Lake Resources NL entered into a Conditional Framework Agreement with SK On Co. Ltd. (SK On) for the offtake of up to 25,000 tonnes per annum (tpa) of lithium from the Kachi Project which includes 10% investment by SK On in Lake via the issue of new ordinary shares. Significant terms of the CFA are as follows: A strategic investment of a 10% stake in Lake (20 trading-day VWAP prior to 12/10/22) Offtake of 50% of Kachi project lithium product up to 25,000dmt (LCE) Initial five-year term plus option for a further five years Offtake priced on an agreed market price formula based upon the average quoted price in the quotation period.

The CFA is subject to a standard set of conditions being achieved by Lake Resources including: DFS; Lilac demonstration plant results; financial due diligence; and product specifications. The CFA becomes unconditional upon the satisfaction of conditions precedent.