Announcement PDF ASX:CXO RESTART STUDY Finniss Lithium Project 14 May 2025 IMPORTANT AND CAUTIONARY NOTES This presentation has been prepared by Core Lithium Ltd (“Core”, “Company”) and provides a general overview of the Company and its strategy. This presentation does not purport to be all-inclusive or to contain all the information that you or any other party may require 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. To the fullest extent permitted by law, the Company, its respective affiliates and representatives, related bodies corporate, officers, employees, partners, agents and advisers make no representation or warranty (express or implied) as to the currency, accuracy, reliability, reasonableness or completeness of the information 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. The Finniss Lithium Project as described in this presentation as being in a state of operational readiness, 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. This document contains statements which may be in the nature of forward-looking statements. No representation or warranty is given, and nothing in this presentation or any other information made available by the Company or any other party should be relied upon as a promise or representation, as to the future condition of the respective businesses and operations of the Company. 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. Core confirms that it is not aware of any new information or data that materially affects the results and Exploration target included in this announcement as cross referenced in the body of this announcement and that all 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 announcement references the previously reported Mineral Resource Estimates Ore Reserve Estimates and Exploration Target; “Finniss Mineral Resource Increased by 58%” on 11 April 2024, “Lithium Ore Reserve Updated” on 25 September 2024 and “Updated Finniss Lithium Project Ore Reserve and Mineral Resource Estimate” on 14 May 2025. 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 Reserves and Mineral Resources. Currency Unless otherwise stated, all cashflows are in Australian dollars, are undiscounted and are in real terms (not subject to inflation/escalation factors). Forward‐looking Statements 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 forwardlooking 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 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. Production Target The Restart Study (“Study”) 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. 2 CORPORATE OVERVIEW Experienced Management team in place PAUL BROWN Chief Executive Officer Mining Engineer 25+ years in the mining industry, with deep expertise in Lithium. Demonstrated success in operations, strategic growth, and capital markets 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 ASX Code Shares CXO 2,143m Share Price (13 May 2025) $0.07 Market Capitalisation $156.4M Cash (31 Mar 2025) Debt $30M Nil JAMES VIRGO Chief Financial Officer Chartered Accountant 15+ years in mining finance, specialising in capital markets, business development, and investor relations ANTHONY KIRKE Project Director Mechanical Engineer 40+ years leading large-scale construction, mining operations, and development projects across diverse commodities 3 OUR PURPOSE Transformation of Core into a sustainable, low cost supplier of high-quality spodumene concentrate for decades to come 4 FINNISS LITHIUM PROJECT Favourably located to access infrastructure and key export growth markets Producing a highly desirable, low impurity, coarse grained spodumene concentrate for decades to come South Korea Close to key export markets in Asia and the Middle East China Japan Middle East Long life, low cost and expandable asset in a Tier 1 jurisdiction Indonesia One of the closest lithium operations to an export port in Australia The Port of Darwin has sufficient capacity to support planned operations