Announcement PDF Level 4, 186 St Georges Terrace T 61 8 8317 1700 ABN 80 146 287 809 Perth WA 6000 E info@corelithium.com.au ASX CXO corelithium.com.au 10 November 2025 ASX: CXO Announcement Updated Grants Mine Plan and Ore Reserve Highlights • Optimised mine plan for the Finniss Lithium Operation, delivering first ore within 1 month of mobilisation, and reducing Grants pre-production capital by $35 - $45 million • Grants will now be initially mined as an open pit and will transition later to an underground mine • Grants Ore Reserve Estimate increases by 33% to 1.53Mt @ 1.42% Li2O, delivering a 44% lift in contained Li2O metal • Lower Grants pre-production capital and mine plan support the progress of the Finniss strategic funding process Core Lithium Ltd (ASX: CXO) (Core or the Company) is pleased to provide an updated Reserve for the Grants deposit at its 100%-owned Finniss Lithium Project (Finniss or the Project). Finniss is located within the Bynoe Pegmatite Field in the Northern Territory and is situated 88km by road from the Darwin Port. Since releasing the Finniss Restart Study in May 20251, the Company has continued to refine its operating plan for Finniss. Based on the outcomes of an updated geotechnical assessment for the Grants deposit, an opportunity to bring forward revenue and reduce Grants pre-production capital costs for the Grant deposit has been identified. Grants will now be initially mined as an open pit and will transition later to an underground mine. This will reduce the re-establishment costs for Grants and bring first ore and revenue forward. The estimated reduction in Grants pre-production capital is $35 to $45 million for the Restart Study capital estimate for Grants. The updated Ore Reserve for Grants has been completed based on this revised plan, delivering a 33% increase in overall tonnage and an increase in contained metal of 44%. The declaration of an upgraded Ore Reserve at Grants leverages the substantial body of study work that has been conducted. The Ore Reserve Estimate and related assumptions were developed and supported by independent consultants in conjunction with Core’s Competent Persons (CP). 1 Refer to ASX announcement “Restart Study Repositions Finniss Operations” dated 14 May 2025 corelithium.com.au 2 Commenting on the Updated Grants mine plan and Ore Reserve, Core CEO Paul Brown said: “The updated Ore Reserve for Grants delivers clear benefits, continuing as an open pit (transitioning to underground later) brings first ore within one month of mobilisation, brings revenue forward, and reduces Grants pre-production capital by $35–$45 million through deferral of underground infrastructure. The Grants Ore Reserve has increased by 33% to 1.53Mt at 1.42% Li2O, lifting contained Li2O by 44%. Collectively, these changes lower capital intensity, support the ongoing strategic funding process, and strengthen Finniss as a compelling restart with a robust, independently supported operating plan.” Figure 1 Location of Grants relative to Core’s existing processing infrastructure at Finniss corelithium.com.au 3 Updated Grants Mine Plan The Grants Pit did not reach its planned depth when operations were paused in early 2024 and ore remains readily available at the bottom of the existing open pit. A review of the existing pit wall performance for weathering zones and updated Geotechnical parameters defined an optimised pit reaching the base of transition into fresh material. The optimised design has taken in consideration future Underground access, while allowing the pit to readily achieve a depth of -145mBGL to access a further 740kt of ore. The proposed open pit design includes adopting more informed pit geometries, with internal batter angles of up to 75 degrees and overall pit slopes of 53 degrees within the fresh rock materials. This design is expected to support a stable pit suitable for long-term infrastructure development below the -80mRL, including future portal access and vent rises within fresh rock for underground access. The schematics of the Grants Open Pit design is shown in Figure 2. Figure 2 New Grants Pit design inside the existing footprint Tenements and Ownership The Finniss Lithium Project covers an area of over 500km2. It is made up of a number of Exploration Licences (ELs) and Mining Leases (MLs) including: EL29698, EL29699, EL30012, EL30015, EL31126, EL31127, EL31271, EL31279, EL32205, ML29912, ML29914, ML29985, ML31654, ML31726, ML32074, ML32278, ML32346, MLN16, MLN813 and MLN1148. All ELs and MLs are 100% owned by Core Lithium. The Grants deposit is contained within ML31726. Mineral Resources No additional drilling or mining activities have been undertaken since the statement of in situ Mineral Resources, which was estimated and reported in the ASX announcement titled “Updated Finniss Lithium Project Reserve and corelithium.com.au 4 Resource” dated 14 May 2025. Accordingly, there have been no changes to the Mineral Resource, which is restated here without modification. The Finniss Project Mineral Resource estimates are presented in Table 1. Table 1 Finniss Project Mineral Resources at 30 April 2025 reported at a cut-off grade of 0.5% Li2O Mineral Resource