CORE LITHIUM LTD — AGM Information 2025

Nov 13, 2025

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ASX:CXO

2025 ANNUAL GENERAL MEETING

14 November 2025

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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. The information in this presentation should be read in conjunction with Core’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au.

To the fullest extent permitted by law, the Company, its respective affiliates and representatives, related bodies corporate, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, reliability, reasonableness or completeness of the information in this presentation and expressly disclaims all responsibility and 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 as being in a state of operational readiness, and potential investors should understand that mineral exploration, development and mining are high-risk undertakings. There is no guarantee that the Finniss Lithium Project can be economically exploited in the future.

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 Mineral Resources and Ore Reserves underpinning the production target and forecast financial information in this announcement have been prepared by competent persons in accordance with the requirements of the JORC code.

Core confirms that it is not aware of any new information or data that materially affects the exploration results, exploration target, mineral resource estimate and ore reserve estimate included in this announcement as cross referenced in the body of this announcement and that all technical parameters underpinning the Mineral Resources, Ore Reserves, production target and forecast financial information derived from the production target continue to apply and have not materially changed. The announcement references the previously reported Mineral Resource Estimates and Ore Reserve Estimates; “Finniss Mineral Resource Increased by 58%” on 11 April 2024, “Lithium Ore Reserve Updated” on 25 September 2024, “Updated Finniss Lithium Project Ore Reserve and Mineral Resources” on 14 May 2025, “Updated Ore Reserve at Carlton” on 10 September 2025 and “Updated Grants Mine Plan and Ore Reserve” on 10 November 2025. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements related to previously reported exploration results, exploration target, Mineral Resource Estimates and Ore Reserve Estimates.

The previously reported Grants ORE of 1.2Mt @ 1.31% Li2O was comprised of Proved ORE of 0.9Mt @ 1.29% Li2O and Probable ORE of 0.3Mt @ 1.36% Li2O.

Currency

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

Forward ‐ looking Statements

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 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 forwardlooking 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, development and construction 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 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 forwardlooking 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.

Past Performance

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

Production Target

The Restart Study (“Study”) released 14 May 2025 includes a Production Target which contains approximately 12.9% of Inferred Mineral Resources. An Inferred Mineral Resource has a lower level of confidence than an Ore Reserve or a Measured and Indicated Mineral Resource, and there is no certainty that further exploration work will result in the conversion of the Inferred mineralisation into an Ore Reserve or Measured or Indicated Mineral Resource.

Approved for Release

This presentation has been approved for release by the Board of Core Lithium.

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2

FINNISS LITHIUM PROJECT

Operations ready to restart

• Reserves located on Crown land with all major approvals in place

• Modern DMS process plant with associated infrastructure in place

• Current 16-year Ore Reserve within <10km of the process plant

• Site is well maintained and restart ready

• Funding process advancing towards a Final Investment Decision

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100% ownership of all site infrastructure and mining assets

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FINNISS LITHIUM PROJECT

Favourably located to access infrastructure and key 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

Japan

Middle East

Long life, low cost and expandable asset in a Tier 1 jurisdiction

Indonesia

One of the closest lithium operations to an export port in Australia

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The Port of Darwin has sufficient capacity to support planned operations and future expansion

Finniss Lithium Project Australia

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Port
`
Mine
88km
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PROVEN LOGISTICS

Infrastructure in place for operations

• Access to low cost, established export infrastructure, 88km from the mine

• 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 concentrate export rate and expansion

• Sealed road between Finniss and the port allow for haulage throughout the wet season

• Well established water management and infrastructure at Finniss supporting future processing requirements

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ACHIEVEMENTS IN 2025

A genuine repositioning of Core and the Finniss asset has occurred during the past 12 months

