Slide 1: Amendments to DFS Addendum Presentation Published 4 August 2025
ASX ANNOUNCEMENT 26 August 2025 Amendments to DFS Addendum Presentation Published 4 August 2025 Lake Resources N.L. (ASX: LKE; OTC: LLKKF) (the “Company”), at the request of ASX, wishes to advise of amendments to the Kachi Phase One DFS Addendum Investor Presentation released on 4 August 2025 (“Pres
Slide 2: Kachi Phase One DFS Addendum Presentation
Kachi Phase One DFS Addendum Presentation August 2025
Slide 3: Disclaimers
Disclaimers General Statement and Cautionary Statement This presentation has been prepared by Lake Resources N.L. (Lake) for information purposes and not any particular party. The information in this presentation is based upon public information and internally developed data and reflects prevailing
Slide 4: Disclaimers
Disclaimers Compliance Statement The information contained in this presentation relating to financial forecasts, production targets, exploration targets, exploration results, Measured, Indicated and Inferred resource estimates, project execution, infrastructure and testing work, has been derived fro
Slide 5: Executive Summary
Executive Summary
Slide 6: DFS Addendum delivers significant project improvements
DFS Update DFS Addendum delivers significant project improvements Positive Updates Since Original DFS DFS Addendum Financial Highlights Higher brine grades – 249 mg/L Design Basis US$1,157M Capex DLE technology improvements US$5,895/t Opex New high-quality resource and reserve data US$1.
Slide 7: Key drivers of DFS Addendum Results
DFS Update Key drivers of DFS Addendum Results • Updated average lithium concentration increased from 205 mg/L (Original DFS) to >250 mg/L1 Higher Brine • DFS Addendum design basis set at 249 mg/L, enabling more efficient lithium extraction Grade • Average lithium concentration further increased to
Slide 8: Kachi Phase 1 DFS Addendum Results
Kachi Phase 1 DFS Addendum Results REDUCED 1 • Capex now US$1,157M, representing ~US$220M improvement from Original DFS figures1 • Represents a 19% improvement from the inflation adjusted baseline1 or a 16% improvement from Original DFS CAPEX • Further Capex reduction achievable due to improved brin
Slide 9: Significant milestones achieved in 2025 following successful 2023 and 2024 execution
Significant milestones achieved in 2025 following successful 2023 and 2024 execution 2023 and 2024 Accomplishments 2025+ Key Objectives Successfully completed demo plant – processed 5.2 million Launched Kachi Strategic Review5 litres of brine and produced more than 1,300kg of >99.5% JORC Updat
Slide 10: 1. Improved Capex
1. Improved Capex
Slide 11: DFS Addendum Capex estimates reduced by 16% compared to Original DFS figures
1 DFS Addendum Capex estimates reduced by 16% IMPROVED CAPEX compared to Original DFS figures Capex Optimization (US$) Key Drivers of Capex Reduction (US$) $1,423M DFS Design basis improved from 205 mg/L to 249 $1,377M $46M mg/L -$266M Slight increase in Capex estimates reflects $1,157M inflatio
Slide 12: Direct Lithium Extraction technology (Gen 4) improvements
1 IMPROVED CAPEX Direct Lithium Extraction technology (Gen 4) improvements Lilac Gen 4 Ion Exchange The Kachi DFS Addendum incorporates improvements from Lilac’s Gen 4 lithium extraction Original DFS DFS Addendum technology, which was launched in June 2024. This latest generation delivers significan
Slide 13: Optimised construction schedule accelerates Kachi's commissioning by six months
1 Optimised construction schedule accelerates Kachi’s IMPROVED CAPEX commissioning by six months The Original DFS two-phase strategy was driven by uncertainties around timely grid power availability, forcing reliance on diesel and solar power to accelerate first lithium production in Phase 1A and
Slide 14: 2. Improved Opex
2. Improved Opex
Slide 15: Kachi's US$5,895/t Opex places it among the lowest-cost brine projects globally
