Highlights

  • Catamarca Ministry issued the Environmental Impact Declaration for Kachi, described as the project's most important milestone.
  • Kachi has moved into front-end engineering design to optimise the execution schedule and finalise capital costs.
  • Lake held A$10.1 million cash at 30 September 2026, with a funding runway estimated at 6.74 quarters.
  • RIGI large-investment incentive application is described as well advanced, with submission expected soon.

Argentina's Catamarca Ministry of Mining handed Lake Resources NL (ASX:LKE) what managing director David Dickson called "the most important milestone" for its Kachi lithium brine project — an Environmental Impact Declaration — during the September quarter, clearing the way for front-end engineering design to begin.

From Permit to FEED

With the DIA in hand, Lake said Kachi has advanced into FEED. The stage is intended to optimise the execution schedule and determine final capital costs, and the company is still evaluating potential contractors for the work. Lake characterises Kachi as one of the very few fully permitted, large-scale, independent greenfield lithium brine projects globally at this stage — and as the first commercial-scale direct lithium extraction project in South America permitted for brine reinjection.

Power and Commercial Progress

Power supply remains unresolved. Lake is monitoring a northern power-line option involving YPF Luz, which featured in its August 2025 definitive feasibility study addendum, while also exploring a southern corridor along Alumbrera and evaluating standalone and hybrid solar and battery storage alternatives. On commercial arrangements, offtake and strategic partner talks continue with parties in India, Korea, Japan, Europe and the United States, and new counterparties have been added to the project's virtual data room. No binding offtake was reported for the quarter.

Technology partner Lilac Solutions, described in the report as a 20% owner of Kachi, is building its first commercial DLE facility at the Great Salt Lake in Utah with a US$100 million Department of Energy grant. That project's capacity targets relate to Lilac's US operation and do not indicate Kachi's output.

Cash and ATM Facility

Lake reported cash of A$10.1 million at 30 September 2026, up from A$6.7 million three months earlier. Net operating cash outflow for the quarter was A$3.2 million, and total outgoings including exploration were about A$4.3 million. The increase in cash came mainly from A$7.9 million raised under the at-the-market facility with Acuity Capital, which has been extended to January 2031. Lake said it has raised A$60.1 million under the ATM to date, with about A$18.9 million remaining at the 30 September share price, giving total available funding of roughly A$29.0 million and an estimated runway of 6.74 quarters. The facility depends on market conditions, the share price and remaining placement capacity under ASX Listing Rules.

What Remains Uncertain

Kachi's power solution is not finalised, capital costs await the outcome of FEED, and the RIGI application had not been formally lodged as at the report date. The quarterly did not update mineral resource or ore reserve estimates. The next scheduled events are the annual general meeting on 19 November 2026 and the selection of a FEED contractor.