BP33 Underground Portal Commencement and First Shipment

• Portal cut at BP33 marks underground decline development start
• First shipment of lithium fines and spodumene successfully departed
• BP33 deposit offers a long-life, low-cost underground production base

Core Lithium Ltd (ASX: CXO) announced the commencement of underground decline development at the BP33 deposit in the Finniss Lithium Project. This development marks a significant milestone for the company, reflecting its progress towards transitioning from open pit mining at Grants to a long-life underground mining operation. The underground development will run parallel to the ongoing open pit mining, which is expected to deliver approximately 780-790kt of ore. The BP33 deposit is expected to provide a low-cost underground production base with a mine life exceeding 10 years. The logistics chain is now fully operational, with the first shipment of 20kt lithium fines and 5kt of spodumene concentrate successfully exported via Darwin Port.

First development ore from BP33 expected in mid-2027, nameplate production targeted for mid-2028

The company remains focused on safely delivering Grants and BP33 on schedule and within budget, with the portal cut representing a significant step in Core's transition to underground mining.