The Funding Package

Core Lithium has secured a fully funded restart package totalling A$307 million in sources (excluding costs), drawing on equity, convertible notes, senior debt, existing cash and near-term spodumene sales proceeds. The package was assembled alongside the announcement of the Final Investment Decision on 18 March 2026.

The equity component consists of a two-tranche institutional placement raising A$120 million at A$0.21 per new share. Tranche 1, raising approximately A$53 million using Core’s existing ASX Listing Rule 7.1 placement capacity, has been completed unconditionally. Tranche 2, raising approximately A$67 million, is subject to shareholder approval at a General Meeting expected in late April 2026.

“The strong support we have received through this equity raising is a clear endorsement of Core’s restart strategy and the long-term value of the Finniss Operation. With funding now secured, we can move immediately into mobilisation, early works and development activities to position Finniss for first concentrate production in the September quarter of 2026.”

— Paul Brown, Managing Director, Core Lithium Ltd

The debt component comprises US$70 million in six-year convertible notes (US$20 million from Glencore, US$50 million from InfraVia) and a US$50 million four-year senior secured loan from Nebari, structured in two tranches of US$25 million each. The convertible notes carry an interest rate of 8% per annum plus a 2% margin prior to achieving steady-state production, with a sustainability-linked structure enabling incremental coupon reductions on achieving agreed KPIs. The conversion price is set at A$0.252 per share.

Uses of funds include A$208 million in restart capital (inclusive of a 15% contingency), A$69 million for general corporate purposes and transaction costs, and A$30 million allocated to growth exploration — primarily planned drill testing at the high-grade Blackbeard prospect in 2026.

Project Economics

The restart is underpinned by the Restart Study released in May 2025, which models nameplate production of 214,000 tonnes per annum of spodumene concentrate (6% Li₂O equivalent) from the BP33 underground mine at 1.2 million tonnes per annum throughput. At a base case spodumene price of US$1,500 per tonne CIF and an AUD/USD exchange rate of 0.70, the project generates a post-tax NPV of A$837 million, an unlevered post-tax IRR of 76.5%, and free cashflow of A$1.7 billion over the mine life.

Unit operating costs are forecast at A$762 per tonne (approximately US$533 per tonne) FOB, excluding royalties, once BP33 reaches full capacity. This is achieved through a combination of majority underground bulk stoping mining at approximately A$78 per tonne of ore, processing at A$40 per tonne, and 100% infrastructure ownership eliminating third-party tolling costs. At the current spot spodumene price of approximately US$2,200 per tonne CIF, the EBITDA margin is forecast to expand to 58%.

The project’s ore reserve base stands at 15.6 million tonnes at 1.27% Li₂O across the BP33, Grants open pit, Carlton and stockpile deposits, supporting a 20-year mine life. The total mineral resource estimate across all Finniss deposits is 48.5 million tonnes at 1.26% Li₂O. The crushing circuit has capacity above 2 million tonnes per annum, providing a pathway to expand throughput beyond the initial 1.2 million tonne per annum plan as additional resources are delineated.

Restart Timeline

Core intends to begin mobilising contractors and deploying capital immediately following the FID. The Grants open pit — which was optimised in November 2025 to deliver a 33% increase in ore reserve to 1.53 million tonnes at 1.42% Li₂O — will provide near-term feed for the processing plant within approximately one month of contractor mobilisation. Grants is expected to produce approximately 134,000 tonnes of SC5 product and supports a first shipment target in Q4 CY2026.

Concurrent with open pit operations, the BP33 decline will commence box cut works in Q2 CY2026. BP33 is a large, sub-vertical mineralised pegmatite with stoping across 290 metres of strike length, up to 30 metres width and 800 metres depth, supporting more than 10 years of underground mine life from BP33 alone. The deposit remains open at depth, providing exploration upside to the production schedule.

The processing plant carries a proven operating history and will undergo targeted brownfields upgrades including a Reflux Classifier circuit to improve liberation and overall recovery. Prior operations achieved approximately 65% recovery; improved mining hygiene from underground operations and the flowsheet modifications are expected to lift average global recovery to 78% once the Reflux Classifier is commissioned. The plant’s existing crushing circuit capacity exceeds 2 million tonnes per annum, supporting any future throughput expansion. BP33 is targeted to achieve first ore in mid-CY2027, with full production at 1.2 million tonnes per annum reached by mid-2028.

Logistics infrastructure is fully in place. A sealed road connects Finniss to the Port of Darwin — the closest Australian spodumene export port to Asian markets — and allows year-round haulage without wet season interruption or infrastructure upgrades. The Port of Darwin holds sufficient capacity for planned export volumes and any future expansion.

Strategic Partners

The funding structure has been assembled with three institutional partners, each bringing complementary capabilities. Glencore, one of the world’s largest commodity marketing groups, has provided US$20 million in convertible notes and entered a marketing agreement that gives Core access to Glencore’s established spodumene customer base and market intelligence, while preserving Core’s flexibility to enter future third-party offtake agreements. Glencore’s Robin Francois, Head of Lithium, noted the transaction supports the Northern Territory Government’s ambition of a A$40 billion economy by 2030.

“We are pleased to play an important role in this transaction which supports the restart of Finniss Lithium Operation in the Northern Territory and brings significant economic benefits to the entire region.”

— Robin Francois, Head of Lithium, Glencore

InfraVia, a leading independent European private equity firm with approximately EUR 20 billion of assets under management specialising in real assets and critical metals, is the largest note-holder at US$50 million. The investment is made through InfraVia CMF Invest S.à r.l., a closed-ended fund backed by private institutional capital and the French government, and classified as SFDR Article 8. InfraVia has been granted an equity-linked offtake right to purchase spodumene concentrate at market-linked pricing based on Fastmarkets indices, capped at 12% of annual production, conditional on achieving certain ownership thresholds through conversion of its notes. InfraVia is also entitled to nominate one non-executive director to the Core board if its voting power exceeds 10%.

Nebari Partners, a US-based specialist mining private credit manager, is providing the US$50 million senior secured loan. The facility is structured in two tranches and includes an 18-month amortisation holiday from closing, with a cash interest holiday of the first nine months, giving Core balance sheet flexibility through the restart and ramp-up phase. Nebari may appoint a board observer during the availability period. All three strategic partners participated in extensive due diligence prior to committing capital, providing third-party validation of the restart plan and project economics.

In connection with the placement, Argonaut Securities Pty Limited and Morgan Stanley Australia Securities Limited acted as joint global coordinators, joint lead managers and joint bookrunners. Thomson Geer acted as legal adviser to the Company. Security documents under the senior loan and convertible notes remain subject to receipt of Foreign Investment Review Board (FIRB) approval, as do the Tranche 2 components of both debt instruments.