Announcement PDF ASX:CXO EQUITY RAISING PRESENTATION 28 August 2025 Not for release to US wire services or distribution in the United States IMPORTANT AND CAUTIONARY NOTES This presentation is dated 28 August 2025 and has been prepared by Core Lithium Ltd (Core or the Company) in connection with an equity raising by Core comprising a non-underwritten placement of shares in Core (New Shares) to institutional and sophisticated investors (Placement) in conjunction with a nonunderwritten share purchase plan (SPP) of New Shares (collectively, the Capital Raising). This presentation does not constitute an offer to sell, or a solicitation of an offer to buy any securities in any jurisdiction. The distribution of this presentation and the offer of securities is restricted in jurisdictions outside Australia. See the section of this presentation captioned “International Offer Jurisdictions” for more information. Any failure to comply with such restrictions could constitute a violation of applicable securities laws. Unless otherwise defined in these Important and Cautionary Notes, capitalised terms have the meanings given to them elsewhere in this presentation. Acceptance By attending an investor presentation and/or by briefing, or accepting, accessing or reviewing this presentation, you accept the terms, conditions and disclaimers herein. This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company (having regard to the requirements of all relevant jurisdictions). An offer booklet in respect of the SPP will be made available to eligible shareholders in Australia and New Zealand following its lodgement with ASX (SPP Booklet). Any eligible shareholder in Australia or New Zealand who wishes to participate in the SPP should consider the SPP Booklet before deciding whether to apply for New Shares under the SPP. Anyone who wishes to apply for New Shares under the SPP will need to apply in accordance with the instructions contained in the SPP Booklet and the application form. Disclaimer This presentation provides a general overview of the Company and its strategy for information purposes and is a summary only. This presentation does not purport to be all-inclusive or to contain all the information that a prospective investor may require in connection with any potential investment in the Company or 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 under the Company’s ticker code (ASX:CXO). Each recipient must make its own independent assessment of the Company and should seek professional advice before acquiring any shares in the Company. The contents of this presentation is provided as at the date of this presentation (unless otherwise stated) and the Company reserves the right to update, amend or supplement the information at any time in its absolute discretion (without incurring any obligation to do so). No party other than the Company has authorised or caused the issue, lodgement, submission, despatch or provision of this presentation, or takes any responsibility for, or makes or purports to make any statements, representations or undertakings in this presentation. Except for any liability that cannot be excluded by law, and to the fullest extent permitted by law, the Company, its respective affiliates and representatives, related bodies corporate, officers, employees, partners, agents and advisers (each a Core Party) make no representation or warranty (express or implied) as to the currency, accuracy, reliability, reasonableness or completeness of the information, opinions or conclusions 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. No Core Party has or assumes any obligation to provide any additional information or to update this presentation. The Finniss Lithium Project is described in this presentation as being in a particular state of operational readiness, based on a number of assumptions as detailed in the Restart Study (Study) released by the Company on 14 May 2025 and potential investors should understand that mineral exploration, development and mining are high-risk undertakings. There is no guarantee that the Finniss Lithium Project can be economically exploited in the future and investors should have regard to the operational and development risks set out in the ‘Key Risks’ section of this presentation. Not a prospectus or disclosure document Information in this presentation which is attributed to a third-party source has not been checked or verified by the Company. This presentation is not a prospectus, disclosure document or other offer document under the Corporations Act 2001 (Cth) (Corporations Act) or under any other law. This presentation will not be lodged with the Australian Securities and Investments Commission (ASIC) or any other foreign regulator. It is provided for information purposes and is not an invitation nor offer of shares or recommendation for subscription, purchase or sale in any jurisdiction. Neither this presentation nor any