Ann: Core Lithium 2019 Annual Report to Shareholders, page-3

"formulate an overall financial plan with various capital raising options including direct equity and debt being considered. The Company is progressing discussions on a number of fronts with potential partners."

"The remaining approvals are expected later this year. The process for attaining ministerial approval involves extensive public and government department consultation. Core’s team has been particularly sensitive to this and has made efforts to ensure it has undertaken an inclusive process."

"the Project has come a long way in a relatively short time frame." ( For Hu Gh)

"The challenges of bringing together all requisite Project components such as people, services, approvals and finance are both substantial and exciting. Core is certainly not underestimating the task ahead and I hope shareholders will be encouraged and equally excited by the achievements detailed in this report"

Highly effective “gravity only separation” results in a relatively low capital cost estimate and low processing costs. Importantly, simple DMS processing reduces commissioning risk relative to some peer spodumene concentrate operations that require additional capital costs and operating complexity associated with flotation circuits.

Core is positioned to commence development and construction in 2019, targeting delivery of spodumene concentrate to customers by 2020.

Core is pleased to advise that it is now seeking Authorisation under the Mining Management Act (MMA) for the project. Core prepared and submitted a Mining Management Plan for the project in June 2019 following receipt of the NTEPA Assessment Report. The company anticipates an Authorisation to be issued in the second half of calendar year 2019. Which will result in the Project being ready for operational activity under section 35 of the MMA. In addition to the above progress Core was granted first lithium mineral lease (ML) in the NT for the Grants Project, ML 31726. Core Lithium also received an Aboriginal Areas Protection Authority (AAPA)Authority Certificate covering its proposed activities.

In addition, Exploration Target Ranges (“ETRs”) have been defined at Hang Gong and LeesBooths of 3-5Mt and 2-3Mt respectively. It is expected that these ETRs will be converted to Inferred resources during the course of 2019.

The Company’s objective is to grow the resource base to 20Mt in 2020.

The Company has initiated and received considerable attention from global lithium players interested in securing lithium concentrate offtake. This includes companies based in China, Europe, Korea and Japan with significant investment in the ongoing development of the lithium-ion battery (LIB) supply chain. The Company is developing a strategy to significantly fund a significant component of the capital cost through the application of prepayments and equity with potential offtake partners.