Core Lithium Ltd. (Core or the Company) announced significant increases in the Mineral Resource Estimate and Ore Reserve Estimate for the Company's wholly owned Finniss Lithium Project (Project or Finniss), near Darwin in the Northern Territory. The reported Finniss Lithium Project Mineral Resource and Ore Reserve Estimate updates are the culmination of drilling and exploration efforts undertaken throughout the 2021 drilling season. The Mineral Resource Estimate (MRE) for the Company's wholly owned Finniss Lithium Project in the Northern Territory has increased by 28% to 18.9Mt @ 1.32% Li2O.

The Measured and Indicated Resource categories have increased by 61% to 13.3Mt @ 1.40% Li2O. Approximately 70% of the MRE is now in the higher confidence Measured and Indicated categories, with excellent conversion of Inferred to Indicated. Estimates for all existing Mineral Resources have been updated as well as the addition of a maiden Mineral Resource at Ah Hoy.

All Mineral Resources have been reported at a 0.5% Li2O cut-off, reflecting the current positive economics of the Project. The updated estimates for BP33, Carlton, Hang Gong and Lees include additional drilling and re-interpretation. The Sandras estimate represents a re-interpretation and classification of existing data while the estimates for Grants and Booths represent a re-reporting of the existing models at the lower cut-off grade.

Drilling in 2021 by Core significantly increased the Ore Reserves by 70% at BP33 and 106% at Carlton providing an additional 4-years of mine life to the Project. Construction and mining activities at the Project are ramping up with new equipment and people arriving on site. The Project is progressing well and is currently on track to make its first Direct Ship Ore (DSO) lithium shipment from the NT by the end of CY 2022, with first concentrate production commencing soon after.