LAKE RESOURCES N.L. — Share Issue/Capital Change 2023

Mar 26, 2023

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ASX ANNOUNCEMENT

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27 March 2023

Secondary Trading Notice

Clean lithium developer Lake Resources NL (ASX: LKE; OTC: LLKKF) provides notice to the ASX for the purposes of section 708A(5)(e) of the Corporations Act that on 27 March 2023 it undertook the issue of 2,500,004 fully paid ordinary shares pursuant to the conversion of performance rights and shares. The issues were made without disclosure to investors under Part 6D.2 of the Corporations Act.

The Company also states that as at the date of this notice:

• it has complied with the relevant provisions of Chapter 2M of the Corporations Act as they apply to the Company and Section 674 of the Corporations Act; and

• it is not aware of any excluded information within the meaning of Sections 708A(7) and 708A(8) of the Corporations Act.

Authorised for release by the CEO.

Lake Investors please contact:

Twitter: https://twitter.com/Lake_Resources LinkedIn: https://www.linkedin.com/company/lake-resources/ Facebook: https://www.facebook.com/LakeResources Website: http://www.lakeresources.com.au Join Lake’s mailing list: http://eepurl.com/gwA3o9

IR : Anthony Fensom, Republic PR, +61 (0) 407 112 623, anthony@republicpr.com.au

For media queries, please contact:

Nigel Kassulke at Teneo M: +61407904874 E: Nigel.Kassulke@teneo.com

About Lake Resources NL (ASX:LKE OTC:LLKKF ) –

Clean high purity lithium using efficient disruptive clean technology - in demand by EV makers and lithium-ion batteries

Lake Resources NL (ASX:LKE, OTC: LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands – high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.

1. Climate-Tech : Efficient, disruptive, clean, cost-competitive technology using well-known water treatment re-engineered for lithium (not mining). Technology partner, Lilac Solutions Inc, is supported by the Bill Gates led Breakthrough Energy fund, MIT’s The Engine fund,

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Chris Sacca’s Lowercarbon Capital, BMW, Sumitomo, and SK Materials. Lilac will earn in to the Kachi Project, up to a 25% stake, based on certain milestones and then be expected to fund their c.US$50 million pro-rata share (refer ASX announcement 22 September 2021)

1. High Purity : 99.97% purity lithium carbonate samples for a premium price. Demonstrated high quality in nickel rich NMC622 lithiumion batteries (refer ASX announcement 20 October 2020; 2 March 2021).

2. Sustainable /ESG : Far smaller environmental footprint than conventional methods, that returns virtually all water (brine) to its source with a low CO2 footprint.

3. Finance Indicatively Available : Long duration, low-cost project debt finance for the Kachi Lithium Project is indicatively available from the United Kingdom’s Export Credit Agency UKEF and Canada’s EDC with Expressions of Interest to support approx. 70% of the total finance required for Kachi’s development, subject to standard project finance terms (refer ASX announcements 11 August 2021; 28 September 2021).

An innovative ion exchange extraction technology, based on a well-used ion exchange water treatment method, has been tested for over 18 months in partnership with Lilac Solutions, with a pilot plant module in California operating on Kachi brines and has shown 80- 90% recoveries. Battery quality lithium carbonate (99.97% purity) has been produced from Kachi brine samples with very low impurities (refer ASX announcement 20 October 2020). The first samples of high purity (99.97% purity) battery quality lithium carbonate were tested in a NMC622 battery by Novonix with excellent results (2 March 2021).

This method of producing high purity lithium can revolutionise and disrupt the battery materials supply industry as it’s scalable, low cost, and delivers a consistent product quality with a significant ESG benefit.

Lake’s other projects include the Olaroz and Cauchari brine projects, located adjacent to major world class brine projects in production or construction, including Allkem’s Olaroz lithium production and adjoins the impending production of Ganfeng Lithium/Lithium Americas’ Cauchari project. Lake’s 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 and infer an extension and continuity of these brines into Lake’s leases (refer ASX announcements 12 June 2019, 23 March 2021).

Forward Looking Statements

Certain statements contained in this announcement, 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 forwardlooking 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.

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