CORE LITHIUM LTD — Investor Presentation 2021

Oct 25, 2021

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Construction of the Territory’s First Lithium Mine has started

Mining the Territory Conference Presentation

27-28 October 2021, Darwin

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Important and Cautionary Notes

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.

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 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 is at the pre-development stage, and potential investors should understand that mineral exploration and development are highrisk undertakings. There is no guarantee that the Finniss Lithium Project 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.

Competent Person Statements

The information in this release that relates to the estimation and reporting of Ore Reserves and Mineral Resources for the Grants deposit for the Finniss Project was first reported by the Company on 26 July 2021. The information in this release that relates to the estimation and reporting of Mineral Resources for the Finniss Project (other than the Grants deposit) was first reported by the Company on 15 June 2020. The information in this release that relates to production targets and forecast financial information for the Finniss Project was first reported by the Company on 26 July 2021. The information in this release that relates to exploration targets for the Finniss Project was first reported by the Company on 20 May 2021. Core confirms that it is not aware of any new information or data that materially affects the information included in those announcements and that all material assumptions and technical parameters underpinning the exploration targets, Mineral Resource estimates, Ore Reserve estimates, production targets and forecast financial information in those announcements (as applicable) continue to apply and have not materially changed, save for the Mineral Resources estimates of the Grants deposit reported by the Company on 15 June 2020 which has been updated by the 26 July 2021 release.

Forward‐looking Statements

This release contains “forward-looking information” that is based on the Company’s expectations, estimates and projections as of the date on which the statements were made. This forward-looking information includes, among other things, statements with respect to the scoping, pre-feasibility and feasibility studies, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, and Mineral Resources and Reserves. 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 news 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 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 our 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.

Currency

Unless otherwise stated, all cashflows are in Australian dollars, are undiscounted and are in real terms (not subject to inflation/escalation factors), and all years are calendar years. C1 Operating Costs and All-In Sustaining Cost (AISC) references in USD throughout this presentation have been derived by converting AUD using an exchange rate of 0.70 AUD/USD.

2

Finniss Lithium Project - Construction underway

Construction has started on the Territory’s first lithium mine

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• ✓ Core has started construction of the Finniss Lithium Project in the Northern Territory

✓ Finniss is the newest lithium mine in Australia and the only Australian company forecast to initiate new lithium production in 2022

• ✓ A renewable energy resource that provides jobs for the regions

• ✓ Construction follows Final Investment Decision (FID) last month

• ✓ Project development is fully funded with $150m financing completed last week including a $34m Placement to Ganfeng

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3

Finniss Lithium Project – Territory’s First Lithium Mine Construction has started on the Territory’s first lithium mine

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• ✓ Site construction and establishment works are now underway in preparation for commencement of mining activity later this year

• ✓ 250 jobs to be created during construction and operations

• ✓ Mining Contract executed (Lucas) - mining starting during the current quarter (Q4 2021)

• ✓ EPC Contract executed (Primero) - DMS plant construction commencing March 2022

• ✓ Commissioning of DMS plant and first production of lithium concentrate scheduled Q4 2022

• ✓ 84% of Core’s Project team recruited to date from NT

4

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Australia’s Next Lithium Producer

Construction-started, Fully-Funded, Low-risk, Government Approved

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• Australia's most advanced new lithium mining project , 88km by sealed road to Darwin Port

• Recent Equity raising A$150m secures funding for Finniss Stage 1 development

• Construction-started, Fully Funded, Low-risk in Tier 1 Jurisdiction , with Government approvals in place

• First Production Q4 2022

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• Low capex intensity – A$89m start-up capex, simple DMS processing to produce up to 197,000tpa

• Competitive operating costs and high-margin – $US364 v current spot US$2,000-2,500/t

• Excellent Project Value at ~ US$750/t DFS price - current spot ~300% higher

• Binding offtake (75ktpa) and A$34m equity from Ganfeng, one of the largest lithium metal producers globally

• Binding offtake with Yahua (75ktpa) to links Core to Tesla’s Supply Chain

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• Stage 2 Resource drilling underway to underpin potential future Stage 2 concentrate expansion

