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Kachi PFS and Exploration enters new stage

Lake Resources NL (ASX:LKE) (FRA:LK1) welcomed today the support of investors to advance its key projects with commitments to raise A$2 million, before costs, in a private placement to sophisticated and professional investors. Lake's projects are in the heart of the Lithium Triangle, home to the world's lowest cost lithium production.

- Lake welcomes investor support with commitments for a private placement of A$2 million to sophisticated and professional investors.

- Funds to advance PFS and pilot plant at Kachi Lithium Brine project and exploration at Cauchari and Olaroz projects.

Under the placement, the Company will issue approximately 45,000,000 new fully paid ordinary LKE shares (Offer Shares) at $0.045 cents per share (Placement) to sophisticated and professional investors using its existing placement capacity under ASX Listing Rules 7.1 and 7.1A.

Funds raised through the Placement will be used by Lake to complete the Pre-Feasibility Study (PFS) and advance the construction of a pilot plant using the Lilac direct extraction process at the Kachi Project, together with exploration at Olaroz and Cauchari Lithium Brine Projects, and additional working capital. Funds will also be used towards closing the remaining convertible Notes with a temporary halt on conversions while being negotiated.

Lake's Managing Director Steve Promnitz commented: "Lake welcomes the support of investors at this critical time in the advancement of the Company's key projects, with the Kachi PFS set for completion in the next few months followed by the launch of the planned pilot plant. This will demonstrate the compelling nature of a flexible process that produces high quality lithium products at the low end of the cost curve, with potentially industry-leading recovery rates."

"Low costs and consistent quality product have been a focus by downstream players in the lithium market. The new discovery at Cauchari has demonstrated the successful approach to exploration which augers well for Olaroz. Our discussions continue with potential development partners. These are exciting times for Lake and we are focused on seizing the opportunity for the benefit of all shareholders."

Lake Resources Trading Halt has now been lifted.


About Lake Resources NL

Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.

This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.

   

Contact

Steve Promnitz
Managing Director
Lake Resources N.L.
T: +61-2-9188-7864
E: steve@lakeresources.com.au



Link: Lake raises $2m in Placement


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