Announcement PDF Annual Report 2023 lakeresources.com.au LAKE RESOURCES ANNUAL REPORT 2023 b CORPORATE DIRECTORY DIRECTORS Stuart Crow Non-Executive Chairman David Dickson Managing Director/CEO Howard Atkins Non-Executive Director Cheemin Bo-Linn Non-Executive Director Ana Gomez Chapman Non-Executive Director Robert Trzebski Non-Executive Director Mark Anning Head of Legal, Australia & Company Secretary Karen Greene Senior Vice President – Investor Relations and Communications Scott Munro Senior Vice President – Technology, Strategy and Risk Sean Miller Senior Vice President, Field Development and Evaluation Peter Neilsen Chief Financial Officer Amalia Sáenz Senior Vice President, Corporate Affairs & Country Manager, Argentina John Freeman Chief Legal Officer & General Counsel Gentry Brann Chief People and Administration Officer MANAGEMENT PRINCIPAL REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS  Level 5, 126 Phillip Street Sydney NSW 2000 Tel: +61 2 9299 9690 SHARE REGISTRY  utomic Pty Ltd A GPO Box 5193, Sydney, NSW, 2001 Tel: 1300 288 664 AUDITOR BANKERS Citi National Australia Bank STOCK EXCHANGE LISTINGS  ustralian Securities A Exchange (ASX code: LKE) OTCQB: LLKKF WEBSITE ADDRESS www.lakeresources.com.au BDO Audit Pty Ltd Level 10, 12 Creek Street Brisbane Qld 4000 SOLICITORS  hite & Case W Level 32 525 Collins Street Melbourne VIC 3000 Australia 1 LAKE RESOURCES ANNUAL REPORT 2023 FY2023 HIGHLIGHTS „ „ „ „ 2 Lake Resources is on track for completion of comprehensive DFS in December 2023 for Phase 1 plant capacity of 25ktpa of battery grade lithium carbonate. Independent testing of Kachi lithium carbonate confirmed grades and purity greater than 99.8%. Kachi drilling program indicates the lithium resource is much larger than initially anticipated. „ „ „ „ Conditional Framework Agreements with WMC Energy and SK On in place. Successful production of 2,500kg of lithium carbonate equivalent (LCE) on-site at Kachi. Important progress towards optimal power solution. Testing at Kachi proved viability of extraction and reinjection processes. Kachi operational update in June outlined clear path to battery grade lithium carbonate production in 2027 and phased expansion to target plant capacity of 50ktpa by 2030. CONTENTS Message from the CEO 5 Message from the Chair 8 Review of Operations 10 Directors’ Report 14 Auditor’s Independence Declaration 71 Consolidated Statement of Profit or Loss and other Comprehensive Income 72 Consolidated Statement of Financial Position 73 Consolidated Statement of Changes in Equity 74 Consolidated Statement of Cash Flows 76 Notes to the Consolidated Financial Statements 77 Directors’ Declaration 131 Independent Auditor’s Report 132 2023 Corporate Governance Statement 136 Additional ASX Information 152 Resource Estimates and Governance 156 Schedule of Tenements 157 3 LAKE RESOURCES ANNUAL REPORT 2023 ABOUT LAKE RESOURCES Lake Resources NL (ASX:LKE, OTC: LLKKF) is a responsible lithium developer utilising state‑of-the-art ion exchange extraction technology for the production of sustainable, high-purity lithium from its flagship Kachi Project. Kachi is located in Catamarca Province in Argentina’s Lithium Triangle. Lake also has three additional early-stage projects in this region, at Cauchari, Olaroz and Paso de Jama. The ion exchange extraction technology being utilised at Kachi delivers a solution for two rising demands – high purity battery materials to drive the global energy transition, and more sustainable, responsibly-sourced materials with a low carbon footprint and significant ESG benefits. Decarbonisation will continue to drive significant lithium demand growth through the rapid adoption of renewable electricity generation and electric vehicles, yet supply is falling short of this demand. Lake is building its business to meet the growing demand for high-quality lithium needed to meet the world’s decarbonisation ambitions. 4 INNOVATIVE TECHNOLOGY PRODUCING HIGH‑PURITY LITHIUM Lake’s technology partner, Californiabased Lilac Solutions Inc, has developed efficient and disruptive clean technology to produce sustainable high purity lithium. This approach comes with a small environmental footprint, both via compact physical infrastructure and through re-injection of the brine to its source. Lake is commercialising a new standard for project development in the lithium industry. Working with Lilac Solutions, the demonstration plant has proven highly successful - independent testing of lithium carbonate produced from the Kachi Project in Argentina has confirmed grades and purity greater than 99.8%, or battery grade. This is a new and more efficient way to refine and produce battery-grade lithium carbonate. The ion exchange technology produces a lithium-rich solution without long lead-times and environmentally disruptive evaporation pond concentration – allowing Lake to produce high-quality lithium sustainably and at scale. The