CORE LITHIUM LTD — Investor Presentation 2021

Jul 25, 2021

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Australia’s Next Lithium Producer

Definitive Feasibility and Scoping Studies Investor Presentation

26 July 2021

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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

Australia’s Next Lithium Producer

At the forefront of new global lithium production

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

▪ Construction-ready, Low-risk in Tier 1 Jurisdiction with Government approvals in place ▪ Binding offtake with Yahua (75ktpa) to potentially be part of Tesla’s Supply Chain

▪ Discussions on additional offtake and financing well-advanced

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▪ Stage 1 DFS announced with 30% increase to Reserves , 5 years open pit mining within initial 8 year mine life

▪ Low capex intensity - A$89m start-up capex, simple DMS processing to produce up to 197,000tpa ▪ Competitive operating costs - potential to reduce with lithium by-product credits[1]

▪ Excellent Project Value - Pre-Tax NPV8 A$384m Stage 1 (DFS + Extension Scoping Study) at US$850 spot price

▪ Targeting construction start 2H 2021 , production start 2H 2022 (Core has ~A$40M cash June 2021)

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▪ Near-term pathway to 10 year mine life - Extension Scoping Study announced on 26 July 2021, supported by Inferred Resources ▪ Acquisition in March 2021 of 10-16 Mt Exploration Target[2 ] to support mine life extension and Stage 2 Expansion opportunities ▪ 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:

3

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”.

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”

4

Development of Finniss is Well Timed!

Core is construction-ready, with current prices at US$850/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:

• ✓ Platts reporting spot sales at US$850/t (FOB Aust)[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
Platts current spot price
US$850/t (FOB Aust) [1]
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: Platts Battery Metals Market Commentaries (16 July 2021). 2. Source: Macquarie Lithium Market Update (1 July 2021).

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

5

Delivering Value and Growth

The Finniss Lithium Project has strong economics with valuation upside

Stage 1 DFS + Extension SS* incl. Lithium By-Product

Stage 1 DFS + Extension Scoping Study (ESS)*

Stage 1 DFS*

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Pre-Tax NPV 8 A$259m (Apr-21 Roskill Price) A$384m

Pre-Tax NPV 8 A$221m

Pre-Tax NPV 8 A$289m

(Apr-21 Roskill Price) A$315m (US$850/t FOB Spot Price)

(Apr-21 Roskill Price) A$411m

(US$850/t FOB Spot Price)

(US$850/t FOB Spot Price)

Stage 2 Potential Expansion + Stage 3 Potential Lithium Hydroxide

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6

*Stage 1 DFS is 8-year Life of Mine, Stage 1 DFS + ESS is 10 years

Corporate Information

Share Price (Last 12 Months)

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$0.40 150m
120m
$0.30
90m
$0.20
60m
$0.10
30m
$0.00 0m
Jul-20 Oct-20 Jan-21 Apr-21 Jul-21
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Key Projects

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Finniss Lithium
Anningie & Barrow Creek Lithium
Jervois Domain Copper
Napperby Uranium Resource Lithium
Blueys & Inkheart Lead/Silver
Base Metals
Uranium
Yerelina Zinc Fitton Uranium
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Capital Structure

Share Price (as at 21 July 2021)	A$0.235/sh
Shares on Issue	1,174.1M
Market Capitalisation	~A$276M
Unlisted Options and Performance Rights	127.8M
Cash (31 March 2021)	A$41M
Enterprise Value	~A$235M

Major Shareholders

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5.9%
1.7%
Yahua
Board & Management
Other
92.4%
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7

Source: Bloomberg as at 21 July 2021.

Experienced Board & Management Team

Experienced management team with development and operational mining experience and skills

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Greg Stephen English Biggins

Heath Malcolm Blair Simon Hellewell McComas Duncan Iacopetta

Non-Executive Chairman Managing Director

Non-Exec Director

Non-Exec Director

Chief Operating Officer Chief Financial Officer

• Mining engineer and lawyer

• Geologist & MBA

• Exploration geologist with +20 years experience in gold, base metals & diamond exploration in Australia & West Africa

• +20 years’ experience in multi◼ 25 years’ experience as a commodity projects geologist and executive in the throughout Australasia mining industry in Australia and internationally

• Most recently co-founding Executive Director of Doray Minerals, and a Non-Executive Director of Capricorn Metals

