• Kachi Project resource upgraded, with Measured Resource up 25% to 4.2Mt LCE
• DFS Addendum shows 16% capex reduction and 3% opex reduction for Kachi Phase 1
• Lilac's latest ion exchange technology delivers further improvements in recovery and costs
• Lithium market outlook improving, with supply deficit expected by 2027

The Chairman of Lake Resources N.L. opened the 2025 Annual General Meeting by reviewing the valuable progress made at the company's flagship Kachi Project over the past year. Key highlights include a substantial resource upgrade, with the Measured Resource increasing by over 25% to 4.2 million tonnes of lithium carbonate equivalent (LCE), and the total resource now standing at 11.1 Mt LCE - making Kachi the largest independent development project in the Lithium Triangle. The company also announced a DFS Addendum for Kachi's Phase 1, showing a 16% reduction in capital expenditure and a 3% decrease in operating expenditure, along with an improved net present value of US$1,469 million. The Chairman also discussed the continued technological advancements by Lake's partner, Lilac Solutions, including the release of their fifth-generation ion exchange technology, which has delivered further improvements in capital and operating costs as well as recovery rates exceeding 96%. Lilac's ability to manufacture its proprietary ion exchange media in the United States has also eliminated a key geopolitical risk. The Chairman noted that the lithium market has seen a recent upturn, with analysts projecting a supply deficit to emerge by fiscal 2027 due to growing demand from battery energy storage systems. The positive business environment in Argentina, including the government's new RIGI scheme and the strengthening of the US-Argentina partnership, was also highlighted as providing a further boost for the Kachi Project. The Chairman expressed confidence in the company's outlook, with a strong cash position, no debt, and an enhanced flagship project, positioning Lake Resources to deliver increased value for shareholders in the year ahead.

Lake Resources' Kachi Project is now expected to deliver a 25,000 tonne per annum operation with higher lithium grades and improved recovery rates over a 25-year life of mine, based on the optimised mine plan and Lilac's enhanced ion exchange technology.

The Chairman expressed confidence in Lake Resources' outlook, citing the company's strong cash position, debt-free status, significantly enhanced Kachi Project, and the more favorable lithium market and business environment in Argentina. The Chairman looks forward to a transformative year ahead as the company continues to advance the Kachi Project and engage with investors and project partners.