FID Approved and Funding Secured for Finniss Restart

• Final Investment Decision (FID) approved by Core Board to restart operations at Finniss Lithium Project
• Fully funded restart package includes US$120 million strategic support and A$120 million equity raise
• Project delivers compelling economics with pre-tax NPV8 of A$1.1 billion and free cash flow of A$1.7 billion

Core Lithium Ltd (ASX: CXO) has secured a comprehensive funding package to fully fund the construction and restart of its Finniss Lithium Project in the Northern Territory, and the Core board has formally approved the Final Investment Decision (FID) to restart operations at the project. The FID follows completion of a comprehensive restart plan, updated mine planning, Front-End Engineering and Design work, and refined operating strategies to reposition Finniss as a lower-cost, long-life lithium operation. The funding package comprises a US$70 million (A$99 million) Convertible Note from Glencore and InfraVia, a US$50 million (A$71 million) senior secured debt facility from Nebari, and an intended A$120 million (before costs) equity raising. The project is expected to deliver compelling economics, with a pre-tax NPV8 of A$1.1 billion and free cash flow generation of A$1.7 billion, underpinned by competitive unit operating costs of A$762/t. The restart will reposition Finniss as a lower cost, long-life, brownfield lithium operation with a shorter path to nameplate production of 214ktpa, reduced execution complexity and untapped expansion and exploration upside potential. Core has also entered into a purchase and distribution arrangement with Glencore International AG, leveraging their global platform whilst retaining full flexibility to place offtake.

The Finniss Lithium Project is expected to deliver a pre-tax NPV8 of A$1.1 billion and free cash flow generation of A$1.7 billion, underpinned by competitive unit operating costs of A$762/t. The restart will reposition Finniss as a lower cost, long-life, brownfield lithium operation with a shorter path to nameplate production of 214ktpa.

Core remains focused on safe, disciplined execution as it advances a staged restart program through 2026 and 2027 with first spodumene concentrate production targeted for the September quarter 2026. First ore from Grants is targeted within one month of contractor mobilisation, with BP33 first ore expected in mid-CY2027 and ramp-up to nameplate production of 1.2Mtpa in mid-2028.