Announcement PDF ABN: 80 146 287 809 Interim Consolidated Financial Statements for the half year ended 31 December 2024 1 Contents Directors’ Report 3 Auditor’s Independence Declaration 6 Financial Report 7 Statement of Profit or Loss and Other Comprehensive Income 7 Statement of Financial Position 8 Statement of Changes in Equity 9 Statement of Cash Flows 10 Notes to the Consolidated Financial Statements 11 Directors’ Declaration 24 Independent Auditor’s Review Report 25 Corporate Information 27 This Report covers Core Lithium Ltd ("Core", the "Parent" or the "Company") and its subsidiaries, collectively referred to as "the Group". The financial report is presented in Australian dollars. Its registered office and principal place of business is: Core Lithium Ltd Level 9, 2 Mill Street Perth 6000 Western Australia 2 Directors’ Report Your Directors present their report together with the financial statements of the consolidated entity being Core Lithium Ltd (“Core” or “the Company”) and its controlled entities (“the Group”) for the half year ended 31 December 2024 (“Half Year”) and the Independent Auditor’s Review Report therein. Directors The Directors of the Company who held office during the Half Year and up to the date of this report are stated below. Directors were in office for this entire period unless otherwise stated. Greg English Heath Hellewell Malcolm McComas Alicia Sherwood Non-Executive Chair Non-Executive Director Non-Executive Director Non-Executive Director (appointed 1 December 2024) Review of operations and financial results for the period Core is the 100% owner of the Finniss Lithium Operation (“Finniss” or the “Project”), located 88km by road from the Darwin Port in the Northern Territory. Finniss Project is a multi-mine, hard rock lithium operation and includes a modern processing plant with associated infrastructure. Finniss Operations The Half Year to 31 December 2024 was underpinned by significant operational and corporate activity as the Group transitioned to prioritising the safe preservation of Finniss Project in a restart ready state following the cessation of operating activities in response to the fall in the lithium price in June 2024. Key operational activities over the Half Year included condition assessments of plant pumping infrastructure to support restart preparations and equipment servicing to ensure the reliability of power generation systems. Capital purchases of power generators were completed to replace hired equipment, reducing operating costs and delivering long-term savings. Additionally, a water management plan was developed to ensure infrastructure remains in good condition and water levels are aligned with restart requirements. Sustainability During the Half Year, compliance with all regulatory commitments remained a priority for the Finniss site team. Core maintained a strong focus on safety performance and reported no lost time injuries or significant environmental incidents and two minor safety incidents. during the period. Environmental compliance remained a key focus across the period, with ongoing monitoring and data reporting on water management and pollutant inventories. Preparations for the wet season was a focus, including ensuring water storage capacity, pipework repairs, deployment of pumps, and sediment control measures. A submersible pump was installed in Grants open pit to facilitate water transfer to surface storage, and water treatment activities were conducted to optimise chemistry for dilution management. Restart Study Core is now advancing a restart strategy for Finniss Project, designed to enhance the operation across operating costs, efficiency, product quality and sustainability. This will enable readiness to resume operations in improved lithium market conditions, subject to favourable results from the restart study and the ability to raise funds to recommence operations. Significant advancements in both mining and processing workstreams to support these objectives were made during the period. Key optimisation activities are advancing for the BP33 underground mine with a focus on capital and operating cost reductions, design refinements, efficient sequencing, dewatering strategy and ventilation. Parallel efforts at the Grants open pit are focused on improved mining and drill and blast practices, pit wall design, and cut-off grade adjustments to enhance project returns. The ongoing work to date on processing continues to align with our stated aim of delivering a more efficient, lowercost operation at Finniss. Further updates on this work's progress will be shared as the Restart Study proceeds. 