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September Quarter FY27 14 OCTOBER 2026
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Important and Cautionary Notes 2 This presentation has been prepared by Core Lithium Ltd (“Core”, “Company”) and provides a general overview of the Company and its strategy. This presentation does not purport to be all-inclusive or to contain all the information that you or any other party may require to evaluate the prospects of the Company. None of the Company, any of its related bodies corporate or any of their representatives assume any responsibility for, or makes any representation or warranty, express or implied, with respect to the accuracy, reliability or completeness of the information contained in this presentation and none of those parties have or assume any obligation to provide any additional information or to update this presentation. The information in this presentation should be read in conjunction with Core’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. To the fullest extent permitted by law, the Company, its respective affiliates and representatives, related bodies corporate, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, reliability, reasonableness or completeness of the information in this presentation and expressly disclaims all responsibility and liability for any loss or damage arising in respect of your reliance on the information contained in this presentation (including your reliance on the accuracy, completeness or reliability of that information), or any errors in or omissions from this presentation, including any liability arising from negligence. The Finniss Lithium Operation as described in this presentation as being in a state of operational readiness, and potential investors should understand that mineral exploration, development and mining are high-risk undertakings. There is no guarantee that the Finniss Lithium Operation can be economically exploited in the future. This document contains statements which may be in the nature of forward-looking statements. No representation or warranty is given, and nothing in this presentation or any other information made available by the Company or any other party should be relied upon as a promise or representation, as to the future condition of the respective businesses and operations of the Company. Competent Person Statements The Mineral Resources and Ore Reserves underpinning the production target and forecast financial information in this announcement have been prepared by competent persons in accordance with the requirements of the JORC code. Core confirms that it is not aware of any new information or data that materially affects the exploration results, exploration target, mineral resource estimate and ore reserve estimate included in this announcement as cross referenced in the body of this announcement and that all technical parameters underpinning the Mineral Resources, Ore Reserves, production target and forecast financial information derived from the production target continue to apply and have not materially changed. The announcement references the previously reported Mineral Resource Estimates and Ore Reserve Estimates; “Finniss Mineral Resource Increased by 58%” on 11 April 2024, “Lithium Ore Reserve Updated” on 25 September 2024, “Updated Finniss Lithium Operation Reserve and Resource” on 14 May 2025, “Updated Ore Reserve at Carlton” on 10 September 2025 and “Updated Grants Mine Plan and Ore Reserve” on 10 November 2025. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements related to previously reported exploration results, exploration target, Mineral Resource Estimates and Ore Reserve Estimates. Currency Unless otherwise stated, all cashflows are in Australian dollars, are undiscounted and are in real terms (not subject to inflation/escalation factors). Forward‐looking Statements Generally, this forward-looking information can be identified by the use of forward-looking terminology such as ‘outlook’, ‘anticipate’, ‘project’, ‘target’, ‘likely’,’ believe’, ’estimate’, ‘expect’, ’intend’, ’may’, ’would’, ’could’, ’should’, ’scheduled’, ’will’, ’plan’, ’forecast’, ’evolve’ and similar expressions. Persons reading this release are cautioned that such statements are only predictions, and that the Company’s actual future results or performance may be materially different. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to general business, economic, competitive, political and social uncertainties; the actual results of current exploration, development and construction activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of lithium; possible variations of ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accident, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company disclaims any intent or obligations to or revise any forward-looking statements whether as a result of new information, estimates, or options, future events or results or otherwise, unless required to do so by law. Statements regarding plans with respect to the Company’s mineral properties may contain forward-looking statements in relation to future matters that can be only made where the Company has a reasonable basis for making those statements. Past Performance Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.
