Core Lithium (CXO) Q1 2026 TU earnings summary

Executive summary

• Advanced Finniss Lithium Project towards restart as a low-cost, long-life underground operation, supported by a 20-year mine life from the Restart Study.

• Secured $50 million via a two-tranche placement and $4.3 million through a Share Purchase Plan to accelerate Finniss development.

• Increased Finniss Ore Reserves by 42% to 15.2Mt at 1.26% Li₂O following updated Carlton Ore Reserve.

• All legacy offtake agreements terminated, leaving 100% of future spodumene production unencumbered.

• Strong interest from strategic investors and financial groups in ongoing funding process.

Financial highlights

• Cash balance at 30 September 2025 was $35.9 million, up from $23.5 million at 30 June 2025, excluding the $20.8 million Tranche 2 placement approved post-quarter.

• Net cash used in operating activities for the quarter was $12.45 million.

• Net cash from financing activities was $31.7 million, driven by equity raises.

• Estimated 2.8 quarters of funding available based on current cash and outgoings.

• One-off $3.0 million payment made to terminate the Ganfeng offtake agreement.

Outlook and guidance

• Technical workstreams and optimisation activities for Finniss are progressing, supporting a Final Investment Decision.

• Capital raised will accelerate operational readiness and strategic funding initiatives.

• Drilling to test the Carlton Exploration Target will be conducted from underground positions as part of future mining operations.