3 In September 2024, Core reported an Ore Reserve Estimate update which resulted in significant ore reserve growth in the BP33 underground mine that provides a strong foundation for the Restart Study. The Restart Study remains on track for completion by Q4FY25. These efforts seek to ensure the Finniss Project is well-positioned for a successful restart and aligned with evolving market conditions. Exploration Exploration activities during the Half Year were aimed at expanding Mineral Resources and testing high-priority targets. Drilling efforts targeted lithium and gold prospects, with significant programs completed at Blackbeard, Shoobridge and regional tenements near the Finniss Project. At Blackbeard, drilling intersected high-grade lithium-bearing pegmatites over potentially mineable widths, highlighting the opportunity for the future expansion of lithium resources at Finnis. Geochemical and geophysical programs continue to identify new targets across the Finniss Project area. Drilling at Shoobridge confirmed broad zones of shallow, gold mineralisation, within a much larger prospective trend. All results from exploration activities in the period are being reviewed to inform Core’s upcoming exploration strategy. Results of Operation Total consolidated comprehensive loss of the Group for the six months to 31 December 2024 was $17.2 million (31 December 2023: total consolidated comprehensive loss of $167.6 million). The Company’s basic loss per share was 0.82 cents per share (31 December 2023: loss of 8.16 cents per share). No dividend has been paid during or is recommended for the half-year ended 31 December 2024 in line with the previous period. Financial Position As at 31 December 2024, Core had cash of $49.7 million and ore stockpile inventory with a net realisable value of $5.5 million. Significant cash flows during the half-year include: • $17.1 million of one-off non-recurring cost related to the operational transition. • Royalty payments of $4.8 million relating to FY23 and FY24 • Capital purchases of $1.5 million mainly related to the power generators • Finniss site and maintenance costs of $6.7 million • Exploration expenditure of $5.7 million Corporate In September 2024, Core purchased 7.6 million shares in Charger Metals NL (ASX:CHR) (Charger) held by Lithium Australia Ltd (ASX:LIT) (Lithium Australia) (name changed to Livium Ltd) (Charger Shares) through the issue of 6.08 million Core shares to Lithium Australia (being 0.8 Core shares for each Charger Share). During the Half Year, James Bruce joined Core as Chief Operating Officer. Mr Bruce is a highly experienced mining engineer and corporate executive with over 30 years in the industry. Immediately prior to joining Core, he was Executive General Manager – Corporate Development at Mineral Resources Ltd. On 1 December 2024, the Core Lithium Board appointed Alicia Sherwood as a Non-Executive Director. Ms Sherwood brings over 25 years of experience across the private, public, and not-for-profit sectors, with a strong focus on stakeholder management, governance, and leadership and her most recent role was General Manager of Core’s Finniss Lithium Mine. 4 Significant changes to the state of affairs There have been no changes in the state of affairs of the Group that occurred during the Half Year under review not otherwise disclosed in this Directors’ Report. Rounding of amounts Amounts in this report and the accompanying financial report have been rounded to the nearest thousand dollars ($'000) unless otherwise stated under the option available to the Company under ASIC Corporations (Rounding in Financial/Directors' Report) Instrument 2016/191. The Company is an entity to which the instrument applies. Events arising since the end of the reporting date Since the end of the period and to the date of this report, no matters or circumstances have arisen that have significantly affected, or may significantly affect, the operations of the Group, the results of operation or the state of affairs of the Group in subsequent periods. Forward-looking statements This release contains certain statements that may constitute “forward-looking statements”, including statements about trends in commodity prices and currency exchange rates; demand for commodities; production forecasts; plans, strategies and objectives of management; capital costs and scheduling; operating costs; anticipated productive lives of projects, mines and operations; and provisions and contingent liabilities. These forward-looking statements reflect expectations at the date of this report. However, they are not guarantees or predictions of future performance. They involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this report. Readers are cautioned not to put undue reliance on forward-looking statements. Core makes no representation, guarantee, warranty or assurance, express or implied, as to the accuracy or likelihood of the forward-looking statements or any outcomes expressed or implied in