CORE LITHIUM LTD — Investor Presentation 2021

Jan 18, 2021

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19 January 2021 Australia’s Next Lithium Producer

January 2021 Update

Stephen Biggins Managing Director

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Important and cautionary notes

This document has been prepared by Core Lithium Ltd (“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.

Cautionary Statement:

The DFS results are based upon the updated Grants Mineral Resource of 22 October 2018 and the update BP33 Mineral Resource Estimate of 6 November 2018. The Mineral Resource contains Measured, Indicated and Inferred Mineral Resources. Whilst there is sufficient Measured & Indicated Mineral Resources to complete the production schedule during the 17-month payback period. There is a low level of geological confidence associated with the Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. The Inferred Mineral Resource is not the determining factor in determining the viability of the Finniss Project as the Inferred Mineral Resource represents only 4.4% of the production during the 17 month pay-back period in the Reserve Case. The DFS Reserve Case contains 14% Inferred material. The DFS does not rely upon additional Mineral Resources from the company’s other prospects.

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.

There is a low level of geological confidence associated with the inferred mineral resources and there is no certainty that further exploration work will result in the determination of indicated mineral resources or that the production target itself will be realised.

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Important and cautionary notes

Competent Person Statements:

The Mineral Resources and Ore Reserves underpinning the Production Target have been prepared by competent persons in accordance with the requirements of the JORC code. The information in this release that relates to the Estimation and Reporting of Ore Reserves is based on, and fairly represents, information and supporting documents compiled by Mr Blair Duncan. Core confirms that it is not aware of any new information or data that materially affects the information included in this announcement and that all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in the announcements “Grants Lithium Resource Increased by 42% ahead of DFS” dated 22 October 2018, “Maiden Sandras Mineral Resource Grows Finniss to 6.3Mt” dated 29 November 2018, “Finniss Feasibility Study and Maiden Ore Reserve” dated 17 April 2019, “Initial Resource for Lees Drives Finniss Mineral Resource” dated 6 May 2019, “Finniss Lithium Resource increased by over 50%” dated 15 June 2020 and “Increased Ore Reserve Significantly Extends Finniss” dated 30 June 2020 continue to apply and have not materially changed. Core confirms that it is not aware of any new information or data that materially affects the Exploration Results and Mineral Resources included in this announcement. The information included in this presentation has been obtained from the “Finniss definitive Feasibility Study and Maiden Ore Reserve” announcement dated 17 April 2019 and “Increased Ore Reserve Significantly Extends Finniss” dated 30 June 2020 and Core confirms that all material assumptions and technical parameters underpinning the forecast financial information derived from the Ore Reserve and Mineral Resource continue to apply and have not materially changed.

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 pre-feasibility and feasibility studies, the Company’s business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, Mineral Resources, results of exploration and relations expenses. Generally, this forward-looking information can be identified by the use of forwardlooking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’,

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 scandium and other metals; 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.

Accuracy:

The DFS has been prepared to an overall level of accuracy of approximately ‐15% to +15%. This judgement is made following consideration of the basis studies and the features outlined in the Cost Estimation Handbook Second Edition Monograph 27 AusIMM, The Minerals Institute.

‘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

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Australia’s next lithium producer Core at the front of the line of new global lithium production

✓ Australia's most advanced new Lithium Project

✓ Near Construction-Ready

• ✓ Govt Approvals and funding offer already in place

✓ DFS complete next Quarter

• ✓ FID to target Construction start 2H 2021

• ✓ Binding offtake with Yahua to potentially supply Yahua’s 5-year LiOH supply contract with Tesla

✓ $85M capex producing $160M/y Revenue (min 175,000tpa SC6)

✓ Substantial upside on Resource Growth, LOM and Production Capacity And to EV growth, lithium demand, lithium price and peer valuation….

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CXO is Australia’s most advanced lithium developer

Core’s Finniss Project is low-risk, near construction-ready and offers substantial value upside

Project Metric 3

Finniss

(Core Lithium ASX:CXO)

Piedmont

(Piedmont Lithium ASX:PLL)

Kathleen Valley

(Liontown Resources ASX:LTR)

Approved DFS Binding offtake Reserves Mining Distance to port C1 Site Opex (US$/t)[1] Start-up Capex Production (tpa) Market cap ($m)[3]

Yes		No		No
Yes		No		No
Yes		Yes		No
Yes		No		Yes
Open Pit and U/G		Open Pit		Open Pit and U/G
88km4		320km		700km
US$/t 300- 400		US$/t250-300		US$/t 300- 400
A$85million		A$240million 2		A$325million
175,000		160,000		350,000
~$200 million		+$700 million		+$750 million