Estimate for the Finniss Lithium Project Mineral Resource Measured Indicated Inferred Total Tonnes Li2O Tonnes Li2O Tonnes Li2O Tonnes Li2O Li2O (Mt) % (Mt) % (Mt) % (Mt) % Contained Metal (kt) Grants 1.34 1.48 0.61 1.49 0.37 1.27 2.32 1.45 33.6 BP33 2.85 1.44 6.51 1.55 1.14 1.59 10.5 1.53 161 Carlton 2.14 1.33 3.43 1.32 0.78 1.14 6.34 1.3 82.6 Lees - - 4.16 1.18 7.08 1.12 11.2 1.14 128 Ah Hoy - - 1.71 1.2 2.93 1.38 4.64 1.31 60.8 Booths - - 1.84 0.99 1.4 1.06 3.24 1.02 33 Penfolds - - 0.65 1.25 0.71 1.24 1.36 1.24 16.9 Hang Gong - - 1.51 1.18 1.95 1.14 3.46 1.16 40.1 Sandras - - 1.17 0.92 0.57 0.82 1.73 0.89 15.4 Bilatos - - - - 1.92 1.03 1.92 1.03 19.8 Seadog - - - - 1.41 1.18 1.41 1.18 16.6 Total 6.33 1.41 21.6 1.30 20.3 1.18 48.2 1.26 608 TSF/Rejects - - 0.31 0.66 - - 0.31 0.66 2.0 Total 6.33 1.41 21.9 1.29 20.3 1.18 48.5 1.26 610 1. Totals within this table are subject to rounding. 2. There was no cut-off applied to the TSF/Rejects material. Ore Reserves The Grants Ore Reserve Estimate has increased by 33.0% to 1.53Mt @ 1.42% with a 44% increase in contained metal to 22kt Li2O. Proved and Probable Ore Reserves were estimated for Grants. Measured Mineral Resources were converted to Proved Ore Reserves and Indicated Mineral Resources were converted to Probable Ore Reserves with the application of modifying factors. No Probable Ore Reserves have been derived from Measured Mineral Resources. The criteria used for the classification of the Mineral Resource Estimate (MRE) on which the Ore Reserve Estimate (ORE) is based is as follows: • Drilling data spacing, grade and geological continuity, and data integrity. • The relative contributions of geological and data quality and confidence, as well as grade confidence and continuity. • Confidence in the Measured and Indicated Mineral Resource is sufficient to allow application of modifying factors within a technical and economic study. The confidence level of the assumptions used is at a Pre-Feasibility Study level. The effective date of the Grants Ore Reserve Estimate is 30 October 2025. corelithium.com.au 5 Table 2 Ore Reserve Estimate including contained metal 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 Open Pit and Underground Proved 1.18 1.43 17 Probable 0.35 1.41 5 Total 1.53 1.42 22 Carlton Underground Proved 1.7 1.19 20 Probable 2.8 1.19 34 Total 4.5 1.19 53 Proved - - - TSF/Stockpiles Probable 0.3 0.68 2 Total 0.3 0.68 2 Total Proved 5.4 1.28 69 Probable 10.2 1.27 129 Total 15.6 1.27 198 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. Further commentary on the updated Ore Reserve Estimate is provided in the Supporting Information Section below, followed by the required JORC Table 1. Regional Exploration Potential – Exploration Targets While this Ore Reserve estimate relates solely to Grants Mine Plan, the Company continues to evaluate additional mineralised pegmatites within the Finniss Project, including at Blackbeard, BP33 and Carlton Projects, which have been the subject of previously reported Exploration Targets2,3. 2 Refer to ASX announcement “Updated Finniss Lithium Project Reserve and Resource” dated 14 May 2025 3 Refer to ASX announcement “Updated Ore Reserve at Carlton” dated 10 September 2025 corelithium.com.au 6 Table 3 Exploration Targets – Regional Exploration Target Tonnage (Mt) Li2O (%) Low High Low High Blackbeard 7.0 10.0 1.5 1.7 BP33 3.9 6.5 1.5 1.6 Carlton 1.2 1.8 1.2 1.4 Cautionary Statement: The potential quantity and grade of the Exploration Targets 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. The Company confirms that it is not aware of any new information or data that materially affects the information included in the announcement “Updated Finniss Lithium Project Reserve and Resource” dated 14 May 2025 and “Updated Ore Reserve at Carlton” dated 10 September 2025. All material assumptions and technical parameters underpinning those Exploration Targets continue to apply and have not materially changed. 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 shareholder value 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 7 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. The information in this announcement that relates to the Estimation and Reporting of Mineral Resources at the Finniss Project and the Grants Deposit and the reporting of Exploration Targets for BP33 and Blackbeard as reported in the announcement of 14 May 2025. It is available to view on the ASX and the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement, and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company confirms that the form and the context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. The Competent Person responsible for the original announcement was Dr Graeme McDonald, a member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Geoscientists, who was an employee of the Company at the time of reporting. Dr McDonald’s information is restated without material change and remains consistent with his original findings. The information in this release that relates to the Estimation and Reporting of the Carlton Exploration Target has been compiled by Jeremy Clark. Mr Clark is an independent consultant