CORE LITHIUM LTD — AGM Information 2019

Nov 27, 2019

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AGM Presentation 28 November 2019

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Important and Cautionary Notes

The information in this release that relates to metallurgy and metallurgical test work has been reviewed by Mr Noel O’Brien, FAusIMM , MBA, B. Met Eng. Mr O’Brien is not an employee of the company, but is employed as a contract consultant. Mr O’Brien is a Fellow of the Australasian Institute of Mining and Metallurgy, he has sufficient experience with the style of processing response and type of deposit under consideration, and to the activities undertaken, to qualify as a competent person as defined in the 2012 edition of the “Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves” (The JORC Code). Mr O’Brien consents to the inclusion in this report of the contained technical information in the form and context as it appears.

The mineral tenements of the Company as described in this presentation are at various stages of exploration, and potential investors should understand that mineral exploration and development are high-risk undertakings.

There can be no assurance that exploration of the Tenements, or any other tenements that may be acquired in the future, will result in the discovery of an economic ore deposit. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically exploited.

The information in this report that relates to Ore Reserves underpinning the Production Target have been prepared by Mr Blair Duncan (BEng (Mining), MBA) as Chief Operating Officer of Core Lithium Ltd who is a member of the Australasian Institute of Mining and Metallurgy and is bound by and follows the Institute’s codes and recommended practices. He has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Blair Duncan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

This document has been prepared by Core Lithium Ltd (“Core”, “Company”) and provided as a basic overview of the tenements held or controlled by the Company. This presentation does not purport to be all-inclusive or to contain all the information that you or any other party may require to evaluate the prospects of the Company.

None of the Company, any of its related bodies corporate or any of their representatives assume any responsibility for, or makes any representation or warranty, express or implied, with respect to the accuracy, reliability or completeness of the information contained in this document and none of those parties have or assume any obligation to provide any additional information or to update this document.

To the fullest extent permitted by law, the Company, its related bodies corporate and their representatives expressly disclaim liability for any loss or damage arising in respect of your reliance on the information contained in this document (including your reliance on the accuracy, completeness or reliability of that information), or any errors in or omissions from this presentation, including any liability arising from negligence.

This document contains statements which may be in the nature of forward-looking statements. No representation or warranty is given, and nothing in this presentation or any other information made available by the Company or any other party should be relied upon as a promise or representation, as to the future condition of the respective businesses and operations of the Company.

There is a low level of geological confidence associated with the inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised.

Cautionary Statement:

The DFS results are based upon the updated Grants Mineral Resource of 22 October 2018 and the update BP33 Mineral Resource Estimate of 6 November 2018. The Mineral Resource contains Measured, Indicated and Inferred Mineral Resources in section 3.1 below. Whilst there is sufficient Measured & Indicated Mineral Resources to complete the production schedule during the 17-month payback period. There is a low level of geological confidence associated with the Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Inferred Mineral Resource is not the determining factor in determining the viability of the Finniss Project as the Inferred Mineral Resource represents only 4.4% of the production during the 17 month pay-back period in the Reserve Case. The DFS Reserve Case contains 14% Inferred material. The DFS does not rely upon additional Mineral Resources from the company’s other prospects. Further drilling in 2019 is expected to improve the classification of all of the company’s Mineral Resources.

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Important and Cautionary Notes

Competent Person Statements:

The Mineral Resources and Ore Reserves underpinning the Production Target have been prepared by competent persons in accordance with the requirements of the JORC code. The information in this release that relates to the Estimation and Reporting of Ore Reserves is based on, and fairly represents, information and supporting documents compiled by Mr Blair Duncan. Core confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in the announcements “Grants Lithium Resource Increased by 42% ahead of DFS” dated 22 October 2018, “Over 50% Increase in BP33 Lithium Resource to Boost DFS” dated 6 November 2018, “Maiden Sandras Mineral Resource Grows Finniss to 6.3Mt” dated 29 November 2018, “Finniss Mineral Resource Grows to 8.6Mt with Hang Gong” dated 31 January 2019, “Upgrade of Mineral Resource at Carlton Grows Finniss Project” dated 12 March 2019, “Finniss Feasibility Study and Maiden Ore Reserve” dated 17 April 2019 and “Initial Resource for Lees Drives Finniss Mineral Resource” dated 6 May 2019 continue to apply and have not materially changed. Core confirms that it is not aware of any new information or data that materially affects the Exploration Results included in this announcement as cross referenced in the body of this announcement. The information included in this presentation has been obtained from the “Finniss definitive Feasibility Study and Maiden Ore Reserve” announcement dated 17 April 2019 and Core confirms that all material assumptions and technical parameters underpinning the forecast financial information derived from the Ore Reserve and Mineral Resource continue to apply and have not materially changed.