chemical process for Kachi was set out clearly in the pre-feasibility study (PFS) in 2020, which Lilac participated in. Lake and Lilac are strategically aligned through a 25% project earn-in on the completion of technology testing, demonstration plant validation and end-product qualification. LOCATED IN ARGENTINA’S LITHIUM TRIANGLE Lake’s flagship Kachi Project is located in Catamarca Province within the Lithium Triangle in Argentina, one of the world’s key lithium regions – half of all global lithium resources are found in the Lithium Triangle. MESSAGE FROM THE CEO To my Fellow Shareholders, I am pleased to present Lake Resources’ FY23 Annual Report. This past financial year has been one of rapid developments for Lake Resources, with systematic progress made towards the definitive feasibility study (DFS) for our flagship Kachi project. The Phase 1 DFS is on track for completion in December 2023, as previously announced. Recent operational updates have shown the methodical and sustained progress at the Kachi site, and I want to take this opportunity to commend our team on the ground for their excellent work. At the heart of any business is its people, and I am particularly proud of this and the range of other successes the Lake team has delivered this year. This includes the recent completion of successful extraction and injection testing at Kachi, which provided important data and higher confidence for our modelling, demonstrating the viability of our extraction and injection processes to support the production of high purity battery grade lithium. This testing represents an important milestone for the project on our path to achieving the DFS. Additionally, our drilling program at Kachi has also shown the large scale and quality of the lithium-bearing brine at the site. The drilling results indicate that this resource is much larger than initially anticipated as the known lithium brine extent continues to expand laterally and vertically. This follows the earlier discovery of additional lithium-bearing brine in the planned reinjection areas to the north and south of the previously measured resource, which extends the lateral extent of the reservoir beyond previous internal estimates. We have also drilled deeper for better grades and improved our drilling performance by 40 percent this year, a testament to our industry-leading operational team on the ground. In June, we announced an operational update that reset the Kachi project, charting a credible, achievable path to battery grade lithium carbonate production beginning in 2027. The new phased approach of building two, staggered 25Ktpa plants de-risks the project execution and accelerates our time to first lithium production, with clear milestones. It also provides the expansion optionality to 50ktpa, and potentially more. As part of this reset, we also extended the project timeline and shared significantly higher project cost estimates than what had previously been projected. Understandably this news was disappointing to many of our shareholders; however, we continue to believe in the superior economics this project offers, and we are confident that this path to production will unlock value and maximise execution efficiency. Earlier this year we also announced, together with our technology partner, Lilac Solutions, the successful production of 2,500kg of lithium carbonate equivalent (LCE) at Kachi – an important milestone for the project completing the pilot phase. The successful execution of ion exchange and process flow sheet for brine to battery grade lithium carbonate conversion demonstrated commercial-scale production capability. The independent third-party testing of the lithium carbonate produced at our joint Kachi project confirmed grades and purity greater than 99.8%, or battery grade – the grade at which it can be shipped direct to manufacturers in the United States, Europe and Asia. We have also made important progress towards finalising our power framework. Our revised design includes the capability for off-grid commissioning, including an option for 100 per cent standalone solar and battery backup. We are pleased to now have this optionality to power operations at Kachi, which takes into consideration aspects of grid connection and the needs of local communities. In the past year, we announced agreements with our worldclass offtake partners, Europe’s WMC Energy and Korea’s SK On. We have conditional framework agreements in place with both parties for up to 25 ktpa and a 10 percent equity investment in Lake. There is a clear, growing demand for sustainable lithium supply from a wide range of global buyers and Kachi is essential to meet this need. As lithium supply becomes an increasingly important geopolitical consideration, Lake Resources is playing a critical role in discussions related to strengthening lithium supply chains, including with regulators and policy agencies in Argentina, Australia and the United States. 