• Partner of Piper Alderman Lawyers, specialising in ◼ Previously has been founding Executive Director of Doray mining, commercial and MD of several ASX-listed Minerals, and a Non-Executive securities law companies, having built Director of Capricorn Metals prospective portfolios of ◼ Previously held senior lithium, gold, uranium & base positions with De Beers metal exploration projects in Australia and Resolute Mining Australia, Asia and Africa

• Investment banker with leadership roles at several global firms including County NatWest (Citi) & Grant Samuel

• Currently Non-Executive Director of Pharmaxis and Actinogen Medical and NonExecutive Chairman of Fitzroy River Corporation

• Previously Non-Executive Director of BC Iron and Consolidated Minerals

• Chartered Accountant

• Mining engineer & MBA

• Mining executive with broad experience in precious and base metals publicly listed mining companies in Australia, America and Africa

• Extensive mining experience gained in the commodities of coal, gold, copper, nickel, vanadium, iron ore and lithium

• Instrumental in building & the ◼ Previously CFO of Ramelius management of the Nullagine Resources Iron Ore mine for BC Iron

8

Australia’s Next Lithium Producer ASX Listed Peers - Market Capitalisation (A$m)

- 1,000 2,000 3,000 5,000	5,000	On the path to production…	On the path to production…	On the path to production…	On the path to production…	On the path to production…	On the path to production…	On the path to production…	On the path to production…	On the path to production…	On the path to production…	On the path to production…	On the path to production…	On the path to production…
	1,000 2,000 3,000
		Pilbara Minerals Orocobre Galaxy Resources Liontown Resources Piedmont Lithium Vulcan Energy Ioneer AVZ Minerals Sayona Mining Core Lithium Prospect Resources European Lithium													Infinity Lithium
Status		Producing	Producing	Producing	PFS	SS	PFS	DFS	DFS	DFS	DFS	DFS	PFS		PFS
Approval to Mine?		Y	Y	Y	N	N	N	N	N	N	Y	Y	N		N
Country		Australia	Argentina	Argentina / Australia	Australia	USA	Germany	USA	DRC	Canada	Australia	Zimbabwe	Austria		Spain

9

Source: Bloomberg as at 22 July 2021, Company Announcements. Top 13 ASX focussed lithium companies.

Stage 1 DFS Results

Strong project economics, low start-up capex and globally competitive operating costs

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Ore Mined Mine Life First Production Average Production 7.4Mt @ 1.3% Li2O 8 years 2022 173ktpa @ 5.8% Li2O Start-Up Capex[1] Commodity Price[2] C1 Operating Costs[3] Pre-Tax Free Cash Flow A$89m US$743/t US$364/t A$344m Pre Tax IRR[4] Post-Tax NPV Pre-Tax NPV Pre-Tax NPV 8 8 8 53 [%] A$170m A$221m A$315m (US$850)

Notes:

1. Start-Up Capex includes pre-strip mine development for the Grants Open Pit of A$34 million.

2. Commodity Pricing assumptions are derived from Roskill April 2021 forecast and represents the average spodumene concentrate received price over the LOM. Assumptions include sea freight of US$20/t of concentrate and a pro-rata grade adjustment for 5.8% Li2O grade.

3. C1 Operating Costs are defined as direct cash operating costs of production FOB, divided by spodumene concentrate production. Direct cash operating costs include mining, processing, transport, port, and ship-loading costs. C1 Operating Costs exclude royalties and sustaining capital, with the LOM average calculated from commencement of commercial production. AUD:USD assumption is 0.70.

4. 2-year Payback from sale of first concentrate.

10

Stage 1 Extension Scoping Study

Increased production and a further 2 year potential mine life extension with inclusion of Inferred Resources

Concentrate Production (kt)

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193
23
162
10
141
24
183 193 188 193
170
161
152
143
117
13
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31
Stage 1 DFS Extension Scoping Study
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Notes:

1. Start-Up Capex includes pre-strip mine development for the Grants Open Pit of A$34 million.

Extension Scoping Study based on mining of Inferred Resources at Grants, BP33, Carlton and Hang Gong

Metric	DFS2	Extension Scoping Study2,4
Start-up capex1	A$89m	A$89m
Mine life	8 years	10 years
Ore inventory	7.4 Mt	9.8 Mt
Total conc. production	1.21 Mt	1.56 Mt
C1 operating costs3	US$364/t	US$372/t
Pre-tax IRR	53%	56%
Pre-tax cash flow	A$344m	A$415m
**Pre-tax NPV8 **	A$221m	A$259m
Pre-tax NPV8 (US$850 spot)	A$315m	A$384m

1. Commodity Pricing assumptions are derived from Roskill April 2021 forecast and represents an average spodumene concentrate received price over the LOM. Assumptions include sea freight of US$20/t of concentrate and a pro-rata grade adjustment for 5.8% Li2O grade.

