Quarterly Activities and Cashflow Report

• Repositioning Finniss as a low-cost underground mining operation with 20-year life
• Simplified process flowsheet reducing operating costs by 33% to $40-$46/t
• Finalizing acquisition of crushing plant, reducing future crushing costs by half

Core Lithium Ltd has completed a comprehensive Restart Study for its Finniss Lithium Project, outlining a pathway to reposition the operation as a highly attractive, low-cost underground mining venture with a 20-year life. The study includes optimized underground mine plans for the Grants, BP33 and Carlton deposits, an enhanced process flowsheet with proposed plant upgrades, and detailed operating and capital cost estimates. Key outcomes include a simplified and debottlenecked process with operating costs reduced by 33% to $40-$46/t, increased annual production of 205ktpa SC6 equivalent concentrate, and the finalization of the acquisition of the crushing plant to reduce future crushing costs by half. The company has also strengthened its balance sheet, with a reduction in liabilities and expenditure, positioning it well to advance the Finniss restart. The study identified several opportunities to further enhance returns, extend mine life, and increase production, including process improvements, increased ore production, and potential throughput expansion.

The Restart Study outlines a base case operation with an annual production throughput of 1,200kt, producing 205ktpa of SC6 equivalent coarse-grained concentrate over a 20-year mine life. Operating costs are estimated at $690-$785/t FOB SC6 equivalent (excluding royalties).

Core is progressing a strategic funding process to support the advancement of the Finniss Lithium Project, with a focus on minimizing shareholder dilution. The company is also planning exploration activities to potentially increase the mine life and production, including drilling programs at the Blackbeard and BP33 Deeps prospects.