Announcement PDF FINNISS RESTART FUNDING SECURED AND FINAL INVESTMENT DECISION 18 March 2026 ASX:CXO NOT FOR RELEASE TO US WIRE SERVICES OR DISTRIBUTION IN THE UNITED STATES IMPORTANT AND CAUTIONARY NOTES 2 This presentation is dated 18 March 2026 and has been prepared by Core Lithium Ltd (Core or the Company) in connection with an equity raising by Core comprising an unconditional placement of fully paid ordinary shares in Core (New Shares) utilising the Company's existing placement capacity under Listing Rule 7.1 (Unconditional Placement) and a conditional placement of New Shares subject to shareholder approval (Conditional Placement), in each case to institutional and sophisticated investors (together, the Placement). 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). 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 New 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. Refer to the Company's ASX announcement titled “Restart Study Repositions Finniss Operations” dated 14 May 2025 for further information and for a copy of the Study. 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 New 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 (US Securities Act) 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. IMPORTANT AND CAUTIONARY NOTES 3 Investment and other risks 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. 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 2012 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 Code-compliant 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 presentation 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 legally and economically extract them. Competent Person Statements 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 “Updated Finniss Lithium Project Ore Reserve and Mineral Resources” on 14 May 2025, “Restart Study Repositions Finniss Operations” on 14 May 2025, “Updated Ore Reserve at Carlton” released on 10 September 2025, “Updated Grants Mine Plan and Ore Reserve” on 10 November 2025 and “Final Investment Decision and Funding Secured for the Restart of the Finniss Lithium Operation” on 18 March 2026. Core confirms that it is not aware of any new information or data that materially affects the results and production 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 of 214ktpa spodumene concentrate (6%) equivalent, 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 or that the production target itself will be realised. 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. IMPORTANT AND CAUTIONARY NOTES 4 Determination of eligibility Investors acknowledge and agree that determination of eligibility of investors for the purposes of the Placement 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 or sophisticated investors in connection with managing and conducting the Placement 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. This includes measures such as cash operating costs, EBITDA, NPV and project payback. 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. This presentation contains pro forma financial information reflecting the Placement. 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 presentation 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. Authorisation This presentation has been authorised for release by the Board of Core Lithium Ltd. 1. Executive Summary 5 KEY INVESTMENT HIGHLIGHTS 6 FID Taken, Restart Ready Fully-Financed and Holistic Solution for Finniss Experienced Management Team Enhanced by High-Quality Strategic Partners Accelerated Restart Timing with Supportive Lithium Price Tailwinds Attractive Through-cycle Cost Position • Strong returns with 2 to 3-year payback across various prices1 • Robust long term production profile with 20-year mine life and 214ktpa1 spodumene concentrate (6%) equivalent (SC6) nameplate production • Resource and plant capacity expansion, together with high grade drilling results at Blackbeard5, highlight additional upside to FID case • Restart fully funded through a diversified financing package (excluding costs), comprising; − US$70 million convertible notes and US$50 million senior secured loan facility − A$120 million equity raising, comprising an institutional unconditional placement2 and a conditional placement3 • Marketing agreement with Glencore delivers certainty of product placement while retaining full offtake flexibility • Delivers overall funding at an attractive cost of capital and lower dilution, maintaining