Lake Resources Reports Important Progress Towards DFS Completion in December for Flagship Kachi Project

• Drilling, successful extraction and reinjection testing confirm the large scale and quality of the Kachi Lithium Brine Project
• Environmental Impact Assessment underway - workshop with environmental consultant; 2^nd statutory community consultation scheduled this month
• Process plant design underway
• Important progress towards finalizing power solution - revised design to include capability for off-grid commissioning and start-up for train 1 of phase 1 
• Lake Resources remains on track for completion of DFS in December 2023

SYDNEY, Aug. 23, 2023 /PRNewswire/ -- Clean lithium developer Lake Resources NL (ASX: LKE; OTC: LLKKF) ("LAKE" or "the Company") confirms that it is on track to complete the Definitive Feasibility Study (DFS) for its flagship Kachi project ("Kachi") by December 2023, as previously announced.

"We have drilled deeper for better grades and improved our drilling performance by 40 percent this year," Lake CEO David Dickson said.

"Grades from recent extraction tests are 20 percent higher than exploration samples and we can expect further JORC updates prior to submitting the DFS."

Dickson said the process plant had been relocated closer to the resource extraction area. The revised plant Plot Plan has been drafted, for this new location, with a model review now scheduled.

He said Lake had now demonstrated the viability of extraction and injection in its core resource area.

In the attached ASX presentation and in an investor webinar today Lake also gives details on the power solution for the project. The base case for the project includes an off-grid solution for train 1 commissioning and start-up with connection to the grid for full Phase 1 capacity. Lake continues to review alternatives including a full off-grid solution for Phase 1 built around solar and battery storage with technical reviews ongoing at this time.

"We have revised our design to include capability for off-grid commissioning and early production of Lithium Carbonate," Dickson said.

"We are pleased to now have the optionality for a power solution, and we are also considering aspects of grid connection and the needs of local communities."

Mr. Dickson said he had visited Argentina recently and had productive meetings with mining regulators and federal, state, and local governments.  

"We continue working with United States and Argentina authorities on strengthening the lithium supply chain."

He said he was also having regular updates with Export Credit Agencies in the United Kingdom and Canada and with offtake partners while working with strategic advisors on capital management.

The webinar can be accessed at Lake Resources Investor Update - webinar.net^[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. ^{^} Lake Resources Investor Update - webinar.net (app.webinar.net)