Lake Resources Completes Intermediate Milestone to Achieve DFS with Successful Extraction and Injection Tests at its Flagship Kachi Project

• Successful Stage 1 extraction and injection test campaign completed.
• Pumping tests confirm favourable hydrogeologic conditions for brine extraction.
• Injection trials successfully demonstrated spent brine disposal capability.
• 33 million liters of brine injected into the reservoir.
• Brine chemistry samples shows improved lithium concentration.
• Next step includes detailed wellfield and injection design in support of the DFS
• First successful salar brine injection test in Catamarca.

SYDNEY, Aug. 15, 2023 /PRNewswire/ -- Clean lithium developer Lake Resources NL (ASX: LKE; OTC: LLKKF) ("LAKE" or "the Company") announces successful testing that has proved the concept of extraction and injection to support the production of high purity battery grade lithium carbonate at the Kachi lithium brine Project ("Kachi" or the "Project") in Catamarca Province, Argentina.

"The extraction and injection testing confirms highly favourable reservoir hydraulic properties and allows us to optimise the future wellfield," Lake CEO David Dickson said.

"The tests represent a significant milestone for the Project, as they provide important data and higher confidence for our modelling, which is essential for the completion of our DFS for Phase 1. The results are indicative of high-yield, production-scale, extraction wells in the core resource area."

"Partners, offtakers and future buyers will demand sustainable lithium supply and Kachi is essential to meet this need."

Lake last updated its resource with a 53 percent increase in resources at Kachi with Measured, Indicated and Inferred increasing from 5.29 Million Tons (Mt) to more than 8.1 Mt Lithium Carbonate Equivalent (LCE)^[1]. The mineral resources last reported on June 15, 2023 have not materially changed since that date.

Michael Gabora, Director of Geology and Hydrogeology for Lake Resources, said "the injection tests demonstrated the suitability of the reservoir for injection and bulk brine samples indicated that exploration sampling results were conservative."

"The positive results of this testing now allow for design of scaled up production and injection wells for the next stage of testing and production wellfield design".

Full release can be found here: https://lakeresources.com.au/wp-content/uploads/2023/08/lke_successful_extraction_and_injection_tests_at_kachi_15-aug-23.pdf^[1]  

About Lake Resources NL (ASX:LKE OTC:LLKKF)

Lake Resources NL (ASX:LKE, OTC: LLKKF) is a responsible lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina. Lake also has three additional early-stage projects in this region.

This ion exchange extraction technology delivers a solution for two rising demands – high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.

Forward Looking Statements:

Certain statements contained in this announcement, including information as to the future financial performance of the projects, are forward-looking statements. Such forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Lake Resources N.L. are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; involve known and unknown risks and uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results, expressed or implied, reflected in such forward-looking statements; and may include, among other things, statements regarding targets, estimates and assumptions in respect of production and prices, operating costs and results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions and affected by the risk of further changes in government regulations, policies or legislation and that further funding may be required, but unavailable, for the ongoing development of Lake's projects. Lake Resources N.L. disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements. All forward-looking statements made in this announcement are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Lake does not undertake to update any forward- looking information, except in accordance with applicable securities laws.

References

1. ^{^} https://lakeresources.com.au/wp-content/uploads/2023/08/lke_successful_extraction_and_injection_tests_at_kachi_15-aug-23.pdf (nam12.safelinks.protection.outlook.com)