and is a member of the Australian Institute of Geoscientists. He has sufficient experience with the style of mineralisation, deposit type under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (The JORC Code). Mr Clark consents to the inclusion in this report of the contained technical information relating to the Exploration Target estimate in the form and context in which it appears. The information in this release that relates to the Estimation and Reporting of Ore Reserves is based on, and fairly represents, information and supporting documents compiled by Mr Tom Joseph employed as Principal Mining Engineer by Core Lithium and who is a Member of the Australasian Institute of Mining and Metallurgy. Tom Joseph is a Competent Person as defined by the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”, having more than five years’ experience that is relevant to the style of mineralisation and type of deposit. Mr Tom Joseph consents to the inclusion in the Public Report of the matters based on their information in the form and context in which it appears. The announcement references the Mineral Resource and Ore Reserves update as of 30 October 2025. Core confirms that it is not aware of any new information or data that materially affects the exploration results, exploration target and estimates included in this announcement as cross referenced in the body of this announcement and that all technical parameters and material assumptions underpinning the Mineral Resources, Ore Reserves and production target and forecast financial information derived from the production target continue to apply and have not materially changed except as reported within this release. 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, Ore Reserve Estimate and Mineral Resource Estimate. The previously reported Grants ORE of 1.2Mt @ 1.31% Li2O was comprised of Proved ORE of 0.9Mt @ 1.29% Li2O and Probable ORE of 0.3Mt @ 1.36% Li2O. All references to Ore Reserves are Ore Reserve Estimates and references to Mineral Resources are Mineral Resource Estimates. corelithium.com.au 8 SUPPORTING INFORMATION MINERAL RESOURCE No additional drilling or mining activities have been undertaken since the Statement of In Situ Mineral Resources, which was reported in the ASX announcement titled “Updated Finniss Lithium Project Reserve and Resource” dated 14 May 20254. Accordingly, there have been no material changes to the Mineral Resource, which is re- stated here without modification. ORE RESERVES Proved and Probable Ore Reserves were estimated for the Grants deposit. Measured Mineral Resources were converted to Proved Ore Reserves and Indicated Mineral Resources were converted to Probable Ore Reserves with the application of modifying factors. The effective date of the Updated Grants Ore Reserves is 30 October 2025. There has been no other change to the Ore Reserve Estimate from 5 September 2025. The Grants Ore Reserve has increased to 1.53Mt as at 30 October 2025 due to the mining optimisation and a revised strategy of reducing the Grant pre-production capital requirements by restarting Grants by open pit mining and then transition to underground. The underground mining recovery is also maximised by a change to the underground mining method to include waste backfilling that can be sourced from underground development in Grants and Carlton link. Ore Reserves were estimated for Grants with inputs including mine design, all modifying factors, processing flowsheet and recoveries, and physical constraints. The accuracy and confidence of the inputs are, as a minimum, to a Pre-Feasibility level. To estimate Ore Reserves, the CP has: ▪ Completed mine planning studies, including the operating and capital cost forecasts for Life of Mine (LOM) based on Measured and Indicated Mineral Resources only. ▪ Reviewed information on historical and previous mine performance, including operating costs and processing recoveries. ▪ Updated the mining method and LOM designs and associated study documents, including geotechnical, hydrological, ventilation, and processing assumptions. ▪ Verified LOM operating and capital costs. ▪ Completed LOM plans based on the mine sequencing. ▪ Compiled an economic model based on the LOM schedule, which included Measured and Indicated Mineral Resources only. ▪ Identified no physical constraints to mining, for example, tenement boundaries, infrastructure, protected zones (flora, rivers, roads, and road easements). In addition, the CP has determined that: ▪ The mining method selected for the Grants Ore Reserve is traditional open cut mining for the open pit component and Long Hole Open Stoping (LHOS) with rock filling for the underground, both are based on a detailed mining method analysis. ▪ The processing method selected is DMS and gravity. ▪ The recovery factors varied based on the feed grade and staged improvements in the plant. The allowances for mica and phyllite are in line with the staged improvements in the plant. ▪ The breakeven cut off grade for open pit mining and Net Smelter Return (NSR) for underground mining was based on the mining cost, processing cost, transport cost, royalty and G&A cost. corelithium.com.au 9 ▪ Open