and future expansion Finniss Lithium Project Australia 5 OPERATIONAL OVERVIEW Leveraging significant prior investment and a high-quality resource • Located on Crown land with all major approvals in place • Largest landholding in the Bynoe pegmatite field and majority located within 50km of the process plant • Site is well maintained and remains restart ready • Multiple lithium deposits defined with exploration upside including Exploration Target at Blackbeard of 7-10 Mt @ 1.5 - 1.7% Li2O • The Carlton deposit provides a pathway to future development and expansion • Modern DMS process plant and all associated infrastructure in place and transitioning to 100% ownership • The Study confirms a potential 20 year life excluding any Blackbeard and BP33 Deeps upside 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. Refer to ASX announcement “Updated Finniss Lithium Project Ore Reserve and Mineral Resource Estimate" on 14 May 2025 6 MINERAL RESOURCE AND UPSIDE A high-grade Mineral Resource with the majority in Measured and Indicated categories • The Bynoe Lithium Field contains more than 100 known pegmatites Resource Category Tonnes (Mt) Li2O (%) Contained Li2O (kt) • Mineral Resources have been declared for 11 deposits Measured 6.3 1.41 89 • Deposits are typically high-grade, continuous and open at depth Indicated 21.9 1.29 283 Inferred 20.3 1.18 239 Total 48.5 1.26 610 Tonnes (Mt) Li2O (%) Contained Li2O (kt) • Only BP33, Grants and Carlton have been included in the updated Study • Together they account for 45% of Mineral Resources Mineral Resource • Limited drilling outside the Mineral Resource areas with potential for additions of high-grade, high value deposits BP33 10.5 1.53 161 Grants 2.32 1.45 34 • New Exploration Target for Blackbeard shows potential to add 7-10 Mt of high-grade resource, subject to further drilling Carlton 6.34 1.30 83 Exploration Target Tonnes (Mt) Li2O (%) Contained Li2O (kt) Blackbeard 7.0 - 10.0 1.50 - 1.70 105 - 170 BP33 Deeps 3.9 - 6.5 1.50 - 1.60 59 - 104 Refer to ASX announcement “Finniss Mineral Resource Increased by 58%” on 11 April 2024 and “Updated Finniss Lithium Project Ore Reserve and Mineral Resource Estimate" on 14 May 2025 7 UPDATED ORE RESERVE High-grade ore mined in the first 10 years of operations • Total Ore Reserves increased by 15.9% to 10.73Mt • Grants Ore Reserve doubles with the transition from open pit to planned underground extraction • Ore Reserve for BP33 increases by 7.0% to 9.29Mt • New inclusion of modest Ore Reserve based on existing low-grade stockpiles and tailings • Updated estimate is based on assumptions and modifying factors included in the Study and are in line with the operating strategy Deposit Grants Underground BP33 Underground Stockpiles / TSF Total Reserve Category Tonnes (Mt) Li2O (%) Contained Li2O (kt) Proved 0.87 1.29 11.2 Probable 0.28 1.36 3.9 Total 1.15 1.31 15.1 Proved 2.56 1.27 32.4 Probable 6.74 1.32 88.9 Total 9.29 1.31 121.3 Proved - - - Probable 0.28 0.68 1.93 Total 0.28 0.68 1.93 Proved 3.43 1.28 43.6 Probable 7.30 1.30 94.6 Total 10.73 1.29 138.2 Refer to ASX announcement “Updated Finniss Lithium Project Ore Reserve and Mineral Resource Estimate" on 14 May 2025 8 STUDY OVERVIEW Finniss operating history and foundations of the Restart Study STUDY OBJECTIVES To reposition Finniss as a lower cost and more resilient operation Deliver an optimised set of operating and cost outcomes STUDY PROCESS Leverage the significant investment at Finniss and its competitive advantages Detailed bottom-up assessment of the cost base and operating model Investigate opportunities for increased mining and processing efficiency Complete trade-off studies between capital costs, operating costs and product outcomes TIMELINE 2016 2019 Lithium discovery Completion of DFS 2022 2023 DMS Plant construction commences 2024 First shipment Decision to pause operations 2025 Ore Restart Reserve Study update starts Delivery of Restart Study 9 KEY