Investor Presentaiton

40 Key Risks Specific Risks Future Capital Raisings and Financial Risk Exploration Risk Feasibility and Development Risk Regulatory Risk LAKE RESOURCES Our ongoing activities may require substantial further financing, additional to any prior or future capital raisings. We will also require additional funding to bring the Kachi Project into commercial production. Any additional equity financing, including any utilization of the Company's Controlled Placement Agreement (also referred to as an At- The-Market (ATM) facility) with Acuity Capital Pty Ltd, which the Company may seek to utilise at any time pursuant to the terms and conditions of the ATM previously disclosed to the market, may be dilutive to shareholders and may be undertaken at prices lower than the current market price. Debt financing, if available, may involve restrictive covenants which could limit our operations and business strategy. Although we believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to us, you or at all. If we are unable to obtain additional financing as needed, we may be required to explore all options available to the company, including to reduce, delay or suspend our operations, in each case which could have a material adverse effect on our activities and which could affect our ability to continue as a going concern. Additionally, if the level of operating expenditure required is higher than expected, our financial position may be adversely affected. We may also experience unexpected shortages or increases in the costs of consumables, spare parts, plant and equipment. Our success depends on the delineation of economically mineable reserves and resources, access to required development capital, movement in the price of commodities, securing and maintaining title to our tenements and maintaining all consents and approvals necessary for the conduct of our exploration activities. Exploration on our existing tenements may be unsuccessful, resulting in a reduction in the value of those tenements, diminution in our cash reserves and possible relinquishment of the tenements. Our exploration costs are based on certain assumptions with respect to the method and timing of exploration. By their nature, these estimates and assumptions are subject to significant uncertainties and, accordingly, the actual costs may materially differ from these estimates and assumptions. Accordingly, no assurance can be given that the cost estimates and the underlying assumptions will be realised in practice, which may materially and adversely affect our viability. We may not always be able to exploit successful discoveries which may be made in areas in which we have an interest. Such exploitation would involve obtaining the necessary licences or clearances from relevant authorities that may require conditions to be satisfied and/or the exercise of discretion by such authorities. It may or may not be possible for such conditions to be satisfied. Further, the decision to proceed with further exploitation may require participation of other companies whose interests and objectives may not be the same as ours. A complex, multidisciplinary process was undertaken to complete the Phase 1 definitive feasibility study for the Kachi (see ASX announcement 19 December 2022). There is a risk that the feasibility study and associated technical works will not achieve the results expected. Additionally, there is a risk the project may not be successfully developed for commercial or financial reasons. Our operations are subject to various laws and plans in the jurisdictions in which we work, including those relating to mining, prospecting, development permit and licence requirements, industrial relations, environment, land use, royalties, water, native title and cultural heritage, mine safety and occupational health. Approvals, licences and permits required to comply with such rules are subject to the discretion of the applicable government officials. No assurance can be given that we will be successful in obtaining such authorisations or maintaining such authorisations in full force and effect without modification or revocation. To the extent such approvals are required and not obtained or maintained in a timely manner or at all, our operations may be curtailed or prohibited from continuing or proceeding with production and exploration. Our business and results of operations could be adversely affected if applications lodged for exploration licences are not granted. Maintenance of our mining and exploration tenements are subject to compliance with certain ongoing and periodic conditions. Our inability to meet those conditions may adversely affect our operations, financial position and/or performance.

View entire presentation