# LKE: Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142850 Publisher: asx Original announcement: 2026-09-23T05:54:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-23T06:10:34.206Z Atlas analysis updated: 2026-09-23T06:10:34.206Z - Company: Lake Resources NL - Ticker: LKE - Exchange: ASX - Region: Argentina - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Resource update, Permitting, Metallurgy - Extracted: 2026-09-23 06:10:34 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Lake Resources NL has reported significant advancements for its Kachi Lithium Project in Argentina, including an updated JORC-compliant Mineral Resource Estimate showing 11.1 Mt LCE and an Ore Reserve of 626.7 kt LCE over a 25-year mine life. A DFS Addendum confirmed material reductions in CAPEX and OPEX, enhancing project economics with a post-tax NPV10 of US$1.011 billion. The company also progressed key environmental approvals and secured additional capital to fund ongoing development. Reasoning: The annual report highlights substantial progress across all key development areas for the Kachi Project, including significant resource and reserve upgrades, improved project economics through a DFS Addendum, advancements in DLE technology, and critical environmental permitting milestones. These factors collectively de-risk the project and enhance its value proposition, supported by recent capital raises. - Positive factor: Significant increase in Measured and Indicated Resources and total resource - Positive factor: Updated Ore Reserve supports 25-year mine life with high lithium grades - Positive factor: DFS Addendum shows material CAPEX and OPEX reductions, improving project economics - Positive factor: Advanced DLE technology \(Gen 5 Lilac IX\) promises high recovery rates \(>96%\) - Positive factor: Key environmental approvals \(Ramsar Management Plan, public consultation for DIA\) progressing well - Positive factor: Successful capital raises provide financial flexibility Facts used in scoring: 17 ## Classification and evidence **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The document reports 4.2 Mt LCE in the Measured category, which is the highest confidence resource classification. Evidence · text > Measured Resources increased by more than 1.1Mt to 4.2 Mt LCE **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The document reports 8.2 Mt LCE in the Measured and Indicated categories, indicating a substantial portion of the resource is in the Indicated category. Evidence · text > 8.2 Mt LCE in the Measured and Indicated categories **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The document reports a Probable Ore Reserve of 452,540 tonnes LCE for years 8-25 of the mine life. Evidence · text > 452,540 tonnes LCE as Probable for years 8–25 **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: Measured Resources increased by over 25% and total Measured and Indicated Resources rose about 10% from the previous MRE, indicating an upgrade in resource confidence. Evidence · text > Measured Resources increased by more than 1.1Mt to 4.2 Mt LCE, a gain of over 25%, while total Measured and Indicated Resources rose about 10% from the previous published MRE. **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: The total Mineral Resource Estimate increased to 11.1 Mt LCE from 10.6 Mt LCE, and Measured and Indicated Resources increased by approximately 10%. Evidence · text > updated total resource of 11.1 Mt LCE over 275 sq km which was an increase from 10.6 Mt LCE **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: The increase in total resource tonnage from 10.6 Mt LCE to 11.1 Mt LCE, and the increase in Measured and Indicated Resources, implies growth in contained metal. Evidence · text > updated total resource of 11.1 Mt LCE over 275 sq km which was an increase from 10.6 Mt LCE **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr. Michael Gabora, MAIG, is named as the Competent Person who reviewed and approved both the Mineral Resources and Ore Reserve statements. Evidence · text > Mr. Michael Gabora, MAIG, the current Competent Person, who considers the estimate and the underlying assumptions to remain reasonable and appropriate based on the available information. Mr. Gabora has approved the Mineral Resources statement as a whole for inclusion in this Annual Report and consents to its inclusion in the form and context in which it appears. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: Both the Mineral Resource Estimate and Ore Reserve are explicitly stated as JORC-compliant. Evidence · text > updated JORC-compliant Ore Reserve **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated JORC-compliant Mineral Resource Estimate and Ore Reserve for the Kachi Project. Evidence · text > Updated Lithium Ore Reserve supports 25,000 tonnes per annum operation over 25-year life of mine **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Lilac's Gen 5 DLE technology is expected to maintain recovery rates of over 96% for Kachi. Evidence · text > maintaining recovery rates of over 96% for Kachi **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The demonstration plant for the ion exchange technology has proven highly successful, indicating successful pilot-scale testing. Evidence · text > The demonstration plant has proven