LAKE RESOURCES N.L. — AGM Information 2020

Nov 25, 2020

CLEAN HIGH PURITY LITHIUM Efficient Clean Technology

Steve Promnitz - Managing Director

26 November 2020 AGM

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Disclaimer

General Statement and Cautionary Statement

This presentation has been prepared by Lake Resources N.L (Lake) for information purposes and meetings with sophisticated and professional investors, institutional investors and brokers and not any particular party. The information in this presentation is based upon public information and internally developed data and reflects prevailing conditions and views as of this date, all of which are accordingly subject to change. The information contained in this presentation is of general nature and is not intended to address the circumstances of any particular individual or entity. There is no guarantee that the information is accurate as of the date it is received or that it will continue to be accurate in the future. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Lake Resources NL accepts no responsibility or liability to any party in connection with this information or views and Lake disclaims and excludes all liability (to the extent permitted by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it. The information regarding projects described in this presentation are based on exploration targets, apart from Kachi project’s resource statement. The potential quantity and grade of an exploration target is conceptual in nature, with insufficient exploration to determine a mineral resource and there is no certainty that further exploration work will result in the determination of mineral resources or that potentially economic quantities of lithium will be discovered. Some leases are located within and around the Orocobre, Orocobre/Advantage Lithium and Ganfeng/Lithium Americas projects and although data is limited within the properties, the leases may cover potential extensions to the Cauchari/Olaroz projects with potential extensions to aquifers, although this provides no assurance that any resource will be identified on the Lake leases. The lithium pegmatite leases occur adjacent to past producers of spodumene but no potential extension to any mineralisation can be assured.

Forward Looking Statements

Certain statements contained in this presentation, including information as to the future financial performance of the projects, are forward‐looking statements. Such forward‐looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Lake Resources N.L. are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies; involve known and unknown risks and uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results, expressed or implied, reflected in such forward‐looking statements; and may include, among other things, statements regarding targets, estimates and assumptions in respect of production and prices, operating costs and results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions and affected by the risk of further changes in government regulations, policies or legislation and that further funding may be required, but unavailable, for the ongoing development of Lake’s projects. Lake Resources N.L. disclaims any intent or obligation to update any forward‐looking statements, whether as a result of new information, future events or results or otherwise. The words “believe”, “expect”, “anticipate”, “indicate”, “contemplate”, “target”, “plan”, “intends”, “continue”, “budget”, “estimate”, “may”, “will”, “schedule” and similar expressions identify forward‐looking statements. All forward‐looking statements made in this presentation are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein. Lake does not undertake to update any forwardlooking information, except in accordance with applicable securities laws.

Competent Person Statement

The information contained in this presentation relating to Exploration Results, Mineral Resource estimates and the associated Indicated Resource , which underpins the production target in the pre-feasibility study, have been compiled by Mr Andrew Fulton. Mr Fulton is a Hydrogeologist and a Member of the Australian Institute of Geoscientists and the Association of Hydrogeologists. Mr Fulton has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a competent person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Andrew Fulton is an employee of Groundwater Exploration Services Pty Ltd and an independent consultant to Lake Resources NL. Mr Fulton consents to the inclusion in this presentation of this information in the form and context in which it appears. The information in this presentation is an accurate representation of the available data to date from initial exploration at the Kachi project and initial exploration at the Cauchari project.

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Clean Technology – No Mining – High Purity

• – –

• Clean Technology Direct Extraction by Partner, Lilac Solutions Efficient lithium separation from brine; backed by Bill Gates-led Breakthrough Energy fund

• High Purity Lithium - 99.97% purity battery quality lithium carbonate: Kachi Project

• – Returns 99% brine to source

• Responsibly Sourced; Sustainable; ESG

• Demonstrated Path to Production – Kachi Project Successful pilot plant module; Small scale-up to production; Cost-competitive; Large project

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• Major Discount to Project Value : Trading at 2-4% of NPV vs 10-40% of peers

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• Solution to EV & Battery Maker Demand Twin Demand – Consistently high purity & more sustainable

• –

• #1 High Purity Battery Materials - to avoid performance issues Low impurities are being sought in battery materials to ensure reliable battery performance

• #2 Responsibly Sourced, Traceable, Sustainable Battery Materials With transition to electric vehicles from fossil fuel vehicles, demand for more sustainable battery materials is critical. Smaller CO2, water, physical, energy footprint.