Information sourced from ASX announcements lodged by ASX:PLL and ASX:LTR

1 C1 Site Opex (US$/t) excludes by-product credits

2 Converted US$ using a 0.70 AUD:USD exchange rate

• 3 As at 15 January 2021

4 By NT government maintained sealed road

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Corporate information

Share Price Performance Last Twelve Months

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Capital Structure (as at 15 January 2021)	Capital Structure (as at 15 January 2021)
Share Price	A$0.22
Shares on Issue	1,002.4M
Market Capitalisation	A$221M
Options and Rights Unlisted	56.6M
Cash (30 September 2020)	A$6.9M
Debt Facilities	Nil
Enterprise Value	A$214M

Source: CommSec. Daily average stock liquidity 7.2m shares (~178% of stock traded in last 12 months)

Board of Directors Management Team	Board of Directors Management Team	Board of Directors Management Team
Managing Director	Stephen Biggins	Chief Operating Officer Blair Duncan
Non-Executive Chairman	Greg English	Chief Financial Officer Simon Iacopetta
Non-Executive Director	Heath Hellewell	Commercial Marketing Manager Robert Sills
Non-Executive Director	Malcolm McComas	Exploration Manager David Rawlings
Company Secretary	Jarek Kopias	Project Manager Sean Buxton

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Finniss Lithium Project - key advantages Core is developing one of Australia’s most capital-efficient and low-cost lithium projects

• Location adjacent World Class Infrastructure

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[[1]] )
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• High-grade Lithium Resources 25km from Australia’s closest port to Asia and nearby Darwin capital city infrastructure

• No Flotation

• Simple DMS processing (no flotation)

• Significantly decreases capex, finance cost, opex/risk and emissions

• SC6.0 % Li2O produced at high lithium recovery ~70%

• Producing 175,000tpa[1] high-quality, low-iron lithium concentrate

• = Low start-up capex (~A$85M[1] ) producing high revenues (~A$160M/y[[1]] )

1 2019 DFS, 2020 PFS and forecast estimates

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Prime location and valuable infrastructure and logistics

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Potential LiOH Plant
Darwin CBD
N
Aerial view of Darwin, the Port of Darwin
and the Grants Lithium development
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Excellent location & infrastructure advantages Potential for downstream manufacturing

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Dense Media Separation (DMS) - no flotation circuit required

DMS avoids problems of other new lithium Australian flotation projects burdened by high capex, large debt and high finance cost and high operating cost (refer appendix)

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• ✓ Simple DMS (gravity) separation produces high quality lithium product

• ✓ 6.0% Li2O Concentrate produced at high 70% Recovery

• ✓ DMS Produces high-quality lithium concentrate low in iron <0.7% & other contaminants

• ✓ Coarse product with low-moisture content and good handling properties another advantage for customers

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Binding offtake with Yahua to potentially supply Yahua’s 5-year LiOH supply contract with Tesla

Tesla recently signs 5-year LiOH supply deal with Core’s lar est shareholder and lithium offtaker - Yahua g

• ✓ Core has Binding offtake with Yahua for 75,000tpa (approx. 40% of Core’s current 175,000tpa production)

• Core Lithium also secures first European Offtake in 2020

• ✓ Core non-binding Memorandum of Understanding (MOU) for Offtake with Geneva-based Transamine

• ✓ 50,000tpa of spodumene concentrate over five years

• ✓ Additional option for financing facility with Transamine

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Core is receiving accelerated interest from new lithium parties for additional binding offtake and customer project finance agreements

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Darwin Port

Heads of Agreement

Core has agreement with Darwin Port to ship 250,000tpa of spodumene concentrate

Darwin Port is Australia’s nearest port to China

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

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 either:

• 250ktpa of spodumene concentrate; or

• 1Mtpa of spodumene Direct Shipping Ore (DSO)

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NT Government approvals received for Finniss Lithium Project

Approval milestones

2018

Mineral Lease Granted for Finniss Lithium Project & key infrastructure

2019

Supplementary Environmental Impact Study (EIS) submitted

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2020

Mine Processing Plant and EIS & Mine Management Plan (MMP) Approved

2021 and onward

BP33 ML Granted Subsequent project expansion approvals

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Mineral Resources & Ore Reserves expansion Significant Upside

2020 150% increase to the Measured/Indicated Resource and Reserves 2021 Resource expansion drilling to accelerate LOM growth and production capacity increases ✓ Significant potential to continue to increase life of mine and production capacity ✓ 52% increase to Mineral Resource Estimate (MRE) to 15Mt at 1.3% Li2O ✓ 150% increase to the Measured and Indicated Resource categories to 7.62Mt @1.41% Li2O ✓ Opportunities to extend and expand the MRE with resource drilling recommencing Q2 2021

Resource Category	Tonnes	Li2O %
Measured	3,220,000	1.47
Indicated	4,400,000	1.37
Inferred	7,100,000	1.22
Total	14,720,000	1.32

