Relevant Excerpts from Lake Update Webinars, page-3

The next topic covers commentary on drilling, extraction and reinjection results.
Sourced from Update Webinar #1 on 23/8/23
Commentary made by Sean Miller - SVP, Field Development and Evaluation

Sean M on recent drilling, extraction and reinjection results:
“We'reexcited about the recent drilling results in the North and overall performanceof the improvements in the operations. We're seeing a large vertical andlateral expansion of the lithium bearing brine in the reservoir. Multipleexploration targets for injection of spent brine to the North and South allintercepted lithium bearing brine above 200mg/L - which is fantastic for ourReservoir. As a result of intercepting brine in these locations, additionalexploration drilling and testing for suitable injection locations is currentlyunderway. Operationally, we've seen a 40% improvement in drilling performance thisyear. We have just recently drilled to 600m at K23 in the North previouslywe've only drilled to 400m. Results showed brines at 322m in this well,averaging 232mg/L. We've also just successfully completed stage one of ourextraction and reinjection tests, which is a key milestone to achieve DFS.We've successfully injected 30M litres over 27 days. This test demonstrates theviability of injection in the core resource area and provides confidence thatinjection is possible in more geologically favourable areas outside of the coresalar. We believe it's the first successful reinjection in Catamarca. Gradesfrom these tests were above 260mg/L which is 20% higher than what we saw duringthe exploration phase. That pretty much covers the two main updates that haverecently come out.”

"It's worth mentioning that we are also seeing, in areas outside of the central resource area, coarser grained, more permeable sediments that will provide favourable conditions for reinjection".

Karen G: “Will there be further JORC updates coming out - prior to the DFS?”
Sean M: “Absolutely. So, the full DFS will see an update to our resource and our reserves so they are expected over the next two months.”