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Restart Planning Contracts / Liabilities Costs & Funding
Where we are today:
• • •
Status 12 months ago: Site remains in a Ended all Strict capital Core has successfully
fully compliant remaining discipline
• repositioned Finniss
Operations and restart operating delivered a 73%
as a
wholly-owned,
suspended due to ready state contracts with drop in quarterly
lower-cost and more
the low lithium price
100% ownership cash outflows,
•
Completed a of all site sustainable lithium
• excluding one
Legacy contract
Restart Study infrastructure off payments [1] mining and processing
obligations from the
based on a new,
operation
operating period lower cost • Historical offtake • Completed a
commitments
operating plan agreements Placement and
The Company is
settled and all SPP to raise
•
Forward operating • Updated the future +$50 million funded to advance
plan designed for a Finniss Ore Finniss towards FID,
production
higher lithium price environment and Reserves to unencumbered • Strategic funding advance operation
support a +15 process readiness and
prioritised speed to year mine life advanced with
market support the ongoing
strong
strategic funding
engagement
process.
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1. Reflects a decrease in quarterly cash flows over the period Q1 FY2025 to Q4 FY2025, excluding one off payments

MAY 2025 RESTART STUDY HIGHLIGHTS

A low cost, long life, scalable operation capable of producing a high-quality spodumene concentrate

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Significant Cost Reductions[1]

• Mining costs down ~40% to $63 – $72/t

• Processing costs down ~33% to $40 – $46/t

• Unit operating costs: $690 – $785/t

• Pre-production capital down ~29% to $175-$200M

Updated Ore Reserve Supports Production

• Updated Ore Reserve[2] of 15.6Mt @ 1.27% Li2O

• With 16 years of operations Ore Reserve backed

Moving to Majority Underground Mining[1]

• All deposits high-grade, continuous and steeply dipping

• • Underground mining provides quality ore feed to the plant

• • Extends mine life of Grants and provides access for Carlton

Increased Production Efficiency[1]

• Plant throughput increased to 1.2Mtpa

• Plant optimisation to deliver global recoveries of 78%

• Potential 20 year mine life with a nameplate production of ~205ktpa SC6 eq.

MAY 2025 RESTART STUDY PRDUCTION PROFILE

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1,400 20 year 1.60%
mine
1.40%
1,200 life
1.20%
1,000
1.00%
800
0.80%
600
0.60%
400
0.40%
200
0.20%
0 0.00%
1 2 3 4 5 6 7 8 9 10 19 … 20
Year
Grants BP33 Reserves BP33 Inferred Carlton Reserves Grade (%)
Tonnes (kt)
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Refer to ASX announcement “Restart Study Repositions Finniss Operations“ on 14 May 2025. The Study contains approximately 12.9% of Inferred Mineral Resources. An Inferred Mineral Resource has a lower level of confidence than an Ore Reserve or a Measured and Indicated Mineral

Resource and there is no certainty that further exploration work will result in the conversion of the Inferred mineralisation into an Ore Reserve or Measured or Indicated Mineral Resource.

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1. Refer to ASX announcement “Restart Study Repositions Finniss Operations“ on 14 May 2025

2. Refer to ASX announcements “Updated Finniss Lithium Project Reserve and Resource" on 14 May 2025, “Updated Ore Reserve at Carlton” on 10 September 2025 and “Updated Grants Mine Plan and Ore Reserve” on 10 November 2025

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CONTINUING TO DRIVE IMPROVEMENT

Building on the May 2025 Restart Study outcomes with further testwork and optimisation

Current workstreams (pre-FID)

• Grants geotechnical studies unlock a new open pit mine plan mining later transitioning to an underground development

• Brings forward first ore from Grants within one month of mobilisation and reduces Grants pre-production capital

• Delivers a 33% uplift in the Grants Ore Reserves to 1.53Mt @ 1.42% Li2O for 21kt Li2O[1] for a 44% increase in contained metal

• Restart Study estimates continue to be refined through project optimisation, engineering/design works and contractor engagement

The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. For details of the Blackbeard and BP33 Exploration Targets, refer to ASX announcement Updated Finniss Lithium Project Reserve and Resource dated 14 May 2025 and for details of the Carlton Exploration Target, refer to ASX announcement Updated Ore Reserve at Carlton dated 15 September 2025.