5 LAKE RESOURCES ANNUAL REPORT 2023 We were pleased to welcome Argentina’s Mining Minister, Fernanda Avila, to Australia last year for IMARC along with the many delegation members who accompanied her from across Argentina, including Catamarca. We continue to engage regularly with Argentinian officials at the Federal, State, and local levels and welcome their strong support for developing the Argentinian lithium sector and for Lake Resources. We would also like to thank the Australian and the United States governments for their strong support and ongoing engagement with Lake Resources, both through their overseas missions and in their capitals, Canberra and Washington, D.C., respectively. We are also working together with our peers in the lithium sector to help ensure a comprehensive perspective on the challenges and opportunities for increasing lithium production in the years ahead. This past financial year has seen valuable additions to our executive team. These include: We also expanded and reorganised our operating team to better support the technical needs of our on-the-ground developments, and to ensure we have in place the right team to execute on the next phase of Lake’s development. This experienced, well-credentialled and highly motivated management team is ready to deliver on Lake’s new strategy and accelerate the Company’s next growth phase. The team’s experience spans technical, financial and project execution, supported by our operational team who bring significant technical and construction expertise on major capital projects across the lithium sector and other extractive industries. I would like to take this opportunity to thank the entire Lake Resources team for the excellent progress made over the past year. We are excited about moving to the next phase in delivering responsible lithium supply to support the world’s energy transition. „ Mark Anning as Head of Legal in Australia and Company Secretary „ Gentry Brann as Chief People and Administration Officer „ John Freeman as Chief Legal Officer and General Counsel „ Karen Greene as a Senior Vice President to lead investor relations „ Scott Munro as a Senior Vice President to lead technology relationships „ Amalia Sáenz, as a Senior Vice President to lead Corporate Affairs in Argentina 6 David Dickson Managing Director / CEO 7 LAKE RESOURCES ANNUAL REPORT 2023 MESSAGE FROM THE CHAIR To my Fellow Shareholders, It is my pleasure to report on such an eventful year at Lake Resources, where we have made significant progress on important project milestones. Our vision is to become a growing contributor to the energy transition by producing high-purity lithium, operating sustainably, and improving lives. Fundamental to this vision is the important role of lithium in the world’s decarbonisation journey. This past financial year has also seen sector-leading experts added to our Board. This includes the addition of: „ Howard Atkins as a Non-Executive Director, bringing financial management, capital markets, foreign exchange, governance, and public company experience. Mr. Atkins has over 30 years of financial leadership experience, including 20 years serving as a CFO for organisations including Wells Fargo, New York Life Insurance Company, and Midlantic Bank Corporation. „ Dr. Cheemin Bo-Linn as a Non-Executive Director, bringing experience in ESG, governance, and the new energy sector. Dr Bo-Linn is an accomplished CEO, former Fortune 100 operations executive, and board director with over 25 years of governance expertise at private organisations and public companies across the Americas and Europe. „ Ana Gomez Chapman as a Non-Executive Director, bringing experience in critical minerals supply chains, environmental engineering, and capital markets. Ms. Chapman is a financial services executive and board director with over 28 years of investment management, capital markets and business leadership experience. She has worked and lived across the U.S., Europe, Latin America and Asia Pacific. Lake’s new directors bring exceptional experience in governance and oversight and are an invaluable resource for enhancing Lake’s corporate governance structure. This is a top priority for Lake, and we are committed to further developing greater rigour around these disciplines as the Company matures. On behalf of the Board of the Company, I would like to thank Dr Nicholas Lindsay, who retired as a director in November 2022, for his significant contribution to the progress made on the development of the Kachi Project while leading the technical team. Lithium supply has consistently struggled to keep pace with demand, and the drivers behind this demand continue – including the expanding market for electric vehicles and electrified power solutions, and the lack of battery alternatives, as well as the scarcity of active lithium projects and the years-long lead times many of these projects require. We expect this demand