• Reduced CAPEX to US$1,157M - a ~US$220M (16%) improvement over the Original DFS
• Reduced OPEX to $5,895/t LCE - a 3% improvement over the Original DFS
• Estimated NPV10 of US$1,469M pre-tax and US$1,011M post-tax

Lake Resources N.L. announces the results of its updated Kachi Project Definitive Feasibility Study ('DFS Addendum') for Phase One of the globally significant 25ktpa Kachi lithium brine project in Argentina. The DFS Addendum supplements the previously released Phase One DFS from December 2023 ('Original DFS'). This DFS Addendum confirms that Kachi is a tier one project, backed by a significant resource with strong economics, positioning it competitively within the growing lithium market. The DFS Addendum builds on the Original DFS and incorporates independently reviewed and verified value engineering outcomes completed since the Original DFS was issued in December 2023. Key highlights include reduced CAPEX to US$1,157M, a ~US$220M (16%) improvement over the Original DFS, and reduced OPEX to $5,895/t LCE, a 3% improvement over the Original DFS. The DFS Addendum also estimates an NPV10 of US$1,469M pre-tax and US$1,011M post-tax based on an average price of ~$20,500/t for battery grade lithium carbonate, with an estimated IRR of 22.5% pre-tax and 19.7% post-tax. The company continues to advance the EIA approval process and progress the strategic alternatives process to consider and assess multiple strategic options for the Kachi Project.

The DFS Addendum estimates an NPV10 of US$1,469M pre-tax and US$1,011M post-tax based on an average price of ~$20,500/t for battery grade lithium carbonate, with an estimated IRR of 22.5% pre-tax and 19.7% post-tax.

The long-term outlook for lithium demand remains strong, with a supply deficit expected to emerge later this decade. Kachi will be an important asset in addressing this deficit. The company continues to advance the EIA approval process and progress the strategic alternatives process to consider and assess multiple strategic options for the Kachi Project.