Announcement PDF ASX ANNOUNCEMENT 4 August 2025 Updated Lithium Ore Reserve for Flagship Kachi Project Optimized mine plan delivers 25,000 tpa operation with fewer wells, higher lithium grades and higher lithium recovery rates  Higher direct lithium extraction recovery rates associated with Lilac’s Generation 4 media results in signif icant decrease in the number of production and injection wells.  Updated 25,000 tpa 1 operational mine plan of 11 production wells and 14 injection wells has a lithium grade of 268 mg/L over the 25-year Life-of-Mine 2.  Ore Reserve is constrained by currently planned plant capacity 25,141 tpa, not pumping and injection capacities.  Revised wellf ield development plan with average brine grades of 268mg/L utilizes advanced oilf ield drilling and completion technologies to reduce execution time and costs. This results in ~$49.3M in estimated CAPEX savings and ~$6.7M in annual estimated OPEX savings compared with wellf ield development plan in the 2023 Kachi Phase One Def initive Feasibility Study (“Original DFS”), which had a design basis of 205 mg/L.  Relative to the 2025 updated Kachi Phase One DFS Addendum (“DFS Addendum”) 3 with a 249 mg/L design basis, the updated wellf ield plan described in this updated Ore Reserve has the potential to f urther reduce CAPEX and OPEX estimates on a per well basis beyond what is described in the DFS Addendum.  Kachi wellf ield layout optimised using the Numerical Hydrogeologic Model (“Model”) to maximise lithium grade recovered, maximise Proved Ore Reserve and minimise environmental impacts.  98% of the 25-year LOM production is derived f rom Measured Resources. Lake Resources N.L. (ASX: LKE; OTC: LLKKF) (“Lake” or “the Company”) is pleased to provide an updated Ore Reserve estimate f or the Kachi lithium brine project (“Kachi” or the “Project”) in Catamarca Province, Argentina. 1 Abbreviations summary: Tonnes per annum (tpa), Million Tonnes (Mt), Lithium Carbonate Equivalent (LCE), meters (m), square kilometers (km2), milligrams per liter (mg/L), Life-of-Mine (LOM) 2 Refer to ASX announcement dated 19 December 2023 for each reference to the 25-year Life-if-Mine or LOM in this announcement 3 Refer to ASX announcement dated 4 August 2025 - “Kachi Phase One Definitive Feasibility Study Addendum” 1 The basis f or this Ore Reserve estimate is f urther development of the Model since the Maiden Ore Reserve 4. The Model has been updated with the most recent Mineral Resource Estimate 5 and wellf ield development plan and used to evaluate lithium recovery rates at the planned wellf ield through time. To remain consistent with the environmental permitting, the well locations have not been moved. Wells with lower lithium grades that are no longer needed as a result of higher direct lithium extraction (“DLE”) recovery rates were disabled (turned of f ), as were some of the injection wells that are also no longer necessary as a result of pumping less brine. The updated DLE recovery rate has driven an iterative wellf ield optimisation program resulting in the updated wellf ield presented. The Ore Reserve demonstrates that the mine plan is capable of delivering suf f icient lithium brine to the plant f or a 25,000 tpa operation over a 25-year LOM. “The improved recovery rates achieved with Lilac’s updated technology have allowed us to strategically concentrate production in higher-grade lithium zones, resulting in signif icantly enhanced outcomes f or the Project,” said Jonah Smith, Vice President of Operations. “Updated modelling indicates an average f eed grade of 268 mg/L, and by operating f ewer wells, we are also reducing the Project’s environmental f ootprint.” OT HER HIGHLIGHT S  The updated wellf ield development plan consists of 11 production wells and 14 injection wells in the conf iguration shown in Figure 1, signif icantly less than the Original DFS 6 which required 16 production wells and 21 injection wells. The decrease in the number of wells resulted f rom:  Higher overall DLE recovery rates of Lilac’s Gen 4 media, which results in less brine f low required in the system to produce the same mass of LCE; and  Lower concentration wells were eliminated which increased the overall lithium concentration in the plant f eed, f urther decreasing the required brine f low.  