CORE LITHIUM LTD — Interim / Quarterly Report 2021

Jan 28, 2021

ASX: CXO Announcement

29 January 2021

Centralised Company Announcements Platform Australian Securities Exchange 10th Floor, 20 Bond Street SYDNEY NSW 2000

QUARTERLY ACTIVITIES AND CASHFLOW REPORT 31 DECEMBER 2020

Please find attached the Quarterly Activities and Appendix 5B Quarterly Cashflow reports for the quarter ended 31 December 2020.

Yours faithfully,

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Stephen Biggins

Managing Director

ASX Release

Quarterly Activities Report for Three Months Ended 31 December 2020

29 January 2021

CORE LITHIUM LTD

Level 1, 366 King William Street Adelaide SA 5000

+61 8 8317 1700

Contact:

Stephen Biggins | Managing Director Jarek Kopias | Company Secretary Email | info@corelithium.com.au Website | www.corelithium.com.au

Directors:

Greg English | Non-Executive Chairman

Stephen Biggins | Managing Director

Heath Hellewell | Non-Executive Director

Highlights

The Board of Core Lithium Ltd (“Core” or “Company”) is pleased to present its Quarterly Activities Report for the period ended 31 December 2020.

During the December quarter, Core was focused on a number of initiatives aimed at further enhancing the value and potential of its wholly owned Finniss Lithium Project, located near Darwin in the Northern Territory.

During the reporting period, Core:

• Completed a lithium resource infill and expansion program at Finniss;

• Advanced the prospectivity of its portfolio of gold assets in the NT;

• Was accepted into the European Commission’s European Raw Materials Alliance; and

• Experienced a significant appreciation in its share price.

Malcolm McComas | Non-Executive Director

Issued Capital:

• 1,002,430,321 Ordinary Shares

• 34,273,810 Unquoted Options

• 22,366,666 Unquoted Performance Rights

ASX: CXO

December Quarter Activities

LITHIUM

2020 lithium resource drilling program completed

During the December quarter, Core completed its 2020 lithium resource infill and expansion program at the Grants Deposit, a key component of the Finniss Lithium Project.

Over the reporting period, three drill rigs - one reverse circulation (RC) and two diamond - operated at the Grants orebody to a maximum downhole depth of 342.5m. Drilling utilised either a mud rotary or RC precollar down to a maximum of 160m and then collected HQ drill core (ASX:CXO 16/12/20 “Core Completes 2020 Lithium Resource Drilling”).

Drilling achieved excellent core recovery throughout, with a majority of the planned targets intersected as planned (Figures 1 and 2). Most of the drill holes intersected over 20m of pegmatite, which correlates well with Core’s existing resource model at Grants and is expected to result in a high conversion of Inferred Mineral Resource to Indicated Mineral Resource.

New Indicated Mineral Resources at Grants should then positively contribute to significantly increase the bankable life of mine (LOM) in Core’s updated Definitive Feasibility Study (DFS) in 2021.

Core plans to embark on the estimation of a new Mineral Resource in early 2021.

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Figure 1. Spodumene (green) pegmatite core from FRCD020 at 214m.

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Figure 2. Current long section for Grants summarising drillhole results from the current drill program.

GOLD

80 Gold nuggets discovered within new 1,600m anomaly – Bynoe Gold Project

In December, Core revealed a series of significant new gold discoveries from its Bynoe Gold Project (ASX:CXO 10/12/20 “Gold Nuggets and High-Grades at New 1,600m Bynoe Target”).

Four new prospects identified across a 1,600m gold trend:

o Windswept ▪ 24g/t Au rock chips

• Abundant gold nuggets

• Multiple quartz veins with oxides/sulphides, visible gold

o Hurricane

▪ 21g/t Au rock chips

▪ 5g/t Au in soils ▪ Multiple quartz veins with oxides/sulphides, visible gold

o Congo ▪ 30g/t Au rock chips ▪ 32g/t Au soils ▪ Multiple quartz veins with oxides/sulphides, visible gold ▪ Gold nuggets o Far East

▪ 14g/t Au rock chips ▪ 12g/t Au soils ▪ Multiple thick quartz veins with oxides/sulphides, visible gold

Soil sampling, regional mapping and reconnaissance rock chip sampling led to the discovery of a series of exciting new gold prospects in the northern part of the Bynoe Project tenements.

