LAKE RESOURCES N.L. — Capital/Financing Update 2020

Feb 27, 2020

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ASX ANNOUNCEMENT

28 February 2020

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SPP UPSIZED BY $1M TO $2.5M DUE TO STRONG SHAREHOLDER DEMAND

PLACEMENT INCREASED

• Share Purchase Plan (SPP) Offer has been increased by a further $1 million to $2.5 million due to overwhelming shareholder demand. Subscriptions and funds need to be received today Friday 28 February.

• The private placement has been increased by $0.5 million before costs to a total of $3.9 million to accommodate some key sophisticated and professional investors.

• An updated presentation and supplementary prospectus will be lodged today.

Share Purchase Plan (SPP) Upsized

Lithium explorer and developer Lake Resources NL (ASX:LKE) announced today it has upsized the Share Purchase Plan Offer by $1.0 million to raise a total of $2.5 million before costs, due to overwhelming shareholder demand.

The SPP closes today Friday 28 February and subscriptions and funds must be received today as part of the Offer for Eligible Shareholders to subscribe for up to $30,000 worth of new Shares at an issue price of $0.04 per Share. In the event that the SPP is oversubscribed, all participants will be scaled back on a pro-rata basis.

The supplementary prospectus will be lodged today and sets out details of the rights of applicants under the SPP to withdraw their application within one month and be repaid their funds.

Placement Increased

The private placement has been increased by $0.55 million before costs, to a total amount of $3.9 million, to accommodate some key sophisticated and professional investors at an offer price of $0.04 per share. This will result in the issue of approximately 14.65 million shares for a total of approximately 99 million new placement shares (refer to announcements of 14,20 and 26 February 2020 for information on prior placement share issues). Settlement is anticipated by Tuesday, 3 March 2020.The supplementary prospectus lodged today which will address these matters with the closing of the Shortfall Offer extended to 4 March 2020.

Lake’s Managing Director, Steve Promnitz said: “ We are very grateful for the positive response from our current shareholders and are pleased to be able to accommodate most of the demand by upsizing the SPP offer.

“The Company is currently marketing in North America, following the significant response from global investors after the announcement that some of the best known successful investors of the global business community are backing our key technology partner .”

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For further information please contact:

Steve Promnitz, Managing Director Follow Lake on Twitter: https://twitter.com/Lake_Resources +61 2 9188 7864 Follow on LinkedIn: https://www.linkedin.com/company/lake-resources/ steve@lakeresources.com.au Website: http://www.lakeresources.com.au

About Lake Resources NL (ASX:LKE)

Lake Resources NL (ASX:LKE, Lake) is a lithium exploration and development company focused on developing its three lithium brine projects and a hard rock project in Argentina, all owned 100%. The leases are in a prime location among the lithium sector’s largest players within the Lithium Triangle, where 40% of the world’s lithium is produced at the lowest cost. Lake holds one of the largest lithium tenement packages in Argentina (~200,000Ha) which provides the potential for consistent security of supply, scalable as required.

Lake considers it is in a strong position to benefit from the market opportunity in electric vehicles and the batteries that power the energy revolution due to:

1. High Purity Lithium Carbonate samples (99.9%) with very low impurities, recently produced from the pilot plant using a direct extraction process (ion exchange);

2. Increased Engagement with Off-takers as larger samples are produced, anticipated from late March 2020 onwards, for off-takers to commence qualification testing to then engage to assist in financing;

3. Kachi Project PFS , in the final stages of completion which is anticipated to show projected production costs at the lower end of the cost curve similar to current lithium brine producers. The Kachi project has a resource (announced Nov 2018) considered large enough for long term production and could be potentially scaled to a much larger project is required as leases cover an area 10 times Manhattan.

4. Sustainable and Scalable Future Lithium Production , demanded by the larger Electric Vehicle makers and an increasing number of battery/cathode makers, who need to show both the quality and provenance of battery materials for ESG/sustainability and carbon footprint reporting. The direct extraction process reinjects brine once the lithium has been removed using ion exchange beads without affecting the chemistry. This means a much smaller footprint and less water usage because evaporation ponds are not used.

