CORE LITHIUM LTD — Interim / Quarterly Report 2025

Jan 22, 2025

ASX: CXO December Quarter Update 23 January 2025

Im ortant and Cautionar Notes p y

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 results 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 except as reported within this release. The announcement references the previously report Mineral Resource update “Finniss Mineral Resource Increased by 58%” on 11 April 2024 and Ore Reserve Update "Lithium Ore Reserve Update" on 25 September 2024. 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, Ore Reserves and Mineral Resources.

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 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, 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 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.

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.

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Quarterl Hi hli hts y g g

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Restart Study progressing well and remains on track for June Quarter

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Strong Balance Sheet $50M cash balance with no debt

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Sustainability Focus maintained environmental compliance during the quarter

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Outstanding Lithium Drilling Results[1] Li O 63m @ 1.67% 2 20km from Finniss

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Gold Prospectivity progressing at Shoobridge[2] 6m @ 5.1g/t Au

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1. Refer to ASX announcement “New high-grade Lithium drill results within 20km of the Grants processing facility" on 6 November 2024 2. Refer to ASX announcement “Gold hits continue as drilling resumes at Shoobridge” on 21 October 2024

Sustainabilit Performance y

• No lost time injury or significant environmental incidents during the quarter. Two minor safety incidents occurred with our drilling contractor.

• Preparatory works for wet season water management are in place:

• Water storage at 52% capacity as planned

• Repairs and extensions to existing water management pipework completed

• Submersible pump installed in Grants pit

• Water transferred between surface storages to discharge dam

• Water treatment to attain optimum chemistry for dilution management

• Weed treatment program has commenced with planned activities to continue during the wet season including:

• Mapping weed populations across BP33 and Grants leases

• Applying herbicide in crucial infrastructure areas and roads

• Scaling up the program during the wet season

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Restart Stud – Minin y g

• Restart study areas of focus BP33 and Grants underpin a simpler project with a notional operating life of 9.5 years at the rate of the existing 1Mtpa Finniss process infrastructure[1]

• Restart Study progressing well and remains on track for completion in June quarter 2025

• Optimisation efforts identifying opportunities to enhance BP33's cost efficiency and improve project returns compared to previous estimates

• Optimisation study for the Grants open pit also advancing , focused on mining methods, pit wall design, and cut-off grade refinement

Key BP33 activities	Strategic objective
Operating and capital costs	Identifying opportunities to reduce future expenses
Boxcut, portal and decline design	Refining designs for improved efficiency
Mining method and backfilling	Enhancing techniques to optimise ore recovery and waste management.
Dilution control	Minimising waste and maximising ore extraction
Orebody recovery and mining sequence	Maximising resource recovery through strategic sequencing.
Ventilation and dewatering strategy	Ensuring safe and efficient underground conditions.
Project timeline	Streamlining schedules for timely execution.

1. Refer to ASX announcement "Lithium Ore Reserve Update" on 25 September 2024

Restart Stud – Processin y g

• Ongoing work to date across mining and processing continues to align with our stated aim of delivering a more efficient, lower-cost operation at Finniss

• Both mining and processing workstreams are supported by external engineering consultants

• These efforts aim to ensure the Finniss Project will be wellpositioned for a successful restart , aligned with evolving market conditions

• Process and metallurgical workstreams aim to improve process plant recovery for minimal capital

Strategic objective

Key activity

Engineering design and flowsheet Updating designs to improve efficiency and recovery rates Costings and schedules Developing detailed financial models and timelines Ensuring the process plant achieves optimal recovery at Metallurgical testwork reduced operating and capital costs compared to prior projections

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Cor orate – Balance Sheet p

• Balance sheet remains strong with $49.7M in cash and no debt

• Cash outflows in line with expectations , primarily relating to site maintenance, exploration, the Restart Study and corporate overheads

• One-off non-recurring payment incurred from finalisation of outstanding quotation period payments relating to FY24 shipments

• Stockpile of ~5kt of spodumene concentrate and ~75kt of lithium fines remain available for sale