The wellf ield development plan produces 692,900 t LCE, which represents less than 9% of the Measured and Indicated Mineral Resource 7. Reducing the simulated LCE production to the expected plant throughput (25,141 tpa battery grade LCE) results in a Proved and Probable Ore Reserve of 626,760 t LCE (see Table 1).  The Proved Ore Reserve derived f rom Measured Resources is constrained to the f irst 7 years of operation, equalling 174,230 t LCE.  Ore reserves estimate f rom Measured Resources in Years 8 to 25 are conservatively categorised as Probable Ore Reserves with the expectation that these will convert to Proved Reserve as the predictive reliability of the Model increases with additional data collection.  The def ined injection strategy maintains higher brine aquif er pressures and minimises potential environmental impacts.  Elimination of the western-most production wells, which were closest to the western injection wells, f urther reduced dilution in f eed grade to the plan. Dilution in lithium grade is predicted to be less than 3% over the LOM. 4 Refer to ASX Announcement dated 19 December 2023 - “Maiden Ore Reserve Defined Lake Resources Flagship Kachi Project” 5 Refer to ASX Announcement dated 3 June 2025 6 Refer to ASX Announcement dated 19 December 2023 - “Kachi Phase One Definitive Feasibility Study” 7 Refer to ASX Announcement dated 3 June 2025 2  Consistent with approach of the Maiden Ore Reserve, all of the Ore Reserve in this update for the f irst 7 years of operations is in the Proved category and is 100% derived f rom Measured Resources.  More than 98% of the lithium brine continues to be derived f rom the Measured Resource through the LOM.  Continued data collection and Model updates will most likely result in f urther upgrades to Proved Ore Reserve, given the f avourable conditions.  The Model reproduces historical data to a high degree of accuracy which improves the predictive reliability of the Model simulations related to lithium recovery and injection. A variable density groundwater f low and solute transport Model was developed using the Groundwater Vistas interf ace and MODFLOW-USG 8 code to evaluate the extraction of lithium enriched brine and injection of spent brine af ter DLE f rom the wells during the 25-year LOM. The Model was constructed based on the geologic f ramework model developed f or the Mineral Resource estimate 9. The Model incorporates the water balance studies 10, local scale evapotranspiration studies 11, and hydraulic testing work , as described in detail in the Maiden Ore Reserve statement 12. To demonstrate the Model's ability to reproduce measured conditions in the basin, it was calibrated to historical observations of lake stage (water level surf ace) at the “laguna” f rom 2000 to 2023, evapotranspiration f luxes determined f rom studies, historical groundwater and brine levels, changes in brine levels during extraction and injection testing, lithium concentrations during extraction tests, and to a lesser extent, the total dissolved solids concentrations. This Ore Reserve estimate considers the Modif ying Factors of converting Mineral Resources to Ore Reserves, including the production and injection wellf ield designs and ef f iciency (e.g., location, drilling and well construction details, pumping requirements, etc.), environmental considerations (e.g., changes at key environmental receptors), lithium recovery rates, and plant capacity – see the ‘Modif ying Factors’ section of this announcement. The mine plan produces wellf ield f low rates and concentrations in excess of plant requirements, which provides an additional f actor-of-saf ety that the production schedule can be achieved, even if small changes in ramp-up and ramp-down schedules are implemented. As a result, plant capacity is the limiting f actor f or the Ore Reserve based on the mine plan presented in this announcement. The Ore Reserve was classif ied into Proved and Probable Reserves based on industry standards 13 for lithium brine projects, the Competent Person’s (“CP”) experience, and the conf idence in the quality and quantity of both data and Model perf ormance. A majority of the extracted mass is sourced f rom Measured Resources; nonetheless, Proved Reserves were specif ied by the CP f or the f irst 7 years, given the level of Model calibration and yearly production goals (see Table 1). Probable Reserves were conservatively assigned f or the last 18 years of the LOM, considering that the Model will be continually 8 Panday, S. 2023. MODFLOW-USG-Transport (v2.2.1). GSI. Available at: http:// http://www.gsi-net.com/en/software/free- software/USG-Transport.html 9 Refer to ASX Announcement dated 3 June 2025 10 Lithium Solutions, 2023. Hydrophysical Water Budget Assessment and Hydrogeochemical and Isotopic Tracing of Water Source and Transit in Carachi Pampa Basin, Argentina 11 Atacama Water, 2022. Kachi Project - Soil evaporation measurements, wet season 2022. April, 2022 12 Refer to ASX Announcement dated 19 December 2023 - “Maiden Ore Reserve Defined Lake Resources Flagship Kachi Project” 13 Association of Mining and Exploration Companies, 2020. Guidelines for Resource and Reserve Estimation for Brines. https://www.jorc.org/docs/Brine_Guideline_final.pdf 3 improved and recalibrated in the f uture, including additional extraction and injection testing, initial operations, and measurements of dilution, among other f actors. The extraction is f ocused on the core of the salar where lithium concentration has been consistently high and where three long-term pumping tests (12 to 31-days in length) were completed. Injection wells are located in the coarse-grained alluvial f an materials in the west and along the eastern margin of the central resource area. The injection conf iguration provides pressure maintenance in the production horizon and near springs along the western margin of the volcano, while keeping dilution resulting f rom spent brine injection to a minimum. In accordance with ASX Listing Rule 5.9.1, below is a f air and balanced representation of the inf ormation contained in the separate report prepared in accordance with ASX Listing Rule 5.9.2 (Appendix 1), including a summary of all inf ormation material to understanding the reported estimates of ore reserves in relation to the f ollowing matters: Material assumptions The material assumptions used in preparation of this Ore Reserve are as f ollows:  Consistency with the Mineral Resource estimate update 14.  Modif ying f actors and project design principals are detailed in the DFS Addendum, released concurrently with this Ore Reserve update 15.  No material changes to metallurgical recoveries are expected.  Lithium carbonate price assumptions used in the f inancial estimation include is ~$20,500/t, in line with long-term Benchmark Mineral Intelligence (BMI) f orecast lithium pricing as at Q2 2025. Criteria used for classification In the view of the Competent Person, the resource classif ication f or mineral resources is believed to adequately ref lect the available data and is consistent with the suggestions of Houston et. al., 2011 with specif ic criteria f or Measured, Indicated, and Inf erred Resource categories. The estimated Ore Reserv e was classif ied into Proved and Probable Reserves based on industry standards of brine projects, the CP’s experience, certain modif ying f actors, and the conf idence in the quality and quantity of both data and Model perf ormance. Please ref er to Sections 3 and 4 of Appendix 1. Mining methods Please ref er to Section 3 of Appendix 1 f or the mining method selected and other mining assumptions, including recovery f actors and mining dilution f actors. Processing methods The metallurgical process proposed f or extraction of lithium f rom the resource f eed brine is DLE using ion exchange. This processing method and other processing assumptions, including cut-of f grade(s), recovery f actors, and mining dilution f actors are outlined in Section 4 of Appendix 1. Production Profile The Kachi Project is estimated to produce approximately 25 ktpa of battery grade lithium carbonate over the LOM. Production (as compared with the Original DFS) ramps up af ter the f irst year of 14 Refer