Management emphasized cost reductions as a key development. Pigott said fourth-quarter operating cash costs were around $5,600 per ton, down about 30% from more than $8,000 per ton in the first quarter of 2024. He said the improvement was broad-based and included reagents, maintenance, camp services, and overhead, adding that the change was not solely driven by higher volumes but also by structural reductions in variable costs.He said those efforts helped the operation sustain higher production levels for l ...

Lithium Argentina (NYSE:LAAC) Q4 2025 Earnings call March 23, 2026 10:00 AM ET Company ParticipantsAnthony Taglieri - Equity Research AssociateCorinne Blanchard - Director of Equity ResearchKelly O'Brien - VP of Investor Relations and ESGSam Pigott - President and CEOConference Call ParticipantsBen Isaacson - Managing Director and Equity Research AnalystJoel Jackson - Managing Director and Equity Research AnalystMohamed Sidibé - Equity Research AnalystOperatorHello everyone, and welcome to Lithium Argentina ...

Lithium Argentina (NYSE:LAAC) Q4 2025 Earnings call March 23, 2026 10:00 AM ET Speaker6Hello everyone, and welcome to Lithium Argentina fourth quarter and full year 2025 earnings conference call. Please note that this call is being recorded. After the prepared remarks, there will be a question and answer session. If you'd like to ask a question during that time, please press star followed by one on your telephone keypad. Thank you. I'd now like to hand the call over to Kelly O'Brien, Investor Relations. Ple ...

LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR NYSE & TSX: LAR Q4 and Full Year 2025 Presentation March 23, 2026 Cauchari-Olaroz, Jujuy, Argentina LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Disclaimer ADDITIONAL REFERENCE MATERIALS This presentation should be read in conjunction with Lithium Argentina AG ("Lithium Argentina", "LAR" or the "Company") news releases, material change reports, most recent annual financial statements and related management discussion and analysis, techni ...