any forward-looking statements contained in this report being achieved or proved to be correct. Except as required by applicable laws or regulations, Core does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events. Past performance cannot be relied on as a guide to future performance, and Core cautions against reliance on any forward-looking statements or guidance. Greg English Non-Executive Chair 28 February 2025 5 Grant Thornton Audit Pty Ltd Grant Thornton House Level 3 170 Frome Street Adelaide SA 5000 GPO Box 1270 Adelaide SA 5001 T +61 8 8372 6666 Auditor’s Independence Declaration To the Directors of Core Lithium Limited In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Core Lithium Limited for the half-year ended 31 December 2024, I declare that, to the best of my knowledge and belief, there have been: a no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b no contraventions of any applicable code of professional conduct in relation to the review. GRANT THORNTON AUDIT PTY LTD Chartered Accountants J L Humphrey Partner – Audit & Assurance Adelaide, 28 February 2025 www.grantthornton.com.au ACN-130 913 594 Grant Thornton Audit Pty Ltd ACN 130 913 594 a subsidiary or related entity of Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389. ‘Grant Thornton’ refers to the brand under which the Grant Thornton member firms provide assurance, tax and advisory services to their clients and/or refers to one or more member firms, as the context requires. Grant Thornton Australia Limited is a member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. GTIL and each member firm is a separate legal entity. Services are delivered by the member firms. GTIL does not provide services to clients. GTIL and its member firms are not agents of, and do not obligate one another and are not liable for one another’s acts or omissions. In the Australian context only, the use of the term ‘Grant Thornton’ may refer to Grant Thornton Australia Limited ABN 41 127 556 389 ACN 127 556 389 and its Australian subsidiaries and related entities. Liability limited by a scheme approved under Professional Standards Legislation. STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME For the half year ended 31 December 2024 Notes 31 December 2024 31 December 2023 $'000 - $'000 183,836 Revenue from contracts with customers 3 Quotational period adjustments 4 (2,421) (49,040) Cost of sales 5 - (132,613) (2,421) 2,183 Interest income 542 3,060 Other income 120 1,161 Gross (loss)/profit Site related expenses 6 (7,855) (2,305) Royalties 7 1,030 (3,439) Onerous contracts provision expense 15 - (27,582) General and administration expenses 8 (7,296) (13,812) - (119,647) Impairment of non-financial assets Impairment of capitalised exploration expense 12 - (792) Inventory net realisable value movement 10 (678) - (926) (1,451) 363 (134) (17,121) (162,758) - (4,862) (17,121) (167,620) (84) - (17,205) (167,620) Basic loss per share (cents) (0.82) (8.16) Diluted loss per share (cents) (0.82) (8.16) Finance costs Foreign currency gain/(loss) Loss before income tax expense Income tax expense Net loss for the period Other comprehensive income Total comprehensive loss for the period Loss per share from continuing operations This statement should be read in conjunction with the notes to the financial statements. 7 STATEMENT OF FINANCIAL POSITION As at 31 December 2024 Notes 31 December 2024 $'000 30 June 2024 49,730 87,606 805 1,460 $'000 ASSETS Current assets Cash and cash equivalents Other receivables Other financial assets 9 570 570 Inventories 10 8,016 8,533 Other assets 11 1,540 1,337 60,661 99,506 Total current assets Non-current assets Other assets 11 11,581 11,922 Other financial assets 9 600 - Inventories 10 3,062 2,708 Exploration and evaluation assets 12 83,764 77,945 Plant, equipment, and mine development assets 13 127,962 131,877 Total non-current assets 226,969 224,452 TOTAL ASSETS 287,630 323,958 5,333 16,623 Financial liabilities - 661 Other liabilities - 918 LIABILITIES Current liabilities Trade and other payables Lease liabilities 14 563 477 Provisions 15 26,617 19,123 32,513 37,802 Total current liabilities Non-current liabilities Lease liabilities 14 2,670 3,057 Provisions 15 11,955 26,227 Total non-current liabilities 14,625 29,284 TOTAL LIABILITIES 47,138 67,086 NET ASSETS 240,492 256,872 479,240 478,632 1,313 1,620 (240,061) (223,380) 240,492 256,872 EQUITY Issued capital 16 Reserves Accumulated losses TOTAL EQUITY This statement should be read in conjunction with the notes to the financial statements. 