of the information contained herein will form the basis of any contract or commitment to sell, subscribe for or acquire securities in the Company or any other financial product. The Placement will be conducted under section 708A of the Corporations Act and will be made available to certain persons who are “professional” or “sophisticated” investors as defined in subsections 708(8) and 708(11) of the Corporations Act. Distribution outside Australia Distribution or release of this presentation outside Australia may be restricted by law. This presentation may not be distributed in any jurisdiction except in accordance with applicable legal requirements. Persons who come into possession of this document should observe any such restrictions as any non-compliance could contravene applicable securities laws. Please refer to the section of this presentation captioned “International offer restrictions" for more information. Not for release to US wire services or distribution in the United States This presentation has been prepared for publication in Australia and may not be released to US wire services or distributed in the United States. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions exempt from, or not subject to, the registration requirements of the US Securities Act and applicable US state securities laws. 2 IMPORTANT AND CAUTIONARY NOTES Investment and other risks legally and economically extract them. There are a number of risks specific to the Company and of a general nature which may affect the future operating and financial performance of the Company and the value of an investment in the Company, including and not limited to the Company's capital requirements, the potential for shareholders to be diluted, risks associated with the reporting of Mineral Resources and Ore Reserves estimates, budget risks, development risk and operational risk. An investment in New Shares is subject to known and unknown risks, some of which are beyond the control of the Company. The Company does not guarantee any particular rate of return or the performance of the Company. Investors should have regard to the risk factors outlined in this presentation under the section titled “Key Risks” when making their investment decision. Competent Person Statements Not investment or financial product advice The information contained in this presentation is for information purposes only and does not constitute investment advice or financial product advice (nor taxation, accounting or legal advice). Each recipient of this presentation should make its own enquiries and investigations regarding all information in this presentation including, but not limited to, the assumptions, uncertainties and contingencies which may affect future operations of the Company and the impact that different future outcomes might have on the Company. Information in this presentation is not intended to be relied upon as advice to investors or potential investors for making an investment decision. The Company prepared this presentation without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. Each recipient of this presentation is solely responsible for forming their own opinions and conclusions on such matters and the market and for making their own independent assessment of the information provided. Any investment decision by a recipient must be made solely on the basis of their own enquiries. No reliance may be placed for any purpose whatsoever on the information included in this presentation or on its accuracy or completeness. The Company is not licensed to provide investment or financial product advice in respect of its securities (including New Shares). Cooling off rights do not apply to the acquisition of New Shares. JORC Code It is a requirement of the ASX Listing Rules that the reporting of ore reserves and mineral resources in Australia comply with the Joint Ore Reserves Committee’s Australasian Code for Reporting of Mineral Resources and Ore Reserves (JORC Code). Investors outside Australia should note that while Ore Reserve and Mineral Resource estimates of the Company in this presentation comply with the JORC Code (such JORC Codecompliant ore reserves and mineral resources being "Ore Reserves" and "Mineral Resources" respectively), they may not comply with the relevant guidelines in other countries and, in particular, do not comply with (i) National Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the Canadian Securities Administrators (the "Canadian NI 43-101 Standards"); or (ii) Item 1300 of Regulation S-K, which governs disclosures of mineral reserves in registration statements filed with the US Securities and Exchange Commission. Information contained in this document describing mineral deposits may not be comparable to similar information made public by companies subject to the reporting and disclosure requirements of Canadian or US securities laws. You should not assume that quantities