DRIVERS OF THE STUDY Enhanced metrics delivered through conventional and deliverable operational changes SIGNIFICANTLY IMPROVED PROJECT Metric % Change1 Key Driver Mining Methodology All underground Processing Capacity (Mtpa) 20% Upgrading plant, simplifying flowsheet and increasing throughput Mine Production (Mtpa) 20% Higher underground mining productivity relative to open pit Mine Life (years) 111% The Study underpinned by 17.3Mt of ore with upside UG Mining Costs ($/t) 40% Optimised mining costs exploiting large, continuous stopes Processing Costs ($/t) 33% Revised operating model with 100% infrastructure ownership Pre-Production Capex ($M) 29% Improved capex profile across mining and processing Underground mining extends Grants, BP33 and Carlton 1. Change from FY24 Reserves: Refer to Appendix 6 for details. Refer to ASX announcement "Lithium Ore Reserve Update" on 25 September 2024 10 RESTART STUDY OUTCOMES Pathway to a lower cost, more resilient operation delivering Free Cash Flow of $1.2 billion1 SIGNIFICANT OPERATING COST REDUCTIONS2 Mining costs down 40% to $63 – $72/t Processing costs down 33% to $40 – $46/t Forecast unit operating costs of $690 – 785/t (FOB SC6 eq.) 20 year mine life 1,200 Tonnes (kt) Study outlines a potential 20 year mine life Updated Ore Reserve of 10.73Mt @ 1.29% Li2O First 10 years of operations 94% Ore Reserve backed • • • All deposits high-grade, continuous and steeply dipping Underground mining provides quality ore feed to the plant Extends mine life of Grants and provides access for Carlton 0.80% 600 0.60% 0.40% 200 0.20% 0 0.00% 1 2 3 4 5 6 7 8 9 10 … 20 Year INCREASED PRODUCTION EFFICIENCY • • • 1.40% 1.00% 800 400 ALL MINING TO MOVE UNDERGROUND 1.60% 1.20% 1,000 UPDATED ORE RESERVE SUPPORTS THE STUDY3 • • • 1,400 Grade (%) • • • Processing capacity increased to 1.2Mtpa Plant optimisation to deliver global recoveries of 78% Potential 20 year mine life with a nameplate production of ~205ktpa SC6 eq. Grants BP33 Reserves BP33 Inferred Carlton M+I Grade (%) Refer to ASX announcement "Finniss Repositioned as a Highly Attractive Low-Cost Operation with a 20-Year Life“ on 14 May 2025. The Study 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. 1.Based on consensus with a long-term SC6 price of USD 1,330/t CIF and an exchange rate of AUD/USD $0.70 2.Refer to ASX announcement "Finniss Repositioned as a Highly Attractive Low-Cost Operation with a 20-Year Life“ on 14 May 2025 3.Refer to ASX announcement “Updated Finniss Lithium Project Ore Reserve and Mineral Resource Estimate" on 14 May 2025 11 SUSTAINABILITY A commitment to local employment and sustainability • Strong and supportive Northern Territory (NT) and Federal Government • Previous operating experience with proven track record of local community engagement and high environmental performance • Wet season water management infrastructure and systems established and operating well • Site is in full regulatory and environmental compliance • Study deliveries significant local benefits: • Creation of over 400 direct and indirect job opportunities in the NT • Attractive “drive in, drive out” roster opportunities • Upskilling and training opportunities • Partnering with NT businesses • Total royalties payable of over +$400M over life of Study 12 UNDERGROUND ADVANTAGE Significant advantages gained from a switch to fully underground mining • Deposits are high-grade, continuous, steeply dipping and open at depth • These characteristics make them well suited to underground mining • Advantages of underground mining include: • Smaller surface footprint • Key deposits are amenable to low cost, highly productive, long hole open stoping (LHOS) mining method • Reduced waste and mining dilution and increased plant feed quality • Paste fill reduces tailings quantities • Extends the life of the operation • Produce a high-quality, coarse-grained spodumene concentrate • No flotation circuit is required to achieve the revised recovery rate 13 MINING – BP33 BP33 Underground Mine • Located 6km from the process plant • Large, sub-vertical continuous orebody with mining widths of 8m – 40m ideally suited to LHOS • Orebody width and consistency drives low underground mining costs of $63-72/t • High Ore Reserve conversion (+80%) with current mine life of 12 years • Deposit drilled to a depth of ~800m and remains open with extension potential Refer to ASX announcement “Mineral Resource at BP33 increased to 89% Measured and Indicated" on 16 October 2023. 