Activity Report for the Quarter ended March 2023

Highlights:

• Completion of the MSB ownership consolidation enabled LPI to increase its presence in Chile. A major public relations program is underway in Chile to explain development plans for LPI’s Maricunga lithium brine project.
• The Chilean Government recently announced the long awaited National Lithium Policy for the country, that outlines the plans intended to bring Chile back to the forefront of global lithium production. The Company is pleased to provide comments on the impacts it will have on its Maricunga lithium brine project.
• LPI is currently evaluating a number of financing options for the Maricunga Stage One project, ranging from strategic equity investments from potential offtake partners to debt/equity financing alternatives.
• Work at Maricunga continues to meet high ESG standards, on the back of the fully approved and awarded environmental permit.
• LPI commenced and completed its inaugural drilling program at its East Kirup lithium prospect, located in the Greenbushes region of Western Australia.
• The WA demerger process continues to be advanced and will be continually accessed in relation to capital market conditions.