Pit Mining costs are derived based on current benchmarked industry rates and validated by external consultants. ▪ Underground Mining costs are derived from the first principles based on Contractor and owner operator cost profiles. ▪ The regulatory approvals are expected to be in place when required for the commencement of Grants. GEOTECHNICAL The geotechnical information used to support the underground and open pit mine designs that constrain the Ore Reserve estimate has come from additional geotechnical work completed during 2025 by Geotechnical Consultants. The geotechnical model was developed utilising the extensive resource database, pre-feasibility level geotechnical data and the geotechnical data derived from field and laboratory investigations. MINING The ore tonnes from open pit were estimated using the new pit design and interrogated against the block model and utilising the open pit cut off grade to report ore tonnes. The ore tonnes were separated into two ore streams based on the grade for preserving the ore hygiene especially in the proximity to the mineralised and non mineralised boundary of the orebody. To complete the Mine Stope Optimiser (MSO) for the underground, the NSR value was calculated for each block in the block model. The MSO was then run to generate stope shapes at NSR cut-off ranges. The quantities at each NSR do not materially change until the higher NSR values are used to generate the stope shapes. This indicates that the minable quantities are not highly sensitive to price changes, which reflects the geometry and grade tenure of the deposit. Mining Dilution and Recovery Factors Mining dilution and recovery factors for each different stoping areas were estimated and used in the mine plan. The Expected Linear Overbreak/Slough (ELOS) empirical assessment results were applied based on the geotechnical assessment by external consultants. Mining overbreak is applied to the stope sidewalls mined adjacent to the pillars. The global recovery factor for deposit is now applied using a combination of open cut mining 100% recovery and 95% Underground recovery and an effective dilution of up to 10% overall. The confidence of the factors applied to the mine plan are at a Pre-Feasibility Study level. Cut-Off The cut-off grade used in the Mineral Resource Estimate for Grants was 0.5%. The Grants Ore Reserve is derived directly from the Grants Mineral Resource. The cut-off grade used in the Ore Reserve Estimate for Grants Open Pit was 0.8%. The cut-off applied for underground mining was based on NSR, which is the net revenue paid for the concentrate. NSR is calculated as the In Situ value after allowances have been made for concentrate price, plant recovery, mining cost, processing cost, transport cost and royalty. The NSR Cut off $110/t was used to report Grants Underground Reserve. The parameters for the cut-off grade and NSR analysis may vary from those used in the financial model. Based on the analysis, if the financial parameters were applied to the cut-off grade and NSR, no material changes to the ore tonnes would result due to the nature of the orebody. Mining Method Selection The Grants orebody is appropriate for both open pit and underground currently. After considering the economic comparison of the historical performance of open pit in terms of the reasons of dilution, stripping ratio, recovery of orebody, and production profile, open pit mining is considered appropriate for the Grants deposit initially until - 124mRL or 146mBGL. Once Grants Open Pit finishes, Grants underground will be mined by long hole open stoping with waste filling. The ore body width, vertical orientation, and competent host rock ground conditions allow long hole open stoping to be considered as a suitable mining method. The mining Infrastructure required to support the mine plan has been considered, including waste rock dumps, ROM pad, haul roads, crusher and processing plant, Tailings Storage Facility (TSF), explosives storage facility, water storage, workshops, and other buildings required for mining operations. The existing infrastructure at Grants will provide majority of the necessary infrastructure. corelithium.com.au 10 Mining Method: The mining method determined to be most appropriate for Grants is the completion of the existing pit shell to -124mRL (as initially planned), which allows safe underground access for the remaining depth of the deposit to be mined, using long-hole, open-stoping (LHOS)-with backfill and crown pillar extraction. Selected Open Pit Mining Method to (-125mRL): fresh rock, with 10m benches, 8m berms and single lane access with a width of 15m. The mining method schematic is shown in Figure 3. Figure 3 Grants Open Pit design Selected Underground Mining Method: 45m, 30m and 25m sublevels with rib pillars, rock backfill bottom up mining to maximise ore recovery. Single access to the ore body via an in-pit decline located in safe fresh hoist rock. Including return air rise (RAR) and escape way, incorporated within the current pit design. Stopes are mined from the extremities and bottom up with mine rock fill. Retreating pillar access to central level access. Underground mining method