Lake Resources NL (ASX: LKE) Annual report 2021

Annual report 2021

Sydney, December 24, 2021 AEST (ABN Newswire) – Lake Resources NL (ASX: LKE) (FR: LK1) (OTCMKTS: LLKKF) is on track to producing the world’s highest purity lithium with significant ESG benefits from its flagship Kachi project using new direct mining technology, after a year of transformation for the company.

Lake’s goal is to produce:

– The highest purity lithium in the world;

– Use of technology-based direct lithium extraction; with

– Major ESG benefits; become a

– New independent own producer – on a large scale.

A Final Feasibility Study (DFS) and Environmental and Social Impact Assessment (ESIA) covering the Kachi project were launched during the year, with a target for completion in the second quarter of 2022. This follows on from an updated pre-feasibility study (EPF). The high purity product was made from a pilot plant in California and then performed well in nickel-rich NMC622 batteries with an independent third party, Novonix.

After year-end, the company managed to receive strong expressions of interest from export credit agencies in UK and Canada (UKEF and EDC), in order to provide 70 for percent of the total financing required for the Kachi project as a long-term, low-cost debt. This funding would be triggered by the completion of the DFS and ESIA and an appropriate drawdown agreement.

A formal partnership has been announced with Lake’s technology supplier, Lilac Solutions Inc, for the technology and funding needed to develop the Kachi project. Lilac Solutions will contribute technology, engineering teams and an on-site demonstration plant, earning up to 25% stake in the Kachi project, based on performance-based milestones. Lilac will then have to finance around US $ 50 million, the equivalent of its pro rata share of future development costs.

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About Lake Resources NL

Lake resourcesLake 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 method will allow Lake Resources to be an efficient, responsible, environmentally friendly and competitive supplier of high purity lithium, easily scalable and in demand by manufacturers of electric vehicles and Tier 1 batteries.

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