8 STATEMENT OF CHANGES IN EQUITY For the half year ended 31 December 2024 Issued 2024 Balance at 1 July 2024 Issuance of shares Performance rights and options issued to officers and employees at fair value Lapse of performance rights at fair value Reserves capital $'000 $'000 478,632 1,620 Accumulated losses $'000 Total equity $'000 (223,380) 256,872 608 - - 608 - 321 - 321 - (440) 440 - - (104) - (104) 479,240 1,397 (222,940) 257,697 Total loss - - (17,121) (17,121) Total other comprehensive income - (84) - (84) 479,240 1,313 (240,061) 240,492 Reserves Accumulated losses $'000 Total equity $'000 532 (16,550) 354,922 Forfeit of performance rights at fair value Transactions with owners Comprehensive income: Balance 31 December 2024 Issued 2023 capital Balance at 1 July 2023 $'000 370,940 Issue of shares - share placement 100,000 - - 100,000 Issue of shares - shares purchase plan (SPP) 11,368 - - 11,368 Issue costs – net of tax Performance rights issued to officers and employees at fair value Lapse of performance rights at fair value (3,676) - - (3,676) - 610 - 610 - (184) 184 - Transactions with owners 478,632 958 (16,366) 463,224 Total loss - - (167,620) (167,620) Total other comprehensive income - - - - 478,632 958 (183,986) 295,604 $'000 Comprehensive income: Balance 31 December 2023 This statement should be read in conjunction with the notes to the financial statements. 9 STATEMENT OF CASH FLOWS For the half year ended 31 December 2024 31 December 2024 $'000 31 December 2023 $'000 Receipts from customers 468 123,586 Repayments to customers (3,496) (55,836) 542 3,060 (27,518) (125,048) (38) (549) (30,042) (54,787) (1,508) (53,839) (5,676) (22,495) - 42 Payments for financial assets (76) - Government co-funding grants repaid1 (918) - Proceeds from environmental and security bonds 341 - Payments for environmental and security bonds - (530) (7,837) (76,822) Financing activities Proceeds from the issue of share capital Proceeds from exercise of options - 111,368 - Payments of share issue transaction costs - (3,675) Payments of lease liabilities (316) (2,670) Net cash from financing activities (316) 105,023 (38,195) (26,586) 319 (1,374) Cash and cash equivalents at the beginning of the period 87,606 152,786 Cash and cash equivalents at the end of the period 49,730 124,826 Operating activities Interest received Payments to suppliers and employees Interest paid Net cash used in operating activities Investing activities Payments for plant, equipment, and mine development assets Payments for capitalised exploration and evaluation expenditure Proceeds from disposal of plant and equipment Net cash used in investing activities Net change in cash and cash equivalents Net foreign exchange difference This statement should be read in conjunction with the notes to the financial statements. 1 Repayment of unused funds received under the Federal Government’s Modern Mining Initiative (MMI). 10 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half year ended 31 December 2024 1 Statement of significant accounting policies a) Reporting entity Core Lithium Ltd (the “Company”) is a listed public company registered and domiciled in Australia. These consolidated interim financial statements (“interim financial statements”) as at and for the 6 months ended 31 December 2024 comprise the Company and its subsidiaries (together referred to as the “Group”). The Group is an Australian hard-rock lithium mining company that owns and operates the Finniss Lithium Project on the Cox Peninsula, 88km south-west of the Darwin Port in the Northern Territory. b) General information and basis of preparation The interim financial statements of the Group are for the six months ended 31 December 2024 and are presented in Australian dollars ($) which is the functional currency of the Group. The amounts contained in the financial report have been rounded to the nearest $1,000 (where rounding is applicable) where noted ($000). These general purpose interim financial statements have been prepared in accordance with the requirements of the Corporations Act 2001 (Cth) and AASB 134 Interim Financial Reporting. They do not include all the information required in annual financial statements in accordance with AASB and should be read in conjunction with the consolidated financial statements of the Group for the year ended 30 June 2024 and any public announcements made by the Group during the Half Year in accordance with the continuous disclosure requirements arising under the Australian Securities Exchange Listing Rules and the Corporations Act 2001 (Cth). The Group is a for profit entity for the purposes of preparing its financial statements. The interim financial statements have been approved and authorised for issue by the board of directors on 28 February 2025. c) Critical accounting estimates and judgements The Directors evaluate estimates and judgements incorporated into the interim financial report based on historical knowledge and best available current information. Estimates assume a reasonable expectation of future events and are based on current trends of economic data, obtained both externally and within the Group. 