These four new gold prospects link together as a series of steep-dipping, north-striking sulphide rich and gold-bearing quartz veins hosted within silicified and sulphidealtered metasedimentary rocks of the Burrell Creek formation.

Over 80 gold nuggets measuring at up to 5 grams were recovered by detecting work carried out by the Core field team. An extensive soil sampling grid has also been collected along the trend and highlighted regular high-grade gold-in-soils, including 11 samples above 1g/t gold.

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Visible gold at Pickled Parrot Prospect

During the reporting period, Core announced early reconnaissance exploration work discovered visible gold at surface at the new Pickled Parrot Prospect, within the Company’s Bynoe Gold Project in the Northern Territory (ASX:CXO 9/10/20 “Visible Gold at Pickled Parrot”).

Visible gold was found at surface in one of the first geological mapping campaigns at the new prospect. Pickled Parrot was initially identified at the eastern end of a regional soil line originally sampled for lithium in 2019.

Based only on moderately elevated Arsenic and Bismuth, re-assay of conventional soil samples collected by Core resulted in an impressive 828ppb Au anomaly. Further soil sampling improved the prospectivity of the area with the gold in soil anomaly now peaking at close to 2g/t gold.

Pickled Parrot has also been geological mapped by Core and found to be the focus of a series of quartz veins in an area of least 300m in length and 100m wide.

Visible gold was discovered on the eastern side of the prospect, following up higher soil anomalies from the results released herein. Additional samples relating to that area have been submitted to the laboratory for assay and will be reported in due course.

A new set of quartz veins have also been mapped and sampled immediately to the southeast where there is currently no baseline geochemical data.

Pickled Parrot, Covidicus West, Kellermeister and other gold prospects lie within what Core believes is a fertile zone at the northern periphery of the Ringwood Intrusive (Figure 3).

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Figure 3. Magnetic image for the southern Bynoe Gold Project showing the location of the BBF Gold Field including the Pickled Parrot and Covidicus West Prospects.

Solid gold grades in rock chips from Kellermeister Prospect

During the December quarter, rock chips assayed up to 20g/t Au at the Kellermeister Prospect, within the Bynoe Gold Project, while several samples from the nearby Rosella Prospect were above 1g/t Au (Figure 4) (ASX:CXO 17/11/20 “Gold grades of 20g/t Au from Kellermeister Prospect”).

Given the reconnaissance nature of the sampling program and the limited number of samples collected at these new prospects, these results are considered an excellent first pass outcome.

The Kellermeister Prospect covers a broad zone of quartz veining, quartz breccia and intermingled quartz-schist host rock, comprising graphitic schist and conglomerate. Fractures and irregular 1-5 cm diameter “blebs” are filled with limonite and haematite that are interpreted to be the result of weathering of sulphides.

Only eight samples were collected at Kellermeister during the brief field investigation, and four of these are above 50ppb, peaking at 20g/t. Similarly, at Rosella, only two samples were collected, and both are above 1g/t. Quartz veins to the northeast (Rosella North) are thought to be semi-continuous, and three samples were found to be at background levels (Figure 5).

Core believes the potential of the BBF Gold Field and Bynoe Gold Project is only just starting to be understood.

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Figure 4. Preliminary map of the quartz veins mapped at Kellermeister and surrounds, showing newly received reconnaissance rock chip gold assays (in ppb) and results of Core’s pulp re-assay program.

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Figure 5. Geological map for the Bynoe Gold Project area showing the location of the northern domain that includes Piper North.

Subsequent Activities

Core awarded Mineral Lease for BP33 by NT Government

During January, Core was pleased to announce the granting of a Mineral Lease for the high-grade BP33 Lithium Deposit, a key component of the Company’s Finniss Lithium Project.

Core has received and accepted the NT Government’s offer of a Mineral Lease for BP33 for a term of 25 years.

The award of the Mineral Lease for BP33 follows the receipt of the first ever Mineral Lease that the NT Government had awarded for a lithium project, for Core’s Grants Deposit – another key component of the Finniss Lithium Project – in 2019.

Corporate

Core accepted into European Commission’s European Raw Materials Alliance

In the December quarter, Core was welcomed into the European Raw Materials Alliance (ERMA).

The ERMA was officially launched by the European Commission (EC or Commission) on 29 September 2020 as a broader strategic extension on previous initiatives with the full backing of the Commission.

At the launch, the EC has acknowledged that in order for Europe to deliver the Green Deal, a digital transition and remain a leader in future technologies, it faces a significant increase in demand for critical raw materials.