• Stage 3 Lithium Hydroxide longer-term plan for downstream lithium processing in the Northern Territory

Notes:

1. Refer 26 July 2021 ASX announcement “Scoping Study identifies potential for Lithium Fines”

2. Refer 20 May 2021 ASX announcement “Significant Lithium Exploration Target at Finniss”.

3. S&P Platts Global - Metals Daily 24/09/21

5

Core’s Corporate Strategy

Create value and contribute to the global energy transformation through growth and vertical integration

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Stage 1 Stage 2 Stage 3
• •
Construct Finniss lithium mine and Produce and market
begin production of spodumene lithium fines by-product [3]
•
concentrate [1] • Develop downstream
Substantially increase
lithium hydroxide
•
Increase Ore Reserves and extend Resources and mine life
processing in the
mine life to +10 years via drilling [2] •
Potential low capex
Northern Territory
•
Strategic acquisitions of new lithium expansion of production
Resources at Finniss
2021 – 2022 2022 – 2024 2024+
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Notes:

1. Refer 26 July 2021 ASX announcement “Stage 1 DFS and Updated Ore Reserves”

2. Refer 26 July 2021 ASX announcement “Scoping Study Confirms 10 Year Lithium Production” & 20 May 2021 “Significant Lithium Exploration Target at Finniss”

3. Refer 26 July 2021 ASX announcement “Scoping Study identifies potential for Lithium Fines”

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10 Year Project is Just the Beginning …

The recently announced Exploration Target has the potential to significantly add Mineral Resource tonnes, and support further extensions and potential Stage 2 Expansion of Finniss

Concentrate Production (kt)

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Expansion potential (Stage 2 of corporate strategy)
23
Further
10
extension
24
potential
183 193 188 193
170 152 161 143
117
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34
Stage 1 DFS Stage 1 Extension Scoping Study Series 3
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Million tonnes Li2O (%)
Exploration
Low High Low High
Target
9.8 16.2 0.8 1.4
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Potential to:

1. Further extend mine life, and/or

2. Expand production with low incremental capex (Stage 2 of corporate strategy), and/or

3. Underpin a downstream lithium processing operation in the NT (Stage 3)

Drilling underway to convert to Mineral Resources

The Exploration Target is supported by historical drilling, trenching & exploration results. The potential quantity & grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource & it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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Significant Exploration and Expansion Upside

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Well-funded and with recent acquisitions to accelerate Reserve
and Resource growth, and potential Stage 2 capacity expansion
Ore Reserves Grants
BP33
7.4Mt
Carlton
Hang Gong
Mineral Resources
Grants - BP33 - Carlton - Significant
14.7Mt Hang Gong - Sandras -
(including Reserves) Booths - Lees potential for
further
acquisitions
Exploration Targets Ah Hoys - Far West Central - Annie -
Centurion - Northern Reward -
10-16Mt
Leviathan - Trojan / Pandanus
Advanced
Shirleys - BP2 - BP7 - BP33W - Hang Gong E
Exploration ( Over 100 other exploration prospects targeting steep,
shallow-dipping and large tonnage pegmatites)
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Well-funded and with recent acquisitions to accelerate Reserve and Resource growth, and potential Stage 2 capacity expansion

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Simple DMS Process & High Quality Concentrate

Simple processing means lower cost and low start-up risk

Simple DMS (gravity) produces high quality product

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Grants Open Cut Mine
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• ✓ +99% of lithium is spodumene

• ✓ Large spodumene crystals liberate at 6mm coarse crush

• ✓ Simple mineralogy – dense spodumene separates well from lighter quartz / feldspar crystals using gravity

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Spodumene Concentrate Product Specifications

• ✓ 5.8% Li2O concentrate at 71.7% lithia recovery

• ✓ Coarse product <0.5mm, max 10mm

• ✓ Good handling properties for customers

• ✓ Low iron <0.7%

• ✓ Low mica <1%

• ✓ Low moisture

9

Close to Darwin Port & Capital City Infrastructure

Infrastructure advantages means lower operating and capital costs

• Darwin Port is 88km by sealed road – Australia’s closest port to China

• ✓ Binding agreement with Darwin Port to export up to 250ktpa of conc.