2. C1 Operating Costs are defined as direct cash operating costs of production FOB, divided by spodumene concentrate production. Direct cash operating costs include mining, processing, transport, port, and ship-loading costs. C1 Operating Costs exclude royalties and sustaining capital, with the LOM average calculated from commencement of commercial production. AUD:USD assumption is 0.70.

3. Pre-tax IRR, Pre-tax NPV and Pre-tax cash flow are exclusive of corporate tax.

11

This 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.

12

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

13

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

14

Lithium Fines By-Product Upside Potential

Lithium fines by-product potentially reduces opex and provides a waste stream management solution

	Lithium Fines Scoping Study – Stand-alone Economics	Lithium Fines Scoping Study – Stand-alone Economics
	Fines Price (FOB)1	US$65/t
	Production Rate	110,000tpa
	C1 Operating Costs2	US$21/t		Grants Open Cut Mine
	Initial Capital3	A$8.4m
	Pre-tax free cash flow4	A$50m
	Pre-tax NPV8 4	A$33m
	Pre-tax IRR4	171%
	Lithium Fines Product Specifications
	✓ Grade approximately 1.0 % Li2O
	✓ Particle size, P1000.5	mm, P800.3 mm

• ✓ Iron oxide grade < 1.0 %

Notes:

1. Pricing based on an assumed price of US$80/tonne (CFR) for LF product grading 1.0% Li2O, pro-rata adjustments for grade +/- 1.0% Li2O (0.9% Li2Ocut-off), sea freight of US$20/t.

2. C1 Operating Costs are defined as direct cash operating costs of production FOB, divided by production tonnes. Direct cash operating costs include processing, haulage, port logistics, and ship-loading costs. C1 Operating Costs exclude royalties. AUD:USD assumption is 0.70.

3. Capital works required include a fines handling facility and storage shed. Construction commence in Q1 2023 and take 6 months to complete. Capital works include a 20% contingency. 4. Free Cash Flow, NPV and IRR as shown here are exclusive of corporate tax and all royalties.

15

Low Capital Intensity & Low Risk

One of the world’s most capital-efficient lithium mining projects

Start-up Capital Intensity (US$/tpa)[1,2]

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Rose (Ontario) 2,157
Kathleen Valley (WA) 1,251
Authier (Quebec) 835
Manono (DRC) 779
Mina do Barroso (Portugal) 777
James Bay (Quebec) 739
Goulamina (Mali) 445
3
Finniss (NT) 382 Australia is a “Tier 1” Mining Jurisdiction
Groto do Cirilo (Brazil) 323
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Source: Company announcements (refer Appendix slide 31), Bloomberg as at 16[th] July 2021.

Notes:

1. Ratio of upfront capital cost (including contingencies) and average annual spodumene concentrate production.

2. Capital cost estimates converted to USD at spot rate of AUD/USD 0.7423.

3. Based on Stage 1 DFS upfront capital cost estimate of A$89m and average annual production of 173ktpa.

16

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

17

Potential to Join Tesla Supply Chain

Yahua recently signed a 5-year battery-grade lithium hydroxide supply deal with Tesla

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• Core has binding offtake to supply 75,000tpa to Yahua for 4 years (approximately 40% of Core’s Stage 1 production)[1]

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• Yahua recently announced a production expansion from 20,000tpa LCE to 50,000tpa LCE

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• Once in production, Core has potential to join the Tesla supply chain through Yahua

Core is receiving accelerating interest from the global lithium battery and EV supply chain for additional binding offtake plus finance

18

Notes:

1. Refer 1 April 2019 ASX announcement “Yahua Increases Lithium Concentrate Offtake Commitment”.

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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19

The Core Lithium Advantages

Our Finniss Lithium Project presents a range of ESG advantages

Small operational footprint

A combination of open cut and underground mining has reduced our overall site footprint. Finniss will share infrastructure with the nearby Grants Project to increase efficiency and reduce costs.

Active engagement with local communities

Core is committed to giving back through maximising Indigenous employment opportunities, sourcing locally where possible and contributing to community initiatives.

Aligned Scope 1 and 2 emissions

Finniss aligns well when compared on an emission intensity level to published emission intensities for other spodumene concentrate production facilities in WA for Scope 1 and 2 emissions.

Management of cultural heritage

We are conscious of and respect local heritage. Core has established risk management practices to ensure protection of sacred sites and artefacts that may be discovered during operations.