Operational readiness activities

• Additional technical work to improve cost confidence and contingency estimates to a DFS level

• Detailed engineering to facilitate process plant upgrades

• Building systems and capability to support operations

• Mining contractor engagement EOI process for BP33 decline restart has commenced

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1. Refer to ASX announcement “Updated Grants Mine Plan and Ore Reserve“ 10 November 2025

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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 infrastructure and systems established and operating well

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• Site is in full regulatory and environmental compliance

• Restart Study deliveries significant local benefits:

• Creation of +400 direct and indirect jobs in the NT

• Attractive “drive in, drive out” roster opportunities

• Upskilling and training opportunities

• Partnering with NT businesses

• Total royalties payable of over +A$400M over LOM

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FOCUS ON COST CONTROL

Instilling a culture of financial discipline during the operational pause which will continue into the restart

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Net operating costs (excluding one-off payments) [1]
Successful
implementation of cost-
reduction measures
25,611
Business streamlined
20,015 and strategically primed
for Finniss restart
8,029
7,503
5,438 5,153
Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
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1. Includes operating costs pertaining to production, care and maintenance, staff, administrative and corporate. These figures have been taken from the following ASX announcements “Quarterly Activities and Cashflow Report” on 17[th] July 2024, 24[th] October 2024, 23[rd] January 2025, 29[th] April 2025, 30[th] July 2025 and 13[th] October 2025

CAPITAL REQUIREMENTS AND FUNDING

Funding gap closing with equity raising and further project optimisation

• Strategic funding process commenced in May 2025 following release of the Restart Study

• Final investment decision subject to Board approval and securing a sufficiently attractive funding pathway

• Strong engagement in the process to date from a range of high quality strategics and financial groups

• Optimised mine plan for Grants reduces pre-production capital cost of Grants by $35 – $45 million

• Project capital requirements are continuing to be refined as workstreams advance

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Pre-production
May 2025 Restart Study Cost Estimates Total (A$M) capital (A$M)
200
Funding
BP33 Underground Infrastructure 110 – 120 requirement
150 (including
BP33 contingency)
Plant and Site Infrastructure Upgrade 25 – 30 based on
100 May 2025
Restart
Grants Underground Infrastructure 40 – 50 Infrastructure Study 25.0
50
Total Pre-production Capital Cost 175 – 200 Grants Funding in
place
0
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Refer to ASX announcement “Restart Study Repositions Finniss Operations“ on 14 May 2025. The range disclosed above is inclusive of contingency.

POTENTIAL PRODUCTION UPSIDE

Potential to extend mine life, increase production and deliver economies of scale over time

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Expansion Potential by
bringing Carlton forward
Extension Potential
for BP33 Deeps and
Blackbeard
1.2Mt
1.0Mt 1.0Mt
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Year
Plant throughput
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Pathway to upgrade the
plant throughput in
future beyond 1.2Mtpa
Potential for mining at
Carlton and Blackbeard
to be brought forward
and adding to mine plan
Exploration will target
resource extensions and
new lithium discoveries
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FINNISS LITHIUM PROJECT OPPORTUNITY[1]

An established low cost, long life operational restart opportunity, located 88km from the Port of Darwin

Finniss is positioned to be Restart Ready

Positive Restart Study being further optimised ahead of a future resumption of operations

Lower cost, more efficient operations

New mining and processing plan significantly reduces costs

Existing infrastructure 100% owned by Core

and unencumbered by third party offtake agreements

Rapidly advancing to FID

Strategic financing process well advanced, along with longlead items and operational readiness activities

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1. Refer to ASX announcement “Restart Study Repositions Finniss Operations“ on 14 May 2025

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CONTACT

Core Lithium Ltd Level 4, 186 St Georges Terrace Perth, WA, 6000 info@corelithium.com.au

Investor Enquiries Paul Brown CEO +61 8 8317 1700

Media Enquiries Michael Vaughan Fivemark Partners +61 422 602 720

Authorised for release by the Board of Core Lithium Ltd

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APPENDIX 1 – JORC MINERAL RESOURCE ESTIMATE

