Lake Resources appoints new CFO to advance Kachi financing and development

Lake Resources NL (ASX:LKE, OTCQB:LLKKF) has appointed Peter Neilsen as chief financial officer (CFO) as the company ramps up international project funding and development activities for the ‘clean’ Kachi Lithium Project in Argentina. According to the company, a key focus of the new CFO will be to guide a panel of international project financiers to successfully secure funding for Lake’s lithium production. His other major responsibilities will be to develop and assist Lake’s team in Argentina to organise development activities and lithium production. He will also serve as joint company secretary. The company is progressively expanding its team to support bringing the Kachi ‘clean lithium’ development into production “Critical to support Lake’s growth” Welcoming the appointment, Lake’s managing director Steve Promnitz said: “Peter has experience with both large and small organisations in the energy and natural resources sector, which will be critical to support Lake’s major growth through development into production. “Developing the finance support team in Argentina and Australia and securing project finance will be critical to the company’s success and delivering increased value for shareholders.” Positive funding environment This appointment follows Lake’s moves to progress project finance for Kachi, with preliminary interest received from more than half a dozen major international banks to participate in export credit agency-led project debt finance. The positive funding environment follows the acceleration of the world’s decarbonisation drive towards net-zero emissions, with lithium a key ingredient in the EV and battery storage revolution. Expertise and experience Neilsen is a chartered accountant with more than 20 years of experience in all facets of financial management, asset management and leadership. He has served in a range of senior positions including as CFO, company secretary, finance manager and other senior executive positions for a number of listed and unlisted companies in the energy and natural resources sector. Neilsen has also been involved in reducing operation expenses up to $100 million through cost analysis, performance improvements and contract negotiations, acquisitions of up to $80 million and managed revenues over $5 billion. Resignation of Garry Gill Peter Neilsen will replace Garry Gill, who will step down from the CFO role. Following his resignation, Gill will continue to assist with the handover to Neilsen on a transitional basis. The board thanks Gill for his services over the last 18 months during a transformational period for the company.