The EC has recognised that Europe is highly dependent on raw materials from countries with less stringent environmental, social and human rights standards, and less stable economies.

Core’s participation in the ERMA bolsters supplies of lithium, one of several critical materials from Australia, a jurisdiction with equally robust Environmental, Social, and Corporate Governance standards evidenced in the Finniss Project’s low carbon footprint, environmental credentials and ethical sourcing policies.

Through its ERMA membership, Core is part of a comprehensive collaborative ecosystem bringing innovative mining extractive technologies to the table while actively engaging with the European Union (EU) hi-tech manufacturing base and financiers mandated to facilitate the timely development of the EU’s critical material processing capability including the European Investment Bank.

Share price performance

During the reporting period, Core experienced a significant appreciation in its share price which carried through into January 2021. The Company attributed this gain to news that its largest shareholder and offtake partner, China’s Sichuan Yahua Industrial Group (Yahua), had signed a deal to supply battery-grade lithium hydroxide to US electric vehicle manufacturer Tesla over the coming five years.

Under the agreement, it is expected that Core’s near construction-ready Finniss Project will be a key source of spodumene concentrate for Yahua to potentially fulfil its mandate with Tesla and other customers in the future. Yahua currently holds a threeyear, 75,000 tonnes per annum offtake agreement with Core.

Appendix 5B expenditure disclosure

Core’s Appendix 5B includes amounts in item 6.1 and 6.2. The amounts in item 6.1 represent director fees paid to entities nominated by relevant directors. The amounts in item 6.2 represent managing director costs capitalised for exploration activity undertaken.

During the quarter Core expended $2.0 million on exploration activities. This expenditure primarily represents exploration and development activities at Core’s Finniss Lithium Project.

Share capital changes – Ordinary Shares, Options and Performance Rights

During the quarter, the following changes were made to Core’s capital structure:

• Issue of 500,000 unquoted performance rights as employee remuneration.

• Exercise of 3,500,000 unquoted options with an exercise price of 8 cents and expiry of 31 January 2021.

Subsequent to the end of the quarter, the following changes were made to Core’s capital structure:

• Exercise of 500,000 unquoted options with an exercise price of 8 cents and expiry of 31 January 2021.

• Exercise of 4,000,000 unquoted options with an exercise price of 6 cents and expiry of 30 June 2022.

• Exercise of 100,000 unquoted performance rights where performance hurdles were previously met.

A summary of movements and balances of equity securities between 1 October 2020 and this report are listed below (items marked with a * occurred following the end of the quarter):

	Ordinary	Unquoted	Unquoted
	shares	Options	performance
			rights
On issue at start of theQuarter	994,330,321	42,273,810	21,966,666
Performance rights – issue	-	-	500,000
Options – exercised	3,500,000	(3,500,000)	-
Performance rights – exercised*	100,000	-	(100,000)
Options – exercised*	4,500,000	(4,500,000)	-
Total securities on issue at the	1,002,430,321	34,273,810	22,366,666
date of this report

About Core

Core is well positioned to be Australia’s next lithium producer, developing one of Australia’s most capital efficient and lowest cost spodumene lithium projects located in close proximity to Darwin Port.

Core’s 2019 DFS highlights production of 175,000tpa of high-quality lithium concentrate at competitive operating costs and low Capex through simple and efficient DMS (gravity) processing of some of Australia’s highest-grade lithium Mineral Resources.

The Finniss Lithium Project has arguably the best supporting logistics chain to markets in Asia of any Australian lithium project. The Project lies within 25km of port, power station, gas, rail and one hour by sealed road to workforce accommodated in Darwin and importantly to Darwin Port - Australia’s nearest port to Asia.

Core has already established binding and non-binding offtake agreements and is in the process of negotiating further agreements within the lithium battery supply chain and electric vehicle industry.

Authorised for release by the Board of Core Lithium Ltd.

