Lake Resources JORC Update Increases Measured and Indicated Resource by 250% for its Flagship Kachi Project

• Deeper drilling to 600 m bgs has led to significantly larger resource estimates.
• Measured and Indicated Resources have increased from 2.9 to 7.3 Mt of LCE defined to a depth of 600 meters over 143.8 square kilometres^[1].
• The updated total resource estimate exceeds 10.6 Mt of LCE^[2].
• Previous testing confirmed highly favourable subsurface conditions for both lithium extraction and injection in the central resource area where the M&I resources are located^[3].
• Surrounding the Measured and Indicated Resources are Inferred Resources of 3.3 Mt LCE defined over 130.9 km².
• K24D41 in the southern sector intersected some of the highest lithium concentrations drilled to-date at the project, returning grades of 180-348 mg/L lithium over 445 m (166 – 610 m) with an average of 267 mg/L.
• Deeper drilling at K23D40 in the northern sector intersected coarse-grained alluvial fan materials and averaged 228 mg/L over 322 meters with a maximum of 254 mg/L. This hole is 3.5 km northwest of K22R39.

SYDNEY, Nov. 23, 2023 /PRNewswire/ -- Clean lithium developer Lake Resources NL (ASX: LKE; OTC: LLKKF) ("LAKE" or "the Company") is pleased to provide an updated resource estimate for the Kachi lithium brine Project ("Kachi" or the "Project") in Catamarca Province, Argentina.

The updated resource estimate is based on continued hydrogeological characterization since the last update in June 2023^[4] and refined interpretations of the hydrostratigraphy, hydrogeology and hydrogeochemistry.

This resource update defines the Mineral Resources to be used in the hydrogeologic model for the forthcoming maiden reserve estimate and will be the basis for the Project Phase 1 Definitive Feasibility Study (DFS) expected in December 2023.

For full disclosure, please read the Australian Stock Exchange release here: https://lakeresources.com.au/wp-content/uploads/2023/11/lke_jorc-increase_22-nov-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 forwardlooking information, except in accordance with applicable securities laws.

[1] Abbreviations summary: Million Tonnes (Mt), Lithium Carbonate Equivalent (LCE), meters (m), square kilometers (km²), milligrams per liter (mg/L)[2] See Table 2 for details of individual categories[3] August 16 2023 ASX Announcement - Lake Resources Completes Intermediate Milestone to Achieve DFS with Successful Extraction and Injection Tests at its Flagship Kachi Project[4] June 15 2023 ASX Announcement - Lake Resources Provides JORC Update on its Flagship Kachi Project

References

1. ^{^} https://lakeresources.com.au/wp-content/uploads/2023/11/lke_jorc-increase_22-nov-23.pdf (lakeresources.com.au)