CORE LITHIUM LTD — AGM Information 2021

Nov 24, 2021

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Construction Started Australia’s Newest Lithium Producer

AGM Presentation 25[th] November 2021

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Important and Cautionary Notes

This presentation has been prepared by Core Lithium Ltd (“Core”, “Company”) and provides a general overview of the Company and its strategy. 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 presentation and none of those parties have or assume any obligation to provide any additional information or to update this presentation.

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 presentation (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. The Finniss Lithium Project as described in this presentation is at the pre-development stage, and potential investors should understand that mineral exploration and development are highrisk undertakings. There is no guarantee that the Finniss Lithium Project can be economically exploited.

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.

Competent Person Statements

The information in this release that relates to the estimation and reporting of Ore Reserves and Mineral Resources for the Grants deposit for the Finniss Project was first reported by the Company on 26 July 2021. The information in this release that relates to the estimation and reporting of Mineral Resources for the Finniss Project (other than the Grants deposit) was first reported by the Company on 15 June 2020. The information in this release that relates to production targets and forecast financial information for the Finniss Project was first reported by the Company on 26 July 2021. The information in this release that relates to exploration targets for the Finniss Project was first reported by the Company on 20 May 2021. Core confirms that it is not aware of any new information or data that materially affects the information included in those announcements and that all material assumptions and technical parameters underpinning the exploration targets, Mineral Resource estimates, Ore Reserve estimates, production targets and forecast financial information in those announcements (as applicable) continue to apply and have not materially changed, save for the Mineral Resources estimates of the Grants deposit reported by the Company on 15 June 2020 which has been updated by the 26 July 2021 release.

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 scoping, pre-feasibility and feasibility studies, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, and Mineral Resources and Reserves. Generally, this forward-looking information can be identified by the use of forward-looking 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 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 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. C1 Operating Costs and All-In Sustaining Cost (AISC) references in USD throughout this presentation have been derived by converting AUD using an exchange rate of 0.70 AUD/USD.

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Construction started on Australia's newest lithium mine

Construction underway on Core’s 100%-owned Finniss Lithium Project

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✓ Site construction and establishment works are now underway

• ✓ Construction follows Final Investment Decision (FID) in Sep21

• ✓ Mining Contract executed (Lucas) - mining starting during the current quarter (Q4 2021)

• ✓ EPC Contract executed (Primero) - DMS plant construction commencing March 2022

• ✓ First production of lithium concentrate scheduled Q4 2022

• ✓ Core the only Australian company forecast to initiate new Australian lithium production in 2022

• ✓ Project development is fully funded with $150m financing completed

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Construction started on Australia's newest lithium mine

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Construction started on Australia's newest lithium mine

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Construction started on Australia's newest lithium mine

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Construction
started on
Australia's
newest
lithium mine
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Australia’s Next Lithium Producer

Construction-started, Fully-Funded, Low-risk, Government Approved

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• Australia's most advanced new lithium mining project , 88km by sealed road to Darwin Port

• Recent Equity raising of A$150m secures funding for Finniss Stage 1 development

• Low-risk in Tier 1 Jurisdiction with Government approvals in place

• First Production Q4 2022

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• Low capex intensity – A$89m start-up capex, simple DMS processing to produce up to 197,000tpa

• Competitive operating costs and high-margin – $US364 v current spot US$2,000-2,500/t

• Excellent Project Value at ~ US$750/t DFS price - current spot ~300% higher

• Binding offtake (75ktpa) and A$34m equity from Ganfeng, one of the largest lithium metal producers globally

• Binding offtake with Yahua (75ktpa) links Core to Tesla’s Supply Chain

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• Stage 2 Resource drilling underway to underpin potential future Stage 2 concentrate expansion

• Stage 3 Lithium Hydroxide longer-term plan for downstream lithium processing in the Northern Territory

Notes:

1. Refer 26 July 2021 ASX announcement “Scoping Study identifies potential for Lithium Fines”

2. Refer 20 May 2021 ASX announcement “Significant Lithium Exploration Target at Finniss”.

3. S&P Platts Global - Metals Daily 24/09/21

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Core’s Corporate Strategy

Create value and contribute to the global energy transformation through growth and vertical integration

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Stage 1 Stage 2 Stage 3
• •
Construct Finniss lithium mine and Produce and market
begin production of spodumene lithium fines by-product [3]
•
concentrate [1] • Develop downstream
Substantially increase
lithium hydroxide
•
Increase Ore Reserves and extend Resources and mine life
processing in the
mine life to +10 years via drilling [2] •
Potential low capex
Northern Territory
•
Strategic acquisitions of new lithium expansion of production
Resources at Finniss
2021 – 2022 2022 – 2024 2024+
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Notes:

1. Refer 26 July 2021 ASX announcement “Stage 1 DFS and Updated Ore Reserves”

2. Refer 26 July 2021 ASX announcement “Scoping Study Confirms 10 Year Lithium Production” & 20 May 2021 “Significant Lithium Exploration Target at Finniss”