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Finniss Lithium Operation 3 Long life, fully funded operation with established infrastructure and expansion optionality ~20 year TOTAL PROJECT MINE LIFE1 1.2 Mtpa THROUGHPUT1 257 ktpa SC5 PRODUCTION2 $635/t SC5 UNIT COST3 $157m RESTART CAPITAL REMAINING4 $244m AVAILABLE FUNDING5 GRANTS OPEN PIT PRODUCING BP33 UNDERGROUND DEVELOPMENT CARLTON ORE RESERVE BLACKBEARD EXPLORATION 1 3b3a2 FINNISS LITHIUM OPERATION 1. Refer to ASX announcement “FID Approved and Funding Secured for Finniss Restart” on 18 March 2026 for further information 2. Nameplate production. Equivalent to 214ktpa of SC6 concentrate (6.0% Li₂O equivalent basis) 3. Unit cost calculated at SC5 FOB, ex-royalties. Represents steady state unit costs during the period where BP33 at full capacity. Equivalent to SC6 unit cost $762/t 4. Restart capital inclusive of contingency 5. Available funding includes cash as at 30 September 2026, undrawn Tranche 2 of Senior Secured loan and receivables
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September Quarter Highlights 4 Plant commissioning underway, first concentrate production achieved and BP33 development progressing to plan Refer to ASX announcement “Quarterly Activities and Cashflow Report” on 14 October 2026 for further information Corporate Strong financial position with $200 million of cash at 30 September 2026 Tranche 2 convertible note funds of $62 million and Tranche 1 senior secured facility funds of $36 million received in the quarter Tranche 2 of senior secured facility remains undrawn (~$35 million) Operations Mining and ore stock build progressing in line with plan Initial DMS plant upgrades completed First spodumene concentrate produced at Finniss DMS plant commissioning and optimisation activities continuing Sales and Marketing Logistics chain fully operational Second and third shipments of stockpiled lithium fines completed through Darwin Port Stockpile sales generated ~$38.5 million of revenue in CY26 Offtake process ongoing Exploration High-grade drill results at BP33 confirming mineralisation beyond the current Mineral Resource Estimate Three additional holes to be drilled at BP33 Blackbeard drilling underway to support a maiden Mineral Resource Estimate BP33 underground development advancing, with first development ore on track for mid-CY27 Key surface infrastructure works advancing $157 million restart capital remaining including contingency Development fully funded through to steady state production in mid-CY2028 Development
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On track for steady state production in 2028 5 Key operational and development milestones tracking to schedule Funding and FID Key mining contracts for Grants mining and BP33 development awarded March 2026 Q2 CY26 Q2 CY26 Q3 CY26 H1 CY27 Mid CY27 Mid CY28 Grants open pit mining commenced BP33 underground decline development commenced Plant commissioning and first concentrate production BP33 underground development and surface infrastructure construction Grants mining, production and shipments BP33 underground first development ore BP33 steady state production of 1.2Mtpa First concentrate shipment from Grants Q4 CY26
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Significant progress achieved at Grants open pit since FID 6 1 2 3 May 2026 Mining commenced March 2026 FID September 2026 Mining ongoing
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Grants near-term production platform delivering on plan • Mining and ore stock build progressing in line with plan • ~134kt of SC5 product expected from Grants in total, with first shipment in the December quarter 1 • Additional cash flow from Grants provides additional liquidity beyond the restart funding package • Flexibility with processing and shipment timing pending market conditions 7 Grants is the first step of the staged Finniss restart, providing near-term production and cash generation while development of BP33 continues Mining volumes increasing to build ore stocks during the Quarter Crusher ore stockpile with ROM pad in the background 1. Refer to the Company’s ASX announcement titled “FID Approved and Funding Secured for Finniss Restart” dated 18 March 2026
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Initial brownfields plant upgrades complete 8 Plant throughput capacity to increase by 20% to 1.2 Mtpa following completion of targeted upgrades Reflux classifier installation on schedule for FY27 • Initial plant upgrades completed to debottleneck the circuit and support improved liberation, recoveries and throughput including: • screen refurbishments; • enhancements in the rolls crusher and tails thickener circuits; • improvements to the ferrosilicon distribution system; and • consolidation of crushing and DMS plant operations into a single control room. • Installation of the reflux classifier circuit, a long lead time item and the final brownfields upgrade, is expected to be completed in FY27. DMS plant brownfields modifications (Left to right) 1. Upgraded rolls crusher screen. 2. Reflux classifier pad. 3. New middlings conveyor
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First concentrate produced as commissioning continues 9 First shipment of newly produced concentrate on track for the December quarter FY27 Initial brownfields plant upgrades complete • First spodumene concentrate produced from the upgraded Finniss processing plant • First production achieved within six months of FID • Initial upgrades completed to debottleneck the circuit and support improved liberation, recoveries and throughput 1 • Commissioning focused on optimising plant performance, operational reliability and progressive throughput ramp- up Spodumene production from Grants open pit ore 1. Installation of the reflux classifier circuit, a long lead time item and the final brownfields upgrade, is expected to be completed in FY27.