• –

• Lake/Lilac Solution High purity/low impurity consistently; Scalable;

• Small environmental footprint; Returns 99% brine to source; Low water usage

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Why High Purity? Growing Demand 99.97% Purity Lithium Carbonate Produced from Kachi project brines After processing in Lilac direct extraction pilot module

• Battery Grade considered to be 99.5%

• Kachi samples have very low impurities (60x less than 99.5% battery grade)

• Battery market demands low impurity products (to avoid reprocessing)

• Lake benefits from simple flowsheet; cost – competitive

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Why Low Impurities? Premium Pricing & Cost Competitive

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Direct Extraction Kachi Project
Positioned at lower end of cost curve
Lithium Carbonate Pricing Range
Brine – Lower Cost Hard Rock – Higher Cost
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Source: LKE announcements 20/10/2020, 14/01/2020

High Purity Lithium Process – Simple

Direct Extraction Lithium Chloride – Lilac Pilot Plant Module

Pumping Brines - Kachi

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Lithium Carbonate - Hazen

Cathode/ Battery - Novonix

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• Why Direct extraction? Clean, Efficient Re-engineered well-known technology in water treatment No Evaporation or Mining

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• Efficient – just lithium removed from brine

• Faster – days not months or years

• Higher recoveries than evaporation

• High purity – because only lithium removed

• Cost competitive and scalable

• Environmentally friendly - small footprint

• Returns brine to source; no change to chemistry

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Direct extraction. Disruptive Technology (3 hrs to 30-60,000ppm vs 1-2 years) Ion Exchange Process Saves time and money - Faster production. Recoveries doubled Lilac Solutions Lower impurities – Higher purity as only lithium is extracted. Sustainable solution – Brine reinjected; no change to chemistry To produce Concentrate vs 12-24 mths

30-60,000 PPM TANK BRINE RETURNED WITHOUT CHANGES EXCEPT LITHIUM REMOVAL

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Why Direct extraction? Small Environmental Footprint Lilac Direct Extraction Footprint vs Brine Evaporation Ponds (Atacama) and Hard Rock Mining (Greenbushes)

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Evaporation - Atacama Hard Rock - Greenbushes
15 km 5 km
Direct Extraction - Kachi
Direct Extraction:
Returns
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Why Sustainable Lithium? In demand

Electric Vehicle Makers want more sustainable battery materials in EV’s

• –

• Electric Vehicle Makers, EU Seek More Sustainable Lithium Volkswagen, Daimler, BMW, EU want more responsible sourcing of battery materials (Reuters)

• Direct extraction is not mining and avoids water politics - Delivers a solution for EV & battery demand – 1. High purity battery materials to avoid performance issues; 2. Battery materials sourced more responsibly and sustainable

• –

• Lilac backed by high profile successful investors Lilac supported by Bill Gates-led Breakthrough fund, MIT’s The Engine Fund

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• Growth in ESG Investing (Environmental Social Governance) ESG investment is focus of 33% of all US funds under management in Nov 2020

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EU

UN

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Sustainable Lithium. ESG Targets for the Future – EU, UN

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Prime Location – Large Producers.

Lithium Triangle: 40% of world’s lithium production at the lowest cost.

5 largest producers all have operations ALB, SQM, LTHM + Tianqui, Ganfeng Lake has a large project at Kachi Our projects are side3 other brine projects by-side with the heavyweights in the Lithium Triangle.

ATACAMA Tianqui/SQM Albemarle Lake’s Advancing Projects

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Lake’s Flagship
Project
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Kachi Project – Size Matters.

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Major brine resource - Top10

4.4 Mt LCE Total Resource

(1Mt LCE Indicated Resource; 3.4 Mt Inferred) PFS only uses 20% of resource Open at depth and laterally 70,000 hectares of leases (11x Size of Manhattan Island) – It’s Not About Grade In industrial chemistry, ‘low impurities’ is king

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11x
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Why Kachi? Advantages: Large, Clean, Expandable

• 4.4 million tonne LCE.

