Reasons to invest in Core - DMS processing is cheaper than...

Reasons to invest in Core - DMS processing is cheaper than Flotation and ideally projects will have this as their primary source of recoveries.

If you have ore that can get to commercial recovery rates with DMS only, it should have lower processing costs than other operations. Recovery rates into the 60% range are commercial levels noting that PLS had a 65.3% recovery rate in Mar2024 from the combination of DMS and Flotation. Core is one of only about 10 lithium hard rock companies in the world with a working DMS plant with a design capacity of around 1Mt or more per year. Others include:

• Greenbushes (IGO/Albemarle/Tianqi)
• Wodgina (MinRes)
• Pilgangoora (PLS)
• Mt Holland (Wesfarmers/SQM)
• Bald Hill (MinRes)
• Mt Marion (MinRes)
• Mt Cattlin (Arcadium)
• Sigma Lithium in Brazil
• Arcadia in Zimbabwe (Huayou)

Leo (Goulamina), NAL (SYA/PLL) and Liontown are whole of ore flotation processing plants so there is no DMS plant within their flow sheet. Atlas Lithium has commenced construction of a DMS unit in Brazil with commissioning expected Q4 2024 but that's not yet working. Bougouni (Kodal Minerals in Mali) is targeting production in Dec2024. The Whabouchi (Nemaska Lithium within Arcadium) is targeting production in 2026. WR1 has is investigating the purchase of an old diamond DMS plant but they don't yet have a consented source of ore and haven't confirmed a S&P deal. I'm not sure the processing method at Bikita (Zimbabwe) uses DMS. It might. There may be Chinese Spod operations but details on this are outside my ability to find them out.

While many projects are exploring using DMS, the list above is who are using DMS and that includes Core.