14 MINING – GRANTS Transitions to underground mining • Trade off study undertaken to consider open pit and underground mining methods • Underground mining reduces costs (due to waste strip in open pit), improves ore feed quality and extends life • High understanding of the orebody and its metallurgy based on previous operations and Study testwork • Portal to be installed at the southern end of the pit which also provides future access to the Carlton deposit through a planned ~1,200m link drive 15 PROCESS UPGRADES Optimisation plan to boost performance • Staged plan to debottleneck and enhance plant performance: New Existing Floats crusher Existing with modifications • Screens, floats crusher and tails thickener upgrades Ore / Concentrate • Inclusion of gravity classifier circuit, maintains simplicity and better overall economic outcome Rejects • Will result in a 20% increase in throughput capacity to 1.2Mtpa Crushed ore stockpile Primary fine (DMS) Primary sizing screen Tailings Water Recovery Fine rejects Stockpile Secondary sizing screen Ultra fine (DMS) Mica circuit • No requirement for a flotation plant • Allows for dry stacked tailings which extends tailings capacity and reduces capital for a future tailings dam lifts • Flexibility to produce high quality, coarse grained, low impurity, low moisture, Spodumene with grades between 5.0 and 6.0% Secondary fine (DMS) Gravity circuit Tailings thickener Gravity concentrate stockpile Tailings storage facility Mica stockpile Gravity rejects stockpile DMS spodumene Concentrate stockpile Ultra fine rejects stockpile Process water 16 PROCESS STRATEGY Acquisition of crushing plant • Recent acquisition of crushing circuit and associated infrastructure will significantly reduce processing costs • Revised operating model lowers head count, increases throughput, and reduces the reliance on contractors • Previous crushing costs accounted for 15% of cash unit operating costs in FY24 • Forecast crushing costs to reduce by half under a revised operating model • Crushing circuit provides options for higher capacity to support an expanded future processing rate 17 PROVEN LOGISTICS Infrastructure in place for operations • Access to low cost, established export infrastructure • No upgrades required to the existing infrastructure corridor connecting site with the Port of Darwin • Sufficient capacity exists at the Port of Darwin to accommodate the planned concentrate export rate and expansion • Sealed road between site and the port allow for haulage throughout the wet season • Well established water management and infrastructure supporting future processing requirements 18 COST COMPARISON Competitive operating costs relative to Australian lithium operations of $690 to $785/t1 Unit Operating Cost (FOB) $/t $1,200 $1,000 Finniss $800 $600 $400 $200 $- Production 1. Finniss operating costs based on a range of $690 – 785/t 19 CAPITAL COSTS AND FUNDING An attractive project with funding options Item Unit Total Grants Underground Infrastructure $M 40 – 50 BP33 Underground Infrastructure $M 110 – 120 Plant and Site Infrastructure Upgrade $M 25 – 30 Total Pre-production Capital Cost $M 175 – 200 $/t mined 20 – 22 • Pre-production capital of $175 – $200M • Core is debt free • Cash balance of $30M1 sufficient to support near-term working capital requirements and the advancement of a funding solution • Prioritising funding pathways that minimise dilution