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BP33 underground development advancing on schedule Key underground development activities in the Quarter included: • Completion of the underground portal construction, including steel headcover installation • Installation and commissioning of: • temporary mine power generators and transformer • mine services including HV cable, process water and dewatering • temporary ventilation fan and ducting • Shotcreting of boxcut bench surfaces continued with 50% complete 10 Strong development momentum at BP33 continues to de- risk the pathway to steady-state production. First development ore on track for mid-CY27 BP33 underground development progress, including box cut remediation, completed portal and temporary ventilation fan
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BP33 momentum continues across surface infrastructure works BP33 construction activities during the Quarter included: • Progression of critical ventilation infrastructure works, with piling activities for the fresh air and return air rises advancing • Significant advancement of site water management infrastructure, including construction of water storage facilities, installation of water distribution pipelines and commissioning of operational water supply systems • Completion of wet season preparedness works including erosion and sediment control infrastructure • Commencement of earthworks associated with the ROM pad • Completion of additional dust suppression infrastructure and associated pipeline installation • Completion and commissioning of key site infrastructure including offices, ablutions and contractor mobile maintenance facilities • Mobilisation of civil contractor for intersection and access road upgrades 11 Key infrastructure construction progressing in line with the BP33 development plan Infrastructure works at BP33 (clockwise from top left) 1. Contractor laydown area with mobile maintenance facility 2. Site offices 3. Completed mine water dam cells 4. Ventilation shafts development works
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BP33 extensional exploration drilling delivering results • The first exploration diamond drill hole completed outside the current BP33 Mineral Resource returned high-grade lithium mineralisation, including 34.08m @ 2.09% Li₂O from 578.7m and 3.43m @ 2.44% Li₂O from 616.5m 1 • The result was returned from hole NMRD100, which was designed to test extensions to mineralisation outside the existing BP33 Mineral Resource Estimate of 10.5Mt @ 1.53% Li₂O 2 • Results reinforce confidence in the size, continuity and quality of the BP33 orebody and support the potential for future Mineral Resource growth beyond the current resource boundary • Follow-up drilling is underway, with 3 additional holes targeting extensions to mineralisation both down-dip and along strike from NMRD100 and NMRD085 12 Excellent new high grade lithium results strengthen confidence in the quality and continuity of the orebody Figure 1: BP33 Resource and Exploration Target outline3 Figure 2: Geological Cross Section – NMRD085 and NMRD100 at BP33 1. Refer to ASX announcement New High-Grade Lithium Drill Results at BP33” on 11 August 2026 2. Refer to ASX announcements “New High-grade Lithium Drill Results within 20km of Grants” on 6 November 2024 and "Updated Finniss Lithium Project Reserve and Resource” on 14 May 2025 3. The BP33 Exploration Target of between is 3.9Mt and 6.5Mt at a grade of between 1.5% and 1.6% Li2O was released as Updated Finniss Lithium Project Reserve and Resource on 14 May 2025. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource Follow-up drilling underway targeting extensions to mineralisation