11 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half year ended 31 December 2024 2 Operating segments Management has determined the operating segments based on internal reports about components of the Group that are regularly reviewed by the CEO as Chief Operating Decision Maker (CODM), to make strategic decisions. The Group has identified two reportable segments of its business: • Finniss Lithium Project: care and maintenance and dewatering of existing infrastructure of Grants operations. • Exploration: exploration and evaluation of primarily lithium mineralisation. The CODM monitors performance in these areas separately. Unless stated otherwise, all amounts reported to the CODM are determined in accordance with accounting policies that are consistent with those adopted in the annual financial statements of the Group. Operating segment performance details for the six-month periods ended 31 December 2024 and 31 December 2023 are set out below: Segment results December 2024 Segment results Segment revenue Cost of sales Gross loss Inventory net realisable value movement Other operating expenses Segment margin Interest income Other income General and administration expense Finance costs Foreign currency gain Loss before tax December 2023 Segment results Segment revenue Cost of sales Gross profit Exploration and evaluation assets and impairment Other operating expenses Onerous and general contract expenses Impairment of non-financial assets Segment margin Interest income Other income General and administration expense Finance costs Foreign currency loss Loss before tax Finniss Lithium Project Exploration $’000 $’000 (2,421) (2,421) (678) (6,825) (9,924) - Finniss Lithium Project Exploration $'000 $'000 134,796 (132,613) 2,183 (792) (5,744) (27,582) (119,647) (150,790) (792) Total $'000 (2,421) (2,421) (678) (6,825) (9,924) 542 120 (7,296) (926) 363 (17,121) Total $'000 134,796 (132,613) 2,183 (792) (5,744) (27,582) (119,647) (151,582) 3,060 1,161 (13,812) (1,451) (134) (162,758) 12 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half year ended 31 December 2024 2 Operating segments (cont.) Operating segment assets are reconciled to total assets as follows: 31 December 30 June 2024 $’000 2024 $’000 Finniss Lithium Project 160,087 164,596 Exploration 71,949 66,131 Total segment assets 232,036 230,727 49,730 87,606 421 203 Other financial assets 1,170 570 Other assets 1,247 1,531 Plant and equipment assets 3,026 3,321 287,630 323,958 31 December 30 June 2024 $’000 2024 $’000 41,522 60,335 26 21 41,548 60,356 2,021 2,068 - 918 3,013 3,234 555 510 47,137 67,086 Segment assets Unallocated assets: Cash and cash equivalents Other receivables Total assets Operating segment liabilities are reconciled to total liabilities as follows: Segment liabilities Finniss Lithium Project Exploration Total segment liabilities Unallocated liabilities: Trade and other payables Financial liabilities Lease liabilities Provisions Total liabilities 13 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half year ended 31 December 2024 3 Revenue Revenue from contracts with customers Total revenue from contracts with customers 31 December 2024 $’000 - 31 December 2023 $’000 183,836 - 183,836 The Group generates revenue from sales of both spodumene concentrate and lithium fines sold to customers. In accordance with AASB 15 Revenue from Contracts with Customers, revenue is recognised when control of the product has passed to the customer based upon the agreed free on board (FOB) or cost, insurance and freight (CIF) terms based on the individual contract with each customer. For CIP shipments there are two performance obligations, the first recognised when the product is loaded onto the ship, and the second with revenue related to shipping and insurance recognised over the period of the journey to the buyer. Some customers contracts may contain provisional pricing terms, with the final pricing determined when the relevant pricing information is available. 4 Quotational period adjustment Quotational period adjustments Total quotational period adjustments 31 December 2024 $’000 (2,421) 31 December 2023 $’000 (49,040) (2,421) (49,040) A proportion of the Group’s sales are provisionally priced, where the final price is referenced to a future market-based index price. Adjustment to the sales price occurs based on movements in the index price up to the end of the quotational period (QP). These are referred to as provisional pricing arrangements and are such that the selling price for the spodumene concentrate and lithium fines are determined on a specified future date after shipment to the customer. Adjustments to the sales price therefore occur up until the end of the QP. The