Investor Presentaiton

Non-GAAP Financial Measures LAKE RESOURCES Definitions Note: These financial definitions are alternative performance measures that are not defined or specified under IFRS or AASC standards and for which there are no generally accepted reporting formats EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization IRR Internal Rate of Return NPV8 = Net Present Value calculated using 8% WACC WACC = Weighted Average Cost of Capital This presentation includes certain non-GAAP financial measures or ratios, including the average annual EBITDA regarding the results of the internal preliminary analysis. These measures have no standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. The Company believes these measures and ratios provide investors with an improved ability to evaluate the Company's prospects, and in particular, the Kachi Project. As the Kachi Project is not in production, the prospective non-GAAP financial measures or ratios presented may not be reconciled to the nearest comparable measure under IFRS and the equivalent historical non- GAAP financial measure for the prospective non-GAAP financial measures or ratios discussed herein is nil. 34

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