Project Interests and Operations - The Company holds a 44.8% interest in the Cauchari-Olaroz lithium brine project, co-owned with Ganfeng Lithium Co., Ltd., which holds a 46.7% interest[27]. - Cauchari-Olaroz reached an average production rate of around 85% of its nameplate capacity of 40,000 tpa lithium carbonate during 2025[30]. - The Company is advancing expansion plans for Cauchari-Olaroz, considering an additional capacity of 45,000 tpa of Lithium Carbonate Equivalent (LCE)[30]. - Cauchari-Olaroz is currently producing technical grade lithium carbonate and is not equipped to produce battery-grade lithium carbonate, which involves additional complexities[31]. - The Company retained a 44.8% interest in the Cauchari-Olaroz project and a majority interest in the Pastos Grandes Project following the Separation Transaction on October 3, 2023[130]. - The provincial government of Jujuy, where Cauchari-Olaroz is located, has taken an 8.5% equity interest in the project, fulfilling an obligation to contribute to the province's development[92]. - The Cauchari-Olaroz project has measured mineral resources of 2,742,686 tons of lithium and 14,599,317 tons of lithium carbonate equivalent (LCE) as of December 31, 2025[179]. - Proven mineral reserves at Cauchari-Olaroz are estimated at 75,315 tons of lithium and 400,886 tons of LCE as of December 31, 2025[180]. - The Cauchari-Olaroz Operation's production capacity is planned to increase from 25,000 tonnes per annum (tpa) to 40,000 tpa of lithium carbonate, with a feasibility study authorized for this expansion[194]. - The Company produced approximately 6,000 tonnes of lithium carbonate in 2023, with a target of achieving commercial production of approximately 25,400 tonnes in 2024[203]. Financial Position and Risks - As of December 31, 2025, the Company had indebtedness under its equity-settleable Convertible Notes with a carrying value of $234.2 million and a face value of $258.8 million, maturing on January 15, 2027[63]. - Exar's outstanding third-party debt, including accrued interest, amounted to $292.7 million as of December 31, 2025, with a cash balance of $86.7 million, resulting in third-party net debt of $206.0 million[65]. - The Company requires additional financing to support the development, construction, expansion, and operation of its projects, which may lead to increased leverage and financial risks[78]. - The Company has a history of negative cash flow and its ability to continue as a going concern depends on generating sufficient cash flows from lithium carbonate production or securing additional financing[81]. - The Company is subject to currency fluctuations, particularly between the Argentine peso and U.S. dollar, which may significantly affect cash flows[105]. - Current Argentine exchange controls restrict access to foreign currency, potentially impacting the Company's ability to meet financial obligations[107]. - The Company may face increased regulatory reporting requirements if it loses its status as a "Foreign Private Issuer," leading to higher compliance costs[111]. Market Conditions and Pricing - The price of lithium carbonate is subject to substantial volatility, influenced by global supply and demand dynamics[117]. - The Company expects that lithium carbonate prices will continue to be affected by the business strategies of major producers and global economic conditions[119]. - The lithium market has experienced significant price volatility, with prices declining since 2022 due to increased supply and slower-than-anticipated growth in electric vehicle demand[147]. - There is uncertainty regarding the long-term growth of the lithium market and potential technological substitutions that could negatively impact the Company[121]. Regulatory and Operational Challenges - The development of the Pastos Grandes (PPG) project is subject to significant risks, including the need for successful negotiation of a joint venture and uncertainties in mineral deposit viability[36][37]. - The operating environment in Argentina remains sensitive to inflation and foreign exchange volatility, which could adversely affect operating costs and project timelines[41]. - The Company is subject to various regulatory risks, including changes in tax laws and environmental regulations, which could affect its operations and profitability[91]. - The Company faces heightened regulatory oversight due to geopolitical competition and government policy towards critical minerals, which may disrupt its business operations[94]. - Compliance with evolving environmental regulations could increase operational costs and adversely affect the Company's financial condition[96]. - Legal proceedings related to environmental and climate change matters may arise, which could divert management's attention and incur substantial costs[109]. Strategic Partnerships and Acquisitions - The Company completed the acquisition of Millennial Lithium on January 25, 2022, making it a wholly owned subsidiary[129]. - On April 20, 2023, the Company acquired all common shares of Arena Minerals, which also became a wholly owned subsidiary[129]. - Ganfeng acquired $70 million in newly issued shares of PGCo, representing a 14.9% interest, with proceeds allocated to advancing lithium projects in Argentina[131]. - Ganfeng increased its participating interest in Exar to 51% through a $16 million capital contribution, while the Company retained a 49% interest[195]. - JEMSE acquired an 8.5% participating interest in Exar for a consideration of $1 plus 8.5% of capital contributions, with future contributions requiring loans from GFL and the Company[196]. Operational Efficiency and Community Engagement - The Company has implemented workforce development and training initiatives to strengthen local capabilities, but persistent labor shortages could materially affect operations[49]. - The Company has implemented comprehensive health and safety measures to comply with regulations, but failure to maintain these standards could harm its reputation and operations[50]. - The Company is focused on efficient operations, water conservation, and strong partnerships with local communities[183]. - The Company has signed contracts with local aboriginal communities for surface rights, supporting local infrastructure and education programs[201]. Technical and Geological Insights - The average lithium concentration in brine pumped from Cauchari-Olaroz is 588.26 mg/L[180]. - The Cauchari brine has a total dissolved solids (TDS) concentration of approximately 27%, indicating a high saturation of sodium chloride[207]. - A total of 4,176 meters of Reverse Circulation drilling was conducted from September 2009 to August 2010, providing valuable geological and hydrogeological data[210]. - The Company has conducted various exploration programs, including seismic and gravity surveys, to evaluate the lithium development potential of the Cauchari-Olaroz Operation area[209]. - The Mineral Resource Estimate for the Cauchari-Olaroz Operation was completed using a new Leapfrog Geo model, incorporating hydrostratigraphic units based on the salar lithistratigraphic units[220]. - The prior Mineral Resource estimate from 2024 was prepared in accordance with S-K 1300 and has been filed under NI 43-101 standards[218]. - Pumping tests were conducted at eleven locations from 2011 to 2019 to estimate aquifer parameters related to brine recovery[217]. - The Mineral Resource and Mineral Reserve estimates were reviewed and confirmed by Dr. Mark King, a qualified person under S-K 1300[219].