schematics in plan and section views, is shown in Figure 4. corelithium.com.au 11 Figure 4 Underground schematics along with Open Pit Design Based on the outcomes of the study and updated pit design, this option was considered to be the most suitable for maximum extraction. The bottom-up LHOS/benching with waste fill mining method can be summarised as: • Longitudinal stope sequence is used for the LHOS. • Bottom-up sequence mined in panels; each level enables concurrent production. Blind stopes filled once available, using development waste or surface stored material. • Bottom-up stoping, removes the need for sill pillars between levels, 20m wide stopes and 10m rib-pillars align with Geotechnical recommendations. • Longitudinal stopes backfilled with mine waste allow tight fill of mining voids and add a level of confinement to the mined levels. Decline development remains accessible and future drilling platforms for ore extension. Below is a summary of the mine design parameters and stope sequencing applied for the LOM plan as presented in this Report. Mine Design The design criteria are summarised below: ▪ Decline capital development – 5.5m wide by 6.0m high ▪ Ore Development – 5.0m wide by 5.0m high ▪ 25m,30m and 45m sublevels. ▪ Extraction of crown pillar at the end of mine life. ▪ 20m stopes along strike. ▪ Rockfill will be used as backfill. Mining Schedule and Sequence Based on the mine design, the stoping sequence was scheduled using Deswik software. The key activity rates applied in the mining schedule include: ▪ The decline development rate was assumed to be similar to the rates used for BP33. ▪ Production drilling rate of 200m per day. corelithium.com.au 12 ▪ Stope bogging rate of 2,000 tonnes per day ▪ The mine is divided into four panels The mine level panels for Grants are shown in Figure 5. Figure 5 Grants Level Panels The typical Grants level layout plan is show in Figure 6. Figure 6 Grants Level layout corelithium.com.au 13 The ore production schedule for the Grants Open pit is shown graphically in Figure 7. Figure 7 Grants Open Pit Production Schedule The key outcomes of the Grants underground mining are shown graphically in Figure 8. Figure 8 Grants Underground Production Schedule 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 1.60% - 20 40 60 80 100 120 140 160 180 200 M1 M2 M3 M4 M5 M6 M7 M8 M9 Li 2 O Ore tonnes (kt) Ore Grade 1.00% 1.10% 1.20% 1.30% 1.40% 1.50% 0 100 200 300 400 500 Y1 Y2 Y3 Li 2 O Ote onnes (kt) Development Ore Stope Ore Grade corelithium.com.au 14 PROCESSING The process plant flowsheet design and concentrate logistics assumed are consistent with the 2025 Restart Study which has been conducted to optimise the dense media processing plant recovery plus the addition of a gravity recovery circuit to recover spodumene from tailings prior to discharge to the TSF. Coupled with process plant improvements, ore quality will be improved by leveraging learnings from previous open blasting experience to minimise host rock dilution. These operational changes are expected to produce significant existing DMS circuit recovery and product quality improvements, complimenting the flowsheet upgrade. The metallurgical process of dense media separation proposed for Grants is well tested for spodumene ore, is commonly utilised in industry and based on the previous operational data, laboratory tests and pilot scale tests conducted is suitable for Grants ore including coarse rejects stockpile previously generated whilst processing Grants ore with the unoptimised flowsheet. Refer to ASX announcement “Restart Study Repositions Finniss Operations” on 14 May 2025 for details. The open pit overall recovery including the allowance for deleterious elements was determined for the Grants deposit to be 65% producing Li2O concentrate Using DMS only flowsheet, building on previous record month recovery of 65% and June 2024 quarter of 63%4. The Underground mine model overall recovery includes allowance for deleterious elements determined for the Grants deposit. Pilot testing achieved 81.6% recovery producing Li2O concentrate Using DMS + Gravity flowsheet as developed in the 2025 Restart Study. INFRASTRUCTURE Principal infrastructure items to be put in place to support the Grants have been considered in the capital estimate and development schedule: ▪ Re-establishing Open pit ▪ Ventilation system for Underground ▪ Dewatering system for both Open pit and Underground ▪ Mine surface and underground development and infrastructure CONCENTRATE TRANSPORT Concentrate road transport is in place via the Cox Peninsula Road from the Grants Processing Plant to the port of Darwin as previously utilised in operations. COSTS Costs have been calculated based on the mining schedule for Grants open pit and underground deposit. The capital and operating costs were estimated by using independent consultants and derived from quotations from experienced contractors, current contracts, other suppliers, and current project costs. Grants open pit has a pre-production capital cost of $3-5 million. Grants underground capital cost of $55-$65 million which does not form part of pre-production capital. Owners Costs and G&A costs were