reported as “resources” will be converted to reserves under the JORC Code or any other reporting regime or that the Company will be able to This presentation includes estimates of Mineral Resources and Ore Reserves as well as production targets and forecast financial information. Core has previously reported these estimates in ASX Announcements “Finniss Mineral Resource Increased by 58%” on 11 April 2024, “Lithium Ore Reserve Updated” on 25 September 2024, “Updated Finniss Lithium Project Ore Reserve and Mineral Resources” on 14 May 2025 and “Restart Study Repositions Finniss Operations” on 14 May 2025. Core confirms that it is not aware of any new information or data that materially affects the results and exploration target included in the previous announcements (as may be cross referenced in the body of this presentation) and that all material assumptions and 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 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 and that the information in the announcement relating to exploration results is based upon, and fairly represents, the information and supporting documentation prepared by the named Competent Persons. Production Target The Study (as defined above) includes a production target which contains approximately 12.9% of Inferred Mineral Resources. An Inferred Mineral Resource has a lower level of confidence than an Ore Reserve or a Measured and Indicated Mineral Resource, and there is no certainty that further exploration work will result in the conversion of the Inferred mineralisation into an Ore Reserve or Measured or Indicated Mineral Resource. The Company confirms that it is not aware of any new information or data that materially affects the production target information or the forecast financial information derived therefrom included in the Study. The Company confirms that all material assumptions underpinning the production target or the forecast financial information derived therefrom 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 Study. Currency Unless otherwise stated, all cashflows are in Australian dollars, are undiscounted and are in real terms (not subject to inflation/escalation factors). Effect of rounding A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. 3 IMPORTANT AND CAUTIONARY NOTES Determination of eligibility Investors acknowledge and agree that determination of eligibility of investors for the purposes of the Offer is determined by reference to a number of matters, including the legal and regulatory requirements, logistical and registry constraints and the discretion of one or more Core Parties. Each Core Party, its respective related bodies corporate or any of their representatives disclaim any duty or liability (including without limitation, any liability arising from fault or negligence on the part of any person) in respect of that determination and the exercise or otherwise of that discretion, to the maximum extent permitted by law. Each Core Party may rely on information provided by or on behalf of institutional investors in connection with managing and conducting the Offer without independently verifying that information and each Core Party does not assume responsibility for the currency, accuracy, reliability or completeness of that information. Pro-forma financial information Investors should be aware that this presentation contains pro-forma financial information and certain other financial information and measures that are “non IFRS financial information” under Regulatory Guide 230: ‘Disclosing non IFRS financial information’ published by ASIC and are not recognised under Australian Accounting Standards (AAS) and International Financial Reporting Standards (IFRS). The non IFRS financial information financial measures do not have a standardised meaning prescribed by the applicable AAS or IFRS, and therefore, may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with the applicable AAS or IFRS. Although the Company believes the non-IFRS financial information and financial measures provide useful information to users in measuring the financial performance and condition of the Company, investors are cautioned not to place undue reliance on any non-IFRS financial information or financial measures included in this presentation. 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 forwardlooking 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. Authorisation This presentation has been authorised for release by the Board of Core Lithium Ltd. This Presentation contains pro forma financial information reflecting the Capital Raising. The pro forma financial information provided in this Presentation is for illustrative purposes only and is not represented as being indicative of the Company's (or anyone else's) views on the Company's future financial position and/or performance. Forward‐looking Statements This presentation contains forward-looking statements and comments about future matters. 