Group 1 - The company, Lithium Americas (Argentina), has a market capitalization of $842.05 million, a PE ratio of 0.67, and a beta of 1.35 [1] - The stock's 50-day simple moving average is $4.10, while the 200-day simple moving average is $3.06 [1] - The company operates as a resource company focused on exploring lithium deposits, with interests in the Cauchari-Olaroz project in Jujuy province, Argentina [2] Group 2 - During mid-day trading, Lithium Americas (Argentina) shares were down 4.2%, trading as low as $5.11 and last at $5.20 [4] - Approximately 5,469,508 shares were traded, representing an increase of 282% from the average daily volume of 1,432,022 shares [4] - The stock had previously closed at $5.43 [4]

Cauchari-Olaroz Operations - Cauchari-Olaroz's Q3 2025 production volume reached approximately 8,300 tonnes, operating at over 80% capacity[30] - The company maintains its 2025 production guidance of 30,000-35,000 tonnes of LCE[30] - Stage 1 capital costs for Cauchari-Olaroz were $979 million[59] PPG Scoping Study Results - The scoping study indicates a resource of 151 million tonnes of LCE (Measured & Indicated) and 67 million tonnes of LCE (Inferred)[48] - The project's after-tax NPV, using an 8% discount rate, is $81 billion, with an IRR of 327% at a price of $18,000 per tonne[48] - Stage 1 of PPG is projected to have a capacity of 50,000 tonnes per annum (tpa) of LCE, with the full project targeting 150,000 tpa[48] - Stage 1 capital expenditure (CAPEX) is estimated at $11 billion, while the total CAPEX for the full project is $33 billion[48] - The operating expenditure (OPEX) for Stage 1 is projected at $5,344 per tonne, decreasing to $5,027 per tonne for the full project[48] Strategic Initiatives - The company plans to submit RIGI applications in H1 2026[85] - A new joint venture with Ganfeng will consolidate the Pastos Grandes Project, Sal de la Puna Project, and Pozuelos-Pastos Grandes Project[6]

Financial Data and Key Metrics Changes - The third quarter of 2025 saw production rates sustained at 90% capacity, with a new record monthly production volume achieved in October [5][6] - The company announced a new $130 million six-year debt facility from Ganfeng, enhancing its debt profile while preserving shareholder value [5][6] - Cash costs increased by approximately 3% to $6,300 per ton due to a slight decrease in production [66][67] Business Line Data and Key Metrics Changes - The PPG project is expected to have a Stage one LCE capacity of 50,000 tons per year, expanding to 150,000 tons per year in three phases, with an initial capital investment estimated at $1.1 billion [12][13] - The total life of mine capital for the PPG project is estimated at $3.3 billion, with a strong after-tax NPV of $8.2 billion at an 8% discount rate [13][12] Market Data and Key Metrics Changes - The lithium market is projected to require approximately 1 million tons of new LCE capacity over the next decade to meet global demand, supporting long-term pricing levels [13][14] - The long-term price of lithium carbonate is projected at $18,000 per ton, with an IRR of over 20% even at a conservative price estimate of $12,000 per ton [13][74] Company Strategy and Development Direction - The company aims to sustain higher production levels while positioning itself for long-term growth, focusing on the PPG project as a key growth driver [5][34] - The partnership with Ganfeng is highlighted as a significant factor in achieving low-cost growth and technological innovation in Argentina [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting production targets for 2025 and emphasized the importance of the collaborative partnership with Ganfeng [4][6] - The company is optimistic about the lithium market's evolution, particularly the demand for energy storage systems (ESS), which may surpass the electric vehicle (EV) market [15][92] Other Important Information - The Argentine government’s RIGI program is expected to provide competitive incentives and clarity on foreign exchange regulations, enhancing the project's value [17][18] - The PPG project has received environmental permits, allowing for the submission of the RIGI application in 2026 [18][34] Q&A Session Summary Question: What is the reason for the low capital intensity of the PPG project compared to other projects? - The lower capital intensity is attributed to the high quality of the resource and the use of new processing technologies designed to reduce the capital footprint [37][38] Question: What additional permits are required for the PPG project? - The company needs to apply for regional and water permits, which are expected to be approved in a few months [56][58] Question: How does the company plan to minimize equity dilution risk for shareholders? - The company has a strong track record of executing strategic financings and plans to leverage partnerships and project-level debt to minimize shareholder dilution [70][69] Question: What is the rationale for using $18,000 per ton as a long-term price for lithium? - The $18,000 price is aligned with third-party forecasts and is deemed necessary to incentivize new project developments over the next decade [74][73] Question: What is the current status of material quality and the timeline for achieving battery-grade product? - The company is making gradual improvements in product quality and aims to supply battery-grade product by 2026-2027 [81][82]

