Announcement PDF Level 9, 2 Mill Street Perth WA 6000 T 61 8 8317 1700 E info@corelithium.com.au ABN 80 146 287 809 ASX CXO 29 April 2025 ASX: CXO Announcement March Quarterly Activities Report Australian lithium company Core Lithium Ltd (ASX: CXO) (Core or Company) is pleased to provide its quarterly activities report for the quarter ended 31 March 2025. Summary  Restart Study for the Finniss Lithium Project remains on track for completion in the June quarter, with optimisation work advancing across mining and processing  Transition to 100% ownership of all site infrastructure agreed, reducing care and maintenance costs and supporting a lower-cost restart model  Cash of ~$30 million at 31 March 2025, includes payment of the first $10 million instalment for the acquisition of the crushing circuit  Final gold assay results from Shoobridge confirm the potential for a large, shallow gold system, with standout intercepts including 14.2m @ 1.36g/t Au and 46m @ 0.75g/t Au Commenting on the March quarter of 2025, Core CEO Paul Brown said: “The March quarter saw strong momentum across our core priorities of progressing the Restart Study, maintaining site readiness and delivering high-impact exploration results. Operationally, we completed the transition to full ownership of all site infrastructure. This reduces care and maintenance costs and gives us full control over future restart execution. Wet season stewardship also remained a priority, with proactive site maintenance, water management, and equipment servicing all progressing according to plan. No environmental incidents were recorded. Exploration continued to deliver. At Shoobridge, final assays confirmed a large-scale shallow gold system with standout intercepts. Only 20% of the main anomaly has been drilled, pointing to significant potential upside. At Finniss, drilling plans are underway to test the exciting Blackbeard discovery. Importantly, we stayed financially disciplined. Operating cash outflows were reduced, which was in line with expectations. Our Restart Study is being finalised and remains on track for completion in the June quarter. Work this period focused on optimising the BP33 mine plan and improving plant efficiency. We're seeing real upside opportunities to simplify the design, cut costs and boost recovery without needing a flotation circuit. With $250 million already invested, we’re setting the foundation for a more competitive and resilient lithium operation.” corelithium.com.au Sustainability One injury requiring first aid treatment was reported during the period. An employee sustained a minor cut to a finger and continued on full duties. NT WorkSafe and EPA officers completed separate routine site inspections during the period and confirmed that Core remains compliant with all relevant risk and environmental management requirements. Wet season water management continues to be a focus. Water release is progressing in line with the Waste Discharge Licence (WDL) conditions, with 350ML released to date using siphon systems aligned with creek conditions. This has delivered improved performance with no diesel or labour required for pumping. Sediment basins are operating effectively, and minimal flocculant has been needed to maintain water quality standards. The submersible pump installed in the Grants Pit is performing reliably, with 211ML transferred to Mine Water Dam 1 for controlled discharge. Grants Pit holds ~268ML of water, while MWD1 has ~152ML of available storage. Balance Sheet Core ended the quarter with $29.8 million in cash at the bank (31 December 2024: $49.7 million). Cash outflows were in line with expectations, primarily consisting of site maintenance, costs associated with the restart strategy, infrastructure acquisition costs, corporate costs and exploration expenses. The key movements in the Company’s cash during the quarter were:  First instalment of $10.0 million in relation to the acquisition of the crushing circuit at Finniss, the remaining balance will be settled by July 2025.  Finniss site maintenance costs of $4.1 million primarily related to DMS plant care and maintenance for operational readiness, site salaries, safety and security measures.  Exploration expenditure of $1.1 million, primarily related to greenfield exploration drilling, sampling, assaying and ancillary expenditure at Finniss and Shoobridge.  Corporate-related expenses, including employee costs of $3.9 million.  Restart study costs of $0.7 million. Core continues to hold a stockpile of approximately 5,000 tonnes of spodumene concentrate and 75,000 tonnes of lithium fines. These stockpiles provide potential near-term optionality should market pricing improve. Finniss Lithium Operations Transition to Full Infrastructure Ownership During the period, the Company executed an agreement to terminate the remaining operating contracts, principally in relation to the crushing services contract that was a legacy from the previous production period at Finniss. These agreements included demobilisation arrangements and asset transfers from the prior contractors, with total consideration of $19.5 million, with $10 million already paid in the quarter. The transaction is expected to close by July 2025 and can be settled with Core’s existing cash reserves. This shift to full ownership of all site infrastructure is