to ASX Announcement dated 3 June 2025 15 Refer to ASX Announcement dated 4 August 2025 – “Kachi Phase One Definitive Feasibility Study Addendum” 4 production as shown in the three f igures below (Introduction Figure 1, Introduction Figure 2 and Introduction Figure 3). Introduction Figure 1. Estimated Production Ramp-up Year 1 Year 2+ DFS Addendum 93% 100% Original DFS 75% 100% 5 Introduction Figure 2. DFS Addendum Annual Lithium Carbonate Production (in Tonnes) – Life of Mine Introduction Figure 3. Original DFS Annual Lithium Carbonate Production (in Tonnes) – Life of Mine Estimation methodology The Ore Reserve estimate is based on extraction of the brine that is transmitted in the subsurf ace in response to wellf ield pumping. As a result, a calibrated Model, simulating f low and solute transport, is standard practice to estimate the lithium brine reserves through time. The Ore Reserves have been classif ied based on their Mineral Resource classif ication within the pit design, with only Measured Mineral Resources converted to Probable Ore Reserves. Ore Reserves are reported as LCE (Lithium 6 Carbonate Equivalent) where the lithium ion is converted to the molecular equivalent of lithium carbonate (Li2CO3) using a conversion f actor of 5.32. Figure 1. Updated Wellfield Layout – Contingency wells from the Original DFS shown in violet (injection wells) and light green (production) 7 Table 1. Proved and Probable Lithium Reserves Reserve Category Years Lithium (Tonnes) LCE (Tonnes) Average Lithium (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 Notes to the Reserve Estimate:  Lithium is converted to lithium carbonate (Li2CO3) equivalent with a conversion f actor of 5.32.  The ef f ective date f or the Ore Reserve Estimate is based on the Mineral Resource Estimate update f rom 3 June 2025.  The reserve above includes processing losses in the plant and transf er ponds.  Projected processing is based on f irst year rate of 23,310 tonnes LCE f rom the Model, representing the f inal 12 months of the 18-month ramp up period. No credit to reserve given f or f irst 6 months of ramp up and it is not simulated in the Model.  Year 1 throughput estimated at 23,310 t LCE and projected processing f or Years 2 – 25 at rate of 25,141 tonnes battery grade LCE, the name plate capacity of the plant based on updated design work by Hatch.  The Competent Person f or the Ore Reserve estimate is Andrew Fulton.  Numbers may not add due to rounding to nearest 10 t. Summaries of the Project Background, Mineral Resource and Ore Reserve analysis are provided in subsequent sections. 8 PROJECT BACKGROUND The Kachi Project is located on the Carachi Pampa basin at the south end of the Puna geographical region, Argentina (Figure 2). The modern-day Puna Region is the southern continuation of the Bolivian Altiplano with an average elevation of 4,400 meters above mean sea level (“amsl”) although Project elevations are considerably lower, about 3010 amsl, which provides considerable advantages f rom a climate and operations perspective. Figure 2. Kachi Project Location and Layout 9 PROPERT Y HOLDINGS Lake holds 53 mineral leases (minas), including one lease (Morena 10 – 2712.9 Ha) with a pending application in the Basin covering the surf ace of the salar and surrounding areas (Figure 3). The mineral leases are summarized in Table 7 below (f ollowing the text), with the property names, f ile numbers, and details of the approvals related to each of the concessions. All inf ormation regarding the legal status of the properties was provided by the members of the Legal Department of Morena del Valle Minerals S.A. (“MVM”), Lake’s local subsidiary in the Province of Catamarca. The status of properties has not been independently verif ied by the Competent Person, who takes no responsibility f or the legal status of the properties. Figure 3. Kachi Project Mineral Concessions GEOLOGY AND GEOLOGICAL INT ERPRET AT ION The Carachi Pampa basin is an arid, closed basin comprised of interbedded lacustrine and alluvial 10 sediments of gravels, sands, silts, and clays, with episodic volcanic deposits of ignimbrites, tuf f s, and basalts (Figure 4). The basin is