Announcement PDF Bell Potter Unearthed 2024 Investor Presentation 14 February 2024 Disclaimer General Statement and Cautionary Statement This presentation has been prepared by Lake Resources N.L. (Lake) for information purposes and not any particular party. The information in this presentation is based upon public information and internally developed data and reflects prevailing conditions and views as of this date, all of which are accordingly subject to change. The information contained in this presentation is of general nature and is not intended to address the circumstances of any particular individual or entity. There is no guarantee that the information is accurate as of the date it is received or that it will continue to be accurate in the future. No warranties or representations can be made as to the origin, validity, accuracy, completeness, currency or reliability of the information. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. Lake Resources NL accepts no responsibility or liability to any party in connection with this information or views and Lake disclaims and excludes all liability (to the extent permitted by law) for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its accuracy, completeness or by reason of reliance by any person on any of it. The information regarding projects described in this presentation are based on exploration targets, apart from the Kachi project’s resource statement. The potential quantity and grade of an exploration target is conceptual in nature, with insufficient exploration to determine a mineral resource and there is no certainty that further exploration work will result in the determination of mineral resources or that potentially economic quantities of lithium will be discovered. Some leases are located within and around the Orocobre, Orocobre/Advantage Lithium and Ganfeng/Lithium Americas projects and although data is limited within the properties, the leases may cover potential extensions to the Cauchari/Olaroz projects with potential extensions to aquifers, although this provides no assurance that any resource will be identified on the Lake leases. The lithium pegmatite leases occur adjacent to pastproducers of spodumene but no potential extension to any mineralisation can be assured. Forward Looking Statements Certain statements contained in this presentation, including information as to the future financial performance of the projects, are forward-looking statements. Such forward-looking statementsare necessarily based upon a number of estimates and assumptions that, while considered reasonable by Lake Resources N.L. are inherently subject to significanttechnical, business, economic, competitive, political and social uncertainties and contingencies; involve known and unknown risks and uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results, expressed or implied, reflected in such forward-looking statements; and may include, among other things, statementsregarding targets, estimates and assumptions in respect of production and prices, operating costs and results, capital expenditures, reserves and resources and anticipated flow rates, and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions and affected by the risk of further changes in government regulations, policies or legislation and that further funding may be required, but unavailable, for the ongoing development of Lake’s projects. Lake Resources N.L. disclaims any intent or obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. The words “believe”, “expect”, “anticipate”,“indicate”,“contemplate”,“target”, “plan”, “intends”,“continue”,“budget”, “estimate”,“may”, “will”, “schedule” and similar expressions identify forward-looking statements. All forward-looking statements made in this announcement are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not guarantees of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Lake does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Compliance Statement The information contained in this presentation relating to financial forecasts, production targets, exploration results, Measured, Indicated and Inferred resource estimates, project execution, infrastructure and testing work, has been derived from the information in Lake’s Kachi Project Phase One Definitive Feasibility Study Results and Lake's Ore Reserve Statement both announced on ASX on 19 December 2023 and mineral resource update announced on ASX on 22 November 2023. Lake confirms that it is not aware of any information that materially affects the information included in Lake’s Kachi Project Phase One Definitive Feasibility Study Results and Lake's Ore Reserve Statement both announced on ASX on 19 December 2023 and mineral resource update announced on ASX on 22 November 2023 and all material assumptions contained in that announcement continue to apply and have not materially changed. On this basis, Lake confirms that the Competent Person’s findings in Lake’s Kachi Project Phase One Definitive Feasibility Study Results and Lake's Ore Reserve Statement both announced on ASX on 19 December 2023 and, in respect of Lake’s mineral resource, in the mineral resource update announced on ASX on 22 November 2023, have not changed nor been modified in any material respects since those announcements. 