CORE LITHIUM LTD — Capital/Financing Update 2013

Jun 10, 2013

ASX ANNOUNCEMENT

ASX : CXO

11[th] June 2013

Large Scale Copper Nickel PGE Target At Core’s key Albarta Project, NT

HIGHLIGHTS

• Mordor Project hosts copper, nickel & PGE “reef” style mineralisation

• Multiple “walk up” drill targets :

• Orodruin Prospect : strong copper, nickel and PGE soil anomaly

• Braveheart Prospect : copper and nickel mineralisation at surface

• Exploration by Rio Tinto for two decades provides a large data package for re-interpretation

• Mordor 100% owned by Core and may suit Joint Venture

Copper, nickel and platinum group elements (PGE)* mineralisation identified at key prospects on Core’s 100%-owned Mordor tenement, Albarta Project in the Northern Territory have provided the Company with multiple “walk-up” drill targets.

Work undertaken by Core – combined with results of the considerable body of work assembled by Rio Tinto (CRA) over a 20 year period - has proven that the Mordor Complex is prospective for ‘reef’ type copper nickel PGE sulphide mineralisation associated with ultramafic cumulates.

“Walk-up” drill targets include the Orodruin and Braveheart prospects within the Mordor Project which is part of Core’s larger Albarta Project that covers over 2,000km[2] of the newly-recognised, highly prospective Aileron Province, 100km NE of Alice Springs in the NT.

Core’s tenements include a number of significant copper, gold, silver, uranium, REE and PGE occurrences (Figure 5).

The mineralisation identified at the Orodruin and Braveheart prospects is similar to deposits including the world-class Merensky Reef, Bushveld Complex in South Africa and the Great Dyke in Zimbabwe.

Further exploration is warranted at Mordor as these deposits are high value targets.

The Mordor, mineralisation is associated with disseminated sulphides which occur in bands and lenses within the ultramafic sequence.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

As well as the various walk-up, copper, nickel and PGE drill targets already identified by Core, results from soil sampling have identified a number of copper and nickel (+/- platinum & chrome) anomalies not yet drill tested (Figures 1 & 2).

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Figure 1. Untested copper soil anomalies, Mordor Project, NT.

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Figure 2. Untested nickel soil anomalies, Mordor Project, NT.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au

www.coreexploration.com.au

Braveheart Prospect

The Braveheart mineralisation was discovered by CRA Exploration (Rio Tinto) where drilling beneath a malachite stained ironstone returned 30.4m at 0.25% Cu which included 1m at 1.4% Cu, 0.3% Ni, 0.1g/t Au and 0.4g/t Pt+Pd. The mineralisation is hosted in porphyritic shonkinite and is associated with a zone of sulphide enrichment (pyrrhotite, chalcopyrite and pyrite) which dips at 55° to the northwest (Figures 3 and 4).

Petrophysical studies of core from the mineralized zone showed that there was a strong EM conductivity response, elevated chargeability and enhanced magnetic susceptibility. The results indicated that ground geophysical surveys (IP and magnetic) could be used to define any significant zones of mineralisation. Two other RC percussion holes were drilled on ground magnetic targets, one of which intersected minor copper mineralisation in quartz-carbonate breccias (4m at 0.11% Cu).

The mineralised zone was only tested to a vertical depth of 80m and is open at depth and along strike.

Orodruin Prospect

The Orodruin prospect (formerly named Mithril Prospect) was discovered by Tanami Gold and is characterised by a strong copper, nickel and PGE anomaly in soils (Figures 1, 2 & 3).

Follow-up rock chip sampling was done over one of the strongest soil anomalies and returned numerous highly anomalous values for copper, nickel and PGEs.

Diamond drilling of this area intersected zones of disseminated sulphides with anomalous copper, nickel and PGE values. Better results were 7m at 0.14% Cu including 1m at 0.11g/t Pt+Pd in hole MOD001, and 1m at 0.32% Cu and 0.14% Ni in hole MOD004.

Future Exploration

Future work will involve infill soil sampling to prove up any untested soil anomalies and more detailed soil sampling around the contacts of the intrusion to identify contact style mineralisation followed by diamond drilling (Figure 1 & 2).

The immediate”walk-up” drill targets include the untested depth potential of the Braveheart Prospect (Figure 4). “Reef”-style PGE deposits are not always uniform along the mineralised horizon and often suffer from a “nugget effect” during analysis. This allows for significant improvements in grade within the vicinity of the previously identified mineralisation at Braveheart.

Deeper drilling is warranted on the project as the orientation of the “reefs” is currently unknown and it is quite likely that they are flat-lying and may be present at depth in the magma chamber. In addition, only four diamond drill holes tested specifically for the stratiform-orthomagmatic style of mineralisation, all of these drill holes intersected zones of moderate copper and PGE mineralisation and no drill holes has tested the ultramafic complex deeper than 200m below surface.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

Geology

Reef type Copper/Nickel/PGE deposits occur in layered mafic/ultramafic complexes. They are thin layers (1-5m) which are laterally extensive, and are found within a sequence of cyclic mafic to ultramafic units. The “reefs” contain disseminated sulphides – pyrrhotite, pentlandite, chalcopyrite and pyrite, minor gold and PGEs.

The Mordor Complex is a large layered mafic-ultramafic intrusion and given the substantial size of the prospective magma chamber (5km diameter by 6km deep) it appears that the area has been underexplored (Figure 3).

The Mordor ultramafic sub-complex is roughly oval in outcrop and may be funnel shaped as the layering is steep at the sides and shallow in the middle (Figure 3). The complex has been intruded by late stage pegmatite and micro-shonkinitic dykes with a general ENE-WSW trend. The dykes are up to 6m wide in outcrop. Some of the pegmatite dykes are radioactive and Rum Jungle Resources reported results from a rock chip of 0.33% U, 0.1% Th and 0.37% Nb from the area.

For further information please contact:

Stephen Biggins	John Field
Managing Director	Field Public Relations
Core Exploration Ltd
08 7324 2987	08 8234 9555
info@coreexploration.com.au	john@fieldpr.com.au

The information in this report has been compiled by Stephen Biggins (BSc(Hons)Geol, MBA) as Managing Director of Core Exploration Ltd and 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. As a Competent Person, he has a minimum of 5 years relevant experience in the style of mineralisation and types of activities being reported and has given written consent to the above report in the form and context in which it appears.

• Platinum-group elements (PGEs) is a group of six elements—platinum (Pt), palladium (Pd), rhodium (Rh), iridium (Ir), osmium (Os), and ruthenium, (Ru)— each of which is among the rarest and most precious of metals. The elements of most commercial significance are platinum, palladium, and rhodium.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

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Orodruin
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Figure 3. Geological map of the Mordor Intrusion with prospects, Mordor Project, NT.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

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Figure 4. X-Section Rio Tinto diamond drilling, Braveheart Prospect, Albarta Project, NT.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au

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Figure 5. Core Exploration Prospects in interpreted geology, Albarta Project, NT.

A Level 2, 143 Hutt St, Adelaide SA 5000 | T (08) 7324 2987 | F (08) 8312 2002 | E info@coreexploration.com.au www.coreexploration.com.au