Core Lithium : Finniss Lithium Project Exploration Update

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ASX:CXO Announcement

13 December 2021

Finniss Lithium Project Exploration Update

Highlights

• High grade spodumene mineralisation intersected in multiple drill holes in exploration drilling at the Finniss Lithium Project
• Assays from reverse circulation (RC) drilling at Ah Hoy, Far West and regional targets received
• Lithium drill assay results from Ah Hoy demonstrate continuity of thickness and grade and are comparable with early-stage drill results from Carlton. These include:

• 1. 11m @ 1.42% Li2O in SRC053
  1. 19m @ 1.21% Li2O in SRC054
  1. 14m @ 1.37% Li2O in SRC055
  1. 11m @ 1.28% Li2O in SRC056
• New drill results from Far-West also include:
• 1. 13m @ 1.01% Li2O in NRC161

• 1. 6m @ 1.79% Li2O in NRC163 o 11m @ 1.23% Li2O in FRC232 o 7m @ 1.24% Li2O in FRC233
• Further Finniss lithium exploration and resource drilling updates over coming weeks and into 2022 as results are received from over 4,000 laboratory assays

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Advanced Australian lithium developer, Core Lithium Ltd (Core or Company) (ASX: CXO), is pleased to provide an exploration and drilling update from the Finniss Lithium Project near Darwin in the Northern Territory. Core's recent exploration and Mineral Resource drilling has intersected lithium-rich spodumene pegmatite at a number of prospects.

During the current drilling season, Core's exploration team has focused on Mineral Resource growth and conversion, as well as regional exploration, to extend mine life and lay the foundation for production expansion within the broader Finniss Lithium Project.

This update provides the results from drill assays received for the more advanced prospects of Ah Hoy and Far West as well as for some of the first pass regional exploration targets.

Core will update the market with significant drill results and Mineral Resource growth progress as results continue to arrive over coming weeks and months.

Drilling Results

Ah Hoy Prospect

Eleven RC drill holes have been completed at Ah Hoy (Figure 4) with most holes intersected consistent thicknesses of spodumene mineralisation within the Western Pegmatite (Figure 2).

Assay results have been received for all holes at Ah Hoy (Table 1) with the best intersections as follows.

• 11m @ 1.42% Li2O in SRC053
• 19m @ 1.21% Li2O in SRC054
• 14m @ 1.37% Li2O in SRC055
• 11m @ 1.28% Li2O in SRC056

These drill intersections are of a similar thickness and grade to previous drilling results at Ah Hoy, which include 10m @ 1.57% Li2O in FRC208 and 12m @ 1.19% Li2O in FRC074 (Figure 3).

These results are very encouraging and likely to support a maiden Mineral Resource Estimate at Ah Hoy in coming months. Earlier this year an Exploration Target was published for the Ah Hoy prospect.

The Western Pegmatite at Ah Hoy has significant upside as it is open and untested at depth, and it is notable that the drilling results from the Western Pegmatite at Ah Hoy to date are comparable to drill results from Carlton at a similar early stage, which now hosts a resource over 3Mt (Figures 1 & 2).

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Figure 1. Ah Hoy long section demonstrating pegmatite and grade continuity.

Figure 2. Ah Hoy cross section demonstrating main pegmatite continuity and other significant pegmatite

intersections.

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The Ah Hoy region also remains extremely prospective, as lithium-rich pegmatites within the area have demonstrated fertility with a number of significant pegmatite intersections up to 37m downhole in addition to the Western Pegmatite at Ah Hoy (Figure 2).

In addition, significant lithium intersections have been drilled previously nearby at Ah Hoy SE (19m @ 0.68% Li2O FRC014) that also require follow up (Figure 2 and 3).

Figure 3. Ah Hoy drilling summary, showing recent drilling intersections.

Regional Exploration Prospects

A range of other new regional prospects and targets at Finniss identified via simple surface sampling and geophysical techniques were also tested during 2021 (Figure 4).

This initial exploration drilling has been successful at locating pegmatites of a range of sizes with variable degree of lithium fertility. Assays have now been returned from 34 of 47 of these RC drilling holes (Table 1).

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Far West Belt

Fourteen RC drill holes were completed across Far West Central and Far West North (Figure 4).

Pegmatite intersections were variable in thickness and grade with a number of holes recording no significant intersection. Assay results have been received for all holes (Table

1. with the best intersections as follows.
2. • 13m @ 1.01% Li2O in NRC161
   • 6m @ 1.79% Li2O in NRC163
   • 11m @ 1.23% Li2O in FRC232
   • 7m @ 1.24% Li2O in FRC233

These intersections continue to highlight the variability in the distribution, thickness, and grade of the numerous pegmatites within the Far West area.

Figure 4. Main prospects in the Finniss project area, showing recent drilling activities

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