2 Key Investment Highlights 1 World Class 25ktpa Battery Grade Lithium Project 2 Globally Significant 10.6Mt LCE Resource Facilitates Potential Further Expansion 3 4 5 Proven Ion-Exchange DLE Technology Increases Process Efficiency and Reduces Environmental Footprint Advanced Technical Work Proven Out in December 2023 DFS Strategic Partnering Process Broadens the Menu of Available Funding Opportunities and Enables Kachi to Better Optimise Offtake Economics 3 Developing a Critical Global Asset in Argentina Kachi – Lake’s Flagship Project  Recently completed Kachi Project Phase One Definitive Feasibility Study 1 (“DFS”)  Located in Catamarca region, within the Lithium Triangle which holds ~56% of the world’s lithium reserves2  Using ion exchange DLE technology to optimize lithium extraction results from Kachi brine  Higher lithium recovery: DLE has shown average recovery rates of 80%+ compared with 40- 60% for traditional methods (hard rock, evaporation ponds)  Less impact on environment: lower water usage, lower land usage, less waste volume  Lithium chemical manufacturing yields proven, repeatable results of high purity, high quality lithium carbonate  Experienced team from oil and gas industry bring expertise in developing large capital projects and driving project efficiencies Notes: 1. Refer to LKE ASX Announcement dated December 19, 2023. 2. US Geological Survey (USGS). 4 Strategic Delivery of Kachi  Pursuing strategic partnership for Kachi  Lake and Lilac are considering a range of funding alternatives including, but not limited to, a strategic partnership, project finance, pre-payments from potential customers, and royalties  Expected to provide additional capital to fund activities prior to Final Investment Decision and ultimately project development  Continued support from Citibank and J.P. Morgan, joint coordinators for the proposed debt financing for Kachi and from export credit agencies to provide backing to Kachi’s overall debt structure  Lake held cash of A$31.3 million (~US$21.3 million) at 31 December 2023 with no debt  Expect a 40% reduction in expenses in First Quarter 2024 compared to Fourth Quarter 2023  Continue to focus on expense reduction quarter to quarter to extend runway  Lake is considering all other financing alternatives, consistent with its capital management policies, which may include future equity offerings as required to fund costs whilst strategic discussions remain ongoing 5 Exceptional Financial Results Targeted project financial results1 ($USD) Phase One DFS Financial Outputs Phase One – 25 ktpa LCE Production Target2 $827M Annual Lithium Carbonate Revenues $635M Annual Average EBITDA3 25 years Life of Mine $2.3B Post-Tax NPV8 $3.9B Pre-Tax NPV8 $1.38B Capital Cost 20.9% Post-Tax IRR 25.4% Pre-Tax IRR $6.05/kg Run Rate Operating Cost Units Period DFS Result Lithium Carbonate Revenue $M Life of Mine 20,700 Lithium Carbonate Revenue $M Annual Average 827 EBITDA2 $M Life of Mine 15,870 EBITDA2 $M Annual Average 635 EBITDA Margin % Run Rate 76% Net Profit After Tax $M Life of Mine 8,959 Average Opex $/t Run Rate 6,047 Total Capex $M 1,376 NPV8 Post-Tax $M 2,333 NPV8 Pre-Tax $M 3,854 IRR Post-Tax % 20.91 IRR Pre-Tax % 25.35 Total Free Cashflows $M Payback Period Years Life of Mine 9,310 4.25 1. Economics based on average price of $33,000 per tonne LCE over the LoM, derived from forward price projection provided in a bespoke study commissioned by the Kachi project with Wood Mackenzie and delivered in December 2023. Operating costs include labor, maintenance, materials, supplies, raw materials, outside services, among others. 2. See the Company’s JORC technical report dated effective December 19, 2023, “Kachi Lithium Brine Definitive Feasibility Study” for full details regarding material assumptions relied upon. Lake confirms the material assumptions in that announcement continue to apply and have not materially changed. 3. Please see “Non-GAAP Financial Measures” in the appendix. 