Core Lithium provides update on Finniss Lithium Project

Core Lithium Ltd (ASX:CXO) has announced a significant 223% growth in the BP33 Ore Reserve to 8.7Mt @ 1.38% Li2O, forming a strong foundation for restart studies. The Grants Open Pit has been reduced to 0.6Mt at 1.40% Li2O due to mining depletion and operational adjustments. The updated Ore Reserve aligns with the restart study areas of focus and underpins a simpler project with a notional operating life of 9.5 years at the existing 1Mtpa Finniss process infrastructure.

Executive commentary on updated Ore Reserve

The updated Ore Reserve for our lithium assets around Finniss in the Northern Territory represents the next step in the reset of our future operating strategy. This estimate reflects the changes in lithium market conditions since our last Ore Reserves update and is consolidated around the high-grade BP33 deposit. The Ore Reserve for BP33 has more than doubled, underpinning a projected life of over nine years at the currently installed processing capacity. Our team is maintaining the site in good order so development can resume in the future, should it be supported by our restart studies and prevailing lithium market conditions.

Summary of Finniss Lithium Project update

Core Lithium's update on the Finniss Lithium Project reveals a significant 223% growth in the BP33 Ore Reserve to 8.7Mt @ 1.38% Li2O, supporting a notional operating life of 9.5 years at the existing 1Mtpa Finniss process infrastructure. The Grants Open Pit has been reduced to 0.6Mt at 1.40% Li2O due to mining depletion and operational adjustments. The overall 9.3Mt Ore Reserve, including a small contribution from the Grants open pit, is based on the Measured and Indicated Mineral Resource of approximately 28 million tonnes. Core Lithium's strategy for a simpler, lower-cost, and more sustainable operating platform is supported by this new Ore Reserve. Restart studies are progressing to develop the execution plan.