THAT is a cored charge, doesn't even need to go fast - 0 fps will do it too. And means of delivery can be quite small. This type of projectile doesn't depend on mass or inertia to do its work.

When I took this picture, I remember thinking that the piece of steel wasn't as distorted around the perimeter of the hole like you would expect from that tremendous amount of energy. This picture doesn't clearly show the sharp jagged edges throughout the inside of the hole either. I can't explain it! Awesome!!!!

Probably as a result of energy in the form of heat rather than mass x velocity. Kind of a pointed cutting torch.