to continue to increase. An additional factor complicating lithium supply chains is international consumption tensions – China dominates the market as a producer and consumer, driving demand by companies and countries for supply chains outside of China. Lake’s strategy is supported by these market dynamics. Direct lithium extraction (DLE) and direct lithium production (DLP) technologies are expected to accelerate the ability to scale the supply of battery grade lithium. Our processes are also more sustainable, and result in cleaner lithium by design, which is better for the environment and our neighbouring communities. The four key pillars underpinning our quality-conscious commitment to sustainability: „ Higher lithium recovery (15% higher than hardrock and 60% higher than evaporation ponds) „ Lower water usage (10x lower freshwater usage than hardrock; and 5x lower freshwater usage and 45x lower brine water usage than evaporation ponds) „ Lower land usage (7x lower than hardrock and 600x lower than evaporation ponds) „ Lower volume of solid waste (50x lower than hardrock and 55x lower than evaporation ponds) We are also working hard to build strong relationships with surrounding communities. Our long-term success goes hand-in-hand with enhancing the broader wellbeing of the communities and regions in which we operate. Local communities will benefit from access to better infrastructure, employment opportunities, and economic development, and we are committed to ensuring we work respectfully and collaboratively with the members of the communities in which we plan to operate. 8 Maintaining the support of these communities and our social licence to operate is a key priority. Our community engagement has included holding two Public Information Meetings, in May and August – these were well-attended by the local community, and the information shared was well‑received. We are focused on bringing jobs to the communities in which we operate, which in the last year has included local hires in the Carachi Pampa and El Penon communities. We are also working with provincial authorities to promote training for the community, with a focus on training programs directly related to the future construction phase at the site. Alongside this, we continue our rigorous focus on the safety and wellbeing of our employees – the health and safety of our people is integral to our operations, and we believe nothing less than zero harm is acceptable. Argentina is a key market for global lithium supply chains to support the world’s decarbonisation. Argentina’s Lithium Triangle holds ~56% of the world’s lithium reserves and the government is committed to efficiently developing the country’s lithium resources, including via investments in Argentina’s lithium sector. Lake has a large lease holding in Argentina, covering 2,200km (550,000 acres), including our flagship Kachi project, and is well-positioned to optimise its lithium assets, resources, and relationships in Argentina. We have a tremendous opportunity here and we are pleased to be taking part in the world’s decarbonisation journey. Stuart Crow Non-Executive Chairman 9 LAKE RESOURCES ANNUAL REPORT 2023 REVIEW OF OPERATIONS 1. Kachi Project At the Kachi Project in Catamarca, Lake’s flagship project, the maiden JORC-compliant mineral resource was defined with 4.4 million tonnes (Mt) of contained battery grade lithium carbonate equivalent (LCE), comprising 1 Mt LCE Indicated Resource, and 3.4 Mt LCE Inferred Resource, over the deepest part of a large basin. Lease holdings have been consolidated and expanded over an area of more than 100,000 Ha. The resource estimate for the Kachi Project was updated during the 2023 reporting period. As of 30 June 2023, the JORC-compliant mineral resource estimate is comprised of 2.9 Mt LCE as Measured and Indicated Resource and 5.2 Mt LCE as Inferred Resource (Figure 1 and Table 1). Exploration drilling conducted since the 2018 maiden resource estimation has built on previous knowledge. The ongoing hydrogeological characterization activities started in 2022 have resulted in more than 4,000 m of drilling and have led to a significantly improved understanding of both the spatial and vertical extent of lithium brine and the permeability of the reservoir materials. These recent studies have demonstrated that the resource potential within the basin is much larger than previously defined (as disclosed to investors on the Company’s website and on the ASX, including after the date of this annual report – please see https://lakeresources.com.au/investors/ asx-announcements). These results will be incorporated into the Phase 1 Definitive Feasibility Study (DFS), and ultimately, the Phase 2 DFS. The extensive hydrogeological characterization program has provided a substantive data set that has led to basin-scale and site-scale conceptual models. These conceptual models will form the basis for the ongoing hydrogeological modeling of the extraction and injection well fields for the Phase 1 DFS. A key element of site-scale conceptual model is the delineation of hydrostratigraphic units. The hydrostratigraphic units are generalized based on similar geological and hydrogeological conditions that are correlated in the resource area (see Figure 2). 