Lake Resources NL: Independent Verification of High-Grade Lithium Carbonate

Sydney, Australia - Lake Resources NL (ASX:LKE) (FRA:LK1) (OTCMKTS:LLKKF), in partnership with its DLE technology partner, Lilac Solutions, Inc. ("Lilac"), are pleased to announce that independent testing of lithium carbonate produced from their joint Kachi Project in Argentina has confirmed grades and purity greater than 99.8%. Project Kachi is a world-class lithium development project that is poised to lead the industry in the production of high-quality lithium with minimal environmental footprint.

This test, performed by Saltworks with independent analysis by two third party labs, validates the major commercial process systems for the Kachi Project and confirms its ability to produce highquality, battery-grade lithium carbonate from Lake's brine resource using Lilac DLE technology. The quality of the Li2CO3 product from the Saltworks test exceeds the Project Design Specification and the battery grade specifications of major- South American brine lithium producers.

Context to the Testing:

As announced in early January, Lilac successfully operated the Demonstration Plant for over 1,000 hours and produced 40,000 litres of lithium chloride eluate before December 31, 2022, meeting important performance milestones in accordance with the agreed timeline. The lithium chloride eluate produced by Lilac using its propriety ion exchange technology was then shipped to Saltworks, in Canada, and a portion was converted to lithium carbonate, after which it was independently tested for purity.
The Lilac demonstration plant continues to operate, as Lilac nears completion of the performance milestone to process 120,000 litres of eluate into battery grade lithium carbonate.

"This is a new process that has now been proven to produce high grade lithium in our 'mining and refining' facility- this means a critical part of the value adding chain is being captured by Lake," Lake CEO David Dickson said. "It also sets a new standard for what it means to be a responsible member of the lithium supply chain."

"The Lilac team is excited to see these concrete results showing that our technology is not only faster with higher recovery, but also enables a higher purity product," said Lilac Solutions CEO Dave Snydacker. "Alongside Lake Resources, we are proving that it is possible to produce lithium - the cornerstone of our clean energy future - without damaging the planet we're trying to save. I look forward to further development of a clean, socially responsible lithium supply chain, and the continued success of our joint Kachi project."

On the Resource:

After an extensive drilling program, Lake reported to the ASX a 100 percent increase in the mineral resource estimate of Kachi, to 2.2 million tonnes of lithium carbonate equivalent of Measured and Indicated, and 3.1 million tonnes of Inferred resources (refer to ASX announcement on 11 January 2023).

Lake is continuing to drill and expects an updated JORC in the second quarter of 2023.

On Off-take Agreements:

Lake confirmed that two offtake conditional framework agreements were entered covering 50,000 tpa lithium carbonate with WMC Energy and SK On. Both agreements provide for each company to make strategic equity investment in Lake of up to 10 percent of the company's issued capital prior to Final Investment Decision, subject to a few condition precedents being met, including due diligence by the parties (refer ASX announcement 6 October 2022 and 12 October 2022).

Lake remains in ongoing discussions with both SK On and WMC regarding the implementation of the CFAs (refer to ASX announcement on 12 January 2023)

On Timelines:

The Company is doing a rigorous evaluation of project timelines and estimated capital costs, which it expects to complete and report on in the second quarter of 2023.

Lake is also advancing its Definitive Feasibility Study (DFS), completing the evaluation of the processing plant, and moving into the next phase of the project study. Lake is targeting to complete the DFS by mid 2023.

About Lake Resources NL:

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising clean, direct extraction technology for the development of sustainable, high purity lithium from its flagship Kachi Project, as well as three other lithium brine projects in Argentina. The projects are in a prime location within the Lithium Triangle, where 40% of the world's lithium is produced at the lowest cost.

This method will enable Lake Resources to be an efficient, responsibly-sourced, environmentally friendly and cost competitive supplier of high-purity lithium, which is readily scalable, and in demand from Tier 1 electric vehicle makers and battery makers.

Source:
Lake Resources NL

Contact:

Nigel Kassulke at Teneo M: +61-407-904-874 E: Nigel.Kassulke@teneo.com