Core Lithium Launches Axiant Resources IPO to Spin Off Gold Assets, Targeting $8–$10 Million Raise

Core Lithium Divests Gold and Non-Lithium Assets via Sale of DBL Blues and Sturt Exploration

The Axiant IPO is founded on the divestment agreement announced by Core Lithium on 26 June 2026, under which Axiant Resources will acquire 100% ownership of two Core Lithium subsidiaries: DBL Blues Pty Ltd and Sturt Exploration Pty Ltd. These subsidiaries hold gold and non-lithium tenements and mineral rights across exploration projects in the Northern Territory and South Australia, including Shoobridge, Adelaide River, Jervois, Albarta, Mt Freeling, and Yerelina.

The transaction preserves Core Lithium’s lithium rights over the Shoobridge and Adelaide River projects through specific mineral rights arrangements, maintaining the company’s strategic lithium focus despite transferring gold and non-lithium assets. Additionally, Axiant will acquire gold rights over 10 exploration licenses at Core Lithium’s Finniss Lithium Project. This divestment streamlines Core Lithium’s portfolio while allowing it to retain meaningful economic exposure to future gold discoveries through its equity stake and performance rights in Axiant.

Axiant IPO Details: Offering 40–50 Million Shares at $0.20 to Raise Up to $10 Million

The proposed IPO will offer between 40 million and 50 million fully paid ordinary shares in Axiant Resources Limited at $0.20 per share. This translates to a capital raise of $8 million to $10 million before costs. Argonaut Securities Pty Limited is appointed as lead manager, with Commonwealth Securities Limited as co-manager.

The IPO includes institutional, broker, and secondary offers alongside a Priority Offer for eligible Core Lithium shareholders. Admission to the ASX official list and share quotation remain subject to ASX approval and fulfillment of conditions detailed in the Axiant Prospectus, so the listing outcome is not yet assured.

Consideration to Core Lithium: 20 Million Shares Plus Performance Rights Linked to Gold Milestones

As part of the divestment, Axiant will issue Core Lithium 20 million shares and 20 million performance rights, split into two tranches of 10 million each. Vesting of these rights depends on achieving specific gold resource milestones and share price targets.

The first tranche vests within three years if Axiant reports an Inferred Mineral Resource of at least 250,000 ounces of gold at a minimum 0.50 g/t cut-off grade (JORC Code 2012) and the shares achieve a 20-day volume-weighted average price (VWAP) of at least $0.20. The second tranche vests within five years upon reporting an Inferred Mineral Resource of at least 500,000 ounces under the same conditions. These milestones require extensive exploration and are not guaranteed to be met.

Core Lithium’s Ownership in Axiant: Undiluted and Fully Diluted Stakes

Post-IPO, Core Lithium is expected to hold approximately 33.33% of Axiant at the minimum $8 million subscription and about 28.57% at the maximum $10 million subscription on an undiluted basis, reflecting the 20 million shares received as consideration.

On a fully diluted basis, accounting for potential performance rights vesting, Core Lithium’s ownership could rise to roughly 47.00% at minimum subscription and 41.91% at maximum subscription. The share sale agreement also grants Core Lithium the right to nominate one non-executive director to Axiant’s board, providing governance influence during the early years of the listed entity.

Priority Offer for Eligible Core Lithium Shareholders: Application Window from 24 July to 6 August 2026

The IPO includes a Priority Offer allowing eligible Core Lithium shareholders with registered addresses in Australia or New Zealand as of 20 July 2026 to apply for Axiant shares before the public. Eligible shareholders can apply for fixed parcels ranging from $2,000 up to a maximum of $20,000 at $0.20 per share. A minimum of $5 million of the IPO is reserved for this Priority Offer.

The Priority Offer opens at 9:00am AWST on 24 July 2026 and closes at 5:00pm AWST on 6 August 2026, subject to possible extension or early closure. Applications are subject to allocation policies detailed in the Axiant Prospectus, with allocations generally processed in order of receipt but subject to discretion and potential scale-back.

Axiant’s Exploration Portfolio: Gold and Non-Lithium Assets Across Northern Territory and South Australia

Axiant will hold a diverse portfolio of gold and non-lithium tenements spanning multiple exploration projects in the Northern Territory and South Australia. Key project areas include Shoobridge and Adelaide River (Northern Territory), and Jervois, Albarta, Mt Freeling, and Yerelina (South Australia). Additionally, Axiant will hold gold rights over 10 exploration licenses at Core Lithium’s Finniss Lithium Project.

These assets are currently at exploration stage with no disclosed JORC-compliant mineral resources, consistent with the performance rights structure designed to incentivize resource definition over the next three to five years. Investors should be aware of the inherent risks associated with exploration-stage assets, including the possibility that no economic mineral resource will be identified.

Axiant’s Leadership Team: Experienced Board and Management to Guide the New ASX Entity

The proposed leadership team for Axiant Resources Limited, as disclosed by Core Lithium on 26 June 2026, includes Greg English as non-executive chair, Michael Fechner as Managing Director and CEO, Peter Bewick as non-executive director, and Dan Travers as Chief Financial Officer and Company Secretary.

This four-person team meets ASX listing requirements and will execute Axiant’s exploration strategy across its project areas. Core Lithium retains the right to nominate one non-executive director to Axiant’s board under the share sale agreement, ensuring ongoing governance linkage between the companies.

Strategic Rationale: Core Lithium’s Focus on Lithium Through Divestment of Non-Core Assets

Core Lithium’s core business centers on lithium exploration and development, particularly at its Finniss Lithium Project in the Northern Territory. The divestment of gold and non-lithium assets into a separate listed entity simplifies Core Lithium’s portfolio and reduces management and capital demands on non-core projects, while preserving economic upside via equity and performance rights in Axiant.

Crucially, Core Lithium retains lithium rights over Shoobridge and Adelaide River, maintaining strategic optionality in lithium despite exiting gold exploration. The Axiant IPO also provides Core Lithium with a liquid equity stake that may be monetized in the future, subject to escrow or other restrictions detailed in the Axiant Prospectus.

Investor Considerations: Conditions and Risks Surrounding the Axiant IPO and Divestment

Completion of the Axiant IPO and divestment depends on ASX approval of Axiant’s listing and satisfaction of conditions outlined in the Axiant Prospectus, which are not guaranteed. Investors should thoroughly review the prospectus for detailed risk disclosures.

Risks include the possibility that the IPO does not reach minimum subscription, that ASX listing is denied, or that exploration fails to meet gold resource milestones necessary for performance rights vesting. The performance rights represent contingent benefits, not guaranteed returns. Additionally, Core Lithium’s Axiant share value post-listing will be subject to market conditions and share price performance.

Upcoming Milestones: Priority Offer Record Date, Opening, and ASX Listing Approval

The next key date is the Priority Offer record date of 20 July 2026, determining shareholder eligibility. The Priority Offer opens at 9:00am AWST on 24 July 2026 and closes at 5:00pm AWST on 6 August 2026, with possible extensions or early closure at Axiant’s discretion. Applications must be submitted using the form accompanying the Axiant Prospectus.

Following the Priority Offer, investors should watch for ASX approval of Axiant’s official listing and share quotation, which will mark the commencement of Axiant’s trading as a separate ASX-listed company. Updates on IPO progress and trading commencement will be communicated by Core Lithium and Axiant. The full Axiant Prospectus is available at www.axiantresources.com.au for detailed information on the offer and associated risks.