3. Refer 26 July 2021 ASX announcement “Scoping Study identifies potential for Lithium Fines”

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Australia’s Next Lithium Producer ASX Listed Peers Market Capitalisation (A$m)

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000
	On the path to production…
	Pilbara Minerals Orocobre Liontown Resources Vulcan Energy Ioneer Piedmont Lithium AVZ Minerals Sayona Mining Core Lithium European Metals Prospect Resources European Lithium Infinity Lithium
Status	Producing	Producing	PFS	PFS	SS	PFS	DFS	DFS	DFS	PFS	DFS	PFS	PFS
Approval to Mine?	Y	Y	N	N	N	N	N	N	Y	N	Y	N	N
Country	Australia	Argentina / Australia	Australia	Germany	USA	USA	DRC	Canada	Australia	Czechia	Zimbabwe	Austria	Spain

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Source: S&P Capital IQ as at 1 November 2021, Company Announcements. Top 12 ASX focussed lithium companies.

10 Year Project is Just the Beginning …

The recently announced Exploration Target has the potential to significantly add Mineral Resource tonnes, and support further extensions and potential Stage 2 Expansion of Finniss

Concentrate Production (kt)

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Expansion potential (Stage 2 of corporate strategy)
23
Further
10
extension
24
potential
183 193 188 193
170 152 161 143
117
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
Stage 1 DFS Stage 1 Extension Scoping Study Series 3
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Million tonnes Li2O (%)
Exploration
Low High Low High
Target
9.8 16.2 0.8 1.4
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Potential to:

1. Further extend mine life, and/or

2. Expand production with low incremental capex (Stage 2 of corporate strategy), and/or

3. Underpin a downstream lithium processing operation in the NT (Stage 3)

Drilling underway to convert to Mineral Resources

The Exploration Target is supported by historical drilling, trenching & exploration results. The potential quantity & grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource & it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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Significant Exploration and Expansion Upside

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Well-funded and with recent acquisitions to accelerate Reserve
and Resource growth, and potential Stage 2 capacity expansion
New exploration results soon as awaiting over 4,000 assays
Ore Reserves Grants
BP33
7.4Mt
Carlton
Hang Gong
Mineral Resources
Grants - BP33 - Carlton - Significant
14.7Mt Hang Gong - Sandras -
(including Reserves) Booths - Lees potential for
further
acquisitions
Exploration Targets Ah Hoys - Far West Central - Annie -
Centurion - Northern Reward -
10-16Mt
Leviathan - Trojan / Pandanus
Advanced
Shirleys - BP2 - BP7 - BP33W - Hang Gong E
Exploration ( Over 100 other exploration prospects targeting steep,
shallow-dipping and large tonnage pegmatites)
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• Well-funded and with recent acquisitions to accelerate Reserve and Resource growth, and potential Stage 2 capacity expansion

• New exploration results soon as awaiting over 4,000 assays

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Significant Exploration and Expansion Upside

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Simple DMS Process & High Quality Concentrate

Simple processing means lower cost and low start-up risk

Simple DMS (gravity) produces high quality product

• ✓ +99% of lithium is spodumene

• ✓ Large spodumene crystals liberate at 6mm coarse crush

• ✓ Simple mineralogy – dense spodumene separates well from lighter quartz / feldspar crystals using gravity

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Grants Open Cut Mine
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Spodumene Concentrate Product Specifications

• ✓ 5.8% Li2O concentrate at >%70 lithia recovery*

• ✓ Coarse product 0.5mm - 10mm

• ✓ Good handling properties for customers

• ✓ Low iron <0.7%

• ✓ Low mica <1%

• ✓ Low moisture

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• *ASX 26/07/2021 DFS and Updated Ore Reserve

Close to Darwin Port & Capital City Infrastructure

Infrastructure advantages means lower operating and capital costs

• Darwin Port is 88km by sealed road – Australia’s closest port to China

• ✓ Binding agreement with Darwin Port to export up to 250ktpa of conc.

• ✓ Existing bulk handling facilities

• ✓ Spare capacity to facilitate Stage 2 expansion

• Close proximity to Middle Arm Industrial Precinct, with access to gas supply and other infrastructure – downstream processing potential

• Capital city of Darwin

• ✓ international airport

• ✓ all services & contractors

• ✓ drive-in / drive-out workforce

• Finniss plant site is 8km from grid power

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Middle Arm
Potential LiOH Plant
East Arm Wharf
Darwin CBD
Aerial view of Darwin, the Port
N
of Darwin and the Grants
Lithium development
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• ✓ Connection agreement with NT Govt-owned Power & Water Corp

• ✓ Renewable and low-emission power supply

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Government Support

Major Project Status (MPS) for the Finniss Lithium Project is another major milestone

Federal Government Support

• Major Project Status - Finniss is of strategic significance to Australia

• Core awarded A$6 million Modern Manufacturing Initiative (MMI) grant

• Federal financing support opportunities in the form of:

• ✓ $2 Billion Critical Minerals Facility

• ✓ Northern Australia Infrastructure Facility (NAIF)

• ✓ Export Finance Australia (EFA)

• ✓ Clean Energy Finance Corporation (CEFC)

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NT Government Support

• Fully-approved by NT Government to start construction

• Core awarded A$5m offer of low cost concessional finance

• Creating 250 new full-time jobs

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$6M Federal Grant to Produce Battery Grade LiOH

Core currently finalising a Scoping Study on LiOH Manufacturing in the NT

• Core recently awarded $6 million Modern Manufacturing Initiative (MMI) Grant by the Australian Federal Government

• Test work on spodumene concentrate from Finniss has produced batterygrade lithium hydroxide (LiOH) suitable for the high-end lithium battery, renewable energy and EV industries

• With the co-funding from the MMI Grant, Core is moving into Feasibility Studies of building a downstream lithium hydroxide plant in Darwin

• Downstream Lithium Processing Project in the NT has strong alignment with Federal Government’s Modern Manufacturing Strategy

• e.g New $2 Billion Critical Minerals Facility recently announced by the Australian Federal Government to fund critical minerals projects

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Notes:

1. Refer CXO announcements “Battery Grade Lithium Hydroxide from Finniss Project” on 6 April 2021 and “$6m Modern Manufacturing Initiative Grant from Australian Federal Government” 22 July 2021.

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Indicative Project Timeline

2021	2022	2022	2023	2024	+2025
H2	H1	H2	CY	CY	CY

Stage 1 Concentrate Production

DFS release Offtake and finance FID Construction Ramp-up to commercial production

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Stage 2 Potential Concentrate Production Expansion

Resource drilling Feasibility study and approvals Construction and production

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Stage 3 Potential Lithium Hydroxide Production

LiOH Scoping study Feasibility study Partnering and financing Construction Production

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Thank you Authorised for release by the Board of Core Lithium Ltd

For more information: Stephen Biggins, Manager Director : +61 8 8317 1700 Core Lithium Ltd Level 1, 366 King William Street, Adelaide

For broker and media enquiries: Fraser Beattie: +61 421 505 557

Cannings Purple

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Mineral Resources and Ore Reserves

JORC (2012) Resource and Reserves

Mineral Resources	Classification	Ore	Grade	Contained
Deposit		Mt	LiO2 %	LiO2 t
	Measured	1.96	1.50	29,500
Grants	Indicated Inferred	0.60 0.33	1.50 1.35	9,000 4,400
	Total	2.89	1.49	42,900
	Measured	1.50	1.52	23,000
BP33	Indicated Inferred	1.19 0.55	1.50 1.54	17,000 8,000
	Total	3,24	1.51	48,000
Sandras	Inferred Total	1.30 1.30	1.00 1.00	13,000 13,000
	Measured	0.63	1.31	8,000
Carlton	Indicated Inferred	1.20 1.19	1.21 1.33	15,000 16,000
	Total	3.02	1.28	39,000
	Indicated	1.19	1.30	15,300
Hang Gong	Inferred	0.83	1.19	9,900
	Total	2.02	1.20	25,200
	Inferred (Lees)	0.43	1.30	5,400
Booths &	Inferred (Lees South)	0.35	1.20	4,300
Lees	Inferred (Booths/ Lees)	1.47	1.06	15,700
	Total	2.25	1.13	25,400
	Total Measured	4.09	1.48	60,500
Total Mineral	Total Indicated	4.18	1.36	56,300
Resources	Total Inferred	6.45	1.19	76,700
	Total Resources	14.72	1.32	193,500

Ore Reserves	Classification	Ore	Grade	Contained
Deposit		Mt	LiO2 %	LiO2 Kt
Open pit
	Proved	1.8	1.5	26.4
Grants	Probable	0.3	1.4	4.7
	Total	2.1	1.4	31.0
Hang Gong	Probable Total	1.1 1.1	1.2 1.2	13.3 13.3
	Proved	1.8	1.5	26.4
Total - Open pit	Probable	1.4	1.3	17.9
	Total	3.2	1.4	44.3
Underground
	Proved	0.0	1.0	0.2
Grants	Probable	0.2	1.5	3.4
	Total	0.3	1.4	3.6
	Proved	1.3	1.4	18.4
BP 33	Probable	1.0	1.4	13.8
	Total	2.3	1.4	32.2
	Proved	0.6	1.2	7.1
Carlton	Probable	1.0	1.0	10.7
	Total	1.6	1.1	17.8
Total - Underground	Proved Probable Total	1.9 2.3 4.2	1.3 1.2 1.3	25.7 27.8 53.6
Total Ore Reserves	Proved Probable Total	3.8 3.7 7.4	1.4 1.2 1.3	52.1 45.8 97.9

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Source: Refer 26 July 2021 ASX announcement “Stage 1 Definitive Feasibility Study and Updated Ore Reserves” 1. Columns and numbers may not total exactly due to rounding