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70.0
61.3
60.0
(3.5)
(3.4) (0.3) 2.7 49.7
50.0 (3.4)
(0.5)
(3.1)
40.0
30.0
20.0
10.0
-
Cash Balance QP payment Finniss site Capex Exploration Admin and FX Gain Other and Cash Balance
Sep 2024 maintenance expenditure Employee cost working capital Dec 2024
cost
Cashflow $'m
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Outstandin Lithium Drillin Results g g

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• RC drilling of Lithium targets during the quarter targeted prospective zones adjacent to Finniss and Grants open pit

• :

• Highly encouraging results received from Blackbeard prospect[1]

• • ─ 63m @ 1.67% Li2O from 166m, including 20m @ 2.09% Li2O from 208m (NRC269)

  • ─ 24m @ 0.70% Li2O from 188m (NRC270)

  • ─ 22m @ 0.68% Li2O from 135m, including 6m @ 1.25% Li2O from 208m (FRC488)

• Blackbeard favourably located 20km from the Grants processing facility

• Previous intersections at Blackbeard include 41m @ 1.63% Li2 (SRC117) and 59m @ 1.54% Li2O (SRC118)[1]

• Drilling confirmed a steeply dipping primary pegmatite up to 45m true thickness and the existence of a smaller subparallel mineralised pegmatite to the north

• Blackbeard and the nearby Centurion prospect form a 600m mineralised trend , one of the largest within the Finniss Project area, which remains open at depth

• Additional exploration opportunities in the area remain untested

1. Refer to ASX announcements “New high-grade Lithium drill results within 20km of the Grants processing facility" on 6 November 2024 and "Significant increase to Finniss Mineral Resources" on 18 April 2023 .

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Growin Gold Potential at Shoobrid e g g

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• Mapping and sampling works previously identified a 4.5km long anomalous gold trend extending from north of Mount Shoobridge to the Old Company prospect.

• A first phase of drilling totaling 11 RC holes for 1,456m was conducted in the September quarter, targeting gold across the Mt Shoobridge/Old Company Prospects. Final seven holes from 1st phase RC drilling at Shoobridge received during the quarter. Notable results include:[1]

• • 12m @ 2.93g/t Au from 56m including 6m @ 5.12g/t Au from 62m (SBRC0026)

  • 4m @ 3.73g/t Au from 45m including 1m @ 12.6g/t Au from 48m (SBRC0023)

• Results confirm the presence of shallow, high-grade gold zones which exist within a broad (up to 60m) envelope of low-grade mineralisation

Mt Shoobridge trend dips steeply to the east and remains open along strike

• Drilling was expanded to ~4,500m by undertaking a second phase program which was completed during the quarter.

• Further drilling results are scheduled for release in March quarter of 2025.

1. Refer to ASX announcements "Positive Results Highlight Gold and Lithium Potential at Shoobridge" on 18 September 2024, "Gold Hits continue as drilling resumes at Shoobridge" on 21 October 2024.

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Value Pro osition p

Ideally placed to capture future value with infrastructure and key markets on our doorstep

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The Northern Territory’s first and only lithium miner

Restart study working to deliver a more efficient, lower-cost future operation

DARWIN

Finniss Lithium Operation

Strongly positioned for a successful restart, aligned to evolving market conditions

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Strong cash balance and no debt provides stability

Disciplined approach to capital allocation and restart studies spend

Exploration targets for both lithium and other commodities

NORTHERN TERRITORY

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Core Lithium Ltd

Level 9, 2 Mill Street 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

A endix: JORC Mineral Resource Estimate pp

Mineral	Resource Estimate for the Finniss Lithium Project	Resource Estimate for the Finniss Lithium Project	Resource Estimate for the Finniss Lithium Project
	0.5% Li2O cut-off
Resource Category	Million tonnes (Mt)	Li2O%	Li2O Contained Metal (kt)
Measured	6.33	1.41	89.3
Indicated	21.6	1.30	280
Inferred	20.3	1.18	239
Total	48.2	1.26	608

Note: Totals within this table are subject to rounding

Refer to ASX announcement “Finniss Mineral Resource Increased by 58%” on 11 April 2024

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