements Indicative Timetable1 Pro-Forma Capital Structure Event Time (Australian Eastern Daylight Time) / Date Shares (million) A$ million3 Trading halt on ASX Prior to 10:00am on Wednesday, 18 March 2026 Pre-equity raising 2,663 586 Anno
Slide 19: Convertible Notes
CONVERTIBLE NOTES Summary of key terms Issuer • Core Lithium Ltd Note Holders • Glencore Australia Holdings Pty Limited (“Glencore”) (US$20 million) and InfraVia CMF Invest S.à r.l. (“InfraVia”) (US$50 million) • US$70 million Convertible Notes, comprising: Issue Size − Tranche 1: US$26 million upfr
Slide 20: Senior Secured Loan
SENIOR SECURED LOAN Summary of key terms Borrower • Core Lithium Ltd • US$50 million Senior Secured Loan, comprising: − Tranche 1: US$25 million to be drawn at first drawdown date Facility type − Tranche 2: Up to US$25 million of additional funding to be drawn at election no earlier than 3-months af
Slide 21: Highly Credentialed Strategic Partners
HIGHLY CREDENTIALED STRATEGIC PARTNERS Tier-one global partners providing capital, market access and execution expertise • Glencore is a global leader in commodity marketing with a large, well-established lithium trading platform and deep expertise in the spodumene market. Its broad customer base an
Slide 22: 3. Finniss Project Update
3. Finniss Project Update 22
Slide 23: Finniss Lithium Project
FINNISS LITHIUM PROJECT1 Operations ready to restart in a rising lithium market Mining • Near-term ore from Grants Open Pit within one month of mining contractor mobilisation • Grants provides a low-risk bridging feed source while BP33 development progresses in parallel • BP33 provides a long-life,
Slide 24: Grants Pit Near-Term Production Opportunity
GRANTS PIT NEAR-TERM PRODUCTION OPPORTUNITY1 Accelerated production timeline at a lower initial capital cost • Optimised Grants Pit provides access to approximately ~784kt of ore within the existing open pit • Expected to deliver approximately ~134kt of SC5 product • Ore availability expected within
Slide 25: Low-Cost Underground Mines – BP33
LOW-COST UNDERGROUND MINES – BP331,2 Low-cost underground production supported by scale, recovery and operating flexibility BP33 is a large, sub- vertical mineralised pegmatite Stoping across 290m strike length, up to 30m width and 800m depth delivers, ≥10-years mine life 2 Large, continuous vertica
Slide 26: Process Upgrades
PROCESS UPGRADES1 Targeted upgrades to improve performance • Existing plant with proven operating history, delivering ~65% recovery during prior operations • Improved mining hygiene and lower dilution expected to support improved recovery • Targeted brownfields modifications planned to improve liber
Slide 27: Finniss Exploration Upside
FINNISS EXPLORATION UPSIDE Blackbeard Prospect is the highest priority growth option at Finniss • Blackbeard is a high-grade lithium prospect within 20km of Finniss Operation • Located on a Mining Lease (MLN1148) • Previous excellent exploration results: • 63m @ 1.67%Li2O,including 20m @ 2.09% Li2O
Slide 28: Proven Logistics
PROVEN LOGISTICS Infrastructure in place for operations Access to low cost, established export 1 infrastructure, 88km from the mine 1. Sealed road between Finniss and the port allow for haulage throughout the wet season Darwin Port with no upgrades required 2 2. Sufficient capacity exists at the Por
Slide 29: Strong Metrics Underpin Restart
STRONG METRICS UNDERPIN RESTART1 Robust restart metrics enhanced by favourable lithium prices and future growth pathway Mining & Production Optimised mine plan, simplified flowsheet and Throughput 1.2Mtpa increased throughput Free Cashflow of Increased mining productivity driven by majority A$1.7 bi
Slide 30: Finniss Lithium Project Opportunity
FINNISS LITHIUM PROJECT OPPORTUNITY1 An established low-cost, long-life operational restart opportunity, located 88km from the Port of Darwin Finniss is Restart Ready Activities of the past 18-months leave Core and Finniss well prepared for an operational restart Lower Cost, More Efficient Operation
Slide 31: Contact
CONTACT Core Lithium Ltd Level 4, 186 St Georges Terrace, Perth WA 6000 info@corelithium.com.au Investor Enquiries Media Enquiries Paul Brown Cameron Morse Managing Director FTI Consulting +61 8 8317 1700 +61 433 886 871
Slide 32: 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 33: Appendix 2 – JORC Ore Reserve Estimate
APPENDIX 2 – JORC ORE RESERVE ESTIMATE Ore Tonnes Contained Notes Deposit Category Li2O (%) (Mt) Li2O (kt) 1. Effective date of the Grants Ore Reserves is 30 October 2025. Proved 2.6 1.27 32 2. Effective date of the Carlton Ore Reserves is 5 September 2025 (“Updated Ore Reserve at Carlton” released
Slide 34: 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 35: 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 36: 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 37: 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 38: 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 39: Appendix 3 – Key Risks
APPENDIX 3 – KEY RISKS Risks specific to Core (continued) Potential mergers, acquisitions 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 would b
Slide 40: 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 41: 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 42: 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 43: 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 44: 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 45: 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 46: Appendix 4 – International Offer Restrictions
APPENDIX 4 – INTERNATIONAL OFFER RESTRICTIONS European Union (excluding Austria) This document has not been, and will not be, registered with or approved by any securities regulator in the European Union. Accordingly, this document may not be made available, nor may the New Shares be offered for sal
Slide 47: Appendix 4 – International Offer Restrictions
APPENDIX 4 – INTERNATIONAL OFFER RESTRICTIONS Norway This document has not been approved by, or registered with, any Norwegian securities regulator under the Norwegian Securities Trading Act of 29 June 2007 no. 75. Accordingly, this document shall not be deemed to constitute an offer to the public i
Slide 48: Appendix 4 – International Offer Restrictions
APPENDIX 4 – INTERNATIONAL OFFER RESTRICTIONS United Kingdom This document has not been delivered for approval to the Financial Conduct Authority in the United Kingdom and no prospectus (within the meaning of Regulation 21 of The Public Offers and Admissions to Trading Regulations 2024 (“POATRs”)) h