expected to deliver meaningful benefits. Firstly, it reduces ongoing care and maintenance costs whilst operations are paused. It also enables Core to pursue a simplified, lower-cost and more flexible operating model in a future restart scenario with full control of all site infrastructure. The acquisition of the crushing infrastructure will result in significant cost savings, with costs reduced by approximately half under a revised operating structure. The transaction is an endorsement of progress being made in the upcoming Finniss Restart Study and is directly aligned with its goals of building a leaner, more resilient operation with more substantial cost control and longterm sustainability. corelithium.com.au 2 Maintaining Readiness for Restart Core continues to maintain the Finniss site in a safe, secure, and functional state through the wet season. Routine operational work includes inspections of key infrastructure, ongoing servicing of power and pumping equipment, and improvements to inventory management processes. These actions are aimed at ensuring the site remains fully prepared to support restart activities and aligns with Core’s commitment to safety and operational discipline. Mine Plan Optimisation The Restart Study remains on track for completion in the June quarter of 2025 and has identified opportunities to improve the cost profile and productivity of the Finniss Operation. At the centre of this work is the optimisation of the BP33 underground mine and mining options at Grants. BP33 hosts a high-grade sub-vertical pegmatite body with an Ore Reserve of 8.7Mt at 1.38% Li2O. The orebody is approximately 350m in strike and up to 40m in true width, and its geometry is well suited to a long hole open stoping mining method. In collaboration with experienced consultants, Core is refining the mine plan to enhance orebody recovery, improve productivity, streamline the lateral development requirement and optimise the mining sequence. Processing Improvements and Cost Efficiency Work on the processing circuit is progressing in parallel, with a focus on optimising the performance of the Dense Media Separation (DMS) plant. Metallurgical testing has revealed opportunities to increase recovery and throughput without requiring a flotation circuit, preserving a simpler and more cost-effective process design. Enhancements to the flowsheet aim to boost plant capacity and reduce operating costs compared to previous estimates, aligning with the overarching strategy to deliver a more robust and efficient operation. Strengthening the Foundation for Restart With over $250 million already invested in infrastructure across the Grants and BP33 deposits, the Restart Study is highlighting the long-term potential of Finniss. The transition to full infrastructure ownership, combined with targeted improvements in mining and processing, supports a more resilient and lower-cost operating model. These efforts are positioning Core to deliver a more competitive and sustainable lithium operation that is well-aligned with market conditions and ready to capitalise on future opportunities. The completion of the Restart Study is on track for completion in the June quarter of 2025. Core intends to hold its next investor conference call later in the June quarter to coincide with the release of the Restart Study. A restart decision remains subject to the outcomes of the Restart Study, market conditions, and the approval by the Company’s Board for the Final Investment Decision. Figure 1 Grants processing infrastructure corelithium.com.au 3 Exploration and Development Lithium Exploration Exploration at Finniss was limited due to wet season access and has focused on preparing plans to drill the Blackbeard discovery, which will aim to test the size and geometry of this high grade spodumene bearing pegmatite. The additional drilling is planned to follow up on the highly successful results reported in the previous quarter at Blackbeard, which included:  63m @ 1.67% Li2O from 166m including 20m @ 2.09% Li2O from 208m 166m (NRC269).1 Separately, a large number of targets have been identified in Core’s database which could provide further growth opportunities. Figure 2 Location of Blackbeard Prospect and Grants processing facility 1 Refer to ASX announcement “New high-grade lithium drill results within 20km of the Grants processing facility” released 6 November 2024. corelithium.com.au 4 Gold Exploration Final assay results from the 2024 drill campaign at Mt Shoobridge confirm the potential for a large, shallow gold system, with broad zones of oxide and primary mineralisation. The program consisted of 27 RC holes for 3,864m and three diamond holes for 525m, systematically testing an 800m strike length within a 4.5km gold-in-soil anomaly. Drilling confirmed consistent grade continuity across the tested area and returned multiple standout intercepts, including:2  46m @ 0.75g/t Au from 3m, including 4m @ 1.52g/t Au from 16m (SBRC0032)  34m @ 0.97g/t Au from 49m, including 4m @ 1.91g/t Au from 66m (SBRC0036)  14.2m @ 1.36g/t Au from 22.8m, including 0.3m @ 32.83g/t Au (SBDD002)  10m @ 1.81g/t Au from 97m, including 2m @ 6.65g/t Au (SBRC0042)  17m @ 1.38g/t Au from 77m, including 1m @ 8.48g/t Au (SBRC0046)  33m @ 0.82g/t Au from 121m, including 13m @ 1.62g/t Au (SBRC0055) Mineralisation remains open along