Core Lithium Ltd. provided a business update regarding mining operations and resource expansion activities at the Finniss Lithium Project (Finniss Project) near Darwin in the Northern Territory. Finniss Operations: First DSO spodumene shipment via tender: Preparations are underway for Core's first shipment of Direct Ship Ore spodumene from the Finniss Project before year end 2022. Due to the high level of interest in Finniss ore, the shipment will be sold via a tender process using a digital exchange platform.

First ore mined from Grants Pit: First spodumene ore was uncovered at Grants on 15 September 2022. The crushing and screening plant is on track for commissioning ahead of the DSO sale. A nightshift has been implemented to accelerate construction of the Dense Media Separation (DMS) plant which is on track to support spodumene concentrate production in H1 2023.

BP33 exploration: The 12-hole diamond drilling program, that commenced in May, is now complete. Results reported below include assays returned for five previously reported diamond drilling holes at BP33, and visual results for three recently completed deep diamond holes. Visual observations of deep diamond holes NMRD035, NMRD038 and NMRD039 confirmed that all three intersected variable thicknesses of spodumene mineralised pegmatite at depths below any previous drilling, and up to 830m below surface.

The best result of 76m of highly mineralised pegmatite was intersected in hole NMRD038 and is interpreted to represent the down plunge extension of the main BP33 pegmatite body. The intersections in NMRD035 and NMRD039 are interpreted to be associated with the southern BP33 pegmatite body. Collectively, these drill intersections combine to define and double the depth extent of the pegmatite hosting the BP33 mineralisation, within an apparent steep southerly plunge.

Significant intersections include: 35.0m @ 1.54% Li2O in NMRD027 Incl. 4m @ 2.03% Li2O. 29.95m @ 1.11% Li2O in NMRD028 Incl.

5.0m @ 1.63% Li2O. 22.85m @ 1.59% Li2O in NMRD032 Incl. 3.85m @ 2.07% Li2O.

15.31m @ 1.62% Li2O in NMRD034. The true thicknesses of the intersections are approximately two thirds of those shown (i.e. downhole intersection of 35m equals true thickness of approximately 23m). The continuity in grade and thickness displayed, together with the position of the intersections outside of the current Mineral Resource envelope, is expected to result in an increase in the Mineral Resource estimate.

The proposed BP33 underground mine will be the second mine at Finniss. Core has been granted environmental approval for BP33 from the Environmental Protection Authority (EPA). The Mine Management Plan has been submitted with to the Department of Industry, Tourism and Trade which represents the final step to complete the approvals process.