Reduced Scope 3 emissions

The Project is located 88 km from the Darwin Port. This relatively short distance between the site, Port of Darwin and customers in Asia means that the Project’s Scope 3 emissions are the lowest in Australia.

Water conservation

We maximise recycling of water dewatered from the pit and tailings. We reduce the use of groundwater by utilising the existing Observation Hill Dam, with plans to build second dam adjacent to the project

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Hydropower energy storage

Core is exploring the option of converting future reservoir into a Pumped Hydropower Energy Storage (PHES) facility with the ability to feed power back into the Northern Territory grid.

Established HSE procedures

Established policies, procedures and risk management plans ensure the safety and wellbeing of our people, the environment and stakeholders.

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Contributing to a lowcarbon energy future

Yahua offtake means Core has potential connections to the Tesla supply chain. We are well connected to the European market through membership with the European Battery Alliance.

Smaller waste impact

By doing underground mining we produce less waste. We are exploring ways to on sell our byproducts to further reduce our waste impact on the environment.

20

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

• Federal financing support opportunities in the form of:

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• ✓ Major Projects Facilitation Agency (MPFA)

• ✓ Northern Australia Infrastructure Facility (NAIF)

• ✓ Critical Minerals Facilitation Office (CMFO)

• ✓ Modern Manufacturing Initiative (MMI)

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NT Government Support

• Fully-approved by NT Government to start construction

• A$5m offer of low cost concessional finance

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• Creating over 200 new full-time jobs

21

$6M Federal Grant to Produce Battery Grade LiOH

Test work on spodumene concentrate from Finniss has produced battery-grade lithium hydroxide (LiOH)

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

• Follows successful conversion testwork of Core’s spodumene to Livent “battery grade” specification LiOH using conventional ‘direct’ flowsheet

• Excellent extraction and recovery of lithium to LiOH crystallisation (>95%)[1]

• Quality of Finniss spodumene concentrate is suitable for the high-end lithium battery, renewable energy and EV industries

• Core currently finalising LiOH Scoping Study

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

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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.

22

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

23

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Appendices

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Stage 1 Economic Outcomes of Studies (Cumulative)

Metrics	Metrics	Stage 1 DFS	Stage 1 DFS + Extension Scoping Study	Stage 1 DFS + Extension Scoping Study + Li Fines Scoping Study
Mine Life		8 years	10 years	10 years
Based on	Roskill Price Forecasts 1
C1 Operating Costs2		US$364/t	US$372/t	US$349/t3
AISC4		US$441/t	US$454/t	US$434/t3
Pre-Tax Free Cash Flow5		A$344m	A$415m	A$460m
Pre-Tax NPV8 5		A$221m	A$259m	A$289m
Pre-Tax IRR5		53%	56%	59%
Based on	Spot Prices – US$850/tonne (FOB)
Pre-Tax NPV8 5		A$315m	A$384m	A$411m6
Pre-Tax IRR5		76%	79%	81%5

Notes:

1. Commodity Pricing assumptions are derived from Roskill April 2021 forecast. Assumptions include sea freight of US$20/t concentrate and a pro-rata grade adjustment for 5.8% Li2O grade of spodumene concentrate.

2. C1 Operating Costs are defined as direct cash operating costs of production FOB, divided by production tonnes. Direct cash operating costs include processing, haulage, port logistics, and ship-loading costs. C1 Operating Costs exclude royalties. AUD:USD assumption is 0.70.

3. C1 Operating Costs and AISC in this scenario are inclusive of LF by-product credits.

4. AISC are defined as C1 Operating Costs plus royalties and sustaining capital.

5. Free Cash Flow, NPV and IRR shown in this table are exclusive of corporate tax, but include royalties.

6. LF prices are unchanged in this scenario relative to the scenario above.

25

Stage 1 DFS : Mine Plan

Ore Mined (kt) & Grade (%)

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----- Start of picture text -----

1,326
1,177
1,101 1,088
849 842
1.48% 1.47%
1.32%
1.25%
1.13% 1.11%
1.40% 1.41% 553
507
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
Grants OP Grants UG BP33 UG
Carlton UG Hang Gong OP Li2O Ore Grade
----- End of picture text -----

• Figure 1 shows the close proximity of Grants, BP33, Carlton, Booths, Lees and Hang Gong Resources. The Sandras Mineral Resource is in the southern region

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Figure 1: Map of northern Finnis Project area