2 Kachi’s US$5,895/t Opex places it among the lowest-cost IMPROVED OPEX brine projects globally Run-rate Operating Expense Categories Summary of operating cost estimates1 Maintenance Consumables Utilities2 is the largest contributor to Opex with Labor 4% 2% grid power expenses being the most signi
Slide 16: Achieved 28% reduction in non-utilities Opex compared to Original DFS
2 Achieved 28% reduction in non-utilities Opex compared to IMPROVED OPEX Original DFS Opex Optimization (US$/t) Key Drivers of Opex Reduction ($508) $828 Improvements $6,047 $8 ($108) ($76) ($270) DLE Technology: ~40% decrease $122 $5,895 -3% ($236) $184 G&A: ~40% decrease ($96) Consumables: ~
Slide 17: YPF-Luz power FEED provides technical solution for grid power access
2 YPF-Luz power FEED provides technical solution for grid IMPROVED OPEX power access Continuous optimization of technical and commercial power solutions up to FID Kachi Power Consumption1 Grid Power Line – Potential Lithium Projects2 82 MW 25 MW 57 MW -31% 8 MW Solar 48 MW Grid 2023 DFS Savings 2025
Slide 18: 3. Robust Financials
3. Robust Financials
Slide 19: Kachi economics to be positively impacted from Argentina's new Incentive Regime for Large Investments (RIGI)
3 Kachi economics to be positively impacted from Argentina’s ROBUST FINANCIALS new Incentive Regime for Large Investments (RIGI) RIGI Incentives Considered for Kachi Economic Analysis1 Several Recent RIGI Authorizations Argentina’s authorization of Rio Tinto’s US$2.5B 25% Corporate Income Tax fl
Slide 20: Long-term robust lithium demand projections with 10% CAGR through 2035
3 Long-term robust lithium demand projections with 10% ROBUST FINANCIALS CAGR through 2035 Lithium demand is expected to roughly double over the next five years, although the market is expected to be oversupplied over the same period However, significant demand growth is anticipated to induce market
Slide 21: Average price of ~US$20.5k/t over LOM based on BMI Q2 2025 forecasts
3 Average price of ~US$20.5k/t over LOM based on BMI Q2 ROBUST FINANCIALS 2025 forecasts for battery grade lithium carbonate Price Forecast for Battery Grade Lithium Carbonate (US$/t) Significantly more $28,000 BMI Annual Price Forecast for Battery Grade Lithium Carbonate conservative price foreca
Slide 22: Robust financial results
3 ROBUST FINANCIALS Robust financial results Targeted project financial results1 ($US) ($USD) DFS Drop in project economics compared to 2023 DFS are driven by Units Period Original DFS Addendum significantly lower forecast lithium price curve and 10% discount rate4 Lithium Carbonate Revenue $M Life
Slide 23: Sensitivity analysis shows Kachi is highly resilient to Capex and Opex variations
3 Sensitivity analysis shows Kachi is highly resilient to Capex ROBUST FINANCIALS and Opex variations Post-Tax NPV10 Sensitivities Chart (-15% / +15%; Base $1,011M) ($US) Post-Tax IRR Sensitivities Chart (-15% / +15%; Base 19.7%) ($US) Lithium Price Lithium Price 41.4% 41.1% 18.8% 17.5% ($17.40k - $
Slide 24: 4. Reduced Risk
4. Reduced Risk
Slide 25: Resource size increased 12% to 11.1 million Mt LCE
4 REDUCED Resource size increased 12% to 11.1 million Mt LCE RISK Kachi M&I Resource Estimate Resource Expansion From Increased 12% Since Nov-2023 (Mt LCE) Nov-2023 Update1 Measured & indicated resource has 11.1 10.6 increased from 7.3 to 8.2 Mt LCE — Measured resource has increased from 2.9 3.0 t
Slide 26: JORC ore reserves emphasize scalability of Kachi's production capacity
4 JORC ore reserves emphasize scalability of Kachi’s production capacity REDUCED RISK Average Lithium Reserve Category Years Lithium (Tonnes) LCE (Tonnes) Concentration (mg/L) Proved 1 4,390 23,310 270 Proved 2-7 28,360 150,850 270 Probable 8-25 85,060 452,540 267 Total 1-25 117,810 626,760 Global
Slide 27: Key permits are current with Exploitation EIA approval expected in 2025
4 Key permits are current with Exploitation EIA approval REDUCED RISK expected in 2025 Kachi has undergone a rigorous permitting process and has been optimized through multiple studies Exploitation EIA Approval Process Company Exploitation EIA submitted March 2024 The Catamarca Mining Ministry i
