Financial Data and Key Metrics Changes - SQM reported the highest first quarter lithium sales volumes in the company's history, with a 20% year-on-year increase, driven by strong demand from the electric vehicle market in China and Europe [5] - Average realized prices for lithium in Q2 2025 are expected to be lower than in Q1 2025 due to recent price declines [6][56] - The iodine business experienced record average prices amid tight supply and steady demand, particularly for X-ray contrast media applications [8] Business Line Data and Key Metrics Changes - Lithium sales volumes increased significantly, while the potassium business saw a substantial decrease in volumes compared to the previous year due to a strategic focus on high lithium content brines [10] - Specialty Plant Nutrition (SPN) sales volumes grew healthily, with an upward trend in prices driven by strong demand for potassium chloride [9] Market Data and Key Metrics Changes - The global lithium demand is expected to grow by 17% in 2025, with SQM's sales projected to grow by approximately 15% year-on-year [28][61] - The market is currently experiencing oversupply, which has led to price pressures, particularly in China [68] Company Strategy and Development Direction - SQM is focused on expanding lithium production capacity to meet growing demand, with plans to reach 240,000 metric tons of lithium carbonate and 100,000 metric tons of lithium hydroxide [8] - The company is investing in operational efficiencies and capacity expansions across its business lines, including iodine and specialty plant nutrition [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the lithium market, despite current pricing challenges, and believes that the price environment is not sustainable for the industry [82] - The company is well-prepared to take advantage of future market recoveries, with a strong balance sheet and low-cost production capabilities [18][84] Other Important Information - SQM's dividend policy stipulates a distribution of 30% of net income for 2025, with no interim dividends planned for the first quarter [46] - The Mt. Holland project is progressing well, with expectations of cash-positive operations even at current prices [80] Q&A Session Summary Question: Expectations for operating cash flow in Q2 - Management indicated that they are far from breakeven costs and expect to be significantly above that in Q2 [14][15] Question: Impact of lower lithium prices on capital structure - Management reassured that the strong balance sheet allows for continued investment in growth projects despite lower operating cash flow [16][18] Question: Current political noise in Chile regarding Codelco JV - Management described the situation as "noise" and confirmed that the transaction is proceeding as planned, with execution expected in the second half of the year [21][25] Question: Lithium sales growth forecast - Management maintained that they have not updated their annual volume forecast for 2025, but expect similar or slightly lower volumes in Q2 compared to Q1 [28] Question: Pricing dynamics in China - Management noted that they have various pricing mechanisms with customers, but could not provide specifics due to confidentiality [34] Question: CapEx requirements for growth plans - Management stated that the CapEx plan will be reviewed and shared with the market in the upcoming months, with no updates currently available [52] Question: Production costs and expectations - Management confirmed that they expect to reduce operational costs during the year and are implementing several cost reduction initiatives [77] Question: Outlook for Mt. Holland project - Management indicated that the Mt. Holland operation is cash positive and progressing as planned, with a focus on ramping up production [80][92]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved the highest first-quarter lithium sales volumes in its history, with a 20% year-on-year increase, driven by strong demand from the electric vehicle market in China and Europe [7] - Average realized prices for lithium in Q2 2025 are expected to be lower than in Q1 2025 due to recent price declines [8][57] - The iodine business experienced record average prices amid tight supply and steady demand, particularly for X-ray contrast media applications [9] Business Line Data and Key Metrics Changes - Lithium sales volumes increased significantly, while the potassium business saw a reduction in volumes as part of a strategy to prioritize high lithium content brines [11] - Specialty Plant Nutrition (SPN) sales volumes grew at a healthy pace, with an upward trend in prices due to strong demand for potassium chloride [10] Market Data and Key Metrics Changes - The company maintains a view that global lithium demand will grow by 17% in 2025, with SQM's sales expected to grow by 15% year-on-year [29][62] - The market is currently experiencing oversupply, but long-term demand is expected to remain strong, particularly in the electric vehicle sector [62][88] Company Strategy and Development Direction - The company is focused on expanding lithium production capacity to 240,000 metric tons of lithium carbonate and 100,000 metric tons of lithium hydroxide [9] - Investment in operational efficiencies and capacity expansions is ongoing, with a commitment to sustainable growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the lithium market, despite current pricing pressures [12][88] - The company believes that the current low price environment is unsustainable and anticipates a recovery in prices in the near future [84][86] Other Important Information - The dividend policy established by the board is to distribute 30% of net income for 2025, with no interim dividends planned for the first quarter [48] - The Mt. Holland project is cash positive even at current prices, with ongoing ramp-up efforts [82] Q&A Session Summary Question: Expectations for operating cash flow in Q2 - Management does not expect to be close to breakeven in Q2 and anticipates being significantly above that [15][16] Question: Impact of lower lithium prices on capital structure - The company has a strong balance sheet and does not foresee financial constraints affecting