Battery day, page-21

NeoLithium
• The economic analysis of the PFS is based on average lithium carbonate pricing over the life of mine is ~US$11,882/t
*Battery grade lithium carbonate with 99.599% purity achieved.
*evaporation pond model (non-ESG)

LakeResources
*US$11,000/t
*99.961% purity
*DLE - direct extraction model (ESG)

Neo Lithium are developing evaporation pond operations, aim to produce 99.5% lithium carbonate, and are located at higher altitude than the Kachi project. High altitudes cause significant power de-rating in fossil fuel generators.

”According to the feasibility studies of six lithium developers, recovery rates vary from 52% (Neo Lithium) to 90% (Standard Lithium). The expected recovery rate at Kachi is 83%. Lake Resources is expected to recover a third more of their lithium resource than Neo Lithium will theirs.”

*reference: page 10, Orior Cap. Ltd research