strike and at depth. Drill spacing was approximately 40m between lines and 30–50m between holes, providing strong geological control and representative sampling for future metallurgical testing. True widths are estimated between 50%–70%. The gold mineralisation is hosted within the Mount Bonnie Formation and associated with an anticlinal structure cross-cut by quartz veining and brecciation. Multiple phases of veining and alteration were observed, with visible gold logged in several diamond core samples. Sulphide mineralisation, including pyrite and arsenopyrite, commonly occurs with the gold zones. Importantly, the 2024 drilling covered only ~20% of the 4.5km anomaly and just 0.3% of the broader 230km2 Shoobridge lease. Several priority targets remain untested, including:  Old Company, where previous drilling returned 15m @ 2.48g/t Au, including 1m @ 19.8g/t Au3  Fortitude, a mapped quartz-alteration zone that returned surface samples up to 7.9g/t Au with no drilling to date4 In addition to gold, the broader Shoobridge area is prospective for other commodities. Past drilling at Barretts returned lithium values up to 1.41% Li2O and at China Hill tin values up to 3.52% SnO2.4 Next steps will include:  Desktop evaluation of bulk mining potential for the shallow oxide mineralisation  Infill and step-out drilling to refine high-grade zones and test depth extensions  Further exploration along the full 4.5km trend  Metallurgical testwork and initial economic studies  Regional exploration to test other targets within the lease The Shoobridge Project is located ~10km from the Stuart Highway, 60km from the Union Reefs gold processing plant, and within a region known for multi-million-ounce deposits. With gold prices trading near record highs, Shoobridge presents a diversification opportunity for Core alongside its primary lithium focus. 2 Refer to ASX announcement “Large Gold System Emerging at Shoobridge“ released 12 March 2025 3 Refer to ASX announcement “Gold hits continue as drilling resumes at Shoobridge” released 21 October 2024 4 Refer to ASX announcement “Positive Gold and Lithium Results at Shoobridge” released 18 September 2024 corelithium.com.au 5 Figure 3 Plan of the Mt Shoobridge drilling (10/1.81 = 10m @ 1.18g/t Au) corelithium.com.au 6 Corporate Other disclosures As at 31 March 2025, Core had the following capital structure:    2,143,015,544 ordinary shares 17,194,161 unquoted performance rights 7,500,000 unquoted options Core’s Appendix 5B includes an amount of $94k in item 6.1. The amount in item 6.1 represents director fees paid to entities nominated by relevant directors. Core confirms that it is not aware of any new information or data that materially affects the results included in this announcement as cross referenced in the body of this announcement and that all material assumptions and technical parameters underpinning the Mineral Resources Estimates (MRE), Ore Reserve Estimates (ORE), production target and forecast financial information derived from the production target continue to apply and have not materially changed. 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. The BP33 ORE of 8.7Mt @ 1.38% Li2O is comprised of 2.43Mt @ 1.33% Li2O Proved ORE and 6.25Mt @ 1.40% Li2O Probable ORE. corelithium.com.au 7 Tenements Tenement number Tenement name Interest at the end of Quarter Changes during the Quarter South Australia EL 6574 Fitton 100% None EL 6038 EL 6111 Mt Freeling Yerelina 100% 100% None None EL 6445 Northern Territory EL 26848 Wyatt Bore 100% None Walanbanba 100% None EL 28029 EL 28136 White Range East Blueys 100% 100% None None EL 29347 EL 29389 Yambla Mt George 100% 100% None None EL 29580 EL 29581 Jervois East Jervois West 100% 100% None None EL 29698 EL 29699 Finniss Bynoe 100% 100% None None EL 30012 EL 30015 Bynoe Bynoe 100% 100% None None EL 30793 EL 31058 McLeish Barrow Creek 100% 100% None None EL 31126 EL 31127 Zola Ringwood 100% 100% None None EL 31139 EL 31140 Anningie West Anningie South 100% 100% None None EL 31145 EL 31146 Barrow Creek North Barrow Creek South 100% 100% None None EL 31271 EL 31279 Bynoe Sand Palms 100% 100% None None EL 31407 EL 31449 Shoobridge Napperby 100% 100% None None EL 31886 EL 32205 Adelaide River Finniss Range 100% 100% None None EL 32392 EL 32396 Ivy Murray Creek 100% 100% None None . corelithium.com.au 8 Tenements (cont.) Tenement number Tenement name Interest at the end of Quarter Changes during The Quarter EMP 28651 Observation Hill (Extractive Lease) 100% None ML 29912 Saffums 100% None ML 29914 Labelle 100% None ML 29985 Angers North 100% None ML 31654 Annie/Old Crusher 100% None ML 31726 Grants Mineral Lease 100% None ML 32074 Observation Hill (Ancillary Lease) 100% None ML 32278 Grants Dam (Ancillary Lease) 100% None ML 32346 BP33 Mineral Lease 100% None MLN16 Bynoe 100% None MLN813 Bilatos 100% None MLN1148 Centurian 100% None Northern Territory This announcement has been approved for release by the Board of Core Lithium Ltd. For further information, please contact: Investor Enquiries Paul Brown CEO Core Lithium Ltd +61 8 8317 1700 info@corelithium.com.au Media enquiries Michael Vaughan Executive Director Fivemark Partners +61 422 602 720 michael.vaughan@fivemark.com.au About Core Core Lithium Ltd (ASX: CXO) (Core or Company) is an Australian hard-rock lithium company that owns