6 Sensitivity Analysis The Kachi Project is resilient to Opex and Capex factors Post-Tax NPV8 Sensitivities Chart (-15% / +15%; Base $2,333M) ($USD) Lithium Price ($28.1k - $33.0k - $38.0k) 28.0% 27.8% Post-Tax IRR Sensitivities Chart (-15% / +15%; Base 20.9%) ($USD) Lithium Price ($28.1k - $33.0k - $38.0k) Capital Expenditure ($1.58B - $1.38B - $1.17B) 6.7% 6.7% Capital Expenditure ($1.58B - $1.38B - $1.17B) Operating Expenditure ($6,954/t - $6,047/t - $5,140/t) 6.1% 6.1% Operating Expenditure ($6,954/t - $6,047/t - $5,140/t) 14.4% 12.8% 9.2% 11.4% 3.4% 3.3% 7 Next Twelve Months Strategic Partner Process for Kachi Project  Process initiated, led by Goldman Sachs Offtake  Commencement of negotiations to secure binding offtake agreements, in tandem with EIA  The submission of the Environmental and Social Impact Assessment (“EIA”) in early 2024, in FEED/EPCM  Selection of FEED/EPCM contractor for the Process Plant Power  Selection of an Independent Power Producer (“IPP”) for the Power Purchase Agreement Project Financing  Continued support of Export Credit Agencies and Citibank and J.P. Morgan as joint strategic partnering process support of the Catamarca Province development permit application (“PPA”) coordinators for the proposed debt financing for Kachi 8 Appendix A – Supporting Materials >10.6 million tonnes LCE Mineral Resource Kachi M&I resource estimate increased 250% since June 2023 10.6 8.1 3.3 5.3 4.4 5.2 7.3 3.1 Resource expansion from June 2023 update1: ■ Measured resource has increased from 2.2 to 3.0 million tonnes LCE ■ Indicated resource has increased from 0.72 to 4.3 million tonnes LCE ■ Inferred resource has decreased from 5.2 to 3.3 million tonnes LCE Exploration Target1: 3.4 1 2018 2.2 2.9 Jan-23 Jun-23 Measured & Indicated ■ High: 14.8 million tonnes LCE; Nov-23 Low: 3.7 million tonnes LCE Inferred Resources in Million Tonnes LCE 1 Numbers are based on information in Lake’s JORC 9 update announced on 22 November 2023. Refer to the Appendix for details of individual categories of the mineral resource. All material assumptions contained in that announcement continue to apply and have not materially changed Note: The potential quantity and grade of an exploration target is conceptual in nature, there has been insufficient exploration to determine a mineral resource and there is no certainty that further exploration work will result in the determination of mineral resources or that the exploration target itself will be realized. 10 Maiden Ore Reserve Statement Reserve Category Years Lithium (Tonnes) LCE (Tonnes) Average Lithium (mg/l) Proved 1 3,600 18,900 259 Proved 2-7 28,500 151,400 257 Probable 8-25 85,400 454,100 245 Total 1-25 117,400 624,400 ■ Globally Significant Resource: The mine plan produces 806k tonnes LCE (allowing for a factor of safety), this is less than 12% of the Measured and Indicated Resource ■ High level of confidence: More than 85% of production is derived from Measured Resource, remainder from Indicated ■ Wellfield layout (16 Production Wells and 21 Injection Wells) designed to: ■ Maximize lithium grade recovered; ■ Maximize Proved Ore Reserve; and ■ Minimize environmental impacts ■ Modelling supports reinjection strategy; maintaining reservoir pressures and minimizing potential environmental impacts Ore Reserve constrained by plant capacity 11 Phase One DFS Demo Scope – Ready for Deployment DLE – Lilac Solutions Ion Exchange • On-site demo plant operated in campaigns from October 2022 to November 2023 o Over 5.2 million litres of Kachi brine successfully processed o During continuous operations >90% uptime • o 200,000 litres of lithium chloride eluate produced (~2,280 mg/L) Independent witness & validation reviews completed for DFS data 12 Phase One DFS Demo Scope – Battery Grade by Design Balance of Plant – Saltworks Technologies • 120,000 litres processed in 3 batches in Canada o All batches achieved battery grade lithium purity target (>99.5%) o Up to 99.9% purity achieved o Independent validation of results o Data produced to support DFS completion o >1,300 kg of samples created for offtake testing 13 Scope of the Phase One DFS Work Completed  Basis of Design  Conservative assumptions (205 mg/L vs. 245 mg/L minimum average)  Heat & Material Balance (HMB)  Confirmed >75% lithium recovery  Process flowsheet  Process plant 3-D model  Wellfield layout and well design  Numerical reservoir model  Power transmission system  Process validation reports  Logistics & transportation assessment  AACE1 Class 3 estimate (+/- 15%) 1. Association for the Advancement of Cost Engineering 14 Strong Community and Government Engagement  Looking forward to building relationship with recently elected Federal government.  