10 „ Unit A – Intercalated sand, silts and clays. High frequency of thin clay bands. Up to 200 m thickness. „ Unit B – Higher sand proportion. Interpreted as higher permeability zone, lower natural gamma ray response, located below prominent gamma peak. „ Unit C – Similar to Unit A with higher frequency of clay bands. „ Unit D – Undefined unconsolidated sediment characteristics beneath Unit C, between 400 m and the base of the basin fill, as defined by geophysics. The characteristics of this unit have not been defined, with Unit C likely to continue below 400 m being the maximum depth of drilling and testing disclosed as of June 30, 2023 (however, further drilling updates have been disclosed and may continue to be disclosed to investors on the Company’s website and the ASX after the date of this annual report – please see https://lakeresources.com.au/ investors/asx-announcements). Recent drilling further from the central resource area has intersected extensive (to 400 m) thicknesses of sands and gravels beneath ignimbrites in the south, west and north of the central resource area with higher drainable porosity and permeability. These step-out holes drilled near the limits of the previously defined north and south extents of the January 2023 Inferred Resource, K21D38 (K21) and K22D39 (K22), recorded average lithium grades of 219 milligrams per liter (mg/l) and 283 mg/l, respectively from piezometers screened from 395 to 407 m below ground surface. These drilling and laboratory lithium data, combined with the recent TEM survey, provides evidence for future definition of additional resources. These coarser grained units show relatively rapid transition from the finer grained sediments of the central resource area. Figure 1: Lake Resources’ properties and drill platform locations in the Kachi Project area, showing drilling concentrated over the salar area, with the resource outlines shown. This map was disclosed and made available on the Company’s website and on the ASX in the Company’s JORC update dated June 15, 2023. No exploration or production targets, nor new estimates of inferred mineral resources, indicated mineral resources or measured mineral resources in relation to the Kachi Project are being reported in this annual report, and the mineral resources last reported in the announcement on June 15, 2023 have not materially changed since that date. 11 LAKE RESOURCES ANNUAL REPORT 2023 Figure 2: Geological cross section looking north through the Kachi Project area, shown with 4 times vertical exaggeration. Table 1: Updated resource estimate of contained lithium for the Kachi Project – as at June 30, 2023* Measured June 2023 Unit Sediment volume m3 Specific Yeld % Brine volume m3 Litres Li mg/l Li grams Li Tonnes Tonne LCE A 14,620,000,000 0.07 1,073,675,256 1,073,675,256,000 200 214,735,051,200 214,735 1,142,390 B 4,594,900,000 0.08 358,054,366 358,054,366,070 222 79,488,069,268 79,488 422,877 C 8,487,400,000 0.06 543,960,861 543,960,860,960 223 121,303,271,994 121,303 645,333 Total 27,702,300,000 1,975,690,483 1,975,690,483,030 210 415,526,392,462 415,526 2,210,600 Indicated June 2023 Unit Sediment volume m3 Specific Yeld % Brine volume m3 Litres Li mg/l Li grams Li Tonnes Tonne LCE A 5,559,400,000 0.07 401,416,477 401,416,477,000 172 69,043,634,044 69,044 367,312 B 1,968,900,000 0.07 144,809,839 144,809,838,540 176 25,486,531,583 25,487 135,588 C 3,528,700,000 0.06 225,883,379 225,883,378,840 177 39,981,358,055 39,981 212,701 Total 11,057,000,000 772,109,694 772,109,694,380 174 134,511,523,682 134,512 715,601 550,037,916,143 550,038 2,926,202 Combined Measured + Indicated 38,759,300,000 - 2,747,800,177 2,747,800,177,410 Inferred June 2023 Unit Sediment volume m3 Specific Yeld % Brine volume m3 Litres Li mg/l Li grams Li Tonnes Tonne LCE A 35,100,000,000 0.08 2,695,188,600 2,695,188,600,000 188 506,695,456,800 506,695 2,695,620 B 8,982,700,000 0.07 661,907,317 661,907,316,630 201 133,043,370,643 133,043 707,791 C 20,794,000,000 0.07 1,534,617,994 1,534,617,994,000 218 334,546,722,692 334,547 1,779,789 Total 64,876,700,000 4,891,713,911 4,891,713,910,630 199 974,285,550,135 974,286 5,183,199 *This table was disclosed and made available on the Company’s website and on the ASX in the Company’s JORC update dated June 15, 2023. No exploration or production targets, nor new estimates of inferred mineral resources, indicated mineral resources or measured mineral resources in relation to the Kachi Project are being reported in this annual report, and the mineral resources last reported in the announcement on June 15, 2023 have not materially changed between that date and the end of financial year balance date, being June 30, 2023, the date of this annual report. 