For further information please contact:	For Media and Broker queries:
Stephen Biggins	Warrick Hazeldine
Managing Director	Managing Director
Core Lithium Ltd	Cannings Purple
+61 8 8317 1700	+61 417 944 616
info@corelithium.com.au	whazeldine@canningspurple.com.au
	Fraser Beattie
	Senior Consultant
	Cannings Purple
	+61 421 505 557
	fbeattie@canningspurple.com.au

Mineral Resources and Ore Reserves

MINERAL RESOURCES	MINERAL RESOURCES
Deposit	Classification Tonnes (Mt) Li2O % Li2O (t) LiCO3(t)
Grants	Measured 1.09 1.48 16,100 39,815
	Indicated 0.82 1.54 12,600 31,160
	Inferred 0.98 1.43 14,000 34,622
	Total 2.89 1.48 42,700 105,597
BP33	Measured 1.50 1.52 23,000 56,879
	Indicated 1.19 1.50 17,000 42,041
	Inferred 0.55 1.54 8,000 19,784
	Total 3.24 1.51 48,000 118,704
Sandras	Inferred 1.30 1.0 13,000 32,149
	Total 1.30 1.0 13,000 32,149
Carlton	Measured 0.63 1.31 8,000 19,784
	Indicated 1.20 1.21 15,000 37,095
	Inferred 1.19 1.33 16,000 39,568
	Total 3.02 1.28 39,000 96,447
Hang Gong	Indicated 1.19 1.3 15,300 37,837
	Inferred 0.83 1.19 9,900 24,483
	Total 2.02 1.2 25,200 62,320
Booths & Lees	Inferred (Lees) 0.43 1.3 5,400 13,354
	Inferred (Lees South) 0.35 1.2 4,300 10,634
	Inferred (Booths Link) 1.47 1.06 15,700 38,826
	Total 2.25 1.13 25,400 62,814
Finniss Project	Measured 3.22 1.47 47,100 116,478
	Indicated 4.40 1.37 59,900 148,133
	Inferred 7.10 1.22 86,300 213,420
Finniss Project	Total 14.72 1.32 193,300 478,031

	ORE RESERVES
	Deposit /Resource	Classification	Tonnes (Mt)	Grade (Li2O%)	Contained Metal (kt)
	Open pit
		Proved	1.0	1.4	14.9
	Grants	Probable	0.8	1.5	11.6
		Total	1.8	1.5	26.5
	Underground
		Proved	1.3	1.4	18.4
	BP33	Probable	1.0	1.4	13.2
		Total	2.3	1.4	31.5
		Proved	0.6	1.2	7.1
	Carlton	Probable	1.0	1.0	10.6
		Total	1.6	1.1	17.8
		Proved	1.9	1.3	25.5
	Total underground	Probable	2.0	1.2	23.8
		Total	3.9	1.3	49.3
		Proved	2.9	1.4	40.4
	Total all mining methods	Probable	2.8	1.3	35.4
		Total	5.7	1.3	75.8
					Page

Tenement Table

Tenement number	Tenement name	Interest at the end	Changes during Quarter
		ofQuarter
South Australia
EL 6574	Fitton	100%	None – previously EL 5731
EL 6038	Mt Freeling	100%	None
EL 6111	Yerelina	100%	None
EL 6445	Wyatt Bore	100%	None
Northern Territory
EL 26848	Walanbanba	100%	None
EL 28029	White Range East	100%	None
EL 28136	Blueys	100%	None
EL 29347	Yambla	100%	None
EL 29389	Mt George	100%	None
EL 29580	Jervois East	100%	None
EL 29581	Jervois West	100%	None
EL 29698	Finniss	100%	None
EL 29699	Bynoe	100%	None
EL 30012	Bynoe	100%	None
EL 30015	Bynoe	100%	None
EL 30669	Ross River	100%	None
EL 30793	McLeish	100%	None
EL 31058	Barrow Creek	100%	None
EL 31126	Zola	100%	None
EL 31127	Ringwood	100%	None
EL 31139	Anningie West	100%	None
EL 31140	Anningie South	100%	None
EL 31145	Barrow Creek North	100%	None
EL 31146	Barrow Creek South	100%	None
EL 31271	Bynoe	100%	None
EL 31279	Sand Palms	100%	None
EL 31449	Napperby	100%	None
EL 31886	Adelaide River	100%	New granted tenement
EL 32205	Finniss Range	100%	None
MLN16	Bynoe	100%	None
ML 31726	Grants Mineral Lease	100%	None
ML 32074	Observation Hill Ancillary	100%	None
	Lease
ML 32346	BP33 Mineral Lease	0%	Granted in January 2021

Competent Person Statement

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 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. Biggins consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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, “Maiden Sandras Mineral Resource Grows Finniss to 6.3Mt” dated 29 November 2018, “Finniss Feasibility Study and Maiden Ore Reserve” dated 17 April 2019, “Initial Resource for Lees Drives Finniss Mineral Resource” dated 6 May 2019, “Finniss Lithium Resource increased by over 50%” dated 15 June 2020, “Increased Ore Reserve Significantly Extends Finniss” dated 30 June 2020 and “Napperby Uranium Resource Update and Increase” dated 12 October 2018 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 results included in this announcement as cross referenced in the body of this announcement.