• Large:

• Expandable: Open laterally; Open at depth

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• Clean: Brine low in impurities

• Long Life, High Value: 25 year production 25,500 tpa LCE; US$1050 million project value

• • Cost Competitive: Operating costs similar to evaporation ~US$4100/t

• • Scalable: Modular processing

• allows easy scaling to +50,000tpa

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Why Kachi? High Margin Pre-Feasibility Results

• Long Life, High Value Project - 25 year production 25,500 tpa LCE*; US$1050 million project value ( NPV @ 8% discount rate, Pre-tax )

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• –

• High Margin Lithium Production

• 55% Operating Margin; US$465 million EBITDA in 1st 3 years*

• High Purity - 99.9% purity battery grade Li2CO3

• –

• Cost Competitive among Brine Producers Operating cost US$4170/t Li2CO3

• Project Value could more than Double – with premium pricing

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Note: Results based on PFS Study Assumptions * Assuming conservative US$11,000/t lithium carbonate CIF future price. ** Based on Indicated Resource 1.0Mt @290mg/L lithium

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Lake’s Clean Lithium into Batteries Novonix - Process underway

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Novonix - battery technology leader (ASX:NVX; OTCQX:NVNXF) Tier 1 firms

• Panasonic, CATL, Samsung, SK, LG Chem, Bosch, Honda, Dyson Work with Dr Jeff Dahn at Dalhousie Uni - a ground breaking "name" in the battery tech space Developed latest cathode & anode technology

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Lake’s lithium carbonate tested quickly, transparently Demonstrate that Lake's product is truly battery quality Accelerates discussions downstream Only ~35% of lithium production Tier-1 qualified as battery quality Only 50-60% of lithium production is battery quality Strengthens Lake’s quality and ESG benefits

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Cauchari Project.

Lake – 506m Brine zone 421- 540mg/L lithium (102-608m) . 493mg/L ave (117-460m)

Lake results show:

• similar brines

• similar high grades

• • similar flow rates.

506m Brine zone vs 198m in adjoining project

Source: LKE; Advantage Lithium AAL.TSXV announcements 5/3/2018, 10/01/2019, 7/03/19, 24/04/19. The marked boundaries are indicative only. Please refer to the detailed map

AAL – 198m Brine Zone 450mg/L lithium (6-204m) LAC Resource – 581mg/L lithium (ave.grade)

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Production Timeline.

H1 - 2020 H2 – 2020 , H2 - 2021 High purity samples Kachi samples to battery makers for qualification purposes; testing by Novonix Kachi direct extraction pilot plant module – operating Kachi – offtake and strategic partner discussions Kachi PFS (Apr 2020) – Kachi – Initiate DFS, EISA, pilot plant to site Robust economics; cost Complete DFS, approvals; construction finance competitive

2016-19

2022-2023

Large Lease Area Pegged in 2016 Kachi – Large new discovery; major resource Kachi – PFS commenced; Pilot plant initiated Direct Extraction method – Testing Cauchari – extended high grades; discovery

Kachi – Production Kachi – 25,500tpa LCE; Capex US$540m Phased expansion from 10,000tpa LCE Capex Reduced Olaroz, Cauchari – Drill, Resource, PFS

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Unparalleled Results over last 2 years

• – Nov 2018

• Major Resource – Expandable – at Kachi 4.4Mt LCE Total JORC Resource (1Mt LCE Indicated Resource; 3.4 Mt Inferred)

• Lab Testwork 2018-2019; Efficient lithium separation from brine demonstrated Jan 2020; High purity carbonate Jan-Oct 2020; backed by Bill Gates-led Breakthrough Energy fund Feb 2020; Pilot modules operating successfully July-Oct 2020 and ongoing

• High Purity Product; More Sustainable – Apr-Oct 2020 - New Market Solution

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• High Margin Pre-Feasibility Results, Kachi – April 2020 Cost High value project; High margin; Competitive opex &r capex as traditional method

• –

• Battery Testing with Novonix Nov 2020 and ongoing

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Leadership.

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Steve Promnitz MANAGING DIRECTOR

Extensive project management experience in South America – geologist and finance experience – with major companies (Rio, Citi) and mid-tiers.

Lake has extensive development experience in the resources sector and in Argentina.

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Stu Crow CHAIRMAN NON-EXEC

Nick Lindsay NON-EXEC DIRECTOR

Robert Trzebski NON-EXEC DIRECTOR

30 years of experience in Argentina/Chile/Peru (PhD in Metallurgy & Materials Engineering); Major companies (Anglo) and taken companies from inception to development to acquisition in South America

International mining executive; 30 years experience; operational, commercial and technical experience in global mining incl. Argentina. Extensive global contacts to assist Lake with project development. Chief Operating Officer of Austmine Ltd. Director Austral Gold.

