Announcement PDF Lake Resources NL ABN 49 079 471 980 Interim Report Half Year Financial Statements For the six months ended 31 December 2023 CONTENTS Page Corporate directory 1 Directors' report 2 Auditor's Independence Declaration 7 Consolidated statement of profit or loss and other comprehensive income 9 Consolidated statement of financial position 10 Consolidated statement of changes in equity 11 Consolidated statement of cash flows 13 Notes to the financial statements 14 Directors' declaration 45 Independent Auditor's Report 46 Lake Resources NL Corporate directory for the period ended 31 December 2023 Directors S. Crow Non-Executive Chairman D. Dickson Managing Director and Chief Executive Officer R. Trzebski Non-Executive Director C. Bo-Linn Non-Executive Director H. Atkins Non-Executive Director A. Gomez Chapman Non-Executive Director Company Secretary Mark Anning Principal registered office in Australia Level 5, 126 Phillip Street Sydney NSW 2000 +61 2 92999690 Share and debenture register Automic Registry Level 5, 126 Phillip Street Sydney NSW 2000 1300 288 664 Auditor BDO Audit Pty Ltd Level 10, 12 Creek Street Brisbane QLD 4000 Bankers National Australia Bank Citibank NA Sydney Stock exchange listings Australian Securities Exchange (ASX code: LKE) OTC QB: LLKKF Website www.lakeresources.com.au 1 Lake Resources NL Directors' report For the half-year ended 31 December 2023 The Directors present their report, together with the financial statements, on the Consolidated entity (referred to hereafter as ‘Lake’ or the 'Consolidated entity') consisting of Lake Resources NL (referred to hereafter as the Company or 'parent entity') and the entities it controlled at the end of, or during, the six months ended 31 December 2023. Directors The following persons were Directors of Lake Resources NL during the whole of the period and up to the date of this report, unless otherwise stated: S. Crow, Non-Executive Chairman D. Dickson, Managing Director and Chief Executive Officer R. Trzebski, Non-Executive Director C. Bo-Linn, Non-Executive Director H. Atkins, Non-Executive Director A. Gomez Chapman, Non-Executive Director Principal activities During the period the principal continuing activities of the Consolidated entity consisted of: • • Exploration and development of lithium brine projects in Argentina; Exploration for minerals. Dividends There were no dividends paid, recommended or declared during the current or previous financial period. Review of operations The loss for the Consolidated entity after providing for income tax amounted to $29,267,518 (2022: $78,196). Corporate strategy During the period, Lake made excellent operational progress on its flagship Kachi Project (“Kachi”, “Kachi Project” or “Project”) which culminated in the completion of the Kachi Project Phase One Definitive Feasibility Study (“DFS”) and maiden Ore Reserve statement supporting a 25-year life of mine (refer to ASX releases dated 19 December 2023). With these operational milestones complete, the focus of the company has shifted to the strategic delivery of Kachi. In late November, Lake and Lilac Solutions ("Lilac"), its technology and operating partner of Kachi, engaged Goldman Sachs as financial adviser in connection with exploring a potential strategic partnership for Kachi (refer to ASX announcement dated 29 November 2023). This process was officially launched following the completion of the DFS. Kachi plans to consider a range of funding alternatives, including, but not limited to, the introduction of a strategic partner, project finance, pre-payments from potential customers, and royalties. In particular, the strategic partner selection process (“the Process”) will enable Kachi to widen the aperture of funding opportunities beyond the current Conditional Framework Agreements. This approach will allow Kachi to better optimize the economics of its offtake, in accordance with what has been seen in the market over the past year. The successful selection and onboarding of a potential partner is an essential cornerstone to the development of Kachi, and Lake is committed to executing a thorough and prudent process, which is expected to conclude in the second half of 2024. 