CORE LITHIUM LTD — Investor Presentation 2017

Dec 3, 2017

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Offtake and Mining FINNISS LITHIUM PROJECT Company Update December 2017

ASX code: CXO

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DISCLAIMER

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.

This document has been prepared by Core Exploration Limited (“Core”, “Company”) and provided as a basic overview of the tenements held or controlled by the Company. 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 document and none of those parties have or assume any obligation to provide any additional information or to update this document.

To the fullest extent permitted by law, the Company, its related bodies corporate and their representatives expressly disclaim liability for any loss or damage arising in respect of your reliance on the information contained in this document (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 mineral tenements of the Company as described in this presentation are at various stages of exploration, and potential investors should understand that mineral exploration and development are high-risk undertakings.

There can be no assurance that exploration of the Tenements, or any other tenements that may be acquired in the future, will result in the discovery of an economic ore deposit. Even if an apparently viable deposit is identified, there is no guarantee that it can be economically exploited.

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.

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| LITHIUM | December 2017 | Core Exploration Ltd

OFFTAKE AND MINING APPROVALS FINNISS LITHIUM PROJECT

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• 1,000,000t Binding Offtake Agreement and $2M placement to Yahua recently completed

• US$20 million prepayment facility secured with Yahua (one of China’s largest lithium producers)

• Mining Lease Application lodged for development of Grants Lithium Resource

• Grants DSO Mining and Concentrate Processing Approvals Commenced

• HOA with Darwin Port for export

• Preliminary Feasibility Study (PFS) underway to be delivered Q1 2018 – targeting first production mid 2019

• Core has established one of the Highest Grade Lithium Deposits in Australia near Darwin in the NT

• Resource Upgrade at Grants Q1 2018 and significant potential to grow Resources near Darwin

• 54m @ 1.4% Li2O at nearby BP33 and 3 drill rigs active on adjacent recently acquired Bynoe Project

• | LITHIUM | December 2017 | Core Exploration Ltd

• 3 • Core valuation growth to reflect move from Explorer to Developer

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COMPANY INFORMATION

Shares

Directors

Price A$ (30/11/2017) ~$0.09 Shares on issue ~496M Market cap ~$45M Cash (30/11/2017) ~$5M EV ~$40M

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Stephen Biggins – Managing Director ex SAU, IVR

Greg English – Chairman AXE, LCK

Heath Hellewell – Non-executive Director CMM, DKM, ex DRM

Management

Blair Duncan – General Manager Development David Rawlings – Exploration Manager Jarek Kopias – Co Sec / CFO

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| LITHIUM | December 2017 | Core Exploration Ltd

ASX LITHIUM SECTOR COMPARATIVE MARKET CAP

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1719 1553 1321 709 557
500
400
300
200
100
0
PLS GXY ORE AJM KDR AVZ GSC NMT TAW PLL BGS EMH PSC SYA LIT CXO
Market Cap ($millions)
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| LITHIUM | December 2017 | Core Exploration Ltd

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Binding Lithium Offtake and $20M Pre-Payment

Core signs million tonne Binding Offtake and

$20 Million Prepayment Agreement with Yahua

• Binding Offtake and Prepayment Agreements signed with $3B Market Cap Yahua

• Yahua is one of China’s largest lithium producers

• Offtake Agreement provides for the supply of 1 million tonnes of lithium DSO from Finniss Lithium Project

• US$20 million conditional prepayment facility, to be repaid through the supply of future DSO or Li2O concentrate

• PFS expected Q1 2018

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• Targeting first deliveries from mid-2019

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| LITHIUM | December 2017 | Core Exploration Ltd 6

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PFS TO DEVELOP GRANTS UNDERWAY DELIVERY Q1 2018

• High Grade Resource

• Mine and Process Design

• Mining Lease application

• Regulatory approvals commenced

• Port Access HOA

• Infrastructure

• Offtake Agreement

• $20 Million Pre-Payment facility

| LITHIUM | December 2017 | Core Exploration Ltd

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LITHIUM PRODUCTION MILESTONES

