Financial Data and Key Metrics Changes - In Q2 2025, the company experienced a revenue decline of over 3% year-on-year due to lower lithium prices compared to earlier in the year [6][9] - The company expects yearly sales volume from Chilean operations to increase by at least 10% versus 2024 [8][9] Business Line Data and Key Metrics Changes - Iodine was the most profitable segment in Q2 with an adjusted gross margin of 57%, contributing over 50% to total company gross profit [9] - Sales volume for the Chile lithium division reached 51,700 metric tons in Q2, similar to Q2 last year, with expectations for Q3 sales to be at least 10% higher than Q2 [32][70] Market Data and Key Metrics Changes - Strong demand growth for lithium is noted, particularly from the EV sector in China and Europe [6][7] - Prices for lithium carbonate in China have been recovering, with expectations for Q3 prices to be higher than Q2 [32][33] Company Strategy and Development Direction - The company is confident in capturing strong fundamentals in the lithium market while maintaining solid results across all business segments [10] - The strategy remains focused on producing at full capacity and expanding in line with expected market growth [33] Management Comments on Operating Environment and Future Outlook - Management noted a change in market dynamics with recent price improvements and strong demand growth [6][8] - The company is optimistic about the iodine market, expecting solid fundamentals to continue despite supply constraints [20][51] Other Important Information - The Tijuana refinery is now complete and has delivered its first product on spec, with a ramp-up underway to produce 50,000 metric tons of lithium hydroxide annually [8] - The company is working on the Salar Futuro project, with environmental studies expected to be submitted next year [43][44] Q&A Session Summary Question: Midterm or long-term goals for SPN - The company aims to grow its SPN business by adding services and products while maintaining solid margins [12][14] Question: Expansion of Mount Holland - The expansion decision will not be made in 2025, with ongoing engineering studies and approvals [15][16] Question: Iodine price sustainability - Demand for iodine is expected to grow, but supply constraints may limit growth [18][20] Question: Mt. Holland mine economics - Current production costs are not reflective of long-term projections, but the company remains profitable [39][40] Question: Update on Codelco deal - The process with Codelco is moving positively, with expectations for completion in the coming months [54][66] Question: Current lithium inventory levels - The company expects to have close to 230,000 metric tons of lithium inventory, aligning with projected sales [69][70]