Core Insights - The Shaakichiuwaanaan Project has completed a lithium-only Feasibility Study (FS) confirming its technical and economic viability, which is essential for the final mine authorization process [5][16][21] - The maiden Mineral Reserve is estimated at 84.3 million tonnes (Mt) at 1.26% Li2O, equating to 2.62 million tonnes of lithium carbonate equivalent (LCE) [66] - The project is positioned to become one of the largest spodumene concentrate producers globally, with a projected annual production rate of up to 800,000 tonnes [18][25] Project Overview - The FS outlines a processing capacity of up to 5.1 million tonnes per annum (Mtpa) and a production span of approximately 20 years [18][30] - The project utilizes a hybrid mining model combining open pit and underground methods, with a low strip ratio for open pit mining [9][30] - The FS supports the upcoming Environmental and Social Impact Assessment (ESIA) submissions, which are critical for obtaining necessary approvals [5][9] Economic Metrics - The project has a competitive total cash operating cost of approximately $729 per tonne (~US$544) and an all-in sustaining cost (AISC) of about $800 per tonne (~US$597) for spodumene concentrate [19][34] - At a long-term spodumene price of US$1,221 per tonne, the project delivers an after-tax net present value (NPV) of approximately $1,594 million (~US$1,190 million) and an after-tax internal rate of return (IRR) of around 18.1% [20][25] - Total development capital is estimated at approximately $1,978 million, or $1,510 million net of anticipated pre-production credits [20][30] Market Positioning - The project is strategically positioned to support the emerging lithium supply chains in North America, Europe, and Asia, addressing the growing demand for electric vehicle (EV) batteries and battery energy storage systems (BESS) [6][39] - The FS confirms the potential for the project to become a cornerstone supplier to these markets, leveraging its scale, longevity, and cost competitiveness [21][24] - The company has secured an offtake agreement for 100,000 tonnes per year for a period of 10 years with PowerCo, indicating strong market interest [42] Future Development Plans - The company plans to advance to detailed engineering and optimization initiatives, including an underground bulk sample program targeting the high-grade Nova Zone [22][23] - A Final Investment Decision (FID) is targeted for the second half of 2027, contingent on further optimization and market conditions [13][24] - Ongoing discussions with strategic partners and government stakeholders aim to secure funding and support for the project [49][52]

Core Insights - Imagine Lithium Inc. has reported significant technical milestones at its 100%-owned Jackpot Lithium Project, indicating strong potential for the project as an open-pit, hard-rock lithium deposit [1] Resource Highlights - The NI 43-101 compliant Mineral Resource Estimate (MRE) outlines two conceptual pit shells, Jackpot and Casino Royale, both showing good grade continuity and strong potential for resource expansion [3] - The Indicated Resource is 3.1 million tonnes grading 0.85% Li₂O, containing 26,200 tonnes of Li₂O, while the Inferred Resource is 5.3 million tonnes grading 0.91% Li₂O, containing 49,500 tonnes of Li₂O [7] Metallurgical Test Work - Early metallurgical results indicate that Jackpot mineralization can produce a high-grade spodumene concentrate suitable for the lithium battery supply chain, with a recovery rate of 81.5% Li₂O based on SGS metallurgical testing [4][8] Recent Surface Exploration Programs - A series of surface exploration programs have refined targets across the Jackpot property, including diamond drilling that intersected 0.92% Li₂O over 35.10 meters in hole JP-24-31 [5] - Continuous channel sampling returned exceptional results, including 65.10 meters at 1.10% Li₂O, confirming excellent surface continuity along multiple dykes [11] - Geological mapping and sampling have identified six new spodumene-bearing pegmatite zones outside the current resource pit shells, which remain untested by drilling [11] Upcoming Exploration Program and Next Steps - An aggressive 2026 exploration program is planned to expand known mineralization and test newly identified targets, including resource expansion drilling and geological mapping [19]

Equity Raising Overview - Core Lithium is undertaking an equity raising comprising a placement of approximately A$50 million and a share purchase plan (SPP) of up to A$10 million[50] - The offer price for the placement and SPP is A$0105 per share, representing a 125% discount to the last traded price of A$0120 on 26 August 2025[50] - The placement involves the issue of approximately 4762 million new shares[50] - The SPP is available to eligible shareholders in Australia and New Zealand, allowing them to apply for up to A$30,000 worth of new shares[50] Use of Funds - The company plans to use the funds raised for long-lead items (A$58 million), BP33 box cut and decline development (A$250 million), operational readiness activities (A$92 million), and general working capital and costs of the offer (A$294 million)[51] Finniss Lithium Project - The Finniss Lithium Project has an Ore Reserve of 107Mt at 129% Li2O and a Mineral Resource of 485Mt at 126% Li2O[54] - The project aims for an average future annual production of 205ktpa (SC6 eq)[41] - The project anticipates low operating costs of A$690 – A$785/t FOB SC6 eq excluding royalties[41] Production and Cost Optimization - The company is optimizing the mine plan, simplifying the flowsheet, and increasing throughput to 12Mtpa[57] - Underground mining at BP33 is expected to deliver low mining costs of A$63 - A$72/t of ore[58] - Plant upgrades will result in a 20% increase in throughput capacity to 12Mtpa[65]

Capital Raising and Financial Position - Liontown is undertaking a capital raising of approximately A$266 million to strengthen its balance sheet and provide a liquidity buffer[38, 42] - The pro forma cash balance after the capital raising is expected to be approximately A$422 million before transaction costs[42, 99] - The National Reconstruction Fund Corporation (NRFC) is investing A$50 million in Liontown as part of the capital raising at A$0.73 per share[42, 105] Operational Performance and Future Plans - In FY25, Liontown produced over 320,000 wmt of concentrate at 5.2% Li2O with 8% moisture, equivalent to over 294,000 dmt[38, 53] - Underground production stoping has commenced on schedule[38] - FY26 is expected to be a transition year for Kathleen Valley as underground production ramps up, with 100% underground production planned by Q3 FY26[42, 60] - A lithia recovery target of 70% by Q3 FY26 remains unchanged[42, 60] Financial Metrics and Guidance - FY25 revenue was A$301 million with an average realised price of A$1,061 per dmt (CIF) for ~SC5[53] - H2 FY25 unit operating cost was A$802 per dmt sold (FOB), and AISC was A$1,081 per dmt sold (FOB)[53] - FY26 concentrate production is guided at 365,000 - 450,000 dmt, with All in Sustaining Costs of A$1,060 - A$1,295 per dmt sold and Unit Operating Costs of A$855 - A$1,045 per dmt sold[61]