greater upside for existing shareholders • Competitive unit operating cost of A$762/t FOB and attractive EBITDA margin of 48%1 • Mining method and processing leverage the underground ore body at BP33 whilst driving step-change efficiency and a structurally lower cost profile5 • Competitive cost position driven by improvements in mining productivity, flowsheet simplification and 100% infrastructure ownership model • Accelerated restart to deliver near term production, offering investors unique brownfields exposure, supported by a favourable pricing backdrop and limited execution risk • Significant upside with >2Mtpa crushing capacity5 and significant Ore Reserves and exploration potential providing a pathway to increase scale • Robust demand fundamentals in the medium and long term driven by chemical converter demand for spodumene concentrate, underpinning sustained spodumene consumption4 • Proven management team with deep experience in lithium mining operations, project delivery and capital markets • Strategic partnerships with Glencore, InfraVia and Nebari enhance project certainty through secured product placement, long-term aligned capital and tailored debt funding to support restart and ramp-up5 • Alignment with well-capitalised, long-term strategic partners supporting execution, funding certainty and operational outcomes 1 2 3 4 5 1. Based on 6% spodumene concentrate price of US$1,500/t CIF for the base case and US$2,200/t CIF for the 2-year payback, an exchange rate of AUD/USD 0.7000 and nameplate throughput of 1.2Mtpa. Payback calculated from first capex spend in January 2026 2. Unconditional placement utilising the Company’s existing 15% placement capacity under Listing Rule 7.1 3. Conditional placement is subject to shareholder vote. Financing solution subject to completion of the conditional placement, stated “Key Risks” and no change to capital commitments or material interest rate rises 4. Wood Mackenzie Global Lithium Investment Horizon Outlook, December 2025 5. Refer to the Company's ASX announcements titled “Restart Study Repositions Finniss Operations” dated 14 May 2025, "Updated Grants Mine Plan and Ore Reserve" dated 10 November 2025 and "Final Investment Decision and Funding Secured for the Restart of the Finniss Lithium Operation" dated 18 March 2026 for further information A fully funded restart underpinned by strong economics, long mine life with growth potential and clear pathway to execution 7 FID TAKEN, RESTART READY4 1 Strong Project Returns A$1,104 million NPV8 Pre-tax A$837 million NPV8 Post-tax 3-year2 Payback Period 76.5% IRR Unlevered Post-tax A$1.7 billion Cash Generation (US$1,500/t spodumene concentrate price) Robust Long Term Production Profile 20-year Mine Life 214 ktpa Nameplate Production SC6 eq. 78%5 Average Global Recoveries Low costs drive margins and price cycle resilience US$533/t (A$762/t) Unit Cost1 (FOB, SC6 eq. ex-royalties) A$208 million Finniss Restart Capital3 48%2 EBITDA Margin Project demonstrates robust metrics across various commodity price scenarios 1. Represents unit costs during the period where BP33 is at full capacity (~1.2Mtpa) 2. Based on 6% spodumene concentrate price of US$1,500/t CIF and an exchange rate of AUD/USD 0.7000. Payback calculated from first capex spend in January 2026 3. Capital inclusive of contingency 4. Refer to the Company's ASX announcements titled “Restart Study Repositions Finniss Operations” dated 14 May 2025, "Updated Grants Mine Plan and Ore Reserve" dated 10 November 2025 "Final Investment Decision and Funding Secured for the Restart of the Finniss Lithium Operation" dated 18 March 2026 for further information 5. Average Global recovery once the Reflux Classifier circuit is operational Free Cashflow of A$1.7 billion at US$1,500/t CIF spodumene concentrate price Potential for significant upside to be realised at spot prices 8 Strategic funding and equity raise deliver full restart certainty with a disciplined, diversified capital structure Sources and Uses Financing Package (excluding Costs) 1. Based on exchange rate of AUD/USD $0.7074 2. Amortisation holiday for first 18-months 3. Contingency is 15% of restart capital 4. Forecasted cash at 31 March 2026 5. Spodumene sales expected to be realised in the June quarter 2026 6. Total sources and uses of funds subject to completion of the conditional placement, stated “Key Risks” and no change to capital commitments or material interest rate rises 7. Refer to