LAKE RESOURCES N.L. — AGM Information 2023

Nov 29, 2023

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Annual General Meeting
30 November 2023
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Disclaimer

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General Statement and Cautionary Statement

This presentation has been prepared by Lake Resources N.L (Lake) for information purposes 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 the 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 topastproducers 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 announcement 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 forward-looking information, except in accordance with applicable securities laws.

Compliance Statement

The information contained in this presentation relating to financial forecasts, production targets, exploration results, Measured, Indicated and Inferred resource estimates, project execution, infrastructure and testing work, has been derived from the information in Lake’s JORC update announced on ASX on 22 November 2023. Lake Resources N.L. confirms that it is not aware of any information that materially affects the information included in Lake’s JORC update announced on ASX on 22 November 2023 and all material assumptions contained in that announcement continue to apply and have not materially changed. On this basis, Lake confirms that the Competent Person’s findings in Lake’s JORC update announced on ASX on 22 November 2023 have not changed nor been modified in any material respects since that announcement.

2

Developing a Critical Global Asset in Argentina

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Argentina is an attractive location for lithium investment at scale because of its globally significant lithium resource base

Kachi – Lake’s Flagship Project

• § Located in Catamarca region, within the Lithium Triangle which holds ~56% of the world’s lithium reserves[1]

• § Government is committed to speedily developing the country’s lithium resources, with investments in Argentina’s lithium sector

• § Strong relationship with the provincial government of Catamarca. We have had recent site visits by the Governor of Catamarca and the UK Ambassador to Argentina

Location	Catamarca Province, Argentina
Project Stage	Completion of Phase 1 Definitive Feasibility Study (DFS) targeted for December 2023
Products	Battery Grade Lithium Carbonate
Measured & Indicated Resources2	7.3 million tonnes Lithium Carbonate Equivalent (LCE)
Inferred Resources3	3.3 million tonnes LCE
Project Execution Approach4	• Phase 1 – construct plant with target capacity of 25,000 tpa • Phase 2 –construct plant with target capacity of 25,000 tpa

Notes:

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1. US Geological Survey (USGS)

2. See JORC release on 22 November 2023. Refer to Appendix A for details of individual categories of the mineral resource. 3. See JORC release on 22 November 2023. Refer to Appendix A for details of individual categories of the mineral resource.

3. These figures refer to target plant capacity only and are not production targets, nor predictions of what the plant will produce. Further information will be available upon completion of the Phase 1 DFS.

3

Responsible Production of Lithium

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Applying a proven process and lessons learned:

• § Using ion exchange DLE technology to optimize lithium extraction results from Kachi brine

• § Higher lithium recovery: DLE has shown average recovery rates of 80%+ compared with 4060% for traditional methods (hard rock, evaporation ponds)

• § Less impact on environment: lower water usage, lower land usage, less waste volume

§ Lithium chemical manufacturing

• § Proven, repeatable results of high purity, high quality lithium carbonate

• § Experience in developing large capital projects in remote areas

Technical capability from oil and gas sector driving efficiencies at Kachi

4

A year of progress, preparing Kachi for project execution

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Announcement of de-risked project plan

• § Construction of plants with total target capacity of 50,000 tpa achieved in 2x25,000 tpa phases[2]

Recruiting leading management , CEO appointment technical and operations team to build world class development plan; New Board members appointed

• Each phase made of two trains 12,500 tpa

• Brine to battery grade Li2CO3 from Demo plant

• § Commercial Li2CO3 production targeting Q3 2027[3] § Phase 1 full operations targeting Q4 2028[4]

• § Phase 1 DFS completion targeted for Dec. 2023

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Sept 2022 Oct 2022 – Feb 2023 Feb 2023 – May 2023
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Experienced EPC team delivers productivity and efficiency gains and bankable path to DFS

June 2023[1] Jul 2023 – Sept 2023 Successful pumping and injection testing[5] ; further drilling to 600m[6] , completion of Saltworks Demo Plant[7] ; progress of process plant design[7]

• Tpa = tonnes per annum DFS = Definitive Feasibility Study

• Refer to ASX announcement dated 19 June 2023

• These figures refer to target plant capacity only and are not production targets, nor predictions of what the plant will produce. Further information will be available upon completion of the Phase 1 DFS

• 50,000 tpa target plant capacity made up of Phase 1 (25,000 tpa) + Phase 2 (25,000 tpa)

