Core Lithium : Finniss Lithium Project Exploration Update

ASX:CXO Announcement

31 March 2022

Finniss Lithium Project Exploration Update

Highlights

• • Assays from reverse circulation (RC) drilling at Bilatos and other southern regional targets received

• • First lithium drill assay results from new Bilatos Prospect demonstrate encouraging thickness and grade and include:

  • o 24m @ 2.24% Li2O in SRC068

  • o 30m @ 1.11% Li2O in SRC065

  • o 12m @ 1.09% Li2O in SRC067

  • o 15m @ 0.80% Li2O in SRC063

• • Further Finniss lithium exploration and resource drilling updates expected over the coming weeks as results are received

• • Core is planning an active exploration program at Finniss over the coming months

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.

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

This update provides the results from drill assays received for drilling undertaken at a number of prospects and early-stage regional exploration targets within the southern tenements of the project area (Figure 1 & 2).

Drilling Results Bilatos Prospect

Ten RC drill holes were completed at Bilatos within and adjacent to newly acquired MLN813 and Core's surrounding EL30012. Excitingly, most holes intersected significant lithium grades and consistent thicknesses of pegmatite in the first drilling undertaken by Core at Bilatos (Figures 1 & 2).

Figure 1. Bilatos drilling summary, showing recent drilling intersections

Assay results have been received for all holes (Table 1), with the best intersections including:

• • 24m @ 2.24% Li2O in SRC068

  • o Incl. 10m @ 3.18% Li2O

• • 30m @ 1.11% Li2O in SRC065

  • o Incl. 10m @ 2.31% Li2O

• • 12m @ 1.09% Li2O in SRC067

• • 15m @ 0.80% Li2O in SRC063

The Bilatos pegmatite dips steeply to the east and has a true width of between 13 - 30m. An initial interpretation of the Bilatos pegmatite is that it is a very large single body over 800m in length that remains open to the north, south and at depth. Although spodumene has been positively identified, it is likely that a complex association of lithium bearing minerals is present, based on assay results and visual inspection of the RC chips. Further work is currently underway to determine the range of lithium bearing minerals present.

Figure 2. Main prospects in the southern Finniss project area, showing historical drilling results and current drilling locations

Regional Exploration Prospects

In addition to the regional results reported in December 2021 (refer to ASX announcement 13 December 2021) and those discussed above for Bilatos, assay results for a further 17 holes are reported here (Figure 2). Despite many of these holes intersecting pegmatite at prospects such as Saffums, Annie and Sabine, there were no significant lithium intercepts (Table 1).

Core's Managing Director, Stephen Biggins, commented:

"The latest results confirm our view of the prospects drilled at the Finniss Project, and we look forward to reporting the new results as they come to hand.

"With the wet season nearly behind us, we are planning an active exploration drilling program at Finniss over the coming months."

This announcement has been approved for release by the Core Lithium Board.

For further information please contact:	For Media and Broker queries:
Stephen Biggins	Fraser Beattie
Managing Director	Account Manager
Core Lithium Limited	Cannings Purple
[phone]	[phone]
[e-mail]	[e-mail]

Competent Persons Statements

The information in this report that relates to Exploration Results and Mineral Resources is based on information compiled by Graeme McDonald (BSc(Hons)Geol, PhD) as Consultant to Core Lithium Ltd who is a member of the Australasian Institute of Mining and Metallurgy and is bound by and follows the Institute's codes and recommended practices. He has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activities being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Dr. McDonald consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

About Core

Core Lithium is building Australia's newest and most advanced lithium project on the

ASX, the Finniss Project in the Northern Territory. With first production on schedule for delivery by the end of 2022, the Finniss Project places Core Lithium at the front of the line of new global lithium production.

Finniss has been awarded Major Project Status by the Australian Federal Government, is one of the most capital efficient lithium projects and has arguably the best logistics chain to markets of any Australian lithium project.

The Finniss Project will provide the globe with high-grade and high-quality lithium suitable for lithium batteries used to power electric vehicles and renewable energy storage.