CORE LITHIUM LTD — Capital/Financing Update 2014

Nov 30, 2014

ASX ANNOUNCEMENT

ASX : CXO

1[st] December 2014

$750,000 placement to fund planned Jervois Domain drilling in Q1 2015

• Placement successfully completed raises $750,000.

• Placement priced close to the 15 day VWAP.

• Funding now secured for planned Jervois Domain drilling in the NT, Q1 2015

Core Exploration Limited (ASX:CXO) is pleased to announce it has received firm commitments from sophisticated, professional and institutional investors to place 15,000,000 new shares at an issue price of 5 cents per share to raise $750,000 (before costs) ( Placement ). Each share comes with an attaching free Option exercisable at 10c before 31 January 2016.

The Placement is priced at $0.05 per share which represents a discount of 11% to Core’s last closing price on ASX and a 3.5% discount to Core’s 15 day volume weighted price on ASX.

The funds raised from the Placement will be used to:

• Plan additional work on copper targets at Virginia and Copper Royals subject upcoming drill assay results from Core’s current copper-focussed drilling in the NT

• Modelling and interpretation of potential drill targets within the highly prospective Bonya Schist utilising final AEM data on Core’s tenements adjacent to KGL’s Jervois project and close to Rox Resources’ spectacular copper intersections

• Drilling of prioritised copper targets on Core’s Jervois Domain tenements Q1 2015 subject to interpretation and modelling of exploration results in the east Arunta NT

• Provide the Company with working capital to enable it to support the acceleration of exploration activities over the greater Albarta project.

Core’s Managing Director, Mr Stephen Biggins, commented “With this funding in hand, Core can now move forward confidently toward drilling our Jervois Domain tenements in the NT early next year. In addition, we will deliver first drilling results from our current RC drilling of copper target at Virginia and Copper Royals in the NT to our shareholders before Christmas”

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

The Placement will be made to sophisticated, professional and institutional investors under the Company’s 15% placement capacity under Listing Rule 7.1 and 10% placement capacity under Listing Rule 7.1A, consequently shareholder approval is not required for the Placement. InSync Equity Services and Pulse Markets acted as managers for the Placement.

Disclosure required under ASX Listing Rules 7.1A.4(b) and 3.10.5A

In relation to the Placement, and in accordance with ASX Listing Rules 7.1A.4(b) and 3.10.5A the Company makes the following disclosures:

• (a) The Company will issue a total of 15,000,000 fully paid ordinary shares at 5 cents per share and 15,000,000 unquoted Options. Of the securities issued, 13,548,628 fully paid ordinary shares will be issued under Listing Rule 7.1A and the remaining 1,451,372 shares and 15,000,000 unquoted options will be issued under the Company’s 15% placement capacity under Listing Rule 7.1.

The securities issued under Listing Rule 7.1A result in the following dilution to existing holders of ordinary securities:

• Number of fully paid ordinary shares on issue prior to the placement of securities under LR 7.1A was 135,486,287.

• Number of fully paid ordinary shares on issue following this issue of securities under LR 7.1A will be 149,034,915 (a total of 150,486,287 including the issue under LR 7.1).

• Percentage of voting dilution following the issue under LR 7.1A is 9% (10% whereby the issue of shares under LR 7.1 is taken into account).

• (b) The Company will issue shares as a placement to sophisticated, professional and institutional investors. The issue will be made as a placement and not as a pro-rata issue or other type of issue in which existing shareholders would have been able to participate. This approach has been taken as it considered that the issue, being carried out as part of the Placement, is the most cost-efficient and expedient method available at the time for raising, at an appropriate price, the funds required by the Company to achieve its objectives, given the funding certainty, strong investor enquiry and the pricing achieved under the Placement.

• (c) No underwriting arrangements were entered into in relation to the placement under Listing Rule 7.1A.

• (d) Fees of 6% of the total funds raised under the Placement are due to be paid.

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

For further information please contact: Stephen Biggins Managing Director Core Exploration Ltd T:+61 8 7324 2987 info@coreexploration.com.au

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Stephen Biggins (BSc(Hons)Geol, MBA) as Managing Director of Core Exploration 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. Biggins consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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