Cross referenced announcements: “Further High Grade Lithium Intersections at Finniss” dated 20 October 2016, “High Grade Lithium Intersections at Far West Prospect” dated 13 December 2016, “Lithium Mineralisation at Ahoy, Ahoy East and Far West” dated 7 February 2017, “New Exploration Intersections Add to Finniss Potential” dated 16 August 2018, “Exploration Further Boosts Finniss Lithium Project Potential” dated 1 November 2018 and “Quarterly Activities and Cashflow Report 31 December 2018” dated 31 January 2019.

Forward‐looking Statements:

This release contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the pre-feasibility and feasibility studies, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, Mineral Resources, results of exploration and relations expenses. Generally, this forward-looking information can be identified by the use of forwardlooking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’,

‘expect’,’intend’,’may’,’would’,’could’,’should’,’scheduled’,’will’,’plan’,’forecast’,’evolve’ and similar expressions. Persons reading this news release are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of scandium and other metals; 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 financing or in the completion of development or construction activities. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law. Statements regarding plans with respect to the Company’s mineral properties may contain forward-looking statements in relation to future matters that can be only made where the Company has a reasonable basis for making those statements.

Currency:

Unless otherwise stated, all cashflows are in Australian dollars, are undiscounted and are in real terms (not subject to inflation/escalation factors), and all years are calendar years.

Accuracy:

The DFS has been prepared to an overall level of accuracy of approximately ‐15% to +15%. This judgement is made following consideration of the basis studies and the features outlined in the Cost Estimation Handbook Second Edition Monograph 27 AusIMM, The Minerals Institute.

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Australia’s Next Lithium Producer

Core positioned to be Australia’s next Lithium Producer, developing one of Australia’s most capital efficient and lowcost lithium projects

• World demand for lithium batteries and Electric Vehicles continues to grow YoY

• • Core’s Finniss Lithium Project meets the lithium and EV markets needs because of :

• Lower Capex US$51M

• Lower Transport and Operating Cost C1 Cash Opex US$300/t

• High Revenue approx. ($US110,000,000)*

• Producing 175,000tpa of High Quality / Lower Iron Lithium Concentrate

• • Low Technical Risk

• Sustainable and Responsible Sourcing

• Higher Margin and Quicker Payback

• Reflects Core strengths of high-grade resources close to Australia’s nearest port to Asia

• New producers have experienced high operating costs and have cancelled and delayed expansion plans - supply deficit is coming

• Construction ready in 2020.

• CXO’s current $25M EV offers huge upside for a near construction ready project

• Steady state annual revenue based on nameplate production

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Corporate Information

Share Price Performance Last Twelve Months

0m 5m 10m 15m 20m $- $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19	0m 5m 10m 15m 20m $- $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19	0m 5m 10m 15m 20m $- $0.01 $0.02 $0.03 $0.04 $0.05 $0.06 $0.07 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19
Board of Directors Management Team
Managing Director	Stephen Biggins Chief	Operating Officer Blair Duncan
Non-Executive Chairman	Greg English Chief	Financial Officer Simon Iacopetta
Non-Executive Director	Heath Hellewell Metal	lurgical Advisor Noel O’Brien
Non-Executive Director	Malcolm McComas Comm Mana	ercial Marketing ger Robert Sills
Company Secretary	Jarek Kopias Explo	ration Manager David Rawlings
	Proje	ct Manager Sean Buxton

Capital Structure (as at 31-Aug-19)	Capital Structure (as at 31-Aug-19)
Share Price	~A$0.04
Shares on Issue	~790M
Market Capitalisation	~A$32M
Options and Rights Unlisted	31.1M
Cash (30 September 2019)	A$7.1M
Debt Facilities	Nil
Enterprise Value	~A$25M

Key Shareholder Composition (31-Aug-19)

◼ Yahua and Ruifu have committed financing support and offtake Yahua (9%) Shareholding and Ruifu (4%) Balance (85%) ◼ Daily average stock liquidity 1.9m shares (61% of stock traded in Directors and last 12 months) Management (2%)

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Why is more spodumene needed? Medium and Long-Term Lithium Demand Increasing

• Electric Vehicle (EV) v Internal Combustion Engine (ICE) price parity by 2022/23 – this will be significant inflexion point for extraordinary demand growth

• Mainstream car manufacturers bringing forward and rapidly expanding EV models and sales

• Latest European EV car sales increase by 32% YoY

• China Government targeting EVs to be 20% of all vehicle sales in the next 5 years

2030 and 2035 date sourced from Bloomberg articles

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Medium and long term demand fundamentals outweigh short term oversupply

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Why is Core’s high-quality lithium needed?

