LAKE RESOURCES N.L. — Interim / Quarterly Report 2005

Apr 28, 2005

Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

LAKE RESOURCES NL

ABN

49 079 471 980

Quarter ended ("current quarter")

Year to date

$(9$ months)

31 MARCH 2005

Current quarter

\$A'000

Consolidated statement of cash flows

Cash flows related to operating activities

			\$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a) exploration and evaluation (b) development	(102)	(300)
	(c) production (d) administration	(35)	(170)
1.3	Dividends received		15
1.4	Interest and other items of a similar nature received	20	37
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other
	Net Operating Cash Flows	(118)	(418)
	Cash flows related to investing activities
1.8	Payment for purchases of: (a) prospects
	$(b)$ equity
	investments
	(c) other fixed
1.9	assets Proceeds from sale of: (a) prospects
	$(b)$ equity
	investments	267	1,746
	(c) other fixed
	assets
1.10	Loans to other entities
1.11	Loans repaid by other entities
1.12	Other (provide details if material)
	Net investing cash flows	267	1,746
1.13	Total operating and investing cash flows (carried forward)	149	1,328

1.13	Total operating and investing cash flows (brought forward)	149.	1.328
1.14 1.15 1.16 1.17 1.18 1.19	Cash flows related to financing activities Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares Proceeds from borrowings Repayment of borrowings Dividends paid Other (provide details if material)
	Net financing cash flows
	Net increase (decrease) in cash held	149	1,328
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	1,655	476
1.22	Cash at end of quarter	1,804	1,804

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter \$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	35
1.24	Aggregate amount of loans to the parties included in item 1.10

$1.25$ Explanation necessary for an understanding of the transactions

'SEED CAPITAL' INVESTMENTS WILL BE PROGRESSIVELY SOLD TO FUND EXPLORATION IN FUTURE YEARS

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

SEE QUARTERLY ACTIVITIES REPORT FOR DETAILS OF 'SEED CAPITAL' INVESTMENTS

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

SEE QUARTERLY ACTIVITIES REPORT

Financing facilities available

l,

Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used \$A'000
-3.1	Loan facilities
3.2	Credit standby arrangements

Estimated cash outflows for next quarter

	Total	100
4.2	Development
4.1	Exploration and evaluation	100
		\$A'000

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter \$A'000	Previous quarter \$A'000
Cash on hand and at bank 5.1		1.804	1,655
5.2	Deposits at call
53	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	1.804	1.655

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note(2))	Interest at beginning of quarter	Interest at end of quarter
6.1	Interests in mining tenements relinquished, reduced or lapsed		SEE QUARTERLY ACTIVITIES REPORT
6.2	Interests in mining tenements acquired or increased

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates

				is pescription includes rate of interest and any redemption or conversion rights together with prices and dates
		Total number	Number quoted	Issue price per security (see note 3)	Amount paid up per security (see note 3)
				(cents)	(cents)
7.1	Preference
	i securities
	(description)
7.2	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns
	of capital, buy-
	backs,
	redemptions
7.3	+ Ordinary	25,608,795	25,608,795
	securities
$7.4\,$	Changes during
	quarter (a) Increases
	through share
	issues
	(b) Decreases
	through returns
	of capital, buy-
	backs
7.5	+ Convertible
	debt securities
	(description)
7.6	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through
	securities
	matured,
	converted
7.7	Options			Exercise price	Expiry date
	(description and
	conversion factor)
7.8	Issued during quarter
7.9	Exercised during
	quarter
7.10	Expired during
	quarter
7.11	Debentures
	(totals only)
7.12	Unsecured
	notes (totals
	only)

Compliance statement

• $\mathbf{I}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• $\overline{2}$ This statement does /dees not* (delete one) give a true and fair view of the matters disclosed

P.J. Sielt.

Sign here:

(Director/Company secretary)

Date: 29 April 2005

Print name: PETER GILCHRIST

Notes

• $\mathbf{I}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

$= 1.7$