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| LITHIUM | December 2017 | Core Exploration Ltd

FINNISS AND NEW BYNOE LITHIUM PROJECTS

Development Project with Scale Upside

Core’s dominant position in the Bynoe Pegmatite Field expanded by acquisition of Liontown’s adjacent project, includes :

• One of Australia's highest grade lithium resources

• Over 100 historic pegmatite occurrences

• Large area ~500km[2] of tenements

• Granted mining lease over historic pegmatite mine

• Widespread high grade spodumene drill intersections at multiple prospects

• Existing and new large pegmatite targets to be tested

• Easy trucking distance by sealed road to Port Darwin

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| LITHIUM | December 2017 | Core Exploration Ltd

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CXO FIRST LITHIUM RESOURCE IN THE NT

Less than 12 months from 2016 discovery to deliver one of the highest grade undeveloped lithium deposits in Australia

• Maiden Resource of 1.8Mt at 1.5% Li O defined at Grants in 2017 2

• Preliminary Mining Study shows strongly positive outcomes for potential development of DSO

• Mine Design and Baseline Environmental Studies Underway

• Mining Licence (ML) Application made in October 2017

• Notice of Intent (NOI) lodged in Nov 2017 for regulatory approval for development of Grants with NT EPA

• EPA Response expected Q1 2018

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• PFS underway and expect to complete Q1208

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| LITHIUM | December 2017 | Core Exploration Ltd

• 6% Li O CONCENTRATE AT > 80% RECOVERY 2

• IN METALLURGICAL TESTWORK OF DSO SPODUMENE

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• Metallurgy confirms value of DSO Spodumene Ore from Grants

• Customers recognise the good metallurgy of Grants Spodumene DSO

• A low capex DMS process may produce a high value ~5% Li2O concentrate product at acceptable recoveries as an additional early development option to DSO

• Further review of development options in PFS in context of potential additional resources expected in Q1 2018

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8.10% Li2O Spodumene from HLS Testwork
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| LITHIUM | December 2017 | Core Exploration Ltd

GRANTS DSO INFRASTRUCTURE

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SUBSTANTIAL INFRASTRUCTURE ADVANTAGES – LOW TRANSPORT COSTS

• Core’s Finniss Lithium Project has substantial infrastructure advantages

• Potentially best logistics chain to China of any Australian lithium project

• Darwin Port located in close proximity (80km by sealed road) to Grants

• Grants is close to grid power, gas and rail infrastructure and within easy trucking distance by sealed road to Port Darwin

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| LITHIUM | December 2017 | Core Exploration Ltd 12

DARWIN PORT AGREEMENT

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CORE HAS AGREEMENT WITH DARWIN PORT TO SHIP 1MT/Y OF SPODUMENE

• Heads of Agreement signed with Darwin Port in respect of potential export of lithium products from Grants

• Agreement provides Core with capacity to export up to 1Mtpa of spodumene direct shipping ore (DSO) or up to 250,000 tpa of spodumene concentrate

• East Arm Wharf facilities at Darwin Port are well suited to handle potential future production from Core’s lithium projects

• Darwin Port is Australia’s nearest port to China

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| LITHIUM | December 2017 | Core Exploration Ltd

2017/2018 LITHIUM EXPLORATION

Drilling underway

• Current Exploration and aggressive drill programs into 2018 to target building a resource base to support a long-life lithium production operation

• 3 rigs currently drilling : shallow RAB and deeper RC and Diamond Drilling underway

• Exploration to date has discovered some of the highest grade lithium in Australia, capable of producing a quality chemical grade spodumene concentrate

• Numerous high grade lithium pegmatite targets already identified

• High potential for additional Resources

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| LITHIUM | December 2017 | Core Exploration Ltd

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Wide High Grade Lithium Intersections at BP33