The Kachi project covers 70,000 ha over a salt lake south of FMC/Livent’s lithium operation in Catamarca Province. Drilling confirmed a large lithium brine bearing basin over 20km long, 15km wide and 400m to 800m deep. Drilling over Kachi produced a maiden indicated and inferred resource of 4.4 Mt LCE (Indicated 1.0Mt, Inferred 3.4Mt) (refer ASX announcement 27 November 2018).

A direct extraction technique has been tested in partnership with Lilac Solutions, supported by Bill Gates – led Breakthrough Fund and MIT’s The Engine fund. A pilot plant is being commissioned, which has shown 80-90% recoveries and lithium brine concentrations over 60,000 mg/L lithium. Battery grade lithium carbonate (99.9% purity) has been produced from Kachi brine samples with very low impurities (Fe, B, with <0.001 wt%). Phase 1 Engineering Study results have shown operating costs forecast in the lowest cost quartile (refer ASX announcement 10 December 2018). Test results have been incorporated into a Pre-Feasibility Study (PFS) in the final stages of completion. The Lilac pilot plant in California will produce samples for downstream participants in March/April/May prior to being transported to site to produce larger battery grade lithium samples. Discussions are advanced with downstream entities, mainly battery/cathode makers, as well as financiers, to jointly develop the project.

The Olaroz-Cauchari and Paso brine projects are located adjacent to major world class brine projects either in production or being developed in the highly prospective Jujuy Province. The Olaroz-Cauchari project is located in the same basin as Orocobre’s Olaroz lithium production and adjoins the Ganfeng Lithium/Lithium Americas Cauchari project, with high grade lithium (600 mg/L) with high flow rates drilled immediately across the lease boundary.

The Cauchari project has shown lithium brines over 506m interval with high grades averaging 493 mg/L lithium (117-460m) with up to 540 mg/L lithium. These results are similar to lithium brines in adjoining leases scheduled for production in late 2020 and infer an extension and continuity of these brines into Lake’s leases (refer ASX announcements 28 May, 12 June 2019).

Significant corporate transactions have occurred in adjacent leases with development of Ganfeng Lithium/Lithium Americas Cauchari project as Ganfeng announced a US$397 million investment for 50% of the Cauchari project, together with a resource that had doubled

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to be the largest on the planet. Ganfeng then announced a 10 year lithium supply agreement with Volkswagen on 5 April 2019. Nearby projects of Lithium X were acquired via a takeover offer of C$265 million completed March 2018. The northern half of Galaxy’s Sal de Vida resource was purchased for US$280 million by POSCO in June-Dec 2018. LSC Lithium was acquired in Jan-Mar 2019 for C$111 million by a mid-tier oil & gas company with a resource size half of Kachi. Orocobre has announced on 19 Feb 2020 the acquisition of all shares in Advantage Lithium, valued at around C$63 million, which holds leases next to Lake at Cauchari. These transactions imply an acquisition cost of US$55-110 million per 1 million tonnes of lithium carbonate equivalent (LCE) in resources.

For more information on Lake, please visit http://www.lakeresources.com.au/home/

Sustainable High Purity Lithium

Steve Promnitz - Managing Director

27 Feb 2020

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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 forward-looking information, except in accordance with applicable securities laws.

Competent Person Statement

ASX:LKE

The information contained in this presentation relating to Exploration Results has 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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Lake – Best Location: Heart of the Lithium Triangle.

• Right product, Right time - Sustainable Lithium

• High purity, Low impurity Lithium 99.9% purity battery grade lithium carbonate, very low impurities, from Lilac pilot plant

• –

• Disruptive Lilac direct extraction technology Large samples produced from March for battery makers – Small environmental footprint

• –

• Kachi - Large lithium brine resource Pre-Feasibility Study

ASX:LKE

• –

• Management team Long term, in-country experience

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ASX:LKE

Location – Next to Large Players. The Lithium Triangle produces 40% of world’s lithium at the lowest cost. Cauchari - China’s Ganfeng paid US$413 million for 50% Sal De Vida - South Korea’s PoscoOur projects are sidepaid US$280 million.by-side with the heavyweights in the Orocobre –C$63 million for Advantage Lithium Triangle. Implies US$55-110 million per 1 million tonne LCE resource

ATACAMA Tianqui/SQM Albemarle Lake’s Advancing Projects

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Lake’s Flagship
Project
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Kachi Project.