Financial Data and Key Metrics Changes - The company reported a revenue increase despite softer market prices, attributed to higher production volumes [5] - Average realized price for lithium carbonate was $7,400 per tonne, an 8% decrease compared to the previous quarter [6] - Operating costs decreased approximately 8% quarter on quarter, reaching $6,100 per tonne [6][7] Business Line Data and Key Metrics Changes - At Qachari Olaroz, production volumes reached 8,500 tonnes of lithium carbonate for the second quarter, with a total of 15,700 tonnes in the first half [6] - The company is confident in reaching its full-year production guidance of 30,000 to 35,000 tonnes [4] Market Data and Key Metrics Changes - Lithium prices have shown increased volatility, currently just over $10,000 per tonne, but the company believes lower prices are not sustainable due to strong global growth and the need for new supply [8][9] - The pricing discount received was approximately $2,000 per tonne, similar to Q1, reflecting taxes and reprocessing costs [26][47] Company Strategy and Development Direction - The growth strategy targets over 200,000 tonnes per year of lithium carbonate equivalent capacity, leveraging expansion at existing operations and regional growth projects [10] - The company aims to consolidate projects in the Pizuelos and Patos Grande Basins, positioning itself for one of the largest lithium operations globally [10][11] - Focus remains on operational efficiency, financial flexibility, and maximizing shareholder value while advancing growth initiatives [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to manage price volatility and maintain low production costs [17][18] - The company anticipates that the second half of the year will see larger volume production compared to the first half [44] - There is a strong demand from Ganfeng, indicating a well-sold order book for the company's products [40] Other Important Information - The company secured $120 million in new bank facilities to support working capital as operations advance [4] - A feasibility study for regional growth projects is expected to be completed by the end of the year [20] Q&A Session Summary Question: Impact of CATL shutting down mines in China on lithium market - Management is monitoring developments related to China's anti-involution policies and believes current pricing is unsustainable in the long term [16][18] Question: Pricing discounts and expectations for the rest of the year - The pricing discount was approximately $2,000, similar to Q1, and operational stability is expected to improve through Q3 and Q4 [26][28] Question: Visibility into Q3 and Q4 order book and pricing - The majority of the product is under offtake agreements, primarily with Ganfeng, ensuring strong demand [40] Question: Financial health of Ganfeng as a partner - Ganfeng is seen as a strong partner with access to capital and a focus on low-cost projects, prioritizing Argentina for investment [56][58]

Q2 2025 Performance - Revenue increased by 10% from $58 million in Q1 2025 to $64 million in Q2 2025[18] - Production volumes increased by 18% from 7,200 tonnes in Q1 2025 to 8,500 tonnes in Q2 2025[18] - Cash costs per tonne sold decreased by 8% from $6,634 in Q1 2025 to $6,098 in Q2 2025[18] - Sales price decreased by 8% from $8,085 per tonne in Q1 2025 to $7,400 per tonne in Q2 2025[18] - The company is on track to reach 2025 production guidance of 30,000-35,000 tonnes[17,22] Cost Optimization - Q2 operating costs reached $6,100 per tonne, below Feasibility Study estimates[25] - Prices have climbed 14.7% in past month[27,28] Growth Strategy - Targeting +200 ktpa LCE capacity combining Stage 2 and regional assets[29] - Targeting additional 40ktpa for Stage 2[31] - Targeting 150k for Regional Growth[31] - Significant progress toward formalizing a new joint venture to develop PPG, targeting 150,000 tpa capacity[17]