for Core shareholders • Discussions progressing to secure funding alternatives across a wide range of opportunities Sustaining Capital Cost Refer to ASX announcement "Finniss Repositioned as a Highly Attractive Low-Cost Operation with a 20-Year Life“ on 14 May 2025. The range disclosed above is inclusive of relevant contingency. • Final investment decision will be subject to securing a sufficiently attractive funding pathway 1. As at 31 March 2025. Refer to ASX announcement “March Quarterly Activities Report” on 29 April 2025 20 FORWARD WORK PLAN Key objectives for the remainder of 2025 Board endorsement of the Study received Forward work program will continue to advance Finniss towards FID Advancement of funding and strategic discussions Commencement of Front End Engineering Design Planning of a drill program for Blackbeard Site and infrastructure will continue to be maintained in a Restart Ready state 21 POTENTIAL PRODUCTION UPSIDE Potential to extend mine life, increase production and deliver economies of scale over time Pathway to upgrade the plant throughput in future beyond 1.2Mtpa Plant throughput Expansion Potential to bring forward Carlton Extension Potential for BP33 Deeps and Blackbeard Potential for mining at Carlton and Blackbeard to be brought forward and adding to mine plan Exploration will target resource extensions and new lithium discoveries 1.2Mt 1 1.0Mt 1.0Mt 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Year 22 Restart strategy transforms Finniss into a long life, scalable, underground operation producing a highquality spodumene concentrate with the ability to operate through all price cycles 23 CONTACT Core Lithium Ltd Level 9, 2 Mill Street Perth, WA, 6000 info@corelithium.com.au Investor Enquiries Paul Brown CEO +61 8 8317 1700 Media Enquiries Michael Vaughan Fivemark Partners +61 422 602 720 Authorised for release by the Board of Core Lithium Ltd APPENDIX 1 – FINNISS HISTORY Significant operating dataset has been utilised to de-risk the Study outcomes • Lithium discovery in 2016 • Mineral Lease granted in early 2019 12,000 • Total capital investment to date of +$250M 10,000 • Steady ramp-up of concentrate production and recovery over ~18 months to mid-2024 8,000 A substantial real-life dataset generated during operations supports the Study outcomes 4,000 • • Proven year-round logistics chain • New Management team with lithium experience appointed, in 2024 to reposition the Finniss cost base and operating plan: • Ore Reserve update • High-grade Blackbeard discovery • Study completed 65% 60% 55% 6,000 50% 45% 2,000 - 40% DMS Output (t) RHS Recovery (LHS) 25 APPENDIX 2 – RESTART STUDY PHYSICAL OUTCOMES Produces a high quality, coarse-grained spodumene concentrate Metric Life of Mine (LOM) Years 20 Ore mined kt 17,292 Reprocessed tailings kt 283 Nameplate production throughput ktpa 1,200 Total ore processed kt 17,575 Study average feed grade % 1.27 Study lithium recovered kt 174.8 Nameplate concentrate produced (SC6 eq.) ktpa 205 Study concentrate produced (SC6 eq.) kt 2,911 1,400 1.60% 20 year mine life 1,200 1,000 1.40% 1.20% 1.00% 800 0.80% 600 0.60% 400 Feed Grade (%) Units Tonnes (kt) Parameter 0.40% 200 0.20% 0 0.00% 1 2 3 4 5 6 7 8 9 10 … 20 Year Feed Tonnes (kt) Feed Grade (%) Refer to ASX announcement "Finniss Repositioned as a Highly Attractive Low-Cost Operation with a 20-Year Life“ on 14 May 2025. The Study 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. 26 APPENDIX 3 – COMPETITIVE OPERATING COSTS Highly competitive costs achieved through optimised mining and processing • New operating cost model provides significant lithium pricing downside resilience and upside leverage Cost Centre1 Mining Unit Metric $/t mined 63 – 72 • Refinement in mining and physical parameters have reduced total operating costs substantially by 23% Processing & Tailings $/t processed 40 – 46 General & Administration $/t processed 9 – 10 • Mining costs have fallen by 40% from $120/t to $63 – $72/t Transport $/t product 22 – 25 $/t 690 – 785 • Underground mining costs are consistent with mining costs of other sub-vertical orebodies Unit operating cost (SC6 eq.)1 Refer to ASX announcement "Finniss Repositioned as a Highly Attractive Low-Cost Operation with a 20-Year Life“ on 14 May 2025. • Processing costs reduced 33% from $69/t to $40 – $46/t • Reduction in costs to mitigate operating risk during market downturns 1. 