26

Stage 1 DFS: Capital Costs

- Core is developing one of the world’s most capital efficient lithium projects

Total Initial Capital Cost1	A$m	LOM Non-Sustaining Capital Costs (A$m)2	LOM Non-Sustaining Capital Costs (A$m)2	LOM Non-Sustaining Capital Costs (A$m)2	LOM Non-Sustaining Capital Costs (A$m)2	LOM Non-Sustaining Capital Costs (A$m)2	LOM Non-Sustaining Capital Costs (A$m)2	LOM Non-Sustaining Capital Costs (A$m)2	LOM Non-Sustaining Capital Costs (A$m)2
DMS Plant Power & Water Supply	37.9 7.5	90 100 Start-Up Capital		88.9
TSF & Water Management	6.4	80							Hang Gong			Pre-Strip
		70
Mobilisation, Utilities & Services	1.7	60		50.0
Site Establishment & Setup	1.1	50								47.0
		40
Roads	0.6	30			Grants, BP33 and Carlton
Total Start-Up & Construction Costs Pre-Strip Grants Open Pit	55.0 33.9	10 20		33.9	10.3 4.7 5.7 Underground Development				-			-	-
		-				~~-~~		~~-~~	~~-~~			~~-~~	~~-~~
Total Initial Capital Cost	88.9			FY22	FY23	FY24		FY25	FY26	FY27		FY28	FY29
						Pre-Strip		Processing & Other Infrastructure

1. Non-sustaining capex includes initial capital costs, open pit pre-strip costs and other mine establishment costs. Excludes sustaining, underground development and closure capex.

27

Notes:

1. Initial capital cost defined as capex incurred prior to commercial production.

Stage 1 DFS: Operating Costs (FOB)

Competitive operating costs ensure healthy operating margins

	LOM Average Unit Operating Costs	US$/t1	Spodumene Price4	Spodumene Price4	vs. C1 Operating Costs2 & AISC3 (US$/t, FOB)	vs. C1 Operating Costs2 & AISC3 (US$/t, FOB)	vs. C1 Operating Costs2 & AISC3 (US$/t, FOB)	vs. C1 Operating Costs2 & AISC3 (US$/t, FOB)
	OP Mining Costs	106	1,000
	UG Mining Costs	133
	Processing	103	800
	Haulage & Logistics	12	600			Strong cash margins above US$300/t
	Site General & Administration	10
	C1 Operating Costs2	364	400
	Royalties	36
			200
	Sustaining & UG Development Capex	41
	All-in Sustaining Costs (FOB)3	441	-
				FY23	FY24	FY25	FY26	FY27	FY28		FY29
					Received Concentrate Price (FOB)			C1 Operating Costs		AISC

Notes:

1. Converted using an exchange rate of 0.70 AUD/USD

2. C1 Operating Costs are defined as direct cash operating costs of production FOB. Direct cash operating costs include mining, processing, transport, and G&A.

3. AISC includes royalties, general sustaining capex and underground development capex.

4. Spodumene price assumptions are derived from Roskill April 2021 forecast, adjusted for sea freight of US$20/t concentrate and a pro-rata grade adjustment for 5.8% Li2O grade.

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Experienced Team to Deliver a Simple Project High Quality Project and Execution Team

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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

Capex Intensity Benchmarking – Data Sources

• Rose Lithium-Tantalum: As per 13 July 2021 Company Presentation “Company Investor Presentation (July 2021) (pg 35) and as per 29 November 2017 TSX announcement “Rose Lithium-Tantalum Project - Feasibility Study NI 43 101 Technical Report” (pg 200)

• Kathleen Valley: As per 9 October 2020 ASX announcement “Updated KV PFS – Substantial Increase in NPV and Mine Life” (pg 9)

• Authier: As per 11 November 2019 ASX announcement “Revised Authier DFS Shows Boost to Profitability” (pg 3)

• Manono: As per 21 April 2020 ASX announcement “AVZ Delivers Highly Positive DFS for Manono Project” (pg 1, 4)

• Mina do Barossa: As per 14 June 2018 LSE announcement “Portugal Scoping Study” (pg 4, 20)

• James Bay: As per 9 March 2021 ASX announcement “James Bay Development Plan” (pg 3, 6)

• Goulamina: As per 20 October 2020 ASX announcement “Goulamina Lithium Project Definitive Feasibility Study” (pg 3)

• Groto do Cirilo: As per 18 October 2019 TSX announcement “NI 43-101 Technical Report on Feasibility Study – Groto Do Cirilo Lithium Project (pg 37, 39)

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Thank you Authorised for release by the Board of Core Lithium Ltd

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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