Near-Term Lithium Production and Growth Potential - Core Lithium Approaching Key Milestones

• Core Lithium (CXO) aims to become Australia's next lithium producer by the end of the year, producing high-quality lithium concentrates from northern Australia.
• The company is well-located near Darwin, allowing easy access to infrastructure and power, and attracting local employment for the mining project.
• Core Lithium is progressing well with construction, targeting first product delivery by the end of the current calendar year.
• The company is focused on resource expansion and exploration, investing in drilling to increase resources and extend mine life.
• The future expansion involves strategies to leverage increasing lithium prices, with plans for downstream processing and expansion of production capacity.

About Core Lithium

Core Lithium is an Australian lithium mining company focused on developing its wholly owned Finniss Lithium Project near Darwin in the Northern Territory. The company is on track to become Australia's next lithium producer by the end of 2022, producing high quality lithium concentrates to supply the rapidly growing lithium-ion battery and electric vehicle market.

Interview with Managing Director Stephen Biggins

Construction On Schedule for First Production This Year

Core Lithium provided an update on construction of the Finniss Lithium Project, which remains on schedule for first production by the end of this calendar year as planned. Mining contractor Lucas has commenced early infrastructure works while engineering firm Primero is set to start constructing the processing plant in late March after the end of the wet season. Both mining and plant construction will then continue in parallel for the project to enter production by end of 2022.

According to Managing Director Stephen Biggins, having the project located close to Darwin's capital infrastructure and workforce has been a key advantage, with over 80% of the owners team recruited from the local area in the Northern Territory. This has helped attract and retain staff for the project.

Resource Expansion Drilling to Support Increased Production

With lithium prices forecast to increase further this year, currently above $3000/tonne, Core Lithium is focused on initiatives to expand production beyond the initial Phase 1 capacity of 175,000 tonnes per annum.

The company is aggressively exploring and drilling to grow resources and reserves. Recent strong results were announced from the BP33 deposit which will add to the resource base. Further results are pending from other prospects that can extend the current 10 year mine life.

In parallel, engineering studies are assessing opportunities to optimize and bring forward expanded production through a Phase 2 expansion. This includes trade-off studies on producing lithium hydroxide downstream to capture additional margin.

Risks & Opportunities

Risks

• Construction delays or cost overruns at the Finniss Project could impact the timeline to first production.
• Resource expansion drilling may not deliver expected increases in reserves and mine life.
• Lithium prices and demand could decline from current highs, eroding project economics.
• Competition from other emerging lithium producers could limit market share.

Opportunities

• First lithium producer status in Australia provides advantage and profile.
• Strategic partnerships and off-take deals derisk project financing and revenue streams.
• Growing lithium demand and deficits forecast over coming years supports strong pricing outlook.
• Exploration upside across extensive tenement package for further resource growth.
• Potential to capture additional downstream margin producing lithium hydroxide.
• Currently attractive valuation with further share price upside as milestones are met.

Conclusion

With construction progressing rapidly, Core Lithium is on the cusp of becoming Australia's next lithium producer by the end of 2022, perfectly timed to capitalize on strong lithium prices.

The company is also aggressively exploring options to significantly expand production to leverage its strategic Finniss Lithium Project and serve rising lithium demand.

For investors, Core Lithium represents a unique opportunity to gain exposure to the booming lithium and electric vehicle thematic at an attractive entry point. The company is well funded and on track to deliver first production within months. As lithium demand is forecast to grow exponentially, Core Lithium's production will be highly valuable. Investors should consider taking a position in Core Lithium ahead of its transition to lithium producer status.