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 4 OUR PURPOSE Transformation of Core into a sustainable, lowcost supplier of high-quality spodumene concentrate for decades to come 5 FINNISS LITHIUM PROJECT OPPORTUNITY1 An established low cost, long life operational restart opportunity, located 88km from the Port of Darwin Established DMS Plant 100% owned by Core optimising and expanding by 20% to 1.2Mtpa with the majority of offtake uncommitted Average future annual production Low operating costs 205ktpa (SC6 eq.) SC6 eq. excluding royalties BP33 underground Positive Restart Study boxcut and decline development to accelerate supports project advancement Advance to FID Strategic process long-lead items and operational readiness strategic funding process well underway 1. A$690 – A$785/t FOB Refer to ASX announcement "Finniss Repositioned as a Highly Attractive Low-Cost Operation with a 20-Year Life“ on 14 May 2025 6 COMPANY OVERVIEW Experienced Management team in place PAUL BROWN ASX Code CXO Chief Executive Officer Mining Engineer Shares 2,143M 25+ years in the mining industry, with deep expertise in Lithium. Demonstrated success in operations, strategic growth, and capital markets Share Price (26 August 2025) A$0.120 Market Capitalisation A$257M Cash (30 June 2025) A$23.5M JAMES BRUCE Chief Operating Officer Mining Engineer and Finance 30+ years of global mining experience across multiple commodities, with a strong background in underground operations JAMES VIRGO Chief Financial Officer Chartered Accountant Nil Debt Finniss Li Shoobridge Li Au 15+ years in mining finance, specialising in capital markets, business development, and investor relations ANTHONY KIRKE Project Director Engineer 40+ years leading large-scale construction, mining operations, and development projects across diverse commodities Lithium Uranium Base metals NORTHERN TERRITORY WESTERN AUSTRALIA Perth Head office 7 OVERVIEW OF EQUITY RAISING Institutional Placement of A$50M and Share Purchase Plan of A$10M • Core has received firm commitments to raise approximately A$50.0 million (before costs) in a two-tranche placement via the issue of approximately 476.2 million fully paid ordinary shares (“New Shares”) at an issue price of A$0.105 per New Share (“Offer Price”) in the Company (the “Placement”), comprising: • an unconditional placement of approximately A$29.2 million through the issue of approximately 278.1 million New Shares under the Company’s available placement capacity pursuant to ASX Listing Rules 7.1 (“Tranche 1”); and Offer structure, size and ranking • a conditional placement to raise approximately A$20.8 million through the issue of approximately 198.1 million New Shares subject to and conditional upon the receipt of shareholder approval to be sought at a Shareholder meeting, expected to be held in early-October (“Tranche 2”). • In addition to the Placement, the Company intends to undertake a share purchase plan (“SPP”) to eligible shareholders in Australia and New Zealand to raise up to A$10.0 million at the Offer Price. • New Shares issued under the Placement and SPP will rank equally with existing shares on issue • The Placement and SPP will not be underwritten • The Offer Price of A$0.105 per share represents a 12.5% discount to the last traded price of A$0.120 per share on Tuesday, 26 August 2025 and a 17.2% discount to the 5-day volume weighted average price of A$0.127 per share as at Tuesday, 26 August 2025 Offer price Use of proceeds • Refer to Slide 9 for full details Joint Lead Managers • Argonaut Securities Pty Limited and Canaccord Genuity (Australia) Limited acted as joint lead managers and bookrunners to the Placement. • Eligible Core shareholders with a registered address in Australia or New Zealand as at the Record Date of Wednesday, 27 August 2025 will be invited to participate in a non-underwritten SPP SPP details • Up to A$30,000 per Eligible Shareholder to raise up to A$10.0 million at the Offer Price (with the ability to accept oversubscriptions, subject to the ASX Listing Rules) • Core reserves the right (in its absolute discretion) to scale back applications under the SPP or close the SPP early 1. The Placement and SPP timetable is indicative only and subject to variation. The Company reserves the right to alter the timetable at its discretion and without notice, subject to the ASX Listing Rules, the Corporations Act and other applicable law. All times reference to Sydney, Australia time unless denoted otherwise. 