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10/31/22 1:50 PM

#856 RE: scruffy66 #855

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11/21/22 8:11 PM

#862 RE: scruffy66 #855

21 November 2022

Kachi Project update


Highlights

• Lake Resources and Lilac Solutions have concluded dispute resolution in the form of contract amendment, proceeding with a “one team” approach for project delivery

Demonstration plant operating continuously at 90 percent of steady state, over 600 hours to date, towards the 1,000-hour requirement

• Lithium chloride concentrates produced well within specified concentration limits, confirming previous test results

• Demonstration plant on-site observation and validation by Hatch Ltd is planned to take place in the near term

Clean lithium developer Lake Resources NL (ASX:LKE; OTC:LLKKF) advises that a contract amendment has been signed to resolve the dispute between Lilac Solutions and Lake Resources. This amendment allows the teams to reset the relationship and jointly focus on delivery of the world-class Kachi Project, which will lead the industry in terms of high-quality lithium produced with a minimal environmental footprint.

In resolving the dispute, Lake and Lilac have agreed to an amended timeline which both are confident can be achieved; as before, Lake will have certain buy back rights if Lilac does not meet agreed testing criteria in a timely manner.

Lilac and Lake continue work at the Kachi Project demonstration plant, with performance of the plant in line with expectations. The demonstration plant has now produced more than 15% of the total forecast output in the short period since the plant came online this quarter. A total of 20,000 litres of LiCl have been produced to date and ongoing production is proceeding, consistent with the demonstration plant’s planned operational schedule.

The demonstration plant is currently operating continuously at 90 percent of steady state capacity, volume, and production. Hatch Ltd engineering personnel will travel to Argentina to observe and validate the operations of demonstration plant in steady state in coming weeks.

The Kachi demonstration plant continues to produce in-spec LiCl solution between 1,900 and 3,800 mg/L. Previous testing on Kachi brines at Lilac’s California headquarters in Oakland delivered 1400-2354mg/L.

Lilac Solutions is preparing samples for shipment to Saltworks and Lilac’s facility in Oakland CA for conversion into lithium carbonate.

Lake CEO and Managing Director, David Dickson said the progress and test work being achieved was promising.

“We are fortunate to be working with Lilac as our partner, who is equally interested in doing things differently so we can efficiently deliver the large volumes of high-quality lithium chemicals needed by battery makers.

“Importantly, this lithium can be produced cleanly and in a way that respects and involves local communities and protects the environment.

“Lilac has worked extensively with Kachi brine since 2020, generating the data needed for engineering studies. These next steps, along with the strong alignment of our companies, are quite encouraging,” he said.

https://lakeresources.com.au/wp-content/uploads/2022/11/lke_kachi-update_21-nov-22.pdf
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