CORE LITHIUM LTD — AGM Information 2011

Nov 2, 2011

3 November 2011

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ASX RELEASE

CHAIRMAN’S ADDRESS TO 2011 AGM

Ladies and gentlemen, I am pleased to report that during the past 9 months Core Exploration has made considerable progress towards its objective of the discovery of ironoxide-copper-gold (IOCG) style mineralization on the Yorke Peninsula of South Australia.

Earlier this year the Company successfully raised $5.0 million by way of an initial public offering and was admitted to the ASX on 11 February 2011. Since listing on ASX the Company has achieved a series of significant milestones including: the appointment of Mike Schwarz as Exploration Director; first drilling on Yorke Peninsula and the discovery of anomalous copper and uranium at the Fitton Project.

With our asset base comprising more than 2,000 km[2] of 100% owned prospective tenements, one of our first objectives was to carry out a strategic review of our exploration portfolio in order to prioritise our projects. As a result, we established two key operating fronts – search for large IOCG targets at Yorke Peninsula and copper and uranium mineralisation at Fitton on the Northern Flinders Ranges.

Prior to ASX listing the Company undertook a comprehensive airborne magnetic survey over the Yorke Peninsula Project area which identified new drill targets. By the end of the 2011 reporting year, the Company had also undertaken infill gravity surveys and comprehensive 3D modelling to better define the large-scale set of gravity and magnetic drill targets. The Company’s maiden drill program commenced at Yorke Peninsula in August with follow up drilling planned for the first quarter of 2012.

At Fitton (formerly Mt Painter), the Company initiated exploration activities with rock chip samples assaying highly anomalous copper and uranium. The rocks were sourced from a shear zone that varies from a few metres up to 25m wide and was mapped by the Company for a strike length of more than 650m. The Company has been buoyed by the early results from Fitton and will undertake further sampling and mapping before the end of this year.

While our focus remains on progressing our more advanced project opportunities at Yorke Peninsula and Fitton, we will continue evaluation of the Company’s other key prospective target areas in the Curnamona and Gawler Craton areas of South Australia.

A Level 2, 143 Hutt, Adelaide SA 5000 | T (08) 87324 2987 | F (08) 8312 2002| E info@coreexploration.com.au www.coreexploration.com.au

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Whilst we are mindful of the need to focus our efforts on our existing suite of Projects, the Company is also continuing to look for opportunities to add shareholder value through the acquisition of projects, or through other forms of investment in projects.

FINANCIAL

At the close of the IPO in February 2011, the Company had successfully raised $5.0M and had 41.5M shares on issue. From Listing until 30 June 2011, the Company spent approximately $266k on exploration which is slightly below our Prospectus forecast. As at 30 June 2011 the Company had $4.36M cash in bank and this significant cash holding gives us the ability to take advantage of any opportunities presented to the Company.

The last year was challenging for all exploration companies thanks largely to the effects of the tsunami that damaged the Fukushima nuclear power plant, the credit crises affecting Europe and a general decline in Australian and world share markets. Consequently, despite the exploration achievements of the Company, the Company’s share price has declined since ASX listing.

In meeting the current challenges we have been able to draw on the diversity and breadth of our people, combined with robust and evolving systems and processes. This experience and talent, combined with the ability to easily fund all of our work programs and 100% ownership of all of the Company’s tenements gives us a significant competitive edge and the ability to weather the storm.

CORPORATE DEVELOPMENTS

As part of our evolution to an ASX listed company and the movement of all head office functions to Adelaide, during the past 9 months the Company has appointed Adelaide based Jarek Kopias as the Company Secretary / CFO. The Company is grateful for the support given by Ventnor Capital and Bligh Capital, and in particular Joshua Ward as Company Secretary, during the pre and post ASX listing period.

We also relocated to a new modern office headquarters on Hutt Street in July and we now have a good quality and highly motivated team in place.

ACKNOWLEDGMENTS

I would also like to thank all those who have made this a successful year for Core. This includes our shareholders for their initial support with the ASX listing and their ongoing support since. In addition, thanks to the operating team at Core for their efforts during the

A Level 2, 143 Hutt, Adelaide SA 5000 | T (08) 87324 2987 | F (08) 8312 2002| E info@coreexploration.com.au www.coreexploration.com.au

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year. The successful maiden drill program provides a sound platform to build on with further exploration success in 2011/12.

In closing, we are excited about the potential of the Yorke Peninsula and Fitton Projects and of our other tenements and believe that we will continue to grow and evolve. I am confident that with a clearly defined strategy for advancing key projects and a high-quality team of people in place to drive its growth, that Core is set for a particularly active and rewarding period over the next 12 months.

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Greg English Chairman Core Exploration Limited

A Level 2, 143 Hutt, Adelaide SA 5000 | T (08) 87324 2987 | F (08) 8312 2002| E info@coreexploration.com.au www.coreexploration.com.au