highly successful **Recovery Improving** Polarity: positive Definition: Recovery improved versus a like-for-like prior test program on the same domain and route. Why it applies: The updated Ore Reserve reflects improved direct lithium extraction \(DLE\) recovery rates associated with Lilac Solutions’ improved technology. Evidence · text > improved direct lithium extraction \(“DLE”\) recovery rates associated with Lilac Solutions’ improved technology **Environmental Approval** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: The Government of Catamarca completed the Management Plan for the Ramsar North Subsite, and the public consultation phase for the EIA was completed, with issuance of the DIA pending. Evidence · text > Government of Catamarca completing the Management Plan and Strategic Environmental Assessment \(“Management Plan”\) for the Ramsar North Subsite **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) ## Extracted facts Stored fact records: 17. Some facts used in scoring do not have a stored record. ## Resource Estimates (16) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-0) Kachi Project · lithium #### Identity - Project: Kachi Project - Commodity: lithium - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Michael Gabora - Resource group id: resource:1ef74c25274815ecf73d #### Resource Data - Category: measured - Tonnes: 788000 - Contained Metal: 4191000 - Contained Unit: tonnes lce - Cutoff Grade: 100 - Cutoff Unit: mg/L #### Prior Estimate - Resource Date: 2025-05-01 - Prior Contained Metal: 3000000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Measured Resource for lithium increased by over 25% to 4.2 Mt LCE, indicating a substantial upgrade in geological confidence and scale for the highest confidence category, which is a strong positive for project de-risking. - Positive factor: Significant increase in Measured Resource \(over 25%\) - Positive factor: High confidence category \(Measured\) - Positive factor: JORC compliant and QP signed Evidence · table > 4,191,000 Context: 788,000 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 4191000 against 3000000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-1) Kachi Project · lithium #### Identity - Project: Kachi Project - Commodity: lithium - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Michael Gabora - Resource group id: resource:eba12a84c775c5601964 #### Resource Data - Category: indicated - Tonnes: 751000 - Contained Metal: 3998000 - Contained Unit: tonnes lce - Cutoff Grade: 100 - Cutoff Unit: mg/L #### Prior Estimate - Resource Date: 2025-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Indicated Resource provides a strong foundation for future economic studies, demonstrating good geological confidence and contributing to the overall resource growth. - Positive factor: High confidence category \(Indicated\) - Positive factor: JORC compliant and QP signed Evidence · table > 3,998,000 Context: 751,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-2) Kachi Project · lithium #### Identity - Project: Kachi Project - Commodity: lithium - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Michael Gabora - Resource group id: resource:3c2caa2990e02425f53e #### Resource Data - Category: indicated - Tonnes: 1539000 - Contained Metal: 8189000 - Contained Unit: tonnes lce - Cutoff Grade: 100 - Cutoff Unit: mg/L #### Prior Estimate - Resource Date: 2025-05-01 - Prior Contained Metal: 7440000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The combined Measured and Indicated Resources increased by approximately 10%, indicating a substantial upgrade in the confidence and scale of the economically relevant portion of the resource. - Positive factor: Significant increase in M&I Resources \(about 10%\) - Positive factor: High confidence categories \(Measured and Indicated\) - Positive factor: JORC compliant and QP signed Evidence · table > 8,189,000 Context: 1,539,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Contained Metal Growth** Polarity: positive Definition: True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes. Why it applies: 8189000 against 7440000 previously **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-3) Kachi Project · lithium #### Identity - Project: Kachi Project - Commodity: lithium - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Michael Gabora - Resource group id: resource:1588131f7e0b5e3ad881 #### Resource Data - Category: inferred - Tonnes: 542000 - Contained Metal: 2885000 - Contained Unit: tonnes lce - Cutoff Grade: 100 - Cutoff Unit: mg/L #### Prior Estimate - Resource Date: 2025-05-01 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Inferred Resource adds to the overall scale of the project, providing future exploration upside, though it carries lower geological confidence than Measured and Indicated categories. - Positive factor: Contributes to overall resource scale - Positive factor: JORC compliant and QP signed Evidence · table > 2,885,000 Context: 542,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-4) Kachi Project · lithium #### Identity - Project: Kachi Project - Commodity: lithium - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Michael Gabora - Resource group id: resource:8a7f94c7bd1ce703901d #### Resource Data - Category: inferred - Tonnes: 2082000 - Contained