Continued strong relationship with Catamarca government.  Monthly meetings with local government and community to provide status updates of Kachi Project.  Emphasis on training directly related to the future construction phase.  Creating Scholarship Program, inclusive of financial aid, for students of tertiary and university level in El Peñón and Antofagasta de la Sierra.  Educational activities in primary and secondary schools related to Kachi Project.  Providing assistance to community with access to diesel, water and other necessary items, as well as improving communications and access to information. 15 Positioned for Success Credible, Achievable and De-risked  Robust and competitive NPV and IRR Compelling Project Economics  Completion of Phase One DFS allows Lake to open a data room and engage with strategic investors, potential offtakers, and debt providers  Ore Reserve constrained by plant capacity Globally Significant Resource  Mine Plan represents less than 12% of Measured and Indicated Resource over the 25year Life of Mine  Opportunities for increasing Capex and Opex efficiencies between now and start of Further Optimization production, targeted for 2027  Optimization opportunities already identified 16 Note: This table has been directly extracted from the JORC update announced on 22 November 2023. Lake Resources N.L. confirms that it is not aware of any information that materially affects the information included in Lake’s JORC update announced on ASX on 22 November 2023 and all material assumptions contained in that announcement continue to apply and have not materially changed. 17 Lithium Market Balance While the lithium market as a whole may not reach sustained deficit until 2031, the battery grade market is anticipated to be significantly tighter  Deficits could emerge in the near term, and extend to ~1Mt LCE by 2040, with Kachi’s anticipated ~25Ktpa of Phase One battery grade carbonate production likely to have sufficient demand headroom in the long-term Source: Wood Mackenzie Only Wood Mackenzie assumptions for Kachi Phase One volumes are referenced. Refer to Lake’s Kachi Project Phase One Definitive Feasibility Study Results announced on ASX on 19 December 2023. 18 Lithium Price Forecast Wood Mackenzie Battery Grade Lithium Carbonate Price ($USD/tonne) Wood Mackenzie Annual Price Forecast for Battery Grade Lithium Carbonate Near Term Average Price Forecast Period Average Price $40,000 $35,000 $31,253 $30,000 $25,000 $20,427 $20,000 $15,000 $10,000 $5,000 $0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Source: Wood Mackenzie. Refer to Lake’s Kachi Project Phase One Definitive Feasibility Study Results announced on ASX on 19 December 2023. Weighted average for DFS Phase One model $33,000 / tonne over the LoM, 19 Kachi Development Timeline 20 Lake Resources Leadership Team Experienced, well-credentialed and highly motivated management team ready to deliver on Lake’s strategy David Dickson, ManagingDirector / CEO Our Leadership Team Scott Munro SVP, Technology, Strategy and Risk Sean Miller SVP, Field Development and Evaluation Amalia Saenz SVP, Argentina Corporate Affairs Don Miller Chief Financial Officer Karen Greene SVP, Investor Relations and Communications MarkAnning Head of Legal, Australia and Company Secretary John Freeman Chief Legal Officer and General Counsel Gentry Brann Chief People and Administration Officer Executive experience acquired across technical, financial and project execution 21 Non-GAAP Financial Measures Definitions Note: These financial definitions are alternative performance measures that are not defined or specified under IFRS or AASC standards and for which there are no generally accepted reporting formats EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization IRR = Internal Rate of Return NPV8 = Net Present Value calculated using 8% WACC WACC = Weighted Average Cost of Capital This presentation includes certain non-GAAP financial measures or ratios, including the average annual EBITDA regarding the results of the internal preliminary analysis. These measures have no standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. The Company believes these measures and ratios provide investors with an improved ability to evaluate the Company's prospects, and in particular, the Kachi Project. As the Kachi Project is not in production, the prospective non-GAAP financial measures or ratios presented may not be reconciled to the nearest comparable measure under IFRS and the equivalent historical nonGAAP financial measure for the prospective non-GAAP financial measures or ratios discussed herein is nil. 22 Bell Potter Unearthed 2024 Investor Presentation 14 February 2024