The Mineral Resources and Ore Reserves underpinning the production target have been prepared by a Competent Person in accordance with the requirements of the JORC code. Core confirms that all material assumptions underpinning production target and forecast financial information derived from the production target announced on 30 April 2019 and 30 June 2020 continue to apply and have not materially changed.

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

Name of entity	Name of entity
Core Lithium Ltd
ABN 80 146 287 809	Quarter ended (“current quarter”)
80 146 287 809	31 December 2020

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- (30) - (275) (324) - 11 - - 22 -	- (38) - (655) (575) - 25 - - 231 -
	(596)	(1,012)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	- - - (2,028) - -	- (1,500) (4) (2,766) - -

	Consolidated statement of cash flows		Current quarter	Year to date
			$A’000	(6 months)
				$A’000
	2.2	Proceeds from the disposal of:
		(a) entities	-	-
		(b) tenements	-	-
		(c) property, plant and equipment	-	-
		(d) investments	-	-
		(e) other non-current assets	-	-
	2.3	Cash flows from loans to other entities	-	-
	2.4	Dividends received (see note 3)	-	-
	2.5	Other (Net proceeds / (payments) for	-	(106)
		Security bond)
	2.6	Net cash from / (used in) investing	(2,028)	(4,376)
		activities
	3.	Cash flows from financing activities
	3.1	Proceeds from issues of equity
		securities (excluding convertible debt
		securities)	-	1,062
	3.2	Proceeds from issue of convertible	-	-
		debt securities
	3.3	Proceeds from exercise of options	280	280
	3.4	Transaction costs related to issues of	-	(78)
		equity securities or convertible debt
		securities
	3.5	Proceeds from borrowings	-	-
	3.6	Repayment of borrowings	-	-
	3.7	Transaction costs related to loans and	-	-
		borrowings
	3.8	Dividends paid	-	-
	3.9	Other (Lease repayments)	(28)	(56)
	3.10	Net cash from / (used in) financing	252	1,208
		activities

Consolidated statement of cash flows	Current quarter $A’000	Year to date (6 months) $A’000
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	6,902 (596) (2,028) 252 -	8,710 (1,012) (4,376) 1,208 -
	4,530	4,530
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	4,500 30 - -	6,872 30 - -
	4,530	6,902
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 50 6.2 Aggregate amount of payments to related parties and their associates included in item 2 59 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		50
		59

	7.	Financing facilities	Total facility	Amount drawn
		Note: the term “facility’ includes all forms of	amount at	at quarter end
		financing arrangements available to the entity. Add notes as necessary for an understanding	quarter end $A’000	$A’000
		of the sources of finance available to the
		entity.
	7.1	Loan facilities	-	-
	7.2	Credit standby arrangements	-	-
	7.3	Other (please specify)	-	-
	7.4	Total financing facilities	-	-
	7.5	Unused financing facilities available at quarter end		-
	7.6	Include in the box below a description of each facility above, including the lender,
		interest rate, maturity date and whether	it is secured or unsecured. If any
		additional financing facilities have been entered into or are proposed to be
		entered into after quarter end, include a	note providing details of those facilities as
		well.
		N/A

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (596) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (2,028) Total relevant outgoings (item 8.1 + item 8.2) (2,624) Cash and cash equivalents at quarter end (item 4.6) 4,530 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 4,530 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.7 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(596) (2,028) (2,624) 4,530 -
		4,530
	Answer: Core completed a 3-month lithium resource infill and expansion drilling program at Finniss which contributed to a significant portion of the current period expenditure. A moderated level of expenditure is currently forecast for the remainder of the 30 June 2021 financial year. On that basis and at the date of this report, Core has sufficient cash reserves to achieve its short-term and medium-term objectives.
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: Core has had continued positive ongoing discussions and arrangements with advisors, strategic investors, and partners to work towards securing funding to further progress the Finniss Lithium Project. The discussions are currently confidential and incomplete.
	8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?
	Answer: On the basis of 1 and 2 above, Core expects it will be able to meet short-term and medium-term objectives with a focus on progressing the Finniss Lithium Project.
	Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 29 January 2021

Authorised by the Board of the Company

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.