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Mineral Resources & Ore Reserves expansion Significant Upside

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Current Project Pipeline

Pipeline of high-grade lithium targets that formed the basis of recent resource drilling

Current and Future Drilling Programs leading to Mineral Resource and Ore Reserve increases in 2021 and beyond

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Ore Reserves
Grants
BP33 Carlton
• Sandras Mineral Resources Potential for
• Hang Gong
• Booths • Lees
Adjacent
Acquisitions?
• Far West Belt • Ah Hoys
Advanced
• Talmina • Shirleys • BP2
• BP7 • BP33W • Hang Gong E Exploration
Over 100 exploration prospects targeting :
• Steep Pegmatites • Shallow-dipping
Pegmatites • Large Tonnage Pegmatites Targets
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Potential for long-term production and to expand production capacity

2021 Exploration and Resource Growth Strategy

Organic resource growth opportunities

Strategic resource growth opportunities

• Resource/Reserve Extensions :

• Grants, BP33, Carlton, Hang Gong, etc

  • Potential for new adjacent acquisitions to contribute to future resource growth

• Brownfields Exploration

• Far West, Shirleys, BP31, Ahoy, Talmina, Talmina W, Saffums, etc

• Greenfields Exploration

• 100’s of historic pegmatites untested by drilling

• Potential for large, step-change discovery

Organic and Strategic Resources Growth

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?
Resources
Reserves
20.0
?
10.0
-
Dec-17 Jun-18 Dec-18 Apr-19 Jun-20 Q1 2021 2022
Millions (tonnes)
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Positioned at front of the line to be Australia’s next lithium producer

• ✓ Binding offtake with Yahua to potentially supply Yahua’s 5-year LiOH supply contract with Tesla

• ✓ Approvals in place to commence construction & operation of the Finniss Lithium Project

• ✓ First European Offtake announced to market and advancing discussions with additional offtake and finance partners

• ✓ Drilling to increase Mineral Resources, Life of Mine and Project Revenues

• ✓ Optimising DFS Q2 2021 ahead of FID and Construction

• ✓ Australia’s most advanced and capital efficient lithium developer positioned for early production in increasing price and demand environment

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Appendix: Gold and Silver Projects Northern Territory, Australia

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High grade gold and silver projects in the NT Substantial value in Core’s 100%-owned precious metals projects

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Core is advancing high-grade gold and silver projects in NT

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Bynoe Gold Project

✓ Grades over 100g/t Au

✓ +100 Gold Nuggets and Visible Gold

• ✓ First gold drill assays in coming weeks

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Adelaide River Gold Project

✓ Assays above 100g/t Au

✓ Historic Mining

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Blueys Silver Project

✓ >1,000g/t Ag in drilling

• ✓ Continuous high-grade mineralisation open ✓ Potential for silver Mineral Resource

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Bynoe Gold Project

100g/t assays, +100 gold nuggets and visible gold in +10million ounce terrain

• Bynoe Gold Project located in Pine Creek Orogen (PCO)

• PCO hosts +13 million oz and produced 4.5 million oz gold

• “thinking time” in COVID-19 lockdown enabled Core to unlock gold prospectivity uncovered by lithium exploration over the past 5 years

• Discovery of multiple new gold prospects with visible gold, gold nuggets and +100g/t gold assays within months of starting gold exploration!

• Building toward a substantial gold project

Resource data sourced from past ASX announcements:

CXO announcement “Gold grades over 100gt Au and visible gold - Bynoe Project” on 28 September 2020.

https://www.asx.com.au/asxpdf/20160824/pdf/439l67hln93qjv.pdf,

https://www.vistagold.com/images/Investor/Presentation/Vista_Gold_Corp.-_Corporate_Presentation-_September_2020_090120.pdf and https://www.kl.gold/our-business/resources-and-reserves/default.aspx.

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Bynoe Gold Project

80 gold nuggets within 1,600m gold anomaly

• Over 80 gold nuggets found in late 2020 - up to 5 grams

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

• Up to 32g/t gold-in-soils and 11 samples >1,000ppb Au

• Five rock chips grade >10g/t Au and 17 samples >1g/t Au

• 100-150m wide series of sulphide-rich, gold-bearing quartz veins along 1,600m trend

• Short RAB drilling program completed in Dec 2020 as first test for gold mineralisation below surface in this new sizeable and significant gold system

• Gold drill assays expected in next few weeks

CXO announcement “Gold Nuggets and High-Grades at New 1,600m Bynoe Target” on 10 December 2020.

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Thank you

For more information:

Core Lithium

Level 1, 366 King William Street, Adelaide Stephen Biggins: +618 8317 1700

Authorised for release by the Board of Core Lithium Ltd. For broker and media enquiries: Cannings Purple Warrick Hazeldine: +61 417 944 616 Fraser Beattie: +61 421 505 557

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