future projects [19] Question: Current political noise in Chile regarding Codelco JV - Management described the situation as "noise" and confirmed that the transaction is progressing as planned [22][26] Question: Lithium sales growth forecast - The company has not updated its annual volume forecast but expects similar or slightly lower volumes in Q2 compared to Q1 [30] Question: Pricing dynamics in China - The company has various pricing mechanisms with customers, and specific details cannot be disclosed [36] Question: CapEx requirements for growth plans - The CapEx plan will be reviewed and shared with the market in the upcoming months [53] Question: Production costs and expectations - The company expects to reduce operational costs and maintain cost leadership in the market [78] Question: Outlook for Mt. Holland project - The Mt. Holland operation is cash positive, and the project is on track despite higher costs during ramp-up [82][93]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved the highest first quarter lithium sales volumes in its history, with a 20% year-on-year increase, driven by strong demand from the electric vehicle market in China and Europe [6][8] - Average realized prices for lithium in Q2 2025 are expected to be lower than in Q1 due to recent price declines [7][59] Business Line Data and Key Metrics Changes - Lithium sales volumes increased significantly, while iodine prices reached record averages amid tight supply and steady demand, particularly for X-ray contrast media applications [6][8] - Specialty Plant Nutrition (SPN) sales volumes grew healthily, with an upward trend in prices due to strong demand for potassium chloride and supply disruptions [9] - Potassium business volumes were significantly lower compared to the same period last year as part of a strategy to prioritize high lithium content brines [10] Market Data and Key Metrics Changes - The company maintains a view that global lithium demand will grow by 17% in 2025, with SQM's sales expected to grow by 15% year-on-year, although this forecast remains unchanged amid current market conditions [29][64] - The lithium market is currently oversupplied, with prices under pressure, particularly in China [71][90] Company Strategy and Development Direction - The company is focused on expanding lithium production capacity to 240,000 metric tons of lithium carbonate and 100,000 metric tons of lithium hydroxide [8] - Investment in operational efficiencies and capacity expansions is ongoing, with a commitment to sustainable high-quality growth [11] - The company is confident in its strategy and ability to generate cash flow despite current pricing pressures [17][88] Management's Comments on Operating Environment and Future Outlook - Management believes the current low price environment is unsustainable and expects prices to improve in the future [88][90] - The company is well-prepared to take advantage of market recovery due to its strong position as a low-cost producer [88][90] - There is optimism regarding long-term demand growth, particularly in the electric vehicle sector [64][90] Other Important Information - The company is advancing its seawater pipeline construction to expand iodine production capacity [8] - The dividend policy established a distribution of 30% of net income for 2025, with no interim dividends planned for the first quarter [48] Q&A Session Summary Question: Will operating cash flow be breakeven or positive per metric ton in lithium in Q2? - Management indicated they are far from breakeven costs and expect to be significantly above that in Q2 [14][15] Question: How will lower lithium prices affect capital structure and funding for future projects? - Management stated that the company has a strong balance sheet and cash generation capacity from other business lines, which will not constrain future projects [16][18] Question: What is the status of the Codelco joint venture in Chile? - Management described the situation as "noise" due to election year discussions but confirmed that the transaction is progressing as planned [20][26] Question: Will SQM's lithium sales grow by 15% this year? - Management has not updated the annual volume forecast but expects similar or slightly lower volumes in Q2 compared to Q1 [29] Question: How is SQM handling pricing dynamics in China? - Management noted that pricing mechanisms with customers are confidential and cannot provide specifics [36] Question: What is the outlook for Mt. Holland production? - Management confirmed that Mt. Holland is cash positive and ramping up as planned, despite facing higher costs during the ramp-up phase [84][97] Question: What is the company's dividend policy? - The company will distribute 30% of its net income for 2025, with no interim dividends planned for the first quarter [48]

Core Viewpoint - SQM is addressing the global lithium supply surplus issue as demand falls short of expectations while new supplies come online, leading to a decline in lithium prices from their peak at the end of 2022 [1] Group 1: Company Strategy - SQM's CEO, Ricardo Ramos, stated that the company will continue efforts to increase total production capacity of lithium carbonate and lithium hydroxide to 240,000 tons and 100,000 tons respectively [1] - The company plans to continue processing lithium sulfate in China [1] Group 2: Market Context - The current market situation reflects a contrast between SQM's approach of increasing production and the strategies of some high-cost producers who are cutting back on output and spending [1]

Core Viewpoint - Despite the ongoing decline in lithium prices, SQM, one of the largest lithium producers globally, has achieved record lithium sales in the first quarter due to low-cost expansion and strong demand from the electric vehicle market, particularly in China, as well as new demand from energy storage systems [1] Group 1 - SQM reported a 27% year-over-year increase in lithium sales for the three months ending in March [1] - The growth in lithium sales is attributed to the robust expansion of the electric vehicle market and emerging needs from energy storage systems [1]

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sust ...