• ✓ Existing bulk handling facilities

• ✓ Spare capacity to facilitate Stage 2 expansion

• Close proximity to Middle Arm Industrial Precinct, with access to gas supply and other infrastructure – downstream processing potential

• Capital city of Darwin

• ✓ international airport

• ✓ all services & contractors

• ✓ drive-in / drive-out workforce

• Finniss plant site is 8km from grid power

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Middle Arm
Potential LiOH Plant
East Arm Wharf
Darwin CBD
Aerial view of Darwin, the Port
N
of Darwin and the Grants
Lithium development
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• ✓ Connection agreement with NT Govt-owned Power & Water Corp

• ✓ Renewable and low-emission power supply

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Finniss Project – Grants Mine Infrastructure

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Grants Mine

Grants DMS Processing Plant & Mine

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Finniss Project - Logistics Advantages

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88km Sealed Road from Mine to East Arm Port

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Development of Finniss is Well Timed!

Core is construction-ready, with current prices above $2,000/t and a significant supply deficit forecast

Spodumene Prices (US$/t, 6% Li2O, CFR)[3]

Lithium Chemical Market Balance (kt LCE)[2]

Lithium prices are up strongly in 2021:

• ✓ Fastmarkets reporting spot sales at US$2,000-$2,500/t[1]

Lithium market is in a state of “perpetual deficit”, with prices expected to continue to rise[2]

• ✓ Other market commentators forecasting continued

price increases in the short- to medium-term

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1,000
800
600
Historic (Bloomberg)
400 Macquarie Research Jul-21 Forecast
Roskill Apr-21 Forecast
200
Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26
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200
100
-
(100)
(200)
Lithium Market Surplus  / (Deficit)  in kt LCE
(300)
(400)
2018 2019 2020 2021e 2022e 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e
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Notes:

1. Source: Fastmarkets Battery Raw Material Price Update (14 October 2021).

2. Source: Macquarie Lithium Market Update (1 July 2021).

3. Sources: Bloomberg, Macquarie Lithium Market Update (1 July 2021), Roskill Q2 Quarterly Lithium Price Deck (April 2021).

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ESG Credentials in Focus

Core is committed to operating in a safe and sustainable manner, which means operating responsibly.

• Lithium production has a fundamental role to play in shaping the global energy future, as we transition to a low carbon economy

• We prioritise the health and safety of our staff and value the environment and communities in which we operate, with the aim of making a long-lasting positive contribution to our stakeholders and deliver sustainable value for shareholders.

• Core has engaged ERM Global which have completed the following:

• ✓ Greenhouse Gas Assessment (GHG) showing Finniss with lowest CO2 emissions from the transport of lithium compared to other Australian peer lithium projects

• ✓ Life Cycle Analysis (LCA) which assessed environmental impacts across the global value chain of the studied system

• ✓ Sustainability Assessment to build our approach to sustainability including the preparation of a road map in line with good industry practice

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14

Government Support

Major Project Status (MPS) for the Finniss Lithium Project is another major milestone

Federal Government Support

• Major Project Status - Finniss is of strategic significance to Australia

• Core awarded A$6 million Modern Manufacturing Initiative (MMI) grant

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• Federal financing support opportunities in the form of:

• ✓ $2 Billion Critical Minerals Facility

• ✓ Northern Australia Infrastructure Facility (NAIF)

• ✓ Export Finance Australia (EFA)

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• ✓ Clean Energy Finance Corporation (CEFC)

NT Government Support

• Fully-approved by NT Government to start construction

• Core awarded A$5m offer of low cost concessional finance

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• Creating 250 new full-time jobs

15

$6M Federal Grant to Produce Battery Grade LiOH

Core currently finalising a Scoping Study on LiOH Manufacturing in the NT

• Test work on spodumene concentrate from Finniss has produced batterygrade lithium hydroxide (LiOH) suitable for the high-end lithium battery, renewable energy and EV industries

• Core recently awarded $6 million Modern Manufacturing Initiative (MMI) Grant by the Australian Federal Government

• With the co-funding from the MMI Grant, Core is moving into Feasibility Studies of building a downstream lithium hydroxide plant in Darwin

• Downstream Lithium Processing Project in the NT has strong alignment with Federal Government’s Modern Manufacturing Strategy

• $2 Billion Critical Minerals Facility recently announced by the Australian Federal Government to fund critical minerals projects

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Notes:

1. Refer CXO announcements “Battery Grade Lithium Hydroxide from Finniss Project” on 6 April 2021 and “$6m Modern Manufacturing Initiative Grant from Australian Federal Government” 22 July 2021.