2 Lake Resources NL Directors' report For the half-year ended 31 December 2023 Corporate strategy (continued) Aligning Developmental Timelines to Strategic Partner Selection Process As announced in the ASX announcement dated 29 November 2023, Goldman Sachs is acting as financial advisor to the operating entity of Kachi with respect to a strategic partnering process. The Company is now actively conducting outreach to a wide array of potential strategic partners as it progresses the initial phase of the strategic partner selection the Process. This outreach includes car and battery manufacturers, lithium producers, oil and gas companies, sovereign wealth funds and private equity. Additionally, a virtual data room has been established for interested parties, subject to confidentiality arrangements. The Company will seek expressions of interest from those potential partners. The second phase of the Process will then focus on a select pool of qualified potential partners as the Company moves towards identifying a potential strategic partner. The Company expects the Process will conclude in the second half of the year (2H CY24), with final investment decision (“FID”) to follow approximately nine to twelve months thereafter (CY25), which may delay the previous target date for FID. Additionally, the timeline for awarding the Front-End Engineering Design (“FEED”), independent power producer (“IPP”) and other tenders may also be impacted by the timing and outcome of the Process, given that the type of strategic partner ultimately selected could influence these decisions. Operations Overview of Operations for the period Kachi Lithium Brine Project - Catamarca Province, Argentina In the last six months Lake marked company milestones on project development which included the Kachi DFS. The Company is focused on delivering the Kachi Project in 2028, which is forecast to coincide with the start of a prolonged period of structural deficit for battery-grade lithium chemicals. Kachi has taken an innovative approach to lithium brine extraction to advance sustainable and responsible lithium production through the application of ion exchange Direct Lithium Extraction (“DLE”). The process design for Kachi has been developed in partnership with Lilac and is supported by a rigorous field-testing program. Below are highlights from the DFS. Additional details can be found in the Company’s announcement to the ASX on 19 December 2023. 3 Lake Resources NL Directors' report For the half-year ended 31 December 2023 Operations (continued) Overview of Operations for the period (continued) Kachi Project Phase One Financial Highlights • • • • • The Project boasts a post-tax NPV8 of US$2.3 billion and an IRR of 21%. Targets battery grade lithium carbonate revenue of US$21 billion and US$16 billion EBITDA for the 25-year life of mine (“LoM”). Targets annual average EBITDA of US$635 million and EBITDA margin of 76%. US$1.38 billion estimated initial Capex for Phase One is within the range provided in the previous operational update. US $6.05 / kg of lithium carbonate equivalent (“LCE”) estimated run rate Opex for Phase One is within the range provided in the previous operational update. Project and Resource Highlights • • • • • Total resource is estimated at 10.6 Mt LCE, a globally significant resource. 25-year mine life supported by maiden Ore Reserve statement. Phase One targets a production of 25ktpa battery grade lithium carbonate over the life of mine to meet the growing demand and specifications of the battery market. DLE process tailored to mitigate impact on the local community with minimal disruption to land, freshwater table, and water usage. The Project targets production of consistent battery grade lithium carbonate (>99.5% purity) at site without the need for further refining or processing. The DFS marks an important milestone in the development of Kachi, building on the field, test and engineering work performed over the past two years and represents a credible, de-risked execution plan to support delivery of the Project. The next key milestone for Kachi is the submission of the Environmental Impact Assessment (“EIA”) expected to occur at the end of the first quarter of 2024. 4 Lake Resources NL Directors' report For the half-year ended 31 December 2023 Operations (continued) Corporate and Financial The key near-term objectives of the Company are to successfully complete the strategic partner selection process for Kachi and to submit the EIA, which launches the permitting review process with the Catamarca government. Project Finance (Kachi) As previously announced, Lake received Expressions of Interest from The UK Export Finance (“UKEF”), the Export Credit Agency (“ECA”) of the United Kingdom, (ASX 11 August 2021) and from Canada’s Export Credit Agency (“EDC”), to potentially support approximately 70% of the total finance required for Kachi (ASX 28 September 