Lake Resources NL (ASX: LKE) Market Update

Lake Market Update

Sydney, June 23, 2022 AEST (ABN Newswire) – Monday, June 20 Lake Resources NL (ASX: LKE) (EN:LK1) (OTCMKTS: LLKKF) informed the ASX that Lake is establishing a North American presence to serve its pick-up customers, to continue working with its U.S. technology partner Lilac Solutions and capital markets.

He said Lake chairman Stu Crow was to serve as executive chairman for six months to oversee the appointment of a new CEO, board members and the establishment of US offices.

Lake informed the market that he was interviewing potential CEO/MD candidates with experience in project development and production, and someone known in US markets to bring his projects into production and strengthen customer relationships. in the important American market.

Lake said that as part of establishing a North American presence, current general manager Steve Promnitz would leave.

The timing of Mr. Promnitz’s resignation was of his own volition. The board received his resignation on Friday and no reason was provided by Mr. Promnitz. The board considered his resignation over the weekend, then advised the market on Monday.

Nothing has changed with respect to Lake’s desire to advance development of the Kachi and other projects in Argentina to meet growing demand in the United States and other Western markets, and in particular Lake says that despite the departure of Mr. Promnitz:

– Meetings with potential candidates for the position of CEO/MD will be brought forward;

– Negotiations on the terms of the memoranda of understanding with the Japanese Hanwa and the Ford Motor Company are continuing;

– Citi and JP Morgan are negotiating debt agreements with export credit agencies in the UK and Canada;

– Lake’s technology partner, Lilac Solutions, owns the modular demo plant in Argentina with assembly and testing in July.

There is an urgent need in the United States to secure battery metal supply chains. Executive Chairman, Mr. Stu Crow, is currently in the United States to advance the described strategy.

About Lake Resources NL

Lake resourcesLake NL Resources (ASX: LKE) (OTCMKTS: LLKKF) is a clean lithium developer using clean, direct extraction 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 are located in a prime location within the Lithium Triangle, where 40% of the world’s lithium is produced at the lowest cost.

This method will enable Lake Resources to be an efficient, responsible, environmentally friendly and competitive supplier of high purity lithium that is easily scalable and in demand by EV and Tier 1 battery manufacturers.

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