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Blackbeard exploration program ongoing • The Blackbeard exploration program continued during the period, designed to support a maiden Mineral Resource Estimate and further assess its potential as a future source of high-grade ore feed for Finniss • Staged and gated diamond-drilling campaign totaling 12,150 metres • Blackbeard is a high-grade lithium prospect within 20km of existing processing infrastructure, located on a Mining Lease (MLN1148) • High-grade drilling results at Blackbeard could provide a potential key catalyst for expansion Blackbeard exploration target: 7-10Mt at 1.5-1.7%1 13 Drilling underway to support a maiden MRE at highest priority growth prospect The Exploration Target is supported by historical drilling, trenching & exploration results. The potential quantity & grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource & it is uncertain if further exploration will result in the estimation of a Mineral Resource1 1. Refer to the Company's ASX announcement titled “Updated Finniss Lithium Project Reserve and Resource” dated 14 May 2025 for further information regarding the exploration target Exploration program: Diamond drilling campaign underway at Blackbeard
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Cashflows reflect operational transition 14 • Funding receipts: $98 million net of fees: • $62 million from Tranche 2 Convertible Note funding received from Glencore and Infravia • $36 million from Tranche 1 Senior Debt Facility received from Nebari • Site operating costs: $13 million including open pit mining, processing, maintenance and site administration • Capital expenditure: $51 million invested in BP33 underground development and infrastructure construction, and targeted DMS plant upgrades • Cash flows reflect the transition to operations, with operating costs incurred ahead of cash receipts from production • September Quarter cash flow does not include any revenues generated from Grants near-term production of ~134kt SC5 product, with first shipment expected in December quarter Funding receipts increased cash while operating costs began and restart capex accelerated 62 36 (11) 8 (13) (7) (7) (51) 10 182 200 35 244 0 50 100 150 200 250 300 A$ million
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Executing to plan 15 Near-term focus: Plant commissioning | First shipment | BP33 development COMPLETED Funding package Secured Major contracts Awarded Logistics chain Fully operational Portal cut Complete Initial plant upgrades Complete First concentrate Produced Stockpiled fines sales Complete IN PROGRESS Grants mining Ongoing Plant commissioning Optimisation ongoing BP33 decline Development advancing BP33 surface infrastructure Construction Offtake process Ongoing Exploration Drilling Production expansion Studies UPCOMING First shipment December quarter Reflux classifier Installation in FY27 Exploration Results First BP33 development ore Mid CY27 Steady state production Mid CY28 Restart schedule, production plan and capital assumptions remain unchanged since FID
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corelithium.com.au Contact Core Lithium Ltd Level 4, 186 St Georges Terrace Perth WA 6000 E info@corelithium.com.au This presentation has been approved for release by the Core Lithium Board Investor Enquiries Paul Brown Managing Director +61 8 8317 1700 Media Enquiries Cameron Morse FTI Consulting +61 433 886 871