Financial Performance - SQM reported net income of US$137.5 million or US$0.48 per share for Q1 2025, a significant recovery from a net loss of US$(869.5) million or US$(3.04) per share in Q1 2024 [2][5] - Total revenues for Q1 2025 were US$1,036.6 million, down 4.4% from US$1,084.5 million in Q1 2024 [3][5] - Gross profit for Q1 2025 was US$304.7 million, representing 29.4% of revenues, compared to US$368.5 million or 34.0% of revenues in Q1 2024 [3] Market Dynamics - Lithium sales volumes increased approximately 27% year-on-year, driven by strong demand from the electric vehicle market, particularly in China, and energy storage systems [4] - Despite stable average prices in Q1 2025, lower prices have been observed recently due to an oversupplied market, leading to expectations of lower realized prices in Q2 2025 [4] - The iodine business is performing well, with steady market growth and upward pressure on prices, while global supply remains limited [4] Production and Capacity - The commissioning of the Mount Holland refinery plant is on track to deliver its first product in the upcoming months, with ongoing sales of spodumene concentrate [4] - SQM aims to reach a total capacity of 240,000 metric tons of lithium carbonate and 100,000 metric tons of lithium hydroxide in Chile [4] - Construction of a seawater pipeline is progressing, which will be crucial for unlocking additional production capacity in the future [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In Q1 2025, the overseas lithium resource supply was generally stable, with a slow clearance of high - cost mines and persistent supply pressure. Australian shipments decreased slightly quarter - on - quarter, South American salt lakes continued to increase production, Brazilian hard - rock expansion and production were postponed, and African supply faced cost challenges at low lithium prices [1]. - It is recommended to pay attention to the production conditions of NAL, Marion, Wodgina, and large African lithium mines [1]. Summary by Related Catalogs Australia - In Q1 2025, Australian mine shipments were about 950,000 tons, a 2.7% quarter - on - quarter decline. The quarterly average in 2025 is expected to be 900,000 - 950,000 tons. Production at Greenbushes and Pilbara decreased quarter - on - quarter, while Marion, Wodgina, and Kathleen Valley increased [3]. - Only small mines like Bald Hill and Cattin have exited or plan to exit the supply, while mainstream enterprises maintain high - capacity utilization or take other cost - reduction measures [3]. Greenbushes - In Q1 2025, it produced 342,000 tons of lithium concentrate, a 13% quarter - on - quarter decrease and a 22% year - on - year increase. Sales volume was 366,000 tons, a 17% quarter - on - quarter increase and a 100% year - on - year increase. The average selling price was $791/ton (FOB). Cash production cost increased 5% quarter - on - quarter to A$341/ton and decreased 12% year - on - year [4]. - The CGP3 is expected to produce the first batch of lithium concentrate in Q4 2025. The Kwinana lithium hydroxide plant produced 1,562 tons in Q1 2025, a 2% quarter - on - quarter decrease and a 64% year - on - year increase, with a capacity utilization rate of only 26% [5]. Pilbara - In Q1 2025, lithium concentrate production was 125,000 tons (SC5.1), a 33.6% decrease from the previous quarter and a 30.2% year - on - year decrease. Sales volume was 125,500 tons (SC5.2), a 38.5% quarter - on - quarter decrease and a 23.9% year - on - year decrease. The average selling price was $851/ton (China CIF, SC6). Unit operating cost was $499/ton, a 4% quarter - on - quarter increase [6]. - The P1000 project started producing ore in late January, and production is expected to increase and unit cost to decrease in Q2 [6]. Mt Marion - In Q1 2025, total lithium concentrate production was 140,000 tons, a 21% quarter - on - quarter increase and a 23% year - on - year decrease. Shipment volume was 138,000 tons (SC4.4). The selling price was $845/dry ton (SC4.4). The cost in Q1 was A$708/ton (SC6, FOB) [7]. - The 2025 fiscal - year production guidance increased by 70,000 tons to 370,000 - 400,000 tons (SC4.1). The cost guidance for 2025 fiscal year (converted to SC6) is maintained at A$870 - 970/ton [7]. Wodgina - In Q1 2025, it produced 126,000 tons of lithium concentrate, a 17% quarter - on - quarter increase and a 29% year - on - year increase. Sales volume was 118,000 tons, a 3% quarter - on - quarter decrease and