bounded to the east and west by north-south trending mountain ranges f ormed by thrust f aulting exposing basement sequences in outcrops that rise to an elevation of about 5,100 m amsl. The Cerro Blanco pyroclastic complex is located on the south of the basin and is the primary source of the pyroclastic f lows that deposited the ignimbrites and tuf f s, while the Antof agasta de la Sierra and the Cerro Galan volcanic complex f orm the highlands in the north and northeast borders of the basin. The ranges to the east are composed of crystalline pre-Cambrian basement that gently slopes down to the basin f loor. Red bedded sandstone and claystone sequences of the Geste and Patqia de la Cuesta Formations outcrop in the Los Colorados Range along the western edge of the basin. Extensive alluvial f an deposits f orm to the north, south, east and west of the central salar as coarse-grain, high energy sediments were shed f rom the nearby steep terrains. Altogether the basin drains a watershed area of 9,494 km2. Figure 4. Geology of the Kachi Project Area 11 The centre of the basin is dominated by the Quaternary basalt f lows and the cinder-cone of the Carachi Pampa Volcano. The volcano penetrates basin sediments to the east of the salar, with f low and air f all basalts creating a veneer over the lacustrine sediments. The volcano has a northwest-southeast striking f issure vent that is interpreted to be underlain by a northwest-southeast aligned intrusive dyke or plug of much smaller dimensions than the basalt cone has at the surf ace. Salars occur in closed basins with no external drainage in dry desert regions where evaporation rates exceed surf ace and groundwater recharge rates. Evapo-concentration of surf ace water and groundwater in these basins results in the concentration of dissolved salts that eventually develop saline brines. Two types of salars are classif ied by Houston et al. (2011) 16: 1) mature, halite dominant and 2) immature, clastic dominant. Kachi appears to be transitioning f rom an immature, clastic dominated salar, to a more mature system with the beginning f ormation of a surf icial salt layer with halite that extends to several meters depth. The salar sediments are predominantly intercalated sands and clayey silts (Figure 5), which constitute a leaky aquif er, with the entire sequence of sediments potentially contributing brine f low to wells. Higher brine f lows are obtained f rom intervals with high sand content and higher permeability, with the brine grades generally comparable between geological units. The salar is surrounded by alluvial and aeolian f ans of varying dimensions and signif icance. Most important are the Western Fan Complex and South Fan (see West Fan on Figure 5) which have intercepted coarse-grained lithium bearing brines. The North Fan is also important as coarse-grained lithium bearing brines have also been intercepted in this sector and the sector is host to a substantial f reshwater aquif er or wedge, that overlies the lithium bearing brines. Older sediments Basin Bounding Fault Figure 5. Conceptual hydrogeologic section through the Kachi Project, looking towards the northeast. 16 Houston, J., Butcher, A., Ehren, P., Evans, K., and L. Godfrey. The Evaluation of Brine Prospects and the Requirement for Modifications to Filing Standards. Economic Geology, v. 106, pp. 1225–1239 12 Pumping and injection tests completed in August 2023 17 on two dif f erent test wells indicate that the f inegrained sand reservoir of the central resource area is permeable, with measured hydraulic conductivity values in the range of 2 to 4 m/d. The testing indicates that appropriately designed production wells with 200-m well screens could produce more than 65 litres per second (L/s). The testing also provides a proof -of -concept f or the operation of injection wells in the central resource area. MINERAL RESOURCE Lake announced a substantial increase in its lithium resource base, as detailed in the latest Mineral Resource Estimate (“MRE”) update f rom 3 June 2025 18. The Measured Resource increased over 1.1 Mt LCE, reaching 4.2 Mt LCE, marking a growth of more than 25%. The Measured Resource is