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Large scale 70,000 Ha Major brine resource - one of 10 largest globally (defined to date) Battery grade product Low impurities Scalable, modular plant design

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ASX:LKE

Kachi Project

FMC/Livent (80km to Nth) Producing since 1997 Evaporation ponds Kachi Project. Lease area equivalent to 11 x Manhattan Island. 11x 175,000 acres in lowest part of large drainage - 2600 sq miles

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FMC/Livent (80km to Nth) Galaxy POSCO Producing since 1997 (110km to Nth East) (120km to Nth East) Evaporation ponds 4.1 Mt LCE Resource 4.1 Mt LCE Resource 17,000tpa LCE Paid US$280m Lithium Carbonate Lithium Hydroxide

Kachi Project. 100% Lake owned

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Lease – 70,000ha Exploration Target 8Mt – 17Mt LCE Potential*

JORC certified combined lithium resource of 4.4 million tonnes LCE. Indicated Resource 1.0Mt LCE 290mg/L Inferred Resource 3.4Mt LCE 210mg/L Leases cover the entire area of interest in this large basin

Clarification Statement : An Exploration Target is not a Mineral Resource.* The potential quantity and grade of an Exploration Target is conceptual in nature. A Mineral Resource has been identified in the centre of the Exploration Target, but there has been insufficient exploration to estimate any extension to the Mineral Resource and it is uncertain if further exploration will result in the estimation of an additional Mineral Resource.

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ASX:LKE

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Direct extraction. New Technology - the disruptive game changer in the industry

More efficient process that removes evaporation process

• Faster

• Higher Recoveries

• High Purity products

• Sustainable – Returns brine to aquifer without changing chemistry

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Conventional extraction. Evaporation ponds

Almost all lithium brine production uses evaporation – yet faces increasing challenge due to environmental impacts Example: FMC/ Livent – 1 year to 3,200 ppm concentrate

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1- To produce Concentrate

ASX:LKE

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Conventional extraction. Evaporation ponds – Atacama Example

ARGENTINA

Atacama SQM, Albemarle 30km

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Direct extraction. Disruptive Technology (3 hrs to 60,000ppm vs 1-2 years) Ion exchange Saves time and money -Faster to production. Higher recoveries Lilac Solutions (Silicon Valley backed) Lower impurities Sustainable solution – brine reinjected to aquifer

To produce Concentrate

50-60,000 PPM BRINE RETURNED WITHOUT CHANGES EXCEPT LITHIUM REMOVAL

ASX:LKE

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Direct extraction. Direct Extraction Positioned Positioned with a low at lower end of cost curve impurity product

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Source: LKE announcements 9/1/2020, 14/01/2020; 10/12/2018

Sustainable Lithium.

Lilac’s Technology Lake’s Large Brine Basin Solution for the Sector

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Source: Reuters 12 Feb 2020; Bloomberg 20 Feb 2020; Volkswagen April 2019

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Cauchari Project.

Adjoining the next big producer (Ganfeng/ Lithium Americas)

Ganfeng / Lithium Americas – Largest Resource on Planet Production 40,000tpa LCE late 2020

Orocobre/ Advantage Lithium – Large Resource

Lake Resources – Area Drilled

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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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Timeline to production

2016 – 2018

• Large Lease Area Pegged in 2016

• Kachi – Large new discovery; major resource

• Direct Extraction method – Phase 1 engineering study

2019

• Cauchari drilling – extended high grades; discovery

• Kachi – PFS commenced; Pilot plant initiated

• Kachi offtake and development partner discussions

2020

• Kachi direct extraction pilot plant being constructed to be moved to site

• Kachi samples to battery makers for qualification purposes from March

• Kachi PFS pending completion

• Finalise finance for initial US$20m for DFS, approvals

• Kachi – finalise offtake and strategic partner discussions

• Olaroz – Initial drilling; aim to extend high grades

2021/22/23

• Kachi – Production

• Kachi – 25,000tpa LCE; Capex ~US$400-550m

• Phased expansion from 10,000tpa LCE Capex ~US$100-140m

• Potential to expand to 100,000 tpa LCE

• Olaroz – Pre-production

• Pegmatite area secured

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LAKE RESOURCES (ASX:LKE)

