Ann: Core 2017 AGM Chairman's Address, page-2

Ummm.... Did I miss something. They are saying off-take is done?


Negotiation of offtake agreement with Chinese company Ya Hua which gave the company the confidence with the lodging of the mining lease application at Grants.

It is rare for a company to drill for the first time in a new area and have instant success.

Continued drilling success allowed Core to announce a maiden resource at Grants. The significance of the Grants resource cannot be understated. At Grants we have discovered a high grade spodumene resource with favourable metallurgical properties that makes Grants spodumene suitable for either direct shipping or processing on site.

Whilst we enjoyed early success at Grants, we have been disappointed with results so far from Zola and Ringwood. Early drilling at these prospects was unsuccessful however, we have learnt from some early mistakes and will apply these learnings to future exploration in that area. Zola and Ringwood are large targets that remain largely underexplored.

Grants is a high quality spodumene that attracted the attention of many potential offtake partners. Whilst Core ultimately executed an offtake agreement with Ya Hua after the close of the financial year, negotiations with Ya Hua and other potential offtake partners were ongoing during the 2017 financial year. The Core team did a wonderful job in undertaking these complex negotiations and executing the Ya Hua agreement whilst still actively exploring the tenement area.

The acquisition of the Liontown tenements in September 2017 was another major achievement for the Company announced. The execution of the final sale and purchase agreement was a culmination of many months of comprehensive due diligence and negotiations.