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LAKE RESOURCES CLEANER LITHIUM FOR AN ELECTRIC WORLD Quarterly Report For the quarter ended 30 September 2021 ASX : LKE | FRA : LK1 | OTC : LLKKF lakeresources.com.au Highlights EV • • • • • Long duration , low - cost project debt finance for the Kachi Lithium Project is indicatively available from the United Kingdom's Export Credit Agency UKEF and Canada's EDC . UKEF provided a strong Expression of Interest to support approx . 70 % of the total finance required for Kachi's development , subject to standard project finance terms . Canada's Export Credit Agency , EDC , provided a Letter of Interest to potentially work alongside UKEF to provide direct lending to the project up to US $ 100 million Definitive Feasibility Study ( DFS ) and Environmental and Social Impact Assessment ( ESIA ) continue for Kachi with completion anticipated in Q2 2022 , together with an expansion case to double production to 51,000 tpa LCE . Discussions continue with potential off - takers and electric vehicle makers with few projects globally with uncommitted lithium offtake . • • • Lake formally partnered with Lilac for the technology and funding to develop the Kachi Project . Lilac will contribute technology , engineering teams , and an on- site demonstration plant , earning in to a maximum 25 % stake in Kachi based on performance - based milestones . Lilac , after earning its interest , will be expected to fund approximately US $ 50 million , equivalent to its pro rata share of future development costs . Lake announced a pro - rata issue of 1 Bonus Option for every 10 Shares held on 24 August 2021 and 1 Additional Option for every Bonus Option exercised prior to 15 October 2021. Take up was ~ 75 % . Lithium prices continue to increase due to a growing lithium supply shortfall from early 2022 . Lake is well - funded through to final investment decision ( FID ) on construction finance , anticipated in mid - 2022 . Cash of A $ 46.5 million ( US $ 35m ) as at end September and approximately A $ 63 million ( US $ 47.4 m ) at end October . LAKE RESOURCES NL Level 5 , 126 Phillip Street Sydney NSW 2000 +61 2 9188 7864 LAKERESOURCES.COM.AU ASX : LKE FRA : LK1 OTC : LLKKF CLEANER LITHIUM FOR ELECTRIC WORLD