def ined to a depth of 600 meters across 83 square kilometres. The Measured and Indicated Resource grew by approximately 0.9 Mt LCE, a 10% increase, totalling 8.2 Mt LCE. The total resource now stands at an estimated 11.1 Mt LCE, covering an area of 275 square kilometres. The MRE update incorporated data f rom drillhole K25D44, the second in the southern sector of the salar to extend beyond 600 meters below ground surf ace (“m bgs”). Sample results f rom K25D44, within the planned production interval of 200 to 400 m bgs as outlined in the Original DFS, averaged 274 mg/L lithium. Results f rom drillholes K24D41 and K25D44 in the southern sector indicate the presence of a higher-grade lithium zone. The changes were, in part, vertical in nature, def ining a Measured Resource in the salar core f rom 400 m bgs to 600 m bgs. This was based on additional deep drilling results not received prior to the 2023 Mineral Resource update. A summary of the Mineral Resource is provided in Table 2 and details of the Mineral Resource classif ications are presented in Table 3. A plan view map of the Mineral Resource classif ications is provided f or 0 to 400 m bgs (Figure 6) and 400 to 600 m bgs (Figure 7). Table 2. Kachi Project Mineral Resource Summary 19 Resource Category Lithium (Tonnes) LCE (Tonnes) Measured (M) 788,000 4,191,000 Indicated (I) 751,000 3,998,000 M&I 1,539,000 8,189,000 Inferred 542,000 2,885,000 Total Resource 2,082,000 11,074,000 17 Refer to ASX announcement dated 16 August 2023 18 Refer to ASX announcement dated 3 June 2025 19 Consider notes and details in Table 3 Updated Resource Estimate of Contained Lithium 13 Figure 6. Diagram showing the Measured (purple) and Indicated Resources (pink), with the surrounding area of Inferred Resource (orange) for 0 to 400m. 14 Figure 7. Plan view map of the Indicated Resources (red), with the surrounding area of Inferred Resource (orange) at a depth of 400 – 600m 15 Table 3. Updated resource estimate of contained lithium Measured Mineral Resource May 2025 (to 600 m depth) Sediment Unit Volume m Specific Yield % A 10,339,000,000 0.078 B 4,385,500,000 C to 400 Brine volume Liters Li mg/L Li grams Li Tonnes Tonnes LCE 806,442,000 806,442,000,000 0.210 169,352,820,000 169,000 901,000 0.088 385,740,000 385,740,248,000 0.229 88,334,517,000 88,000 470,000 7,561,800,000 0.068 514,202,000 514,202,400,000 0.230 118,266,552,000 118,000 629,000 Fan West to 400 11,088,000,000 0.095 1,053,360,000 1,053,360,000,000 0.220 231,739,200,000 232,000 1,233,000 3 3 m C to 400 7,561,800,000 0.068 514,202,000 514,202,400,000 0.230 118,266,552,000 118,000 629,000 K24 -K25 below 400 7,744,200,000 0.093 720,211,000 720,210,600,000 0.250 180,132,593,000 180,000 958,000 Total 41,118,500,000 3,479,955,000 3,479,955,248,000 787,825,682,000 788,000 4,191,000 Indicated Mineral Resource May 2025 (to 600 m depth) Specific Brine volume Volume m Yield % 3 Sediment m A South 3,694,300,000 0.076 B South 1,489,000,000 C South Liters Li mg/L Li grams Li Tonnes Tonnes LCE 278,924,000 278,924,453,000 0.181 50,485,326,000 50,000 269,000 0.075 111,544,000 111,543,670,000 0.179 19,927,611,000 20,000 106,000 4,434,492,000 0.067 297,111,000 297,110,964,000 0.182 54,076,275,000 54,000 288,000 A North 3,075,200,000 0.095 292,144,000 292,144,000,000 0.232 67,776,824,000 68,000 361,000 B North 4,294,400,000 0.102 438,029,000 438,028,800,000 0.241 105,431,342,000 105,000 561,000 C North 4,115,300,000 0.102 419,761,000 419,760,600,000 0.182 76,396,429,000 76,000 406,000 D North 5,073,100,000 0.102 517,456,000 517,456,200,000 0.182 94,177,028,000 94,000 501,000 K21 8,304,500,000 0.065 541,394,000 541,393,608,000 0.192 103,822,511,000 104,000 552,000 Under Measured ABC 400600 7,453,100,000 0.067 501,818,000 501,817,968,000 0.242 121,529,774,000 122,000 647,000 Under Measured Fan 400 600 3,775,900,000 0.063 239,343,000 239,343,351,000 0.242 57,850,485,000 58,000 308,000 Total 45,709,292,000 3,637,524,000 3,637,523,614,000 0 751,473,605,000 751,000 3,998,000 1,539,299 8,189,000 Unit 3 Combined Measured and Indicated + Indicated 86,827,792,000 - 7,117,478,861 7,117,478,861,140 - 1,539,299,286,959 16 Inferred May 2025 Sediment