• Ore Reserve Estimate for Carlton of 4.5Mt @ 1.19% Li2O
• Total Finniss Ore Reserves increased by 42% to 15.2Mt @ 1.26% Li2O
• Contained Li2O metal in Finniss Ore Reserves increases by 39% to 192kt

Core Lithium Ltd (ASX: CXO) has provided an update to the Ore Reserve Estimate at its 100%-owned Finniss Lithium Project in the Northern Territory. The declaration of Ore Reserves at Carlton represents a significant de-risking step towards a future restart of operations at Finniss. The updated Ore Reserve Estimate includes a new Carlton deposit of 4.5Mt @ 1.19% Li2O, increasing the total Finniss Ore Reserves by 42% to 15.2Mt @ 1.26% Li2O. This also increases the contained Li2O metal in the Finniss Ore Reserves by 39% to 192kt. The Restart Study mine schedule is now 87% backed by Ore Reserves, up from 61%, further de-risking the project. Mineralisation at Carlton remains open at depth, and Core sees considerable opportunity to extend the deposit through future exploration. The updated Ore Reserve also supports greater potential to bring forward ore from Carlton earlier into the mine schedule, should a plant expansion be warranted by future market conditions.

The long-term SC6 Spodumene price used for calculating the financial analysis is US$1,330/t. The Ore Reserves are estimated to support more than 16 years of potential feed into the Finniss DMS plant based on its planned capacity of 1.2Mtpa.