• Advancement of the Finniss Lithium Project towards restart as a low-cost underground mining operation
• Firm commitments received for $50 million placement and $4.3 million share purchase plan
• Updated Ore Reserve for Carlton increases total Finniss Ore Reserves by 42% to 15.2Mt at 1.26% Li2O

Core Lithium Ltd (ASX: CXO) has provided its quarterly activities report for the September 2025 quarter, highlighting the advancement of the Finniss Lithium Project towards restart as a highly attractive, low-cost underground mining operation with a 20-year life. The company received firm commitments for a $50 million placement and an additional $4.3 million through a share purchase plan to accelerate the development of Finniss. An updated Ore Reserve for the Carlton deposit increased the total Finniss Ore Reserves by 42% to 15.2Mt at 1.26% Li2O. The strategic funding process is progressing well, with strong interest from high-quality counterparties. Core also terminated the final offtake agreement for Finniss, leaving 100% of future spodumene production unencumbered and available for project partners or spot sales. The company ended the quarter with a cash balance of $35.9 million, which will be further strengthened by the approval of the $20.8 million second tranche of the placement. Technical workstreams, including geotechnical, water management, mine design, and operational sequencing, have advanced materially and remain on schedule to support a Final Investment Decision.

The long-term SC6 Spodumene price used for calculating the financial analysis is US$1,330/t. The breakeven cut-off net Smelter Return (NSR) for underground mining at BP33 and Grants Underground is $110/t NSR and $125/t NSR for Carlton Underground.

Core is well-capitalised and focused on advancing Finniss towards restart and a Final Investment Decision. The company continues to maintain a stockpile of spodumene concentrate and lithium fines, which remain available for sale should market conditions improve.