Ann: Stage 1 DFS and Updated Ore Reserves, page-4

Extension Scoping Study Confirms 10 Year Lithium Production
Highlights
• Finniss Lithium Project Mining Extension Scoping Study (Study)
confirms that Core Lithium is well positioned to become a long-term
lithium producer in Australia
• Study builds on and adds to the outstanding economics of the Stage 1
Definitive Feasibility Study (DFS)
• Excellent Study economics reflected in pre-tax IRR of 56% and pre-tax
NPV8 of A$259 million and life-of-mine EBITDA of A$694 million from
revenue of A$1.6 billion
• Finniss Project’s Study 10 Year production and mine plan comprises
open pit production from Reserves and Resources at Grants and Hang
Gong and underground at Grants, BP33 and Carlton prospects
• Low initial capital expenditure of A$89 million remains unchanged
from DFS
• C1 Operating Cost (FOB) of US$372/t concentrate generate a robust
average operating margin of more than US$350/t
• Further potential for production expansion and increases in Mineral
Resources and Ore Reserves underway, with a substantial drilling
budget for 2021 and 2022
• Targeting FID for the start of construction before the end of 2021