BP33 only 5km from Grants

• Recent high-Grade Lithium drill assays received from BP33, including:

• 54m @ 1.42% Li2O from 101m in FRC103

• 46m @ 1.51% Li2O from 66m in FRC104

• New High grade lithium intersections represent some of the widest spodumene intersections ever drilled in the NT

• Results confirm that BP33 spodumene pegmatite is open along strike both to the north and to the south, and is thicker at depth than anticipated

• Diamond Drilling has commenced immediately at BP33 to undertake follow-up drilling for an initial Resource estimate for BP33

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| LITHIUM | December 2017 | Core Exploration Ltd

NEW BYNOE LITHIUM PROJECT

Widespread spodumene above 1% Li2O

• Previous drilling has confirmed widespread spodumene related lithium mineralisation above 1% Li2O within the new Bynoe Project

• Broad zones of ore grade already discovered at other prospects including Sandras prospect (42m @ 1.0% Li2O)

• The acquisition adds a large number of untested, highly prospective lithium pegmatite targets to Core’s portfolio, including over 50 historic pegmatite prospects

• Exploration drilling recently commenced on Bynoe Lithium Project

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| LITHIUM | December 2017 | Core Exploration Ltd

OFFTAKE AND MINING APPROVALS FINNISS LITHIUM PROJECT

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• 1,000,000t Binding Offtake Agreement and $2M placement to Yahua recently completed

• US$20 million prepayment facility secured with Yahua (one of China’s largest lithium producers)

• Mining Lease Application lodged for development of Grants Lithium Resource

• Grants DSO Mining and Concentrate Processing Approvals Commenced

• HOA with Darwin Port for export

• Preliminary Feasibility Study (PFS) underway to be delivered Q1 2018 – targeting first production mid 2019

• Core has established one of the Highest Grade Lithium Deposits in Australia near Darwin in the NT

• Resource Upgrade at Grants Q1 2018 and significant potential to grow Resources near Darwin

• 54m @ 1.4% Li2O at nearby BP33 and 3 drill rigs active on adjacent recently acquired Bynoe Project

• | LITHIUM | December 2017 | Core Exploration Ltd

• 17 • Core valuation growth to reflect move from Explorer to Developer

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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. The report includes results that have previously been released under JORC 2012 by Core as follows. The Company is not aware of any new information that materially affects the information included in this announcement. The information related to the Grants Lithium Mineral Resource Estimate at the Finniss Lithium Project was detailed in the market announcement “Core Defines First Lithium Resource in the NT” released on 8 May 2017. Core confirms that it is not aware of any new information or data that materially affects the information included in that announcement and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. This report also includes results that have previously recently been released under JORC 2012 by Liontown Resources Ltd (ASX:LTR) as “Corporate Presentation” on 8/5/2017, “Updated Corporate Presentation” on 31/01/2017 and “New Investor Presentation” on 29/08/2016.

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1-Dec-17	Core Enters into Lithium Offtake and Prepayment Agreements
27-Nov-17	Wide High-Grade Lithium Drill Intersections at BP33
20-Nov-17	Bynoe Lithium Project Drilling Update
16-Nov-17	Widest Spodumene Pegmatite Intersections at BP33
9-Nov-17	Applies for Approval to Develop High-Grade Lithium Deposit
19-Oct-17	Core Applies for Mineral Lease to Develop Lithium Mine
14-Sep-17	Core acquires Bynoe Lithium Project from Liontown Resources
29-Sep-17	Placement to Yahua to advance Finniss Lithium Project
8-May-17	Core defines first Lithium Resource in the NT
30-Mar-17	Test work produces high quality 6% spodumene concentrate
7-Mar-17	Non-Binding Heads of Agreement with Darwin Port
2-Feb-17	Final drilling assays deliver outstanding high grade lithium

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| LITHIUM | December 2017 | Core Exploration Ltd

ASX code: CXO