2021). These Expressions of Interest remain in place and discussions with UKEF and EDC are ongoing. Additionally, Citi and J.P. Morgan, joint coordinators on the proposed debt financing for Kachi, amended and extended its agreement with the Company, reflecting the revised project development timeline (refer to ASX announcement dated 29 January 2024). Subsequent to the end of the period, Lilac, a 20% owner of Kachi, completed a Series C capital raise of US$145 million from existing investors, including Breakthrough Energy, BMW, and Sumitomo. Cash position Lake held cash of A$31,308,144 at 31 December 2023 with no debt. Significant changes in the state of affairs Significant changes in the state of affairs of the Consolidated entity during the financial period were as follows: Lake strengthened its management team during the second half of the year, adding Don Miller to the executive team as the Company’s Chief Financial Officer (refer to ASX announcement dated 8 December 2023). Mr. Miller is a highly accomplished energy financial executive bringing over 35 years of experience. He joined Lake after serving as the President and CEO of Bristow Group Inc. (“Bristow”), a leading global provider of helicopter services to the offshore energy industry. Importantly, he also served as Bristow’s Chief Financial Officer, leading the development of the company’s financial strategy, overseeing all corporate finance functions, and leading international corporate M&A efforts, including strategy, structuring, and negotiations. Earlier in his career, Mr. Miller served in financial roles of increasing responsibility at large, international public companies. 5 Lake Resources NL Directors' report For the half-year ended 31 December 2023 Matters subsequent to the end of the financial half-year 1 The Company previously announced an approximate 40% reduction in expenditures for the quarter ending 31 March 2024 as compared to the quarter ending 31 December 2023 (refer to ASX announcement dated 31 January 2024). Lake is now implementing further cost saving measures through reducing global headcount by approximately 50% across its non-core operational and administrative workforce and additional streamlining of other general and 1 administrative expenditures. As a result of these actions, the Company anticipates a further approximate 30% reduction in expenditures in the quarter ending 30 June 2024 compared to the quarter ending 31 March 2024. The above actions will not impact the planned timing of either the EIA submission, scheduled for 31 March 2024 or the strategic partner selection process. Additionally, Lake will continue its rigorous approach to cost structure optimisation and will explore further ways to reduce expenses. Furthermore, the Company will continue to evaluate the monetization of non-core assets and lithium tenements, which are unrelated to Kachi. 1 * Exclusive of potential foreign exchange impacts. No other matter or circumstance has arisen since 31 December 2023 that has significantly affected, or may significantly affect the Consolidated entity's operations, the results of those operations, or the Consolidated entity's state of affairs in future financial years. Auditor's Independence Declaration A copy of the Auditor's Independence Declaration as required under section 307C of the Corporations Act 2001 is set out on page 7. This report is made in accordance with a resolution of Directors, pursuant to section 298(2)(a) of the Corporations Act 2001. On behalf of the Directors S. Crow Director 06 March 2024 6 Auditor's Independence Declaration for the half-year ended 31 December 2023 Tel: +61 7 3237 5999 Fax: +61 7 3221 9227 www.bdo.com.au Level 10, 12 Creek Street Brisbane QLD 4000 GPO Box 457 Brisbane QLD 4001 Australia DECLARATION OF INDEPENDENCE BY R M SWABY TO THE DIRECTORS OF LAKE RESOURCES NL As lead auditor for the review of Lake Resources NL for the half-year ended 31 December 2023, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and 2. No contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of Lakes Resources NL and the entities it controlled during the period. Richard Swaby Director BDO Audit Pty Ltd Brisbane, 6 March 2024 BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of BDO Australia Ltd ABN 77 050 110 275, an Australian company limited by guarantee. BDO Audit Pty Ltd and BDO Australia Ltd are members of BDO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation. 