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. The range disclosed above is inclusive of relevant contingency. 27 APPENDIX 4 – JORC MINERAL RESOURCE ESTIMATE Measured Indicated Inferred Total Tonnes (Mt) Li2O% Li2O Contained Metal (kt) Tonnes (Mt) Li2O% Li2O Contained Metal (kt) Tonnes (Mt) Li2O% Li2O Contained Metal (kt) Tonnes (Mt) Li2O% Li2O Contained Metal (kt) Grants 1.34 1.48 19.8 0.61 1.49 9.1 0.37 1.27 4.7 2.32 1.45 33.6 BP33 2.85 1.44 41.0 6.51 1.55 101 1.14 1.59 18.1 10.5 1.53 161 Carlton 2.14 1.33 28.5 3.43 1.32 45.3 0.78 1.14 8.9 6.34 1.3 82.6 Lees - - - 4.16 1.18 49.1 7.08 1.12 79.3 11.2 1.14 128 Ah Hoy - - - 1.71 1.2 20.5 2.93 1.38 40.4 4.64 1.31 60.8 Booths - - - 1.84 0.99 18.2 1.4 1.06 14.8 3.24 1.02 33 Penfolds - - - 0.65 1.25 8.1 0.71 1.24 8.8 1.36 1.24 16.9 Hang Gong - - - 1.51 1.18 17.8 1.95 1.14 22.2 3.46 1.16 40.1 Sandras - - - 1.17 0.92 10.8 0.57 0.82 4.7 1.73 0.89 15.4 Bilatos - - - - - - 1.92 1.03 19.8 1.92 1.03 19.8 Seadog - - - - - - 1.41 1.18 16.6 1.41 1.18 16.6 Total 6.33 1.41 89.3 21.6 1.3 282 20.3 1.18 239 48.2 1.26 608 - - - 0.31 0.66 2 - - - 0.31 0.66 2.0 6.33 1.41 89.3 21.9 1.29 283 20.3 1.18 239 48.5 1.26 610 Mineral Resource TSF/Rejects Total Note: Totals within this table are subject to rounding Refer to ASX announcement “Finniss Mineral Resource Increased by 58%” on 11 April 2024 and “Updated Finniss Lithium Project Ore Reserve and Mineral Resource Estimate" on 14 May 2025 28 APPENDIX 5 – JORC ORE RESERVE ESTIMATE Deposit BP33 Underground Grants Underground TSF/Stockpiles Total Category Ore Tonnes (Mt) Li2O (%) Contained Li2O (kt) Proved 2.55 1.27 32.4 Probable 6.74 1.32 88.8 Total 9.29 1.31 121.2 Proved 0.87 1.29 11.2 Probable 0.28 1.36 3.8 Total 1.15 1.31 15.1 Proved - - - Probable 0.28 0.68 1.9 Total 0.28 0.68 1.9 Proved 3.42 1.28 43.6 Probable 7.30 1.30 94.6 Total 10.73 1.29 138.2 Notes 1. Effective date of the Ore Reserves is 30 April 2025. 2. Ore Reserves are the total for the Grants and BP33 Mines and TSF/Stockpiles. 3. The long-term Spodumene price used for calculating the financial analysis is US$1,330/t. The analysis has been calculated with assumptions for crushing, processing and treatment charges, deductions and payment terms, concentrate transport, metallurgical recoveries, and royalties. 4. The breakeven cut-off for underground mining at Grants and BP33 is $110/t NSR 5. Measured Mineral Resources were used to estimate Proved Ore Reserves; Indicated Mineral Resources were used to estimate Probable Ore Reserves. 6. Tonnage and grade estimates include dilution and recovery allowances. 7. The Ore Reserves reported above are not additive to the Mineral Resources. 8. Totals within this table are subject to rounding. 9. Refer to ASX announcement “Updated Finniss Lithium Project Ore Reserve and Mineral Resource Estimate" on 14 May 2025 29 APPENDIX 6 – OUTCOMES OF THE STUDY Significant improvements in mine life, mining and processing efficiency at a high return on capital invested SIGNIFICANTLY IMPROVED PROJECT FY24 Reserve1 Study2 % Change Mining Methodology Open Pit & Underground Underground All underground Processing Capacity (Mtpa) 1.0 1.2 20% Mine Production (Mtpa) 1.0 1.2 20% Mine Life (years) 9.5 20 111% UG Mining Costs ($/t) 120 63 – 72 40% Processing Costs ($/t) 69 40 – 46 33% Pre-Production Capex ($M) 282 175 – 200 29% Metric 1. 2. Refer to ASX announcement "Lithium Ore Reserve Update" on 25 September 2024 Refer to ASX announcement "Finniss Repositioned as a Highly Attractive Low-Cost Operatio