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 ...

Investor Presentation Presenter: David Dickson MD/CEO For personal use only March 2026 ASX: LKE; OTC: LLKKF lakeresources.com.au Disclaimers General Statement and Cautionary Statement This presentation has been prepared by Lake Resources N.L. (Lake) for information purposes and not any particular party. The information in this presentation is based upon public information and internally developed data and reflects prevailing conditions and views as of this date, all of which are accordingly subject to chang ...

Core Insights - Altius Minerals reported a strong financial performance for 2025, driven by a significant CAD 375 million gain from the sale of its AngloGold royalty interest, resulting in net earnings of CAD 299 million for the year [2][3][6] - The company is strategically focusing on expanding its lithium royalty portfolio and increasing its stake in Labrador Iron Ore Royalty Corporation (LIORC) to enhance long-term revenue potential [10][12][13] Financial Performance - Altius reported fourth-quarter net earnings of CAD 22.5 million, or CAD 0.48 per share, and full-year net earnings of CAD 299 million, or CAD 6.45 per share [3][4] - The company had CAD 294 million in cash at the end of 2025, with total available liquidity rising to approximately CAD 332 million after closing a plan of arrangement with Lithium Royalty Corporation [1][5][6] Strategic Transactions - Altius completed a plan of arrangement with Lithium Royalty Corporation, which included approximately 9.6 million common shares and CAD 140 million in cash [1][5] - The company added 37 new royalties to its portfolio through the combination with Lithium Royalty Corporation, enhancing its revenue from recently commissioned projects [12] Capital Management - During 2025, Altius made CAD 17 million in debt repayments and paid CAD 16 million in total cash dividends [8] - The company repurchased and canceled 54,000 common shares for a total cost of CAD 1.6 million as part of its normal course issuer bid [9] Sector Updates - Positive developments were reported across Altius' portfolio, with operators indicating expansions and ramp-ups in production, particularly in copper and potash sectors [14][15] - The company highlighted a record year for royalty revenue from its renewable royalty platform, with significant commitments made towards new projects [14]

Core Viewpoint - Kodal Minerals PLC is making significant operational progress at the Bougouni Lithium Project in Mali, despite entering arbitration over a US$15 million payment dispute with the Mali government [1][2]. Operational Progress - The Bougouni project has successfully completed its second shipment, receiving an initial payment of nearly US$24 million for approximately 20,000 tonnes of spodumene concentrate [4]. - A third shipment is expected in late March or early April, with strong demand for lithium products in the current high-price market [4]. Partnership and Arbitration - The company is in arbitration with joint venture partner Hainan Mining Co. Ltd regarding an indemnity claim, with both parties holding "diametrically opposed views" [2]. - Despite the arbitration, the partnership remains strong, with both parties committed to advancing the Bougouni project, including planning for stage two development and a significant work program for 2026 [3]. Logistics and Revenue Generation - Mining, processing, and logistics operations are running smoothly, with products being transported to port and shipped to China, contributing to revenue generation [5].

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $44.6 billion, slightly higher than the previous year, with net income of $588 million, reflecting improved market conditions and strong operational execution [4][5] - The average realized lithium price increased nearly 14% quarter-over-quarter, reaching close to $10 per kilogram in Q4 2025 [5][6] Business Line Data and Key Metrics Changes - In lithium, sales volumes exceeded 66,000 metric tons in Q4 2025, more than 50% higher year-over-year, driven by expansion efforts [5] - The iodine business contributed approximately 42% of SQM's total gross margin during the year, with record iodine prices observed by the end of 2025 [6][7] - Specialty plant nutrition saw a 3% volume growth during the year, with expectations of moderate growth of 2%-4% in 2026 [7] Market Data and Key Metrics Changes - The company noted a shift in the lithium market towards the end of 2025, with stronger demand from energy storage systems contributing to a tighter market environment [5] - The iodine market is expected to grow by around 3% in 2026, with stable or slightly increasing sales volumes anticipated [7] Company Strategy and Development Direction - The company signed an association agreement with Codelco, creating Nova Andino Litio for long-term lithium production from the Salar de Atacama [4] - The company is focused on sustainability, having strengthened its ESG performance and received international recognition [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals for lithium, driven by electric vehicles and energy storage systems [6] - The company is entering 2026 with strong operational momentum and improving lithium market conditions [8] Other Important Information - The seawater pipeline project in the Tarapacá region is expected to provide additional operational flexibility and unlock incremental production capacity [7] - The company is focused on maintaining a diversified customer portfolio, with over 80% of lithium volume already contracted [41] Q&A Session Summary Question: Expectations for lithium sales in 2026 - The company targets a strong sales volume in Q1 2026, hoping to surpass Q1 2025 sales by more than 15% [15] Question: Cost of production in Q4 - Management clarified that the cost per ton was similar between Q3 and Q4, with higher lease payments impacting costs [21] Question: Iodine sales and future expectations - The company sold more iodine than expected in Q4 due to lower third-party capacity, but anticipates stable volumes in 2026 [32] Question: Share buyback discussions - Management stated there are no discussions regarding share buybacks due to legal restrictions in Chile [36] Question: Risks from sodium-ion batteries - Management believes lithium will remain the dominant technology for batteries despite the emergence of sodium