Brief: Lake Resources Informs Dispute With Lilac Regarding Milestone Dates For Kachi Pilot Plant

Lake Resources NL

14/09/2022 24:33

Sept 14 (Reuters) - Lake Resources NL  LKE.AX :
    * LAKE RESOURCES UPDATE ON KACHI PILOT PLANT
    * DISPUTE HAS ARISEN BETWEEN LAKE AND LILAC AS TO DATE BY
WHICH
CERTAIN MILESTONES NEED TO BE ACHIEVED
    * TO RESOLVE DISPUTE, LAKE HAS EXERCISED RIGHTS TO HAVE
DISPUTE
RESOLVED EITHER BY AGREEMENT OF BOTH LAKE AND LILAC OR BY
ARBITRATION
    * LILAC WILL EARN IN TO KACHI PROJECT, UP TO A 25% STAKE,
BASED ON
ACHIEVEMENT OF CERTAIN MILESTONES
    * IF MILESTONES NOT ACHIEVED BY REQUIRED DATE, LAKE HAS
CERTAIN
BUY BACK RIGHTS UNDER AGREEMENT WHICH IT MAY EXERCISE AT ITS
OPTION
    * LAKE CONSIDERING MILESTONES MUST BE ACHIEVED BY 30 SEPT
AND
LILAC CONSIDERING IT HAS UNTIL 30 NOV TO DO SO

Source text for Eikon:  ID:nASX38CxM4 
Further company coverage:  LKE.AX 

 ((Reuters.Briefs@thomsonreuters.com;))