		Measured			Indicated			Inferred			Total
Mineral Resource	Tonnes (Mt)	Li2O%	Li2O Contained Metal (kt)	Tonnes (Mt)	Li2O%	Li2O Contained Metal (kt)	Tonnes (Mt)	Li2O%	Li2O Contained Metal (kt)	Tonnes (Mt)	Li2O%	Li2O Contained Metal (kt)
Grants	1.34	1.48	19.8	0.61	1.49	9.1	0.37	1.27	4.7	2.32	1.45	33.6
BP33	2.85	1.44	41.0	6.51	1.55	101	1.14	1.59	18.1	10.5	1.53	161
Carlton	2.14	1.33	28.5	3.43	1.32	45.3	0.78	1.14	8.9	6.34	1.3	82.6
Lees	-	-	-	4.16	1.18	49.1	7.08	1.12	79.3	11.2	1.14	128
Ah Hoy	-	-	-	1.71	1.2	20.5	2.93	1.38	40.4	4.64	1.31	60.8
Booths	-	-	-	1.84	0.99	18.2	1.4	1.06	14.8	3.24	1.02	33
Penfolds	-	-	-	0.65	1.25	8.1	0.71	1.24	8.8	1.36	1.24	16.9
Hang Gong	-	-	-	1.51	1.18	17.8	1.95	1.14	22.2	3.46	1.16	40.1
Sandras	-	-	-	1.17	0.92	10.8	0.57	0.82	4.7	1.73	0.89	15.4
Bilatos	-	-	-	-	-	-	1.92	1.03	19.8	1.92	1.03	19.8
Seadog	-	-	-	-	-	-	1.41	1.18	16.6	1.41	1.18	16.6
Total	6.33	1.41	89.3	21.6	1.3	282	20.3	1.18	239	48.2	1.26	608
TSF/Rejects	-	-	-	0.31	0.66	2	-	-	-	0.31	0.66	2.0
Total	6.33	1.41	89.3	21.9	1.29	283	20.3	1.18	239	48.5	1.26	610

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Note: Totals within this table are subject to rounding. There was no cut-off applied to the TSF/Rejects material. Refer to ASX announcement “Finniss Mineral Resource Increased by 58%” on 11 April 2024 and “Updated Finniss Lithium Project Ore Reserve and Mineral Resource Estimate" on 14 May 2025.

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APPENDIX 2 – JORC ORE RESERVE ESTIMATE

Deposit	Category Ore Tonnes (Mt) Li2O (%) Contained Li2O (kt)
BP33 Underground Grants Carlton TSF/Stockpiles Total	Proved 2.6 1.27 32 Probable 6.7 1.32 89 Total 9.3 1.31 121 Proved 1.2 1.43 17 Probable 0.3 1.41 5 Total 1.5 1.42 22 Proved 1.7 1.19 20 Probable 2.8 1.19 34 Total 4.5 1.19 53 Proved - - - Probable 0.3 0.68 2 Total 0.3 0.68 2 Proved 5.1 1.28 69 Probable 10.1 1.27 129 Total 15.6 1.27 198

Notes

1. Effective date of the Grants Ore Reserves is 30 October 2025.

2. Effective date of the Carlton Ore Reserves is 5 September 2025 (“Updated Ore Reserve at Carlton” released on 10 September 2025).

3. Effective date of the BP33 and TSF/Stockpiles Ore Reserves is 30 April 2025. (“Updated Finniss Lithium Project Reserve and Resource” released on 14 May 2025)

4. Ore Reserve Estimates are the total for the Grants, BP33, TSF/Stockpiles and Carlton Mines.

5. The long-term SC6 Spodumene price used for calculating the financial analysis is US$1,330/t. The financial analysis has been estimated with assumptions for crushing, processing and treatment charges, deductions and payment terms, concentrate transport, metallurgical recoveries, and royalties.

• The breakeven cut-off Net Smelter Return (NSR) for underground mining at BP33 and Grants Underground is $110/t NSR and $125/t NSR for Carlton Underground. The cutoff grade used for estimating Ore Reserve Estimate at Grants Open pit was 0.8%.

6.

7. Measured Mineral Resources were used to estimate Proved Ore Reserves; Indicated Mineral Resources were used to estimate Probable Ore Reserves.

• Tonnage and grade estimates include dilution and recovery allowances.

8.

9. The tonnage and grade for TSF/Stockpile is estimated from the operations reconciled historic monthly production records.

10. The Reserves are defined at the point where the ore is delivered to the processing plant. 11. The Ore Reserves reported above are not additive to the Mineral Resources. 12. Totals within this table are subject to rounding.

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Refer to ASX announcement “Updated Grants Mine Plan and Ore Reserves” released on 10 November 2025.

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