the Finniss Lithium Operation on the Cox Peninsula, south-west and 88km by sealed road from the Darwin Port, Northern Territory. Core's vision is to generate sustained value for shareholders from critical minerals exploration and mining projects underpinned by strong environmental, safety and social standards. For further information about Core and its projects, visit www.corelithium.com.au Important Information This announcement may reference forecasts, estimates, assumptions, and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it cannot assure that they will be achieved. They may be affected by various variables and changes in underlying assumptions subject to risk factors associated with the nature of the business, which could cause results to differ materially from those expressed in this announcement. The Company cautions against reliance on any forward-looking statements in this announcement. corelithium.com.au 9 Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity Core Lithium Ltd ABN 80 146 287 809 Consolidated statement of cash flows 1. 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 2. 2.1 2.2 2.3 2.4 Cash flows from operating activities Receipts from customers Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs (f) care and maintenance Dividends received (see note 3) Interest received Interest and other costs of finance paid Income taxes paid Government grants and tax incentives Other - restart study costs Net cash from / (used in) operating activities Cash flows from investing activities Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets - mine development Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets Cash flows from loans to other entities Dividends received (see note 3) Quarter ended (“current quarter”) 31 March 2025 Current quarter $A’000 Year to date (9 months) $A’000 - (3,028) (1,126) (2,759) (4,144) 456 (708) (8,281) (13,599) (5,460) (5,658) (10,830) 998 (38) (708) (38,323) (10,274) (1,128) - (11,782) (6,804) (76) - - - corelithium.com.au 10 Consolidated statement of cash flows 2.5 2.5a 2.6 3. 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 3.10 4. 4.1 4.2 4.3 4.4 4.5 4.6 Other (Net proceeds / (payments) for Security bond) Other (Government grant co-funding received/ (paid)) Net cash from / (used in) investing activities Cash flows from financing activities Proceeds from issues of equity securities (excluding convertible debt securities) Proceeds from issue of convertible debt securities Proceeds from exercise of options Transaction costs related to issues of equity securities or convertible debt securities Proceeds from borrowings Repayment of borrowings Transaction costs related to loans and borrowings Dividends paid Other (Payments of lease liabilities) Net cash from / (used in) financing activities Net increase / (decrease) in cash and cash equivalents for the period Cash and cash equivalents at beginning of period Net cash from / (used in) operating activities (item 1.9 above) Net cash from / (used in) investing activities (item 2.6 above) Net cash from / (used in) financing activities (item 3.10 above) Effect of movement in exchange rates on cash held Cash and cash equivalents at end of period Current quarter $A’000 Year to date (9 months) $A’000 - 341 - (918) (11,402) (19,239) - - - - - - (219) (219) (535) (535) 49,730 87,606 (8,281) (38,323) (11,402) (19,239) (219) (535) (2) 317 29,826 29,826 corelithium.com.au 11 5. 5.1 5.2 5.3 5.4 5.5 6. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Bank balances Call deposits Bank overdrafts Other (provide details) Cash and cash equivalents at end of quarter (should equal item 4.6 above) Current quarter $A’000 Previous quarter $A’000 29,826 29,826 Payments to related parties of the entity and their associates 49,730 49,730 Current $A'000 quarter 6.1 Aggregate amount of payments to related parties and their 94 associates included in item 1 6.2 Aggregate amount of payments to related parties and their associates included in item 2 Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 7. 7.1 7.2 7.3 7.4 7.5 7.6 Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Loan facilities Credit standby arrangements Other (please specify) Total financing facilities Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 - - Unused financing facilities available at quarter end Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A corelithium.com.au 12 8. 8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8 Estimated cash available for future operating activities Net cash from / (used in) operating activities (item 1.9) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) Total relevant outgoings (item 8.1 + item 8.2) Cash and cash equivalents at quarter end (item 4.6) Unused finance facilities available at quarter end (item 7.5) Total available funding (item 8.4 + item 8.5) $A’000 (8,281) (1,128) (9,409) 29,826 29,826 Estimated quarters of funding available (item 8.6 divided by 3.2 item 8.3) Note: if the entity has reported positive relevant outgoings (i.e. a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. corelithium.com.au 13 Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 29 April 2025 Authorised by: By the Board Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – e.g. Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively. corelithium.com.au 14