Lake Resources NL Quarterly Activity Report

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Sydney, Australia – Lake Resources NL is a lithium developer using direct, clean mining technology for the development of high purity lithium products with significant ESG benefits from its flagship Kachi project and three other lithium brine projects in Argentina. No mining is involved in the processing of the brine. Most of the funding in place to develop the project into production in 2024 at a rate of 25,500 tpa …

Sydney, Australia (ABN Newswire) – Lake Resources NL (ASX: LKE) (FRA: LK1) (OTCMKTS: LLKKF) is a lithium developer using direct and clean mining technology for the development of high purity lithium products with significant ESG benefits from its flagship Kachi project (LCE resources of 4.4 million tonnes) and three other lithium brine projects in Argentina. No mining is involved in the processing of the brine.

Most of the funding in place to develop the project into production in 2024 at a rate of 25,500 tpa of lithium carbonate.

Project funding of approximately 70% of the total funding required for the development of Kachi, subject to standard project funding terms, has been reported by export credit agencies in the UK and Canada.

Highlights of the quarter

– Long term, low cost debt financing for the Kachi Lithium project is available for guidance from UK Export Credit Agency UKEF and EDC Canada.

– UKEF provided a strong expression of interest to support approx. 70% of total funding required for Kachi development, subject to standard project funding terms.

– The Canadian Export Credit Agency, EDC, provided a letter of interest to potentially work alongside UKEF to provide direct loans to the project up to US $ 100 million

– The Final Feasibility Study (DFS) and Environmental and Social Impact Assessment (ESIA) continue for Kachi with expected completion in the second quarter of 2022, as well as an expansion case to double production at 51,000 tpa LCE.

– Discussions are continuing with potential buyers and manufacturers of electric vehicles with few projects in the world with an uncommitted lithium levy.

– Lake formally partnered with Lilac for the technology and funding needed to develop the Kachi project. Lilac will contribute technology, engineering teams and an on-site demonstration plant, earning a maximum 25% stake in Kachi based on performance-based milestones.

– Lilac, once its stake is acquired, is expected to fund approximately US $ 50 million, equivalent to its proportional share of future development costs.

– Lake announced a prorated issue of 1 bonus option for 10 shares held on August 24, 2021 and 1 additional option for each bonus option exercised before October 15, 2021. The participation was approximately 75%.

– Lithium prices continue to rise due to a growing lack of lithium supply from the start of 2022.

– Lake is well financed until the final investment decision (FID) on financing the construction, expected in mid-2022. Cash position of A $ 46.5 million (US $ 35 million) at the end of September and approximately A $ 63 million (US $ 47.4 million) at the end of October.

To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/QUIRNDQK

About Lake Resources NL:

Lake Resources NL (ASX: LKE) (OTCMKTS: LLKKF) is a clean lithium developer using clean direct mining technology for the development of sustainable, high purity lithium from its flagship Kachi project, as well as three other lithium brine projects in Argentina. The projects occupy a prime location in the Lithium Triangle, where 40% of the world’s lithium is produced at the lowest cost.

This approach will allow Lake Resources to be an efficient, responsible, environmentally friendly and competitive supplier of high purity lithium, easily scalable and in demand by electric vehicle builders and Tier 1 battery manufacturers.

Source:
Lake Resources NL

Contact:
Steve promnitz
General manager
+61 2 9188 7864
[email protected]

Anthony fensom
RP Republic
+61 (0) 407 112 623
[email protected]

Henri jordan
Six Degree Investor Relations
+61 (0) 431 271 538


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