an 8% year - on - year decrease. The average realized price (SC6) was $846/ton, a 1.4% quarter - on - quarter increase [8]. - The cost in Q1 was A$775/ton (SC6, FOB). The 2025 fiscal - year cost guidance (converted to SC6) is maintained at A$800 - 900/ton, with the upper limit increased by A$10. The production guidance remains unchanged at 420,000 - 460,000 tons [8][9]. Kathleen Valley - In Q1 2025, lithium concentrate production was 95,709 tons, a 12% quarter - on - quarter increase. Sales volume was 93,940 tons, a 15% quarter - on - quarter increase. The average selling price was $815/ton (SC6), a 1% quarter - on - quarter increase. Unit operating cost was $512/ton (FOB), a 21% quarter - on - quarter decrease [10]. - The all - in sustaining cost (AISC) was $678/ton (SC6.0, FOB), an 11% quarter - on - quarter decrease [10]. Other Mines - SQM's Mt Holland business sales volume in 2025 fiscal year is about 10,000 tons LCE (50% equity) [11]. - Rio Tinto completed the acquisition of Arcadium Lithium in March 2025. Mt Cattlin will enter maintenance after completing the remaining mining and beneficiation in the first half of this year [12]. South America - Most South American salt - lake projects put into production in 2023 - 2024 are approaching full production. Argentina is the largest growth point in South American lithium carbonate supply, with an expected 75% year - on - year increase in production to 130,000 tons in 2025. SQM in Chile will have an incremental output of over 20,000 tons. The expansion of the Grota do Cirilo hard - rock project in Brazil is postponed to 2026 [14]. SQM - In Q4 2024, SQM's lithium salt sales volume was 58,000 tons, a 13% year - on - year and quarter - on - quarter increase. The average selling price was $9,172/ton, a 41% year - on - year and 6% quarter - on - quarter decrease. The unit sales cost was $6,819/ton, a 37% year - on - year and 14% quarter - on - quarter decrease [14]. - In 2025, SQM's sales volume will increase by about 15% year - on - year, including 10,000 tons LCE from Holland [14]. Other Projects - Rio Tinto's total lithium project output in Q1 was about 20,000 tons LCE, with an estimated slight increase in salt - lake project output [15][16]. - Posco's 25,000 - ton/year lithium hydroxide plant in Hombre Muerto was completed in October 2024, and the second - phase project is planned to be completed in the second half of 2025 [17]. - Lithium Americas' Caucharí - Olaroz project slightly exceeded the 2024 annual production target. The 2025 production target is 30,000 - 35,000 tons, and the second - phase expansion is in preparation [18]. - The Rincon lithium project's 3,000 - ton plant produced its first lithium product in December 2024. The project is expected to be completed in Q2 2025. The board approved a $2.5 - billion investment to expand the annual capacity to 60,000 tons of battery - grade lithium carbonate, with construction starting in mid - year and first production expected in 2028 [19]. - The Centenario - Ratones salt lake produced about 440 tons of lithium carbonate in Q1, with a purity higher than 99.5%. Eramet expects the 2025 production target to be at the lower end of the guidance range and reach the nameplate capacity by the end of the year [20]. - Zijin Mining's 3Q lithium salt lake in Argentina is expected to start producing crude lithium carbonate products in Q3 2025, with an annual production of about 20,000 tons [21]. Africa - In Q1 2025, African lithium supply faced cost challenges due to low lithium prices. Chinese imports of African lithium concentrate in the first three months were about 330,000 tons, a 23.3% year - on - year decrease. African local lithium ore rough processing will determine the supply continuity of African resources [22]. Specific Mines - Zhongkuang Resources' Bikita lithium mine consists of two projects. In 2024, it achieved a lithium salt production of 43,700 tons and sales of 42,600 tons. In Q1 2025, the estimated lithium salt production from its own mines was about 8,300 tons [23]. - Huayou Cobalt's Arcadia lithium mine had a lithium concentrate shipment of about 400,000 tons in 2024. A 50,000 - ton lithium sulfate project started construction in January 2025 [24]. - Shengxin Lithium's Sabi Star project has reached full production. It entered a maintenance period in December 2024 and is expected to gradually resume production in April 2025 [26]. - Yahua Group's KMC lithium mine project phase II was fully put into production