• $274 million underground mining contract awarded to Develop Global Ltd
• BP33 deposit to provide long-life, low-cost underground production base
• Mobilisation targeted for June 2026, works to commence in July 2026

Core Lithium Ltd (ASX:CXO) has awarded a three-year contract to Dev Mining Services Pty Ltd, a subsidiary of Develop Global Limited (ASX: DVP), for underground mining services at the Company's BP33 deposit. The contract includes an option for a two-year extension by agreement. The BP33 deposit is central to the Finniss Lithium Operation in the Northern Territory, providing a long-life, low-cost underground production base with more than 10 years of mine life and significant future exploration upside. The contract award follows a competitive tender process focused on reducing project execution risk and selecting a contractor with the balance sheet and technical capability to support Core's BP33 delivery objectives. Develop demonstrated strong underground mining capability, including relevant experience in comparable geological conditions, a mature understanding of geotechnical risk, and the practical application of development methodologies suited to anticipated ground conditions. The scope of work under the ~$274 million contract includes drill & blast, load & haul, decline development, production, & ground support works associated with underground mining activities at BP33. Works will be completed under a standard fixed and variable schedule of rates, with lump sum components for mobilisation and establishment of operations. The contract has been structured to provide Core with greater operational and production flexibility and to share risk related to delivery and productivity. Box cut and infrastructure site works are being undertaken at BP33 concurrently with the Grants open pit activities, with dewatering completed in March. Procurement of key long lead items has commenced, along with mobilisation activities, with targeted completion for June 2026. All conditions precedent under the contract have been satisfied, with the decline works expected to commence in July 2026.

The Company remains on schedule, with first spodumene concentrate targeted for the December quarter 2026, BP33 first ore expected in mid-2027 and ramp up to nameplate production of 214ktpa by mid-2028.