Total Current Shares on Issue 625,111,957 Share Purchase Plan (closes 28 Feb) 62,500,000 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

Market Cap ($A) Cash ($A)	@ $0.05 / sh (10 day VWAP, 25 Feb) 31 Dec 2019	A $25 million $0.3 million
	Feb 2020 Capital Raising	+$5.9 million
Unsecured debt	(Convertible Notes terminated Feb 2020)	($0.8 million)
Share Price	52 week range	$0.023 – 0.115/sh
Share Register	45% Top 30, High Net Worth Investors

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LAKE RESOURCES (ASX:LKE) 1 YEAR
Share price chart
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LKE 2 YEAR Share price chart

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Neighbours’ market value is up to 10x that of Lake’s.

Lake $25m vs Peers $60-120m market cap Lowest market value for resource size

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

Size of Lithium Brine Resources vs Market Value – Argentina brine companies

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1.0 10
0.9 9
0.8 8
0.7 7
0.6 6
0.5 5
0.4 4
0.3 3
0.2 2
0.1 1
0 0
ORE LAC AAL MLX NLC AGY LKE
Producers Developers Brine Resources Mt LCE (equity basis)
tonnes LCE
Market Value A$ Billions
Combined Resource Size Million
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Source: ASX / TSX company disclosures; SEDAR; Bloomberg; Company sources: 16 Jan 2020

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ASX:LKE

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 – Where are we now.

• High purity lithium carbonate from Lilac pilot plant; Larger samples from March 2020 to potential off-takers

• Financier short list: US$20-25m to fund studies and approvals Technology partner financed Bill Gates-led Breakthrough fund

• Pilot plant with New Technology: 1[st] operational

• PFS near completion: full study; production target 2022/23

ASX:LKE

• Meeting desire for Sustainable Lithium Supply

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Appendix - Contacts.

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

Sustainable Lithium.

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2500 Lithium demand & supply Demand to grow. 2000 ~~2028: 1400~~ Demand to increase 5x for ‘000s TONNES OF LITHIUM CARBONATE EQUIVALENT lithium – focus on high purity 1500 +500% increase vs 2018 • Major electric vehicles (EVs) commitments driving lithium 1000 battery makers expansion. Planned Global Production • 800kt now under threat Potential lithium oversupply to move to undersupply in 2023/25 500 • Expansions stalled - as lower lithium price plateaus • European EV automakers increasing sales; compensate 2018 2020 2022 2024 2026 2028 2030 for reduced China subsidies Demand Forecast Supply Forecast

• Major electric vehicles (EVs) commitments driving lithium battery makers expansion.

• Potential lithium oversupply to move to undersupply in 2023/25

• Expansions stalled - as lower lithium price plateaus

• European EV automakers increasing sales; compensate for reduced China subsidies

Source: Benchmark Mineral Intelligence Dec 2019; Company sources.

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Major under-investment in new supply to meet demand

Creates opportunity for Lake: Battery/Cathode makers need low impurity product that can be increased to meet demand, from sustainable supply source

Lithium Megafactory Growth – To 103 Megafactories - From 148 GWh (2015) to 2213 GWh

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Source: Benchmark Mineral Intelligence, Dec 2019; Graph Feb 2019.

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Mineral Resource Estimate. Kachi Lithium Brine Project - JORC Code 2012

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Competent Person’s Statement Kachi Lithium Brine Project

The information contained in this ASX release relating to Exploration Results has 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 announcement of this information in the form and context in which it appears. The information in this announcement is an accurate representation of the available data from initial exploration at the Kachi project.

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JORC Code 2012. Kachi Table 1 Report Kachi Lithium Project

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JORC Code 2012. Cauchari Table 1 Report Cauchari Project

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Contacts.

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

ASX:LKE

Sustainable Lithium.

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