period between provisional pricing and the end of the QP is generally between two and three months. Revenue is measured at the amount to which the Group expects to be entitled at the end of the QP, being the estimated forward price at the date the revenue is recognised. For provisional pricing arrangements, any future changes that occur over the QP are embedded within trade receivables are measured at fair value through profit or loss. Subsequent changes in the fair value of provisionally priced trade receivables are recognised in revenue but are presented separately to revenue from contracts with customers. Changes in fair value over the term of the provisionally priced trade receivable are estimated by reference to movements in the index price as well as taking into account relevant over fair value consideration including interest rate and credit risk adjustments. 14 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half year ended 31 December 2024 5 Cost of sales 31 December 2024 $’000 - 31 December 2023 $’000 68,908 Processing costs - 24,233 Port costs - 8,808 Net inventory movement - (2,778) Employee benefits expense - 2,461 Depreciation and amortisation expense - 33,538 Mining cost deferral - (2,557) Total cost of sales - 132,613 31 December 2024 $’000 - 31 December 2023 $’000 2,305 Mining costs 6 Site related expenses Demobilisation expense a Site care and maintenance expense 7,855 - Total site related expenses 7,855 2,305 a) Demobilisation expense relates to the costs associated with the suspension of mining activities across a range of contractors at site. 7 Royalties a Royalties Total royalties 31 December 2024 $’000 (1,030) (1,030) 31 December 2023 $’000 3,439 3,439 a) This amount relates to reversal of previously recorded provision for expected royalties. The Northern Territory Revenue Office (TRO) advised Core by a Notice of Assessment that the expected royalty payable relating to the year ended 30 June 2023 was reduced by $1.03 million. The Company is in ongoing discussions with the Northern Territory Government regarding the remaining payable balance, aiming to negotiate a reduction in the outstanding amount. 15 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half year ended 31 December 2024 8 General and administration expense 31 December 2024 $’000 1,672 31 December 2023 $’000 3,796 Superannuation expense 359 547 Director fees 196 251 Other employee benefits 805 1,352 1,591 1,858 64 642 2,140 4,658 Non-site depreciation expense 252 97 Share-based payment expense 217 611 7,296 13,812 31 December 2024 $’000 30 June 2024 $’000 570 570 570 570 600 - 600 - 1,170 570 Salaries and wages expense Consulting expenses Travel costs Administration costs Total general and administration expense 9 Other financial assets Current Term deposits a Non-current Equity investments Total other financial assets b a) The Group holds cash in term deposits used as bank guarantees provided by the Group in favour of service providers for leased premises. b) In September 2024, the Company acquired 7.6 million shares in Charger Metals NL (CHR) held by Livium Ltd (previously Lithium Australia) through the issue of 6.08 million Core shares to Livium Ltd. This represents approximately 9.8% shareholding in CHR by Core. In November 2024, the Company participated its proportional share of CHR’s partly paid entitlement issue. The equity investments were irrevocably designated at fair value through other comprehensive income (FVOCI) as they are not held for trading and the Group intends to hold the investments long-term for strategic purposes. 16 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the half year ended 31 December 2024 10 Inventories 31 December 2024 $’000 30 June 2024 $’000 5,488 6,018 2,528 2,515 8,016 8,533 3,062 2,708 3,062 2,708 11,078 11,241 Current Product inventory - finished goods - at NRV a Consumables - at cost Non-current Consumables – at cost Total inventories a) The Group reviews the carrying amount of product inventory in line with fluctuations in the lithium spodumene concentrate price. As at 31 December 2024, the Group wrote down product inventory to net realisable value (NRV), which resulted in an impairment expense of $0.7 million. 11 Other assets 31 December 2024 $’000 30 June 2024 $’000 1,535 2,047 5 5 1,540 2,052 11,581 11,922 11,581 11,922 13,121 13,974 31 December 2024 $’000 77,945 30 June 2024 $’000 53,572 Current Prepayments Environmental Bonds Non-current Environmental Bonds Total other assets 12 Exploration and evaluation Opening balance Expenditure during the period a 5,819 25,174 Impairment of capitalised exploration expense b - (801) 83,764 77,945 Closing balance a) During the current period, the Group’s exploration activity was primarily focused on lithium drilling programs to further define and grow