More than 25 years of experience (numerous public companies) and in financial services

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LAKE RESOURCES (ASX:LKE , OTC:LLKKF)

Total Current Shares on Issue 792,128,624 Listed Options (10c) Jun 2021 Expiry 52,512,693 Unlisted Options (4.6c) Oct 2022 Expiry 18,300,000 Unlisted Options (8c) Feb 2022 Expiry 5,555,000 Unlisted Options (9c) Jul 2021 Expiry 15,000,000

Market Data

A $47 million Market Cap ($A) @ $0.06/ sh (15 day VWAP, 25 Nov) US$34 million Cash ($A) 30 Sept 2020 A$3 million Secured debt $ 0 Share Price 52 week range $0.023 – 0.095/sh Share Register 40% Top 30, High Net Worth Investors

LAKE RESOURCES (ASX:LKE) 1 YEAR Share price chart LKE 4 YEAR Share price chart

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Lithium Producers Recently Uplifted Developers yet to rise Lake $50m vs Peers $80-200m market cap 8 vs Trading at 4%NPV Peers 10-40% NPV8

Lake Resources LKE

vs Standard (SLL) Direct Extraction USA

SLL vs Lithium Americas (LAC) Pre-Production Argentina LAC vs Neo Lithium (NLC) Development Argentina NLC LKE

Research: LKE website

Note: Any perceived relationship between market value of explorers/developers versus producers should not be made.

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Source: ASX / TSX / NYSE company disclosures; SEDAR; Bloomberg; Company sources: 25 November2020

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Clean High Purity Lithium - Unique Proposition.

• -

• Responsibly Sourced & Sustainable Lake uniquely positioned to provide what EV / battery makers want - high quality battery materials more responsibly sourced without mining. Enables a clean future

• 21[st] – Century Solution to Batteries for EV’s

• Lake’s clean lithium being tested in latest batteries

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Contact: lakeresources.com.au Steve Promnitz - Managing Director steve@lakeresources.com.au +61 2 9299 9690

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PFS - Kachi. Compelling Economics; High EBITDA Margin Appendix - PFS Cost Competitive; High Value Product

Key Financial Parameters	Values
NPV8 (NPV @ 8% discount rate) Pre-tax	US$1,052 million (A$1,660 million)*
NPV8 (NPV @ 8% discount rate) Post-tax	US$748 million (A$1,180 million)*
IRR pre-tax	25%
IRR post-tax	22%
EBITDA, annual	US$155 million (A$245 million)*
EBITDA margin	55%
Parameters	Values
Project Life	25years
Production Rate – Lithium Carbonate	25,500 tonnes LCEperyear**
Mineral Resource(Indicated)	1.01 Million tonne LCE
Recovery	83 %
Capital Investment(at start-up)	US$544 million
Operating Cost(annual)	US$107 million
Cash Cost(Opex, C1)	US$4178/tonne LCE

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Note: Results based on PFS Study Assumptions * Assuming conservative US$11,000/t lithium carbonate CIF future price. ** Based on Indicated Resource 1.0Mt @290mg/L lithium

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Appendix – Mineral Resource – JORC Code 2012 Kachi Lithium brine Project.

KACHI LITHIUM BRINE PROJECT	MINERAL RESOURCE ESTIMATE	MINERAL RESOURCE ESTIMATE	MINERAL RESOURCE ESTIMATE	MINERAL RESOURCE ESTIMATE	MINERAL RESOURCE ESTIMATE	MINERAL RESOURCE ESTIMATE
JORC Code 2012 Edition	Indicated		Inferred		Total Resource
Area, km2	17.1		158.3		175.4
Aquifer volume, km3	6		41		47
Brine volume, km3	0.65		3.2		3.8
Mean drainableporosity %	10.9		7.5		7.9
Element	Li	K	Li	K	Li	K
Weighted mean concentration, mg/L	289	5,880	209	4,180	211	4,380
Resource, tonnes	188,000	3,500,000	638,000	12,500,000	826,000	16,000,000
Lithium Carbonate Equivalent(LCE), tonnes	1,005,000		3,394,000		4,400,000
Potassium Chloride, tonnes	6,705,000		24,000,000		30,700,000
Lithium is converted to lithium carbonate (Li2CO3) with a conversion factor of 5.32 Potassium is converted to potassium chloride (KCl) with a conversion factor of 1.91

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Appendix – Table 1 Report – JORC Code 2012.

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