• Lean, long life, underground operations with 94% of the first 10 years backed by Ore Reserves
• Highly attractive cost structure with 40% reduction in mining costs and 33% reduction in processing costs
• Plant optimisation without major capital, delivering 20% throughput uplift and higher global recoveries

Core Lithium has completed a comprehensive, bottom-up assessment of its Finniss Lithium Operation, focused on developing a new mining and processing plan to reduce the project's operating and capital cost base and improve operating efficiency. The study delivers a more resilient operation that will be able to operate through the commodity cycle and deliver significant shareholder value. The updated mine plan is based on underground mining, capitalising on the high-grade, steeply dipping and continuous nature of the ore bodies. This will significantly reduce waste movements and enable greater control of the quality of feed being delivered to the process plant. The first ten years of the mine schedule is 94% sourced from Ore Reserves. The study also proposes a reconfiguration of the current processing plant, designed to increase throughput to 1.2Mtpa and average global recovery to 78%, through various optimisations including a gravity separation circuit, enhanced screening, and a simplified flowsheet. These improvements will stabilise the concentrate quality, reduce concentrate handling costs, and provide a high-quality and consistent source of underground paste fill material. The study demonstrates a robust operation with an updated potential Mine Life of 20 years and future extension potential, with mining costs reduced by 40% to $63-$72/t and processing costs cut by 33% to $40-$46/t, placing Finniss among the most competitive global spodumene operations.

The study outlines a lower-cost, longer-life, and scalable operating plan that generates free cash flow of $1.2 billion, representing a six-fold return on pre-production capital of $175-$200 million.

Core has identified a range of opportunities and is considering multiple funding pathways, with a focus on minimising dilution and maximising value for shareholders. A Final Investment Decision remains subject to Board approval, contingent on market conditions and securing a suitable funding pathway.