Slide 28: Key Takeaways
Key Takeaways
Slide 29: Key Takeaways
Key Takeaways Largest Independent Development Project Across the Lithium Triangle with 1 Total Resource of 11.1 Mt LCE Phase One Definitive Feasibility Study Addendum Completed for World Class 2 25 ktpa Battery Grade Lithium Carbonate Project with Potential For Expansion 3 Proven Ion-Exchange DLE Te
Slide 30: Priorities: Liquidity, Costs and Execution
Priorities: Liquidity, Costs and Execution Lake held cash of AUS$12.37M (US$8.04M) at 30 June 2025 (including currencies in AUD, USD and Argentine Pesos) with no debt AUS$14.47M pro-forma liquidity at 30 June 2025 including AUS$2.1M in funds received from issuing 65,000,000 fully paid ordinary L
Slide 31: Lake Resources Leadership Team
Lake Resources Leadership Team Board of Directors Experienced, well- credentialed and highly motivated leadership team ready to deliver on Lake’s new strategy and accelerate the Company’s next growth phase Stu Crow Robert Trzebski David Dickson Non-Executive Chairman Managing Director / CEO Non-Exec
Slide 32: Appendix
Appendix
Slide 33: Definitions and Abbreviations
Definitions and Abbreviations Term / Abbreviation Definition Term / Abbreviation Definition A$ Australian Dollars Lilac Solutions Lilac Solutions Inc. B Billions LOM Life of Mine BG Battery Grade lps Liters Per Second Capex Capital Expenditures m Meters DFS Definitive Feasibility Study M Millions DL
Slide 34: Mineral Resource Estimate Table
Mineral Resource Estimate Table Measured May 2025 (to 600 m depth) Inferred May 2025 Sediment Specific Brine Li Li Li Tonnes Sediment Specific Brine Li Li Li Tonnes 3 3 3 3 Unit Volume (m ) Yield % Volume (m ) Liters (mg/l) (Grams) (Tonnes) LCE Unit Volume (m ) Yield % Volume (m ) Liters (mg/l) (Gra
Slide 35: Reserve Statement
Reserve Statement Reserve Statement Lithium LCE Average Lithium Reserve Category Years (Tonnes) (Tonnes) (mg/L) Proved 1 4,390 23,310 270 Proved 2–7 28,360 150,850 270 Probable 8 – 25 85,060 452,540 267 Total 1 – 25 117,810 626,760 Note: This table has been directly extracted from the Updated Ore Re
Slide 36: WACC Rate – Peer Comparison
WACC Rate – Peer Comparison Project Discount Rate Deposit Type Country Source https://www.kitco.com/news/2022-10-07/Lithium-producer-alkem-IFC- Allkem 10% Brine Evaporation Argentina agree-on-200M-project-financing-for-Sal-de-Vida.html Lithium Power 10% Brine Evaporation Chile https://www.edisongrou
Slide 37: Resource Classification Concept
Resource Classification Concept Resource – what is in the ground? − Inferred − Indicated − Measured Reserve – what can we extract? − Probable − Proven Source: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves The JORC Code, 2012 Edition. Prepared by the J
Slide 38: Non-GAAP Financial Measures
Non-GAAP Financial Measures 37
Slide 39: Exploration Targets
Exploration Targets1, 2 Exploration Targets The exploration target is primarily defined based on the interpreted distribution of the brine unit (Figure 29). This conductive layer is cut with the limits of the properties and the Measured, Indicated and Inferred models, forming the difference between
Slide 40: Exploration Targets, Cont'd.
Exploration Targets, Cont’d. Figure 29. Conductive zone (brown) defined from TEM geophysical profiles, used to define the exploration target in the area away from the salar (figure shows the northern TEM lines 1 and 2 on the left and 3 and 4 on the right). Note, the potential quantity and grade of a
Slide 41: Exploration Targets, Cont'd.
Exploration Targets, Cont’d. Figure 30. Exploration target, showing the different component zones. The conductive zone identified from the TEM in the upper 400 m of the sediments is shown in grey. As the brine becomes deeper below the resource area the Exploration Target is only present below 600 m
Slide 42: Exploration Targets, Cont'd.
Exploration Targets, Cont’d. Table 5. May 2025 Exploration target estimate, showing the potential low and high range of contained lithium that has not yet been drilled and confirmed 41