in November 2024. The company expects the lithium concentrate self - sufficiency rate to increase in Q2, and the market speculates that the annual production may exceed 200,000 tons [27]. - Ganfeng Lithium's Goulamina lithium pyroxene project phase I in Mali was officially put into production in December 2024, with a planned annual capacity of 506,000 tons of lithium concentrate, and the phase II will expand the capacity to 1 million tons [28]. North America - North American Lithium (NAL) produced 43,261 tons of lithium concentrate in Q1 2025, a 15% quarter - on - quarter decrease. The recovery rate reached 69%, a 1 - percentage - point increase. Sales volume was 27,030 tons, a 59% quarter - on - quarter decrease. It is expected that Q2 shipments will account for 70% of the first - half shipments [29]. - The average actual selling price (FOB) increased 8% to A$1,142/dry metric ton. Unit operating cost decreased 1% quarter - on - quarter to A$830/ton (FOB). The 2025 production target is 190,000 - 210,000 tons [29].

Revenue and Financial Performance - For the year ended December 31, 2024, revenues from products originating from the Salar de Atacama represented 55% of the company's consolidated revenues[54]. - Revenues for the year ended December 31, 2024, were US$4,528.8 million, with a gross profit of US$1,327.1 million and losses attributable to controlling interests of US$685.1 million[215]. - In 2024, lithium and its derivatives accounted for 49% of total revenues, while specialty plant nutrition and iodine and derivatives each contributed 21%[225]. - Specialty plant nutrients revenues increased to US$941.9 million in 2024, representing 20.8% of total revenues and a 3.1% increase from US$913.9 million in 2023[240]. - Exports accounted for 96% of the company's net revenues for the year ended December 31, 2024, exposing it to various external risks including trade barriers and exchange rate fluctuations[100]. Market and Industry Trends - Average lithium prices decreased from US$30,467 per metric ton in 2023 to US$10,936 per metric ton during the year ended December 31, 2024[58]. - The growth of the company's lithium business is dependent on the continued adoption of electric vehicles by consumers[70]. - The company's lithium business growth is highly dependent on consumer adoption of electric vehicles, which may be adversely affected by potential reductions in government subsidies and incentives[74]. - The development of new battery technologies that utilize significantly less lithium could materially impact the company's future revenues and market position[75]. - Competitors are advancing in lithium extraction technologies, which may lead to lower production costs and affect the company's pricing competitiveness[76]. Investment and Expansion Plans - The company has an investment plan for an estimated range of US$3.1 to US$3.8 billion for the years 2025-2027 to expand lithium, iodine, and nitrate operations[63]. - The company plans to increase mining capacity while protecting the environment and reducing operating costs[63]. - The company plans to expand lithium hydroxide capacity to reach 100,000 metric tons by the end of 2025[206]. - The company aims to maintain its leading position in the lithium, potassium nitrate, iodine, and thermo-solar salts markets through innovation and technological development[226]. - The company is investing in the Mt. Holland lithium project in Western Australia, with the Kwinana refinery expected to be completed by mid-2025[208]. Regulatory and Compliance Risks - The company faces potential liabilities and increased costs due to compliance with evolving labor laws in Chile and Australia, which may impact financial performance[81][82]. - Environmental regulations in Chile and Australia are becoming increasingly stringent, which could lead to higher compliance costs and operational delays[90][91]. - The company is subject to significant environmental fines, with potential penalties up to approximately $9 million per infraction in Chile[88]. - The National Lithium Strategy announced by the Chilean government in April 2023 has created uncertainty in the lithium industry, potentially affecting business performance and share value[129]. - The Chilean Congress is discussing a bill that could declare lithium mining a national interest, which may enable the expropriation of the company's lithium assets[143]. Community and Labor Relations - As of December 31, 2024, approximately 87% of the