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Indicative Project Timeline

2021	2022	2022	2023	2024	+2025
H2	H1	H2	CY	CY	CY

Stage 1 Concentrate Production

DFS release Offtake and finance FID Construction Ramp-up to commercial production

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Stage 2 Potential Concentrate Production Expansion

Resource drilling Feasibility study and approvals Construction and production

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Stage 3 Potential Lithium Hydroxide Production

LiOH Scoping study Feasibility study Partnering and financing Construction Production

17

Thankyou to all our stakeholders and Core team that contributed to our journey….

High Quality Project and Execution Team

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18

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Thank you Authorised for release by the Board of Core Lithium Ltd on 26 October 2021

For more information: Stephen Biggins, Manager Director : +61 8 8317 1700 Core Lithium Ltd Level 1, 366 King William Street, Adelaide

For broker and media enquiries: Fraser Beattie: +61 421 505 557 Cannings Purple

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Appendix

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Mineral Resources and Ore Reserves

JORC (2012) Resource and Reserves

Mineral Resources	Classification	Ore	Grade	Contained
Deposit		Mt	LiO2 %	LiO2 t
	Measured	1.96	1.50	29,500
Grants	Indicated Inferred	0.60 0.33	1.50 1.35	9,000 4,400
	Total	2.89	1.49	42,900
	Measured	1.50	1.52	23,000
BP33	Indicated Inferred	1.19 0.55	1.50 1.54	17,000 8,000
	Total	3,24	1.51	48,000
Sandras	Inferred Total	1.30 1.30	1.00 1.00	13,000 13,000
	Measured	0.63	1.31	8,000
Carlton	Indicated Inferred	1.20 1.19	1.21 1.33	15,000 16,000
	Total	3.02	1.28	39,000
	Indicated	1.19	1.30	15,300
Hang Gong	Inferred	0.83	1.19	9,900
	Total	2.02	1.20	25,200
	Inferred (Lees)	0.43	1.30	5,400
Booths &	Inferred (Lees South)	0.35	1.20	4,300
Lees	Inferred (Booths/ Lees)	1.47	1.06	15,700
	Total	2.25	1.13	25,400
	Total Measured	4.09	1.48	60,500
Total Mineral	Total Indicated	4.18	1.36	56,300
Resources	Total Inferred	6.45	1.19	76,700
	Total Resources	14.72	1.32	193,500

Ore Reserves	Classification	Ore	Grade	Contained
Deposit		Mt	LiO2 %	LiO2 Kt
Open pit
	Proved	1.8	1.5	26.4
Grants	Probable	0.3	1.4	4.7
	Total	2.1	1.4	31.0
Hang Gong	Probable Total	1.1 1.1	1.2 1.2	13.3 13.3
	Proved	1.8	1.5	26.4
Total - Open pit	Probable	1.4	1.3	17.9
	Total	3.2	1.4	44.3
Underground
	Proved	0.0	1.0	0.2
Grants	Probable	0.2	1.5	3.4
	Total	0.3	1.4	3.6
	Proved	1.3	1.4	18.4
BP 33	Probable	1.0	1.4	13.8
	Total	2.3	1.4	32.2
	Proved	0.6	1.2	7.1
Carlton	Probable	1.0	1.0	10.7
	Total	1.6	1.1	17.8
Total - Underground	Proved Probable Total	1.9 2.3 4.2	1.3 1.2 1.3	25.7 27.8 53.6
Total Ore Reserves	Proved Probable Total	3.8 3.7 7.4	1.4 1.2 1.3	52.1 45.8 97.9

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Source: Refer 26 July 2021 ASX announcement “Stage 1 Definitive Feasibility Study and Updated Ore Reserves” 1. Columns and numbers may not total exactly due to rounding