Specific Brine volume Volume m Yield % 3 m A 3,870,500,000 0.08 B 1,569,100,000 C Liters Li mg/L Li grams Li Tonnes Tonnes LCE 309,640,000 309,640,000,000 0.185 57,283,400,000 57,000 305,000 0.079 123,959,000 123,958,900,000 0.191 23,676,150,000 24,000 126,000 5,446,470,000 0.074 404,338,000 404,338,308,000 0.218 88,218,532,000 88,000 469,000 Fan North 9,109,970,000 0.102 929,217,000 929,216,940,000 0.232 215,578,330,000 216,000 1,147,000 Fan South 2,767,500,000 0.093 257,378,000 257,377,500,000 0.239 61,513,223,000 62,000 327,000 Under volcano 6,718,700,000 0.074 500,187,000 500,187,059,000 0.193 96,425,185,000 96,000 513,000 Total 29,482,240,000 2,522,621,000 2,522,620,663,000 542,294,093,000 542,000 2,885,000 Unit 3 - -  This table is replicated f rom the Mineral Resource update announced to ASX on 3 June 2025 and has not materially changed f rom that date.  JORC def initions were f ollowed f or Mineral resources.  The Competent Person f or the Mineral Resource estimate was Andrew Fulton, MAIG.  No internal cut-of f concentration has been applied to the resource estimate. The resource is reported at a 100 mg/L cut-of f .  Some numbers do not add due to rounding.  Specif ic Yield (Sy) = Drainable Porosity.  Lithium is converted to lithium carbonate (Li2CO3) equivalent with a conversion f actor of 5.32. For details on the lithology units please ref er to the 15 June 2023, 22 August 2023, and 4 October 2023 ASX announcements. ORE RESERVE EST IMAT ION An Ore Reserve is the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes diluting materials and allowances f or losses, which may occur when the material is mined or extracted and is def ined by studies at Pre-Feasibility or Feasibility level as appropriate that include application of Modifying Factors. Such studies demonstrate that, at the time of reporting, extraction could reasonably be justif ied. 20 The methodology used to develop estimates of the Mineral Resource is dif ferent f rom the method used to develop estimates of the brine Ore Reserve. The geologic block model, developed in Leapf rog Geo, considers static conditions as used in estimating the Mineral Resource. However, the block model cannot simulate the lithium brine reserve, as that requires dynamic simulation of the lithium brine in the subsurf ace. The Ore Reserve estimate is based on extraction of the brine that is transmitted in the 20 The JORC Code 2012 Edition. Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Effective 20 December 2012. Prepared by the Joint Ore Reserves Committee of The Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (JORC) 17 subsurf ace in response to wellf ield pumping. As a result, a calibrated Model (simulating f low and solute transport) is standard practice to estimate the lithium brine reserves through time. Hydrogeological Model Development The Model was developed by a collaboration between consultants (Watershed HydroGeo and GES) and the Lake technical team. The Model is a f undamental tool f or understanding the hydrogeological system, simulating the brine extraction, and providing quantif ied estimates of hydrogeological system behaviour as a result of that extraction. Additionally, given that DLE is proposed at Kachi, the spent brine will be returned to the hydrogeologic system in approximately the same proportions that the brine is pumped out of the system. This dynamic interaction of lithium brine extraction with concurrent injection of spent brine is simulated in the Model. The Model used in the Ore Reserve update is unchanged f rom the Maiden Ore Reserve statement. Only the project stresses applied to the Model to simulate the project were modif ied. In this case, the modif ied stresses were to the pumping and reinjection rates 21. This update has included an iterative project optimisation process where only the project simulation stresses have been modif ied to the calibrated groundwater Models. Because the calibration Models have not changed, they are not reiterated in this summary, but rather the f ocus is on the changes to the Model used to simulate the planned mine operation. The changes to the predictive Model used to calculate the Ore Rese