While size matters in mining, so does grade:Higher grades mean...

While size matters in mining, so does grade:

• Higher grades mean at the same recovery rate less ore is required for every ton of concentrate
• Higher starting grades mean less concentration is required which can assist higher recovery rates to occur

The Finniss projects of Grants (1.45%) and BP33 (1.53%) are two of the highest average grade deposits in Australia. It appears likely that Core's mining across the remainder of this decade will be primarily if not exclusively from these two high grade deposits. Core will ultimately need to start mining 1.1% to 1.3% from Carlton, Lees, Ah Hoy and other deposits, but that's most likely a 2030's problem (unless Core expands its existing concentration plant capacity).

A page from Liontown's February 2024 presentation at BMO Global Metals, Mining and Critical Minerals Conference is copied below. It lists all the 10Mt and larger deposits in Australia. Those with an average grade of 1.40% or higher are Liontown's Kathleen Valley project at 1.40%; Greenbushes at 1.50% and Mt Holland at 1.53%. The Grades for Grants and BP33 are among the best in Australia.

Further notes on the two tables below:

• Core announced a resource upgrade on 11 April 2024 that is shown below. The LTR report was before this date and show's Core's earlier resource statements, not the upgrade to 48.2Mt
• IGO's report of 19 Feb 2024 shows Greenbushes was previously reporting an indicated resource of 239Mt @ 1.8% before the upgrade to 397Mt @ 1.5%. Greenbushes has a large area within its deposit that is the best in Australia. This isn't attempting to say Core has a better deposit than Greenbushes. It doesn't, simply that Core does have good deposits.
• The conversion factor from Li2O Contained Metal to LCE is 2.473. Core's updated LCE figure in the LTR format is 1.5Mt of LCE
• Liontown report doesn't include LPM's 4.1Mt at 1.43% resource announced on 19 December 2023 so one other small deposit of 1.4% has been defined in Australia
• The grade and size of the Wildcat and Azure deposits is currently unclear because they have yet to be defined.
  
• Mineral Resources 21 February 2024 Mineral Resource was comprised of 46.8Mt @ 1.42% (open pit) and 19.3Mt @ 1.22% (underground) so significant areas of the Mt Marion deposit are above 1.4%, even if the average grade has now slipped to 1.36%

.