7 General information The financial statements cover Lake Resources NL as a Consolidated entity consisting of Lake Resources NL and the entities it controlled at the end of, or during, the half-year. The financial statements are presented in Australian Dollars, which is Lake Resources NL's functional and presentation currency. Lake Resources NL is a listed public Company limited by shares, incorporated and domiciled in Australia. Its registered office and principal place of business is: Level 5, 126 Phillip Street Sydney NSW 2000 8 Lake Resources NL Consolidated statement of profit or loss and other comprehensive income For the half-year 31 December 2023 Note Other Income Interest income Rental and sub-lease rental income Gain on Electronic Payment Market (MEP Dollar) 1,099,194 42,852 19,647,681 20,789,727 943,744 25,245,043 26,188,787 (4,926,152) (1,734,221) (9,026,928) (7,256,521) (90,021) (312,665) (3,097,835) (2,189,294) (21,407,599) (29,251,509) (3,744,903) (1,136,814) (4,478,508) (5,328,099) (13,076) (161,109) (10,322,484) (1,109,506) (105,712) (16,009) (29,267,518) 27,516 (78,196) (6,521,574) (35,789,092) (13,386,027) (13,464,223) 16 (28,334,383) (933,135) (29,267,518) (1,786,055) 1,707,859 (78,196) 16 (33,325,183) (2,463,909) (35,789,092) (15,172,082) 1,707,859 (13,464,223) Cents Cents (1.99) (1.99) (0.13) (0.13) 4(g) Expenses Corporate expenses Administrative expenses Employee benefits expense Consultancy and legal costs Finance income/(costs) - net Depreciation and amortisation expense Gain or loss on remeasurement of VAT receivable Share based payments expense Foreign exchange gains or losses Loss before income tax expense 4(b) 4(a) 4(d) 4(c) 4(e) 7(b) 13 4(f) Income tax expenses/benefit Loss after income tax expense for the half-year Other comprehensive income for the half-year, net of tax Foreign currency translation reserve Total comprehensive income for the half-year Profit/(Loss) after income tax expense for the half year attributable to: Owners of Lake Resources NL Non-controlling interests Total comprehensive income for the period is attributable to: Owners of Lake Resources NL Non-controlling interests Basic losses per share Diluted losses per share 31 December 31 December 2023 2022 $ $ 10(v) 12 12 The above consolidated statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes. 9 Lake Resources NL Consolidated statement of financial position As at 31 December 2023 Note ASSETS Current assets Cash and cash equivalents Trade and other receivables Other current assets Total current assets 7(a) Non-current assets Property, plant and equipment Right-of-use assets Other financial assets Exploration and evaluation, development and mine properties Total non-current assets 6 7(b) 5 Total assets LIABILITIES Current liabilities Trade and other payables Lease liabilities Employee benefit obligations Total current liabilities 6 8 Non-current liabilities Lease liabilities Employee benefits Total non-current liabilities 6 31 December 2023 $ 30 June 2023 $ 31,308,144 4,025,878 2,263,007 37,597,029 89,217,466 1,935,223 1,420,335 92,573,024 1,079,706 1,522,976 920,401 120,322,331 123,845,414 1,541,620 80,806 1,046,001 98,175,863 100,844,290 161,442,443 193,417,314 8,081,170 1,052,815 7,527,865 16,661,850 11,247,824 348,354 4,170,663 15,766,841 1,998,744 1,043 1,999,787 1,324,490 1,494 1,325,984 Total liabilities 18,661,637 17,092,825 Net assets 142,780,806 176,324,489 9 10 229,049,499 4,422,673 (93,302,462) 140,169,710 229,703,796 6,513,767 (64,968,079) 171,249,484 16 2,611,096 142,780,806 5,075,005 176,324,489 EQUITY Issued capital Reserves Accumulated losses Total equity attributable to owners of the parent Non-controlling interests Total equity The above consolidated statement of financial position should be read in conjunction with the accompanying notes. 10 Lake Resources NL Consolidated statement of changes in equity For the half-year 31 December 2023 Attributable to owners of Lake Resources NL Consolidated entity Balance at 1 July 2022 Profit for the half-year Other comprehensive income Total comprehensive income for the half-year Blank Transactions with owners in their capacity as owners: Contributions of equity, net of transaction costs Share issue costs Issue of unlisted options to brokers Issue of unlisted options to brokers and KMPs and other employees Transfer from option reserve to accumulated losses on broker options expiry/exercise Transactions with non-controlling interests Vesting of performance rights to Directors Balance at 31 December 2022 Note Issued capital $ Reserves $ Total equity attributable to Accumulated owners of the Losses parent $ $ 231,179,318 - 9,508,419 - (21,855,277) (1,786,055) 218,832,460 (1,786,055) 1,707,859 218,832,460 (78,196) - (13,386,027) - (13,386,027) - (13,386,027) - (13,386,027) (1,786,055) (15,172,082) 1,707,859 (13,464,223) 1,366,170 (2,093,700) - - 1,366,170 (2,093,700) - 1,366,170 (2,093,700) - 1,744,848 - 1,744,848 - 1,744,848 - 10,394,306 - 10,394,306 - 10,394,306 - (1,366,171) 1,366,171 - - - - (204,132) - (204,132) 204,132 - - (71,823) - (71,823) - (71,823) 230,451,788 6,619,420 (22,275,161) 214,796,047 1,911,991 216,708,038 Noncontrolling interests $ Total equity $ The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 11 Lake Resources NL Consolidated statement of changes in equity For the half-year 31 December 2023 Attributable to owners of Lake Resources NL Note Balance at 1 July 2023 Loss for the half-year Other comprehensive income Total comprehensive income for the half-year Issued capital $ Reserves $ Total equity attributable to Accumulated owners of the losses parent $ $ 229,703,796 - 6,513,767 - (64,968,079) (28,334,383) 171,249,484 (28,334,383) 5,075,005 (933,135) 176,324,489 (29,267,518) - (4,990,800) - (4,990,800) (1,530,774) (6,521,574) - (4,990,800) (28,334,383) (33,325,183) (2,463,909) (35,789,092) 119,524 - 119,524 - 119,524 1,064,365 1,104,235 - 1,064,365 1,104,235 - 1,064,365 1,104,235 611,582 - - 611,582 (654,297) - 611,582 (654,297) 4,422,673 (93,302,462) 140,169,710 2,611,096 142,780,806 Blank Transactions with owners in their capacity as owners: Issue of performance stock units to employees Issue of restricted stock units to employees Share-based payments 13(a) Issue of unlisted options to brokers 13(a)(iv) (654,297) Share issue costs Balance at 31 December 229,049,499 2023 Noncontrolling interests $ Total equity $ The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes. 12 Lake Resources NL Consolidated statement of cash flows For the half-year 31 December 2023 Note Cash flows from operating activities Payments to suppliers and employees (inclusive of GST) Interest received Interest paid Income taxes paid Rental income Net cash outflow from operating activities Cash flows from investing activities Payments for property, plant and equipment Payments for exploration and evaluation Repayment of loans by related parties Net or gross receipt from Electronic Payment Market (MEP) transactions Net cash outflow from investing activities Cash flows from financing activities Proceeds from issues of shares and other equity securities Share issue cost Principal payments of lease liabilities Net cash (outflow)/inflow from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at end of the half-year 5 7 4 9 9(a)(i) 31 December 31 December 2023 2022 $ $ (32,312,145) 1,099,195 (90,021) (16,010) 42,852 (31,276,129) (23,050,918) 943,744 (13,075) 22,980 (22,097,269) (662,894) (31,924,595) 19,647,681 (12,939,808) (848,156) (36,994,315) 450,000 25,245,043 (12,147,428) (42,716) (576,055) (618,771) 1,366,170 (348,852) (53,294) 964,024 (44,834,708) 89,217,466 (13,074,614) 31,308,144 (33,280,673) 175,444,065 (9,076,650) 133,086,742 The above consolidated statement of cash flows should be read in conjunction with the accompanying notes. 13 Lake Resources NL Notes to the financial statements for the half-year ended 31 December 2023 Note 1. Significant accounting policies a. Basis of preparation This consolidated general purpose interim financial report for the interim half-year reporting period ended 31 December 2023 have been prepared in accordance with Australian Accounting Standard AASB 134 'Interim Financial Reporting' and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 'Interim Financial Reporting'. These general purpose interim financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2023 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated. b. New and amended standards adopted by the Consolidated entity The Consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. There is no significant impact to the interim financial statements on adoption of these new or amended Accounting Standards and interpretations. Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted. c. Going concern The financial report has been prepared on a going concern basis, which assumes continuity of normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. The Consolidated entity has incurred net loss after tax of $29,267,518 and net cash outflows from operating and investing activities of $44,215,937 for the half-year ended 31 December 2023. At 31 December 2023, the Company had net current assets of $20,935,177. Based upon the Consolidated entity’s existing cash resources, the Directors consider there are reasonable grounds to believe that the Consolidated entity will be able to continue as a going concern after consideration of the following factors: • The Consolidated entity has cash reserves of $31,308,144 at 31 December 2023; • The Consolidated entity has no loans or borrowings; and • The Consolidated entity has the ability to adjust its expenditure outlays subject to its exploration and administrative activities and the Consolidated entity’s funding position. • Lake is now implementing further cost saving measures through reducing global headcount by approximately 50% across its non-core operational and administrative workforce and additional streamlining of other general and administrative expenditures. As a result of these actions, the Company anticipates a further approximate 30% reduction in expenditures in the quarter ending 30 June 2024. 14 Lake Resources NL Notes to the financial statements for the half-year ended 31 December 2023 Note 1. Significant accounting policies (continued) c. Going concern (continued) The Directors believe that the above indicators demonstrate that the Consolidated entity will be able to pay its debts as and when they fall due and continue as a going concern. Therefore, the Directors believe it is appropriate to adopt the going concern basis for the preparation of the Consolidated entity’s December 2023 half year report. The ability of the Consolidated entity to continue as a going concern is principally dependent upon the ability of the Consolidated entity to secure funds by raising additional capital and managing cashflow in line with available funds. These conditions indicate a material uncertainty that may cast significant doubt about the ability of the Consolidated entity to continue as a going concern. In the event the above matters are not achieved, the Consolidated entity will be required to raise funds for working capital from debt or other equity sources. The Directors expect that the current funds would be sufficient to meet operational expenditure requirement, including minimum exploration commitments across its tenements portfolio. As announced on 29 November 2023, Lake has engaged a financial adviser to explore a strategic partnership for the Kachi project. Lake and Lilac Solutions are considering a range of funding alternatives including, but not limited to, the introduction of a strategic partner, project finance, pre-payments from potential customers and royalties. Discussions remain ongoing and will provide additional capital to fund activities prior to Final Investment Decision and ultimately project development. In addition, Lake is also 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. The Consolidated entity has previously raised funds through share placements and capital raisings from new and existing shareholders. Lake also has an At-the-market subscription Agreement ("ATM") (also referred to as Controlled Placement Agreement) with Acuity Capital. This agreement was extended from 31 January 2023 to 31 January 2026, and provides another additional source of raising cash and can be utilized by the Group at any point. Should the consolidated entity be unable to continue as a going concern, it may be required to realise its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial report. This financial report does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the consolidated entity be unable to continue as a going concern. d. Parent entity information In accordance with the Corporations Act 2001, these financial statements present the results of the Consolidated entity only. Note 2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts in the financial statements. Management continually evaluates its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and expenses. Management bases its judgements, estimates and assumptions on historical experience and on other various factors, including expectations of future events, management believes to be reasonable under the circumstances. The resulting accounting judgements and estimates will seldom equal the related actual results. The judgements estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities (refer to the respective notes) within the next financial year are discussed below. 15 Lake Resources NL Notes to the financial statements for the half-year ended 31 December 2023 Note 2. Critical accounting judgements, estimates and assumptions (continued) Exploration and evaluation costs Exploration and evaluatio