• When first train (12,500 tpa) in Phase 1 commences operation

• Refer to ASX announcement dated 15 August 2023

• Refer to ASX announcement dated 22 August 2023

• Refer to ASX announcement dated 26 Sept 2023

5

DLE Process Proven

Process flow sheet proven from brine to battery grade lithium carbonate

1. Extraction Brine Buffer Pond[1] 2. Depleted Brine Buffer Pond[1] 3. Lilac Ion Exchange 4. Carbonation and Product Storage 5. Chlor-Alkali & Reagents

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Major Milestones Achieved in Kachi Demonstration Plant using Lilac DLE Technology

• § DLE demonstration plant continuously operational for more than 2,500 hours with 90% uptime

• § Highly selective process with consistent results on sample testing

  • § > 90% impurity removal[3]

  • § > 80%[2] lithium recovery[3]

• § 200,000 liters of eluate containing more than 4,100 kg of LCE has been tested

• § Lithium Carbonate exceeds battery grade requirements > 99.8% purity[3]

• § Initial offtake samples shipped

• § Lithium carbonate demonstration plant completed operations in September[4]

• 1 Buffer pond size for our maximum plant capacity is more than 100x smaller than evaporation ponds required for same output. 2 For DLE recovery only; >76% for total plant.

• 3 Refer to ASX Announcements on 3 April 2023, 19 June 2023 and 26 September 2023 4 Refer to ASX Announcement on 26 September 2023

6

>10.6 million tonne LCE inferred resource

Kachi M&I resource estimate increased 250% since June 2023

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10.6
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2018 Jan-23 Jun-23 Nov-23
Measured & Indicated Inferred
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Resource expansion from June 2023 update[1] :

• Measured resource has increased from 2.2 to 3.0 million tonnes LCE

• Indicated resource has increased from 0.72 to 4.3 million tonnes LCE

• Inferred resource has decreased from 5.2 to 3.3 million tonnes LCE

Exploration Target[1] :

• High: 14.8 million tonnes LCE; Low: 3.7 million tonnes LCE

• 25,000 tpa over a 25-Year operation represents less than 10% of the M&I resource

Resources in Million Tonnes LCE

1 Numbers are based on information in Lake’s JORC update announced on 22 November 2023. Refer to Appendix A for details of individual categories of the mineral resource. All material assumptions contained in that announcement continue to apply and have not materially changed

Note: The potential quantity and grade of an exploration target is conceptual in nature, there has been 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 7 that the production target itself will be realized.

9

Lake Resources Leadership Team

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Experienced, well-credentialed and highly motivated management team ready to deliver on Lake’s new strategy and accelerate the Company’s next growth phase

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David Dickson , Managing Director / CEO

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Core Functions Support Functions
Scott Munro Sean Miller AmaliaSaenz Peter Neilsen KarenGreene MarkAnning John Freeman Gentry Brann
SVP, Technology, SVP, Field Development VP, Argentina Chief Financial Officer SVP, Investor Relations Head of Legal, Australia Chief Legal Officer Chief People and
Strategy and Risk and Evaluation Corporate Affairs and Communications and Company Secretary and General Counsel Administration Officer
Executive
experience
acquired across
technical, financial
and project execution
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8

Project Execution and Next steps

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• JORC Update increased Measured and Indicated Resource by 250% for Kachi; targeting reserve update for Phase 1 DFS in coming weeks.

• 30-day pumping test complete; reviewing data to incorporate learnings into future well designs

• Process plant design close to completion

• Finalizing power design and selection of Independent Power Producer (IPP)

• Preparing Environmental Impact Assessment, targeted for submission in Q1 2024

• Emphasis on strategic delivery of Kachi:

• Engaged Goldman Sachs as financial adviser to assist in determining optimal capital strategy to build Kachi.

• Considering range of financing alternatives, including but not limited to the introduction of a strategic partner, project

• finance, pre-payments from potential customers, and royalties.

• Process will enable us to widen aperture of funding opportunities beyond the current Conditional Framework

• Agreements, allowing us to better optimize the economics of our offtake

• Ongoing conversations with Export Credit Agencies in the UK and Canada for debt-financing solutions.

• Working with US and Argentina on strengthening lithium supply partnerships.

On target for completion of Phase 1 DFS in December 2023

9

Appendix A

Note: This table has been directly extracted from the JORC update announced on 22 November 2023. Lake Resources N.L. confirms that it is not aware of any information that materially affects the information included in Lake’s JORC update announced on ASX on 22 November 2023 and all material assumptions contained in that announcement continue to apply and have not materially changed.

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11

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Annual General Meeting
30 November 2023
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