Target Market Determination

• Loyalty Options to acquire ordinary shares in Lake Resources N.L.
• Options exercisable at A$0.05 per share, expiring in 3 years
• Offer available to eligible shareholders only

Lake Resources N.L. has prepared a Target Market Determination (TMD) for the non-renounceable pro-rata entitlement offer of Loyalty Options to acquire fully paid ordinary shares in the company. The Loyalty Options will be issued to eligible shareholders at no cost, with each option exercisable at A$0.05 per share and expiring 3 years from the date of issue. The company expects the Loyalty Options to be suitable for investors who wish to have the right, but not the obligation, to acquire shares in the short to medium term, and who wish to gain exposure to equities in a small cap mining company listed on the ASX. Investors in the target market are expected to have a medium to long-term outlook and the financial capacity to exercise the Loyalty Options prior to expiry. The offer will be made under a prospectus dated 10 October 2025, and the Loyalty Options will be offered to eligible shareholders only, with no application form required. The company will review the TMD upon the occurrence of certain review triggers during the offer period, and may amend the TMD at any time.