company's employees are based in Chile, with 77% represented by labor unions, exposing the company to labor-related risks[80]. - The Chilean Congress approved pension fund reforms that will gradually increase employer contributions from 1.5% to 8.5% over nine years, potentially raising labor costs[83]. - The company is exposed to risks related to community relations, which may lead to interruptions in operations and increased costs[156]. - The company signed an agreement with Codelco and the Atacameños Indigenous Organization to include the Atacameños in discussions regarding lithium extraction in the Salar de Atacama beyond 2030[154]. - The blockade by a splinter group of the Atacameños Peoples Council resulted in a shutdown of operations at the Salar de Atacama facilities for one day[154]. Environmental and Sustainability Initiatives - The company aims to become carbon neutral by 2040 and reduce water usage by 65% and brine extraction by 50% of authorized limits as part of its sustainable development plan[119]. - The company achieved IRMA 75 level certification for operations in Salar de Atacama, supporting responsible mining practices[119]. - The Port of Tocopilla obtained Responsible Care certification and EcoPorts PERS Certification, enhancing sustainability credentials[119]. - The company is committed to sustainability, focusing on responsible management of natural resources and minimizing environmental impacts[228]. - The company completed the recertification of ISO 14001 and 45001 standards at its operations in 2023[204]. Economic and Political Risks - The company faces risks related to global shipping constraints, which may adversely affect operations and product delivery[59]. - Political and economic tensions, particularly between the U.S. and China, may limit investment opportunities and adversely impact business operations[115]. - The company is exposed to political risks in Chile, particularly with upcoming general and presidential elections in November 2025, which may impact business operations[134]. - Changes in regulations regarding mining licenses could adversely affect the company's mining concessions and operations[146]. - The company is subject to risks from fluctuations in the U.S. dollar/Chilean peso exchange rate, which may affect the value of ADRs and dividends[161]. Taxation and Financial Obligations - As of December 31, 2023, the company paid a total of US$986.3 million in specific taxes on mining activities related to lithium for tax years 2012 to 2023[144]. - The company recognized a tax expense of US$1,106.2 million for the year ended December 31, 2023, reflecting potential impacts from ongoing tax claims[144]. - The effective withholding tax rate on dividends attributed to earnings in 2024 is 23.90411%[175]. - Changes in Chilean tax regulations could have adverse consequences for U.S. investors, particularly regarding capital gains tax and withholding tax on dividends[176]. Operational and Production Capacity - The company achieved a lithium carbonate production capacity of 180,000 metric tons and lithium hydroxide capacity of 30,000 metric tons in 2022[202]. - In 2023, the company expanded its lithium carbonate capacity to 210,000 metric tons, with plans to increase to 240,000 metric tons by 2026[206]. - The company plans to increase lithium carbonate production in Chile from 210,000 metric tons per year to 240,000 metric tons per year by the end of 2026 or early 2027, and expand lithium hydroxide production from 40,000 metric tons per year to 100,000 metric tons per year by 2025[208]. - Capital expenditures for 2024 totaled US$1,388.3 million, up from US$1,103.6 million in 2023 and US$905.2 million in 2022, reflecting a significant increase in investment activities[208]. - Expected capital expenditures for 2025 are approximately US$1.1 billion, with US$550 million allocated for the SQM Lithium Chile Division and US$350 million for the SQM Iodine-Plant Nutrition Division[209].

CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2024 Sociedad Química y Minera de Chile S.A. and subsidiaries In thousands of United States dollars This document includes: Consolidated Statements of Financial Position - Consolidated Statements of Income י Consolidated Statements of Comprehensive Income - Consolidated Statements of Cash Flows i Consolidated Statements of Changes in Equity - Notes to the Consolidated Financial Statements l Table of Contents -Consolidated Financial Statements | Consolidat ...