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Appendix 1 – JORC Mineral Resource Estimate 17 Mineral Resource Measured Indicated Inferred Total Tonnes (Mt) Li2O% Li2O Contained Metal (kt) Tonnes (Mt) Li2O% Li2O Contained Metal (kt) Tonnes (Mt) Li2O% Li2O Contained Metal (kt) Tonnes (Mt) Li2O% Li2O Contained Metal (kt) Grants 1.34 1.48 19.8 0.61 1.49 9.1 0.37 1.27 4.7 2.32 1.45 33.6 BP33 2.85 1.44 41.0 6.51 1.55 101 1.14 1.59 18.1 10.5 1.53 161 Carlton 2.14 1.33 28.5 3.43 1.32 45.3 0.78 1.14 8.9 6.34 1.3 82.6 Lees - - - 4.16 1.18 49.1 7.08 1.12 79.3 11.2 1.14 128 Ah Hoy - - - 1.71 1.2 20.5 2.93 1.38 40.4 4.64 1.31 60.8 Booths - - - 1.84 0.99 18.2 1.4 1.06 14.8 3.24 1.02 33 Penfolds - - - 0.65 1.25 8.1 0.71 1.24 8.8 1.36 1.24 16.9 Hang Gong - - - 1.51 1.18 17.8 1.95 1.14 22.2 3.46 1.16 40.1 Sandras - - - 1.17 0.92 10.8 0.57 0.82 4.7 1.73 0.89 15.4 Bilatos - - - - - - 1.92 1.03 19.8 1.92 1.03 19.8 Seadog - - - - - - 1.41 1.18 16.6 1.41 1.18 16.6 Total 6.33 1.41 89 21.6 1.3 282 20.3 1.18 239 48.2 1.26 608 TSF/Stockpiles - - - 0.31 0.66 2 - - - 0.31 0.66 2.0 Total 6.33 1.41 89 21.9 1.29 283 20.3 1.18 239 48.5 1.26 610 Note: Totals within this table are subject to rounding Refer to the Company's ASX announcement titled “Finniss Mineral Resource Increased by 58%” on 11 April 2024 and “Updated Finniss Lithium Project Reserve and Resource” date d 14 May 2025 for further information . Refer to the Company's ASX announcement titled “Updated Grants Mine Plan and Ore Reserve“ dated 10 November 2025 for further information
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Appendix 2 – JORC Ore Reserve Estimate 18 Note: Totals within this table are subject to rounding Refer to the Company's ASX announcement titled “Finniss Mineral Resource Increased by 58%” on 11 April 2024 and “Updated Finniss Lithium Project Reserve and Resource” date d 14 May 2025 for further information. Refer to the Company's ASX announcement titled “Updated Grants Mine Plan and Ore Reserve“ dated 10 November 2025 for further information Deposit Category Ore Tonnes (Mt) Li2O (%) Contained Li2O (kt) BP33 Underground Proved 2.6 1.27 32 Probable 6.7 1.32 89 Total 9.3 1.31 121 Grants Proved 1.2 1.43 17 Probable 0.3 1.41 5 Total 1.5 1.42 22 Carlton Proved 1.7 1.19 20 Probable 2.8 1.19 34 Total 4.5 1.19 53 TSF/Stockpiles Proved - - - Probable 0.3 0.68 2 Total 0.3 0.68 2 Total Proved 5.1 1.28 69 Probable 10.1 1.27 129 Total 15.6 1.27 198 Notes 1. Effective date of the Grants Ore Reserves is 30 October 2025. 2. Effective date of the Carlton Ore Reserves is 5 September 2025 (“Updated Ore Reserve at Carlton” released on 10 September 2025). 3. Effective date of the BP33 and TSF/Stockpiles Ore Reserves is 30 April 2025. (“Updated Finniss Lithium Project Reserve and Resource” released on 14 May 2025) 4. Ore Reserve Estimates are the total for the Grants, BP33, TSF/Stockpiles and Carlton Mines. 5. The long-term SC6 Spodumene price used for calculating the financial analysis is US$1,330/t. The financial analysis has been estimated with assumptions for crushing, processing and treatment charges, deductions and payment terms, concentrate transport, metallurgical recoveries, and royalties. 6. 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. The cutoff grade used for estimating Ore Reserve Estimate at Grants Open pit was 0.8%. 7. Measured Mineral Resources were used to estimate Proved Ore Reserves; Indicated Mineral Resources were used to estimate Probable Ore Reserves. 8. Tonnage and grade estimates include dilution and recovery allowances. 9. The tonnage and grade for TSF/Stockpile is estimated from the operations reconciled historic monthly production records. 10. The Reserves are defined at the point where the ore is delivered to the processing plant. 11. The Ore Reserves reported above are not additive to the Mineral Resources. 12. Totals within this table are subject to rounding.