• Continued engagement with local officials to advance Exploitation EIA and FEED for power delivery
• Evaluating Kachi DFS project cost estimates for material reduction in CAPEX and OPEX
• Engaged with potential investors and offtake partners for Kachi project

Lake Resources remains confident in the long-term fundamentals of lithium and the Kachi project's significant role in meeting increased lithium demand. During the quarter, the company continued to engage with local officials to advance the Exploitation Environmental Impact Assessment (EIA) for Kachi and the Front-End Engineering Design (FEED) for the proposed power delivery system with YPF Luz. The company is also continuing to evaluate Kachi's Definitive Feasibility Study (DFS) project cost estimates, with the goal of achieving a material reduction in capital and operating costs. Lake has also engaged with a select group of interested parties regarding potential investment and/or offtake in Kachi as part of the Goldman-led Strategic Partnership process, though depressed lithium prices remain a challenge. Cash expenditures for the quarter were significantly lower than the prior quarter, reaffirming the company's expectations for materially reduced cash outgoings in 2025 compared to 2024. Lake remains focused on preserving its financial flexibility by right-sizing its cost structure and maintaining appropriate liquidity levels, which stood at $15.15 million at the end of the quarter (with an additional $2.25 million raised post-quarter through the ATM facility).

Lake remains confident in the robust long-term fundamentals of lithium and the Kachi project's significant role in meeting the increase in demand. The company is focused on advancing the Exploitation EIA and power delivery for Kachi, while also working to reduce the project's capital and operating costs.