• Higher direct lithium extraction recovery rates result in fewer production and injection wells
• Updated 25,000 tpa operational mine plan has a lithium grade of 268 mg/L over the 25-year Life-of-Mine
• Revised wellfield development plan reduces estimated CAPEX by $49.3M and annual OPEX by $6.7M

Lake Resources N.L. is pleased to provide an updated Ore Reserve estimate for the Kachi lithium brine project in Catamarca Province, Argentina. The updated Ore Reserve is based on further development of the Numerical Hydrogeologic Model, which has been updated with the most recent Mineral Resource Estimate and wellfield development plan. The improved recovery rates achieved with Lilac's updated technology have allowed the company to strategically concentrate production in higher-grade lithium zones, resulting in significantly enhanced outcomes for the Project. The updated wellfield development plan consists of 11 production wells and 14 injection wells, significantly less than the Original Definitive Feasibility Study (DFS) which required 16 production wells and 21 injection wells. The decrease in the number of wells resulted from higher overall direct lithium extraction (DLE) recovery rates and the elimination of lower concentration wells, which increased the overall lithium concentration in the plant feed. The wellfield development plan produces 692,900 t of lithium carbonate equivalent (LCE), which represents less than 9% of the Measured and Indicated Mineral Resource. Reducing the simulated LCE production to the expected plant throughput of 25,141 tpa battery grade LCE results in a Proved and Probable Ore Reserve of 626,760 t LCE. The Proved Ore Reserve derived from Measured Resources is constrained to the first 7 years of operation, equalling 174,230 t LCE. Ore reserves estimate from Measured Resources in Years 8 to 25 are conservatively categorised as Probable Ore Reserves. The defined injection strategy maintains higher brine aquifer pressures and minimises potential environmental impacts.

The Kachi Project is estimated to produce approximately 25 ktpa of battery grade lithium carbonate over the 25-year Life-of-Mine.