Quarterly Activities Report
Sydney, Jan 31, 2024 AEST (ABN Newswire) - Lake Resources NL (ASX:LKE) (LK1:FRA) (LLKKF:OTCMKTS) is a responsible developer of sustainable, high-purity lithium. Lake uses ion exchange extraction technology, from Lilac Solutions Inc in California ("Lilac"), who has earned a 20% interest into the Kachi Project. No mining is involved in the brine processing.
Lake continued to make significant progress at Kachi, culminating in the completion of the DFS. The DFS demonstrates that Kachi is a tier one project, backed by a significant resource and strong economics, positioning it competitively within the growing lithium market.
Lake continues to reduce our quarterly cash spend. With the completion of the DFS, the Company expects expenditures for the quarter ending 31 March 2024 to be approximately 40% lower than the quarter ending 31 December 2023.
With the completion of the DFS, Lake has shifted its focus to the strategic delivery of Kachi:
- As announced on 29 November 2023, Lake has engaged Goldman Sachs as its 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.
- Complementing this process, Lake recently announced the continued support of Citibank and J.P. Morgan, joint coordinators for the proposed debt financing for Kachi. The banks have signed an amendment and extension to the engagement agreement, based on the revised timelines of Kachi.
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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.