LAKE RESOURCES N.L. — Capital/Financing Update 2003

Sep 24, 2003

25 September 2003

Company Announcements Office Australian Stock Exchange Limited 4th Floor, 20 Bridge Street Sydney NSW 2000

Dear Sir/Madam,

EXERCISE OF PUT OPTION FOR SHARES IN MINCOR RESOURCES N L

Pursuant to a Put and Call Option Agreement with Mincor Resources NL, Lake Resources NL has exchanged its interest in Tethyan Copper Company Limited (TCC) comprising 1,000,000 fully paid ordinary shares and 2,000,000 options over fully paid ordinary shares, for 1,000,000 fully paid ordinary shares in Mincor Resources NL.

Yours sincerely, LAKE RESOURCES NL

Peter Gilchrist Managing Director