• Current raw lithium supply meeting volume needs in short term

• But,

• New producers in Australia have experienced high operating

  • costs and difficulty sustaining customer quality

• High Capex flotation process not meeting expected recoveries

• New Australian producers have cancelled and delayed

  • expansion plans

• African projects can expect challenges and delays

• Supply chain needs reliable low risk, low cost, high quality product from sustainable and transparent sources

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Finniss Project Spodumene Concentrate: Core’s Supply Chain Success Factors

• Core’s Finniss Lithium Project meets the markets needs because of :

• Lower Capex US$51M

• Lower Transport and Operating Cost C1 Cash Opex US$300/t

• High Revenue approx. ($US110,000,000 per year)

• Producing 175,000tpa of High Quality / Lower Iron Lithium Concentrate

• Low Technical Risk

• Sustainable and Responsible Sourcing

• Higher Margin and Quicker Payback

• Reflects Core’s strengths of high-grade resources close to Australia’s nearest port to Asia

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DFS April 2019

DFS is Project Snapshot - Project continuing to evolve and grow

• DFS Confirms Finniss Lithium Project as robust, high-margin low-capex, lithium project

• Only A$76M Capex to produce 175,000tpa production (approx A$150,000,000/y revenue) capacity of high-quality lithium concentrate

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Management Case Highlights

Strong cashflow

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Rapid payback

High cashflow generated over initial project life

Payback <1.5 years from 1[st] conc.[2]

• Low Fe

• Coarse Product

• DFS confirms low processing, mine, haulage and port costs

• EPC Design, Haulage and Crushing Pricing Tenders are being rolled into binding service contracts

• Life of Project targeting a material extension from initial mine life in coming months and into the future through current resource drilling and mining studies

Excellent Revenue REV A$150M Revenue per annum from 175,000tpa capacity

High rate of return 80% pre-tax IRR shows high profitability for shareholders[2]

IRR

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Start-up capital cost

$73m for process plant and infrastructure including A$30m prestrip development at Grants

Low operating cost US$300/t[1] conc. delivers high margin

1. C1 Operating Costs are defined as direct cash operating costs of production FOB, net of by product credits, divided by the amount of payable spodumene concentrate. Direct cash operating costs include mining, processing, transport, treatment and refining costs. C1 Operating Costs exclude royalties and pre-strip mine development costs.

2. NPV has been discounted using a discount rate of 10% and NPV, IRR and Free Cash Flow are pre-tax nominal calculations. Payback is calculated from sale of first concentrate. Where nominal values are noted, costs and revenues are escalated at 2% CPI

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Prime Location and Valuable Infrastructure Available

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Aerial view of Darwin, the Port of Darwin
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Excellent Location and Infrastructure Advantages

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Darwin Port

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Heads of Agreement

Core has agreement with Darwin Port to ship 250,000tpa of spodumene concentrate

Darwin Port is Australia’s nearest port to China

East Arm Wharf facilities at Darwin Port are well suited to handle potential future production from Core’s lithium projects

Heads of Agreement signed with Darwin Port in respect of potential export of lithium products from Grants

Agreement provides Core with capacity to export up to either:

• 250ktpa of spodumene concentrate; or

• 1Mtpa of spodumene Direct Shipping Ore (DSO)

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Grants Lithium Project – First in line at FINNISS

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Grants Lithium Project – General Layout
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Grants Lithium Project - DMS Plant
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High Quality Spodumene Concentrate

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High Grade Reserves + Efficient DMS Process = High Quality Spodumene Concentrate

Concentrate Quality

• 5.5-6.0% Li O concentrate 2

• +70% net recoveries

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Offtake and Prepayment Agreements

Offtake, Investment and Product Prepayment with some of China’s Largest Lithium Converters

Binding Offtake for 75,000tpa of spodumene representing approx. 40% of Core’s 175,000tpa production capacity

$US20 ($A29M) prepayment agreement with Yahua and is also in the process of negotiating further offtake and finance agreements with some of Asia’s largest lithium consumers and producers.