8 SOURCE AND USE OF FUNDS Providing the flexibility to enhance, de-risk and accelerate Finniss to FID Cash balance and share capital Cash (A$M) At 30 June 2025 (unaudited) Shares on issue (M) Source of funds Total (A$M) Cash balance (22 August 2025) 9.4 23.5 Placement (before costs) 50.0 Settlement of crusher acquisition (July 2025) (10.1) SPP2 proceeds (before costs) 10.0 Other net expenditure (4.0) Total source of funds 69.4 At 22 August 2025 (unaudited) 9.4 2,143.0 Use of funds Total (A$M) Placement (before costs) 50.0 476.2 Long-lead items 5.8 Pro-forma (gross, incl. Placement) 59.4 2,619.2 BP33 box cut and decline development 25.0 Share purchase plan (SPP) (maximum)1 10.0 95.2 Operational readiness activities 9.2 Pro-forma (gross, incl. Placement and SPP) 69.4 2,714.4 General working capital and costs of Offer2 29.4 Total use of funds 69.4 • De-risk and accelerate the advancement of Finniss to a positive Final Investment Decision (FID) • Strengthen balance sheet to enable further assessment of strategic funding options • Ordering of long-lead items and operational readiness activities which include additional technical services roles, approvals, plus accelerated geotechnical, metallurgical and paste fill testwork to improve cost confidence and contingency estimates • Undertaking BP33 underground readiness via restart of box cut and decline development 1. 2. SPP applications open on 4 September 2025 and close on 24 September 2025. Total proceeds will be determined at the conclusion of the SPP Assumes full take-up of SPP of $10.0m. The SPP is not underwritten, and proceeds raised will be used for working capital. 9 INDICATIVE EQUITY RAISING TIMETABLE Providing additional financial flexibility to accelerate and de-risk Finniss to FID Placement Date1 Trading halt lifted and announcement of completion of the Placement Thursday, 28 August 2025 Settlement of New Shares under Tranche 1 of the Placement Wednesday, 3 September 2025 Allotment, quotation and trading of New Shares under Tranche 1 of the Placement Thursday, 4 September 2025 Shareholder meeting to approve Tranche 2 of the Placement Early-October 2025 Settlement of New Shares under Tranche 2 of the Placement Early-October 2025 Allotment, quotation and trading of New Shares under Tranche 2 of the Placement Early-October 2025 Share Purchase Plan Date1 Record date for eligibility to participate in the SPP Wednesday, 27 August 2025 Dispatch SPP Offer Documents and SPP Offer open date Thursday, 4 September 2025 SPP closing date Wednesday, 24 September 2025 Announcement of SPP participation and results, followed by allotment of New Shares 1. The Placement and SPP timetable is indicative only and subject to variation. The Company reserves the right to alter the timetable at its discretion and without notice, subject to the ASX Listing Rules, the Corporations Act and other applicable law. All times reference to Sydney, Australia time unless denoted otherwise. Monday, 29 September 2025 10 FINNISS LITHIUM PROJECT Leveraging significant prior investment and a high-quality resource • Located on Crown land with all major approvals in place • Majority of tenure located within 50km of the process plant • Modern DMS process plant with associated infrastructure in place • Site is well maintained and remains restart ready • Restart Study in May 2025 supports project advancement 100% ownership of all site infrastructure and mining assets Spodumene concentrate offtake available supporting funding optionality Ore Reserve1: 10.7Mt at 1.29% Li2O (BP33, Grants and stockpiles) Mineral Resource1: 48.5Mt at 1.26% Li2O (BP33, Grants and Carlton) Exploration Target1: 10.9 – 16.5Mt at 1.5 - 1.7% Li2O (Blackbeard and BP33) 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 Resource. 1. Refer to ASX announcement “Updated Finniss Lithium Project Ore Reserve and Mineral Resource Estimate“ on 14 May 2025 11 OUR ADVANTAGE Enhanced metrics delivered through conventional and deliverable operational changes Element Key Outcomes Metric Mining Methodology All underground Production 1.2Mtpa Concentrate production 205ktpa SC6 eq Mine Life (years) 20 UG Mining Costs (A$/t) 63 – 72 Optimised mining costs exploiting large, continuous stopes Processing Costs (A$/t) 40 – 46 Revised operating model with 100% infrastructure ownership Unit Operating Costs (A$/t) 690 – 785 Highly competitive unit operating costs Pre-Production Capex (A$M) 175 – 200 Improved capex profile across mining and processing 1. Optimised mining across Grants, BP33 and Carlton Optimised mine plan, simplifying flowsheet and increasing throughput High-quality, coarse-grained concentrate The Study underpinned by 17.3Mt of ore with upside Refer to ASX announcement "Finniss Repositioned as a Highly Attractive Low-Cost Operation with a 20-Year Life“ on 14 May 2025 12 Underground mining at BP33 of one large, sub-vertical mineralised pegmatite with 350m strike length and 40m true width for at least 10 years deliver low mining costs of A$63 A$72/t of ore BP33 Grants and Carlton deposits provide medium-term optionality and flexibility in ore feed, supporting BP33 as the primary asset. 13 DRIVERS OF LOWER MINING COSTS Bottom-up, all-in underground mining and stoping costs BP33 Bulk stoping geometry — large, wide, continuous, high-grade stopes with minimal internal dilution and vertical hanging wa