slide 16 for further details 8. The upfront component of the convertible notes will be issued after the unconditional placement closes and 15 business days after satisfaction of certain conditions (including closing an equity raise of US$25 million, that will be satisfied upon closing the unconditional placement) and the deferred component of convertible notes will be delivered following the conditional placement and remains subject to shareholder approval and Foreign Investment Review Board (FIRB) Approval. The senior secured loan is inter-conditional to the tranche 2 notes and therefore remains subject to shareholder approval and FIRB Approval Senior Secured Loan Equity Raise Convertible Notes • 6-year US$70 million convertible notes from Glencore (US$20 million) and InfraVia (US$50 million) • Issuer early-redemption right after 2-years if the volume weighted average price > 160% of conversion price • Structured to support funding certainty and balance-sheet flexibility through the restart phase • Aligned with marketing and strategic partnership objectives • 4-year senior secured loan financing provided by Nebari • US$50 million structured as tranche 1 of US$25 million and tranche 2 of US$25 million (undrawn) • No amortisation during ramp-up until steady state production is achieved2 • Equity raising of A$120 million to support restart funding and balance sheet strength • Unconditional placement utilising the Company's existing 15% placement capacity • Conditional placement subject to shareholder approval Uses of Funds7 Total A$ million1 Restart capital with contingency3 208 General corporate purposes and transaction costs 69 Growth and exploration 30 Total Uses 307 Senior secured loan – tranche 2 (undrawn) 35 Sources of Funds (excluding costs) Total A$ million1 Convertible notes 99 Senior secured loan – tranche 1 35 Equity raising 120 Cash4 41 Proceeds from spodumene sales5 11 Total Sources 307 Senior secured loan – tranche 2 (undrawn) 35 FINANCING SECURED6,8 2 - 1,000 2,000 3,000 4,000 5,000 6,000 2022 2023 2024 2025 2026 Unit Operating Cost A$762/t1 (eq. ~US$533/t3) SC62 Unit Operating Cost1,4 9 • Potential EBITDA margin of 48% and 58% at a commodity price of US$1,500/t and US$2,200/t respectively • Increased mining productivity driven by majority underground mining • Optimised mining costs exploiting large, continuous stopes • Optimised mine plan, simplified flowsheet and increased throughput • Lower processing cost model with 100% infrastructure ownership • A structurally low-cost mine plan built to withstand the price cycles, underpinned by bulk stoping, strong recoveries and simple processing and logistics Source: Bloomberg 1. Unit operating costs of A$762/t FOB based on nameplate throughput of 1.2Mtpa 2. Benchmark Mineral Intelligence Spodumene 6% Australia FOB 3. Based on the exchange rate of AUD/USD 0.7000 4. Unit operating cost (FOB excluding royalties) includes mining, processing, haulage, port charges, and site-based general and administration costs. It is calculated on an SC6 equivalent basis 5. Refer to the Company's ASX announcements titled “Restart Study Repositions Finniss Operations” dated 14 May 2025, "Updated Grants Mine Plan and Ore Reserve" dated 10 November 2025 "Final Investment Decision and Funding Secured for the Restart of the Finniss Lithium Operation" dated 18 March 2026 for further information Low Operating Costs Driven by Production Optimisation5 Lithium SC6 Price FOB Australia (US$/t) 3 ATTRACTIVE COST POSITION Significant headroom across the commodity price cycle Funding and FID Commence restart capital deployment and mobilisation activities Q1 CY2026 Q2 CY2026 Q2 CY2026 Q3/4 CY2026 CY2026- CY2027 Mid CY2027 Mid CY2028 Grants open pit begins with concurrent BP33 box cut works BP33 decline progresses with plant starting and the first concentrate shipment Progressive spend across pre- production mining development, civils, plant upgrades, box cut works, ventilation systems, and supporting infrastructure BP33 underground achieves first ore, marking the end of the pre-production period for BP33 BP33 reaches full production rate of 1.2Mtpa 10 RESTART TIMELINE1,2 4 Staged restart pathway delivers near-term production with a disciplined transition to underground operations 1. Illustrative purposes only. Timing is based on current estimates to complete scheduled work and remains subject to change and various conditions (including on-time delivery by counterpart