Core Lithium : Diggers and Dealers Presentation

AUSTRALIA'S

NEWEST LITHIUM MINER

Simon Iacopetta

Chief Financial Officer

Diggers & Dealers Mining Forum

1 August 2022

corelithium.com.au | ASX CXO

IMPORTANT

• 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.

To the fullest extent permitted by law, the Company, its related bodies corporate and their representatives expressly disclaim 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 is at the construction and development stage, and potential investors should understand that mineral exploration, development and mining are high- risk undertakings.

This document contains statements which may be in the nature of forward-looking statements.

Competent Person Statements

The information in this release that relates to the estimation and reporting of Ore Reserves and Mineral Resources for the Finniss Project was first reported by the Company on 12 July 2022.

Core confirms that it is not aware of any new information or data that materially affects the information included that announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimates, Ore Reserve estimates, production targets and forecast financial information in that announcement continue to apply and have not materially changed.

Forward-Looking Statements

This presentation contains "forward-looking information" that is based on the Company's expectations, estimates and projections as of the date on which the statements were made.

This forward-looking information includes, among other things, statements with respect to feasibility studies, the Company's business strategy, plan, development, objectives, performance, outlook, growth, cash flow, projections, targets and expectations, and Mineral Resources and Reserves.

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 presentation 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 forward-looking 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 and development 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 forward- looking 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.

Currency

Unless otherwise stated, all cash flows are in Australian dollars, are undiscounted and are in real terms (not subject to inflation/escalation factors), and all years are calendar years. C1 Operating Costs and All-In Sustaining Cost (AISC) references in USD throughout this presentation have been derived by converting AUD using an exchange rate of 0.70 AUD/USD.

corelithium.com.au | 2

FINNISS LITHIUM

PROJECT AT A GLANCE

2016	JULY 2021	SEPTEMBER 2021	OCTOBER 2021	JULY 2022	Q4 2022	H1 2023
Discovered	DFS	Final Investment	Construction	Grow LOM to	First Shipment	Commercial
Lithium at Finniss	8-Year LOM	Decision	Commenced	12-Years	(DSO)	Production (SC6)

corelithium.com.au | 3

FINNISS LITHIUM

PROJECT AT A GLANCE

Finniss is Australia's newest lithium mine

Targeting first production in Q4 2022

Located 88km by sealed road to Darwin Port

Low-risk in Tier 1 jurisdiction

FID in Q3 2021 and project construction is progressing

Low capital-intensive project using simple dense media separation

Average annual production of 160kt spodumene concentrate over a 12-year Mine Life 1

C1 Operating Costs of US$423/t vs. current spot US$6,625/t2

Offtake agreements with Ganfeng Lithium, Sichuan Yahua and a binding Term Sheet with Tesla

NOTES

1. See CXO ASX Release "Significant Increase to Finniss Lithium Project Mineral Resource & Ore Reserves", 12 July 2022
2. Spodumene min 6% Li2O (Asia) current price (mid) on 23 June 2022 and published by Fastmarkets in Battery Raw Material Price Update 30 June 2022

MATURE

CUSTOMER BASE

Company

Contract

Period

Product

Pricing

Binding Offtake 1	4 Years	300,000t
			Formula-based
			referencing
			market prices
Binding Offtake 2	4 Years	300,000t	for spodumene
concentrate

Binding
Term Sheet 3, 4	4 Years	Up to 110,000t

NOTES

1. Refer CXO ASX announcement "Binding Offtake Agreement and A$34m Equity Investment with Ganfeng Lithium" on 9 August 2021
2. Refer CXO ASX announcement "Yahua Increases Lithium Concentrate Offtake commitment" on 1 April 2019
3. Refer CXO ASX announcement "Term Sheet for the supply of lithium" on 2 March 2022
4. Term sheet subject to parties completing negotiations and execution of a definitive product purchase agreement by 27 August 2022, which is to provide for a supply commencement date before 31 July 2023 (subject to extension by mutual agreement)

corelithium.com.au | 5