Metal: 11074000 - Contained Unit: tonnes lce - Cutoff Grade: 100 - Cutoff Unit: mg/L #### Prior Estimate - Resource Date: 2025-05-01 - Prior Contained Metal: 10600000 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The updated total resource of 11.1 Mt LCE represents a significant increase and positions the Kachi Project as one of the largest lithium assets in the Lithium Triangle, underpinning its long-term potential. - Positive factor: Significant total resource increase \(from 10.6 Mt LCE to 11.1 Mt LCE\) - Positive factor: Positions Kachi as one of the largest lithium assets in the Lithium Triangle - Positive factor: JORC compliant and QP signed Evidence · table > 11,074,000 Context: 2,082,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-5) Kachi Project · lithium #### Identity - Project: Kachi Project - Commodity: lithium - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Michael Gabora - Resource group id: resource:08080c27f5dc4e965ace #### Resource Data - Category: proven - Tonnes: 32740 - Grade: 270 - Grade Unit: mg/L - Contained Metal: 174160 - Contained Unit: tonnes lce #### Prior Estimate - Resource Date: 2025-06-03 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Proved Ore Reserve, covering the first seven years of operation, demonstrates high confidence in the economic viability of a significant portion of the project, supported by a high average lithium grade. - Positive factor: High confidence category \(Proved\) - Positive factor: Supports 25-year life of mine - Positive factor: JORC compliant and QP signed - Positive factor: High average lithium grade \(270 mg/L\) Evidence · table > 23,310 Context: 4,380 #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "proven" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-6) Kachi Project · lithium #### Identity - Project: Kachi Project - Commodity: lithium - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Michael Gabora - Resource group id: resource:3bd5b1c52d00f4071553 #### Resource Data - Category: probable - Tonnes: 85060 - Grade: 267 - Grade Unit: mg/L - Contained Metal: 452540 - Contained Unit: tonnes lce #### Prior Estimate - Resource Date: 2025-06-03 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The Probable Ore Reserve extends the project's economic viability over a substantial period, providing a robust long-term production profile with a high average lithium grade. - Positive factor: Supports long-term mine life \(years 8-25\) - Positive factor: JORC compliant and QP signed - Positive factor: High average lithium grade \(267 mg/L\) Evidence · table > 452,540 Context: 85,060 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-7) Kachi Project · lithium #### Identity - Project: Kachi Project - Commodity: lithium - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Estimate type: reserve - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr. Michael Gabora - Resource group id: resource:66fb65fea3f5a34b2896 #### Resource Data - Category: probable - Tonnes: 117800 - Grade: 268 - Grade Unit: mg/L - Contained Metal: 626700 - Contained Unit: tonnes lce #### Prior Estimate - Resource Date: 2025-06-03 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The updated Ore Reserve of 626.7 kt LCE over a 25-year life of mine, with a high average lithium grade, provides a strong foundation for the project's long-term commercial production. - Positive factor: Total Ore Reserve supports 25-year operation - Positive factor: High average lithium grade \(268 mg/L\) - Positive factor: JORC compliant and QP signed Evidence · table > 626,700 Context: 117,800 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-9) Kachi Project #### Identity - Project: Kachi Project - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Reporting standards: jorc - Resource group id: resource:577c9402c65e713d1854 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The completion of the Management Plan and Strategic Environmental Assessment by the Government of Catamarca strengthens the regulatory framework for the Kachi Project and underscores its commitment to low-impact, responsible lithium development. - Positive factor: Completion of Management Plan strengthens regulatory framework - Positive factor: Demonstrates commitment to environmental stewardship - Positive factor: Ramsar endorsement highlights low-impact development Evidence · text > Government of Catamarca completing the Management Plan and Strategic Environmental Assessment \(“Management Plan”\) for the Ramsar North Subsite, in which Kachi is located. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 10 [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-10) Kachi Project #### Identity - Project: Kachi Project - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Resource scope - Reporting standards: jorc - Resource group id: resource:577c9402c65e713d1854 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The completion of the public consultation phase and awaiting the issuance of the Environmental Impact Declaration \(DIA\) marks the final major regulatory milestone for the Kachi Project, significantly de-risking its development pathway. - Positive factor: Completion of public consultation phase - Positive factor: Final administrative process before DIA issuance - Positive factor: Represents final major regulatory milestone for the project Evidence · text > Having completed the public consultation phase in August 2026, we are now awaiting issuance of the DIA by the Catamarca authorities, which will be the final major regulatory milestone for the Kachi Project. #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 11 [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-11) #### Identity - Ticker: LKE #### Resource scope - Reporting standards: jorc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The capital raise through the ATM subscription provides additional funding to support ongoing operations and project development, contributing to the company's financial flexibility. - Positive factor: Provides additional liquidity and financial flexibility Evidence · text > received $2,100,000 in proceeds through the use of its ATM #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 12 [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-12) #### Identity - Ticker: LKE #### Resource scope - Reporting standards: jorc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The capital raise through the ATM subscription provides additional funding to support ongoing operations and project development, contributing to the company's financial flexibility. - Positive factor: Provides additional liquidity and financial flexibility Evidence · text > received $1,575,000 in proceeds through the use of its ATM #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 13 [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-13) #### Identity - Ticker: LKE #### Resource scope - Reporting standards: jorc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The first tranche of the placement provided substantial capital to advance the Kachi Project, demonstrating investor support and improving the company's financial position. - Positive factor: Significant capital injection to fund project advancement Evidence · text > proceeds of $9,546,302 that were received on 25 August 2025 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 14 [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-14) #### Identity - Ticker: LKE #### Resource scope - Reporting standards: jorc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The second tranche of the placement further bolstered the company's financial resources, contributing to the overall funding required for the Kachi Project's development. - Positive factor: Additional capital injection to fund project advancement Evidence · text > proceeds of $2,453,578 that were received on 13 October 2025 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 15 [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-15) #### Identity - Ticker: LKE #### Resource scope - Reporting standards: jorc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This post-balance date capital raise through the ATM subscription continues to provide financial flexibility and liquidity for the company's ongoing operations and development plans. - Positive factor: Provides additional liquidity and financial flexibility post-balance date Evidence · text > On 27 July 2026, the Company announced that it has utilised its ATM subscription to raise $3,800,000 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 16 [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-resource-facts-16) #### Identity - Ticker: LKE #### Resource scope - Reporting standards: jorc #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: This post-balance date capital raise through the ATM subscription further enhances the company's financial position, supporting continued project advancement. - Positive factor: Provides additional liquidity and financial flexibility post-balance date Evidence · text > On 12 August 2026, the Company announced that it utilised its ATM subscription to raise $1,100,000 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/lke-annual-report-to-shareholders--c0f03c70-4726-4bb9-bc89-c0061a4f4e7c#fact-metallurgical-facts-8) Kachi Project · lithium #### Identity - Project: Kachi Project - Commodity: lithium - Region: argentina - Reported Region: Catamarca Province, Argentina - Ticker: LKE #### Test Work - Test Type: pilot plant - Processing Route: ion exchange extraction technology #### Recovery - Recovery: 96 % - Head Grade: 268 - Head Grade Unit: mg/L #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-23T00:00:00.000Z Reasoning: The expected recovery rate of over 96% using Lilac's fifth-generation DLE technology, proven at demonstration plant scale, indicates highly efficient and cost-effective lithium extraction, significantly enhancing project economics and sustainability. - Positive factor: High recovery rate \(>96%\) - Positive factor: Utilizes advanced Gen 5 Lilac IX DLE technology - Positive factor: Proven at demonstration plant scale - Positive factor: Expected to deliver performance and cost improvements Evidence · text > Lilac Solutions announced in October 2025 the release of its fifth-generation ion exchange technology \(“Gen 5 Lilac IX”\), which is expected to deliver performance and cost improvements while maintaining recovery rates of over 96% for Kachi. #### Tags used in scoring **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 96% is at or above the exceptional band \(80%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.