• Two tranche A$120 million equity raising fully committed
• Strong demand at the offer price demonstrates market confidence
• Funding package allows immediate mobilisation and early works

Core Lithium Ltd (ASX: CXO) has received binding commitments for a non-underwritten two-tranche institutional placement to raise A$120 million (before costs) through the issue of approximately 571 million new fully paid ordinary shares at an issue price of A$0.21 per share. The placement was strongly supported by a number of new and existing high-quality institutional, sophisticated and professional investors, reflecting confidence in Core's restart strategy and the strengthened financial platform underpinning the Finniss Lithium Operation. Proceeds from the placement, together with funding committed under a strategic funding package, will be applied to advancing the Finniss Lithium Operation, including long-lead procurement, recommencement of BP33 boxcut and decline development, mobilisation and operational readiness activities, and general working capital to support the restart. The placement comprises an unconditional tranche 1 of A$53 million and a conditional tranche 2 of A$67 million, subject to shareholder approval. The offer price of A$0.21 per share represents a 4.5% discount to the last traded price. Certain directors of Core have indicated their intention to participate in the placement, subject to obtaining the requisite shareholder approvals.

The combined funding package allows Core to immediately commence mobilisation, early works and BP33 development, aligned with the schedule outlined at the Final Investment Decision (FID).

With funding now secured, Core can move immediately into mobilisation, early works and development activities to position the Finniss Lithium Operation for first concentrate production in the September quarter of 2026.