12 „ JORC definitions were followed for mineral resources. „ The Competent Person for this Mineral Resource estimate is Andrew Fulton, MAIG. „ No internal cut-off concentration has been applied to the resource estimate. The resource is reported at a zero mg/l cut-off, given the consistent grade of the deposit. „ Numbers may not add due to rounding. „ Specific Yield (Sy) = Drainable Porosity „ Lithium is converted to lithium carbonate (Li2CO3) with a conversion factor of 5.32. „ The resource estimate outlined above presents lithium and lithium carbonate tonnages. Resource estimations include three separate geological and hydrogeological (hydrostratigraphic) units to 400 m depth. *See Figure 1 for the map showing the geographical area – all within the Kachi Project area - based on the materiality of the mineral resources reported in Table 1. 2. Comparison since the last reporting period The mineral resource estimate for the Kachi Project has expanded significantly since the 2022 Annual Report. The expansion of the Measured and Indicated resource and the Inferred resource are a result of large a hydrogeologic characterization program started in 2022 which continued through the 2023 financial year, and remains ongoing. The hydrogeologic characterization program has led to a significantly improved understanding of both the spatial and vertical extent of lithium brine as well as the permeability of the reservoir material. These studies demonstrated that the resource potential at the Kachi Project is larger than the defined resource reported in the Company’s 2022 annual report, and explains the material changes in the defined resource reported in this year’s annual report – see Table 2 below. 3. Additional Property Updates „ Paso de Jama „ Olaroz „ Ancasti „ Cauchari The Paso de Jama Lithium Brine Project in Jujuy Province is comprised of over 59,000 hectares and initial surface geophysical surveys, passive seismic and TEM were completed in 2022. Drilling was through the end of 2022 and resulted in more than 1,700 meters of drilling with and five small diameter wells. Activities in 2023 included analyzing and processing the investigation results, performance of small-scale hydraulic tests in several wells and laboratory properties analysis for physical characteristics including drainable porosity. As at the date of this annual report, no resource has been developed for the Paso de Jama Lithium Brine Project. Activities at the more than 45,000 hectare Olaroz Lithium Brine Project were limited to permitting and community relations activities in 2023. These efforts have laid the groundwork to initiate surface geophysical studies including passive seismic and transient electromagnetic (TEM) are planned for Q4 2023 with drilling anticipated to start in 2024. The Ancasti or Catamarca Pegmatite Lithium Project, is comprised of over 90,000 hectares of leases at the early exploration stage with large pegmatite swarms in an area of past production within a 150 km long belt. After a hiatus in investigative exploration, further mineral resource exploration is planned for the 2023/24 reporting period. The Cauchari Lithium Brine Project in Jujuy Province was successfully drilled for the first time during 2019 / 2020. It demonstrated extensions of lithium brine bearing aquifers with similar high grades into Lake’s properties from the adjoining major resource projects. No further investigative drilling was undertaken in 2023. Table 2 Comparison of defined resource for the Kachi Project – 2023 and 2022 Year Measured (Tonnes LCE) Indicated (Tonnes LCE) Measured and Indicated (Tonnes LCE) Inferred (Tonnes LCE) Total (Tonnes LCE) 2023 2,210,600 715,601 2,926,202 5,183,199 8,109,401 2022# -- 1,005,000 1,005,000 3,394,000 4,400,000 Increase in Resource +2,210,600 -289,399 +1,921,202 +1,789,199 +3,709,401 #The 2022 annual report and the maiden Kachi Mineral Resource Estimate from November 2018 that forms the basis of the resource included in the 2022 Annual Report are available at www.lakeresources.com. au and www.asx.com.au. 13 LAKE RESOURCES ANNUAL REPORT 2023 Lake Resources NL Directors' report For the year ended 30 June 2023 Your Directors present their report on the Consolidated entity consisting of Lake Resources NL and the entities it controlled at the end of, or during, the year ended 30 June 2023. Directors and company secretary The following persons were Directors of Lake Resources NL during the whole of the financial year and up to the date of this report, unless otherwise stated: S. Crow, Executive Chairman (resigned 5 January 2023) S. Crow, Non-Executive Chairman (appointed 5 January 2023) D. Dickson, Managing Director and Chief Executive Officer (appointed 15 September 2022) N. Lindsay, Executive Technical Director (resigned 3 October 2022) N. Lindsay, Non-Executive Di