• One of China’s largest lithium producers and has significant expansion plans. 12,000tpa lithium hydroxide refinery and a 6,000tpa lithium carbonate refinery, plans to expand its production to 50,000tpa of lithium salt production.

• The company is an A-share listed company on the Shenzhen-stock exchange in China, with a market capitalisation of CNY 7.92 billion (~A$1.65 billion).

• Yahua is a major supplier of lithium salts in China. Yahua Group has long term stable relationships with a number of the large downstream customers of lithium batteries and has broad marketing and distribution channels including BYD, Zhenghua Materials, Dangsheng Tech, etc., and has cooperation relationship with LG Korea, GSEM, Panasonic.

Key Binding Pre Payment and Offtake Terms	Key Binding Pre Payment and Offtake Terms
Prepayment	US$20,000,000 (A$29,000,000)
Term	30 November 2023
Annual Tonnage	75 ktpa
Pricing	Market Price
Reference Price	Priority to most recent price published by the LME for cash settled 6.0% spodumene concentrate contracts
Payment Terms	Irrevocable Letter of Credit for each shipment
Product Spec	Defined parameters with bonus / penalty arrangements
Binding Offtake	Yes
Shipping	Bulk - parcels of 5 dmt to 25 dmt
Price Floor	Yes - 2 years

• Yahua Group already has significant business interests in Australia, including operations in Darwin, where it manufactures explosives.

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New Non-Binding Termsheet on Fine Lithium Product Adds to Finniss Revenue

Non-Binding Term sheet signed for sale of up to 200,000tpa of Fine Lithium

• Indicative pricing of between $US55/t and US$65/t of FL

• 200,000 to 250,000tpa FL forecast to be produced by Core as a by-product (subject to further studies) - so low incremental cost of production

• Sale of FL products not included in recent DFS

• Core’s transport cost from mine to Darwin Port is only US$7/t

• FL sales have potential to add significant revenues to the project at a high margin

• Core aiming to complete in coming months :

• FL Engineering Studies

• Binding Offtake for FL

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1. C1 Operating Costs are defined as direct cash operating costs of production FOB, net of by product credits, divided by the amount of payable spodumene concentrate. Direct cash operating costs include mining, processing, transport, treatment and refining costs. C1 Operating Costs exclude royalties and pre-strip mine development costs.

2. NPV has been discounted using a discount rate of 10% and NPV, IRR and Free Cash Flow are pre-tax nominal calculations. Payback is calculated from sale of first concentrate. Where nominal values are noted, costs and revenues are escalated at 2% CPI

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Currently Drilling to Expand Reserves and Resources - Significant Upside

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• Current and Future Drilling Programs leading to multiple Mineral Resource increases & substantial upgrades in 2019 and beyond

• Pipeline of high-grade lithium targets that form the basis of its resource drilling program over the next 18 months

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• Grants Reserves
• BP33
• Sandras
• Hang Gong Resources
• Carlton
• Lees • Hang Gong Current Resource
• Booths • Lees-Booths Link Drilling
• Far West Belt • Ah Hoys Advanced
• Talmina • BP2 • BP7 Exploration
Approximately 50 exploration prospects targeting
Targets
• Steep Pegmatites • Shallow-dipping Pegmatites
• Large Tonnage Pegmatites
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Expanding Resource and Reserves BP33 Drilling Update

• Thick drill intersections of high-grade spodumene pegmatite highlight a consistent quality of the lithium orebody at BP33

• RC drill intersections include:

• 52m @ 1.28% Li2O from 77m FRC212:

  • including 23m @ 1.85% Li2O from 101m

• 41m @ 1.50% Li2O from 140m FRC213:

  • including 11m @ 2.00% Li2O from 163m

• 15m @ 1.59% Li2O from 97m FRC214:

• 31m @ 1.31% Li2O from 98m NRC129:

• Higher grades at depth from the following diamond holes: • 56.75m @ 1.81% Li2O from 156.25m NDD001:

• 36m @ 1.81% Li2O from 161m FDD009:

• New drill results expected to substantially increase Ore Reserves at BP33

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Expanding Resource and Reserves Carlton Drilling Update

• Wide intersections of spodumene pegmatite from all completed RC drillholes at the Carlton Prospect in recent Mineral Resource growth drilling at Finniss

• All pegmatite intersections greater than 30m

• The two deepest holes also intersected a second pegmatite body of up to 25m downhole length, east of the Primary body

• Diamond drilling (DDH) tails commencing within the next week

• Mineral Resources and Ore Reserves at Carlton expected to grow over coming months

• Carlton expected to contribute significantly to continued increases in mine-life at Finniss Lithium Project

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Expanding Resource and Reserves Carlton Drilling Update

• All pegmatite intersections greater than 30m:

• 35m Spodumene Pegmatite (NRC151)

• 34m Spodumene Pegmatite (NRC152)

• 31m+ Spodumene Pegmatite (NRC154)

• 36m Spodumene Pegmatite (NRC156)

• 44m Spodumene Pegmatite (NRC157)

• 41m Spodumene Pegmatite (NRC158)

• Carlton open along at depth and to the south

• New body spodumene pegmatite found to the east of Carlton

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Mine Studies and Resource/Reserve Upgrades Underway Toward Increasing Mine Life

• DFS clearly showed that additional mine life has significant upside economics

• Core has resource and reserve expansion drilling underway

• Mining studies also in progress toward significantly increase mine life

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DFS DFS + 2yrs DFS + 4yrs
PROJECT VALUE
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The Journey Toward Construction In 2020 Core’s Project Development and Approvals Progress 2020 construction timeline adapting to fit best market dynamics

2020 2019 Substantial Reserve and 2019 Final regulatory approval steps Resource and Feasibility 2019 NT EPA Additional Study Update assessment offtake 2019 process FID Aboriginal completed Commence Areas Construction 2018 Mineral Lease Protection Formal 2017 granted for Authority submission of Releases Lithium Mining (AAPA) Mine 2017 Scoping Study and Processing Certificate granted Management Plan (MMP) Defines first on high grade Grant Lithium 2016 lithium resource Releases DFS in the Northern Project (1.8Mt Commences on high grade exploring and Territory in the at 1.5% Li2O) Finniss Lithium first discovery of Bynoe field at Project (Grants Core acquires high grade Grants and BP33 highly lithium deposits for prospective mineralisation 2.2Mt at 1.4% ground in the Bynoe Li2O) Pegmatite field

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Positioned to be Australia’s Next Lithium Producer

High grade 1.4% 01 lithium Mineral Reserve

Best logistics chain 04 Excellent infrastructure and located 25km from Darwin, close to Asian customers

Low risk 02 Conventional open pit mining with simple DMS metallurgy

Offtake and funding 05 Offtake (with price floor) and prepayment from Yahua

Excellent economics 03 High margins and rapid payback on investment

Substantial upside 06 Over 500km[2] with over 100 historic pegmatite occurrences

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For broker and media enquiries: Cannings Purple Warrick Hazeldine: +61 417 944 616 Andrew Rowell: +61 400 466 226

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Appendix

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Finniss Lithium Project Reserves and Resources

JORC (2012) Resource Table[1]

Resources		Ore	Grade	Contained
Deposit	Classification	Mt	LiO2 %	LiO2 t
Grants	Measured	1.09	1.48%	16,100
	Indicated	0.82	1.54%	12,600
	Inferred	0.98	1.43%	14,000
	Total	2.89	1.48%	42,700
BP33	Measured	-	-	-
	Indicated	0.63	1.39%	8,800
	Inferred	1.52	1.56%	23,700
	Total	2.15	1.51%	32,500
Sandras	Measured	-	-	-
	Indicated	-	-	-
	Inferred	1.30	1.00%	13,000
	Total	1.30	1.00%	13,000
Carlton	Measured	-	-	-
	Indicated	0.46	1.30%	6,000
	Inferred	0.63	1.30%	8,200
	Total	1.09	1.30%	14,200
Hang Gong SW	Measured	-	-	-
	Indicated	-	-	-
	Inferred	1.42	1.20%	17,000
	Total	1.42	1.20%	17,000
Total Resources	Total Measured	1.09	1.48%	16,100
	Total Indicated	1.91	1.43%	27,400
	Total Inferred	5.85	1.30%	75,900
	Total Resources	8.85	1.35%	119,400
Reserves		Ore	Grade	Contained
Deposit	Classification	Mt	LiO2 %	LiO2 t
Grants	Probable	0.8	1.6	11.6
	Proved	1.0	1.4	14.9
	Total	1.8	1.5	26.5
BP33	Probable	0.4	1.3	5.7
	Total Probable	0.4	1.3	5.7
Total Reserves	Total Reserves	2.2	1.4	32.2

Source: As per 12 March 2019 ASX announcement “Upgrade of Mineral Resource at Carlton Grows Finniss Project” and as per 17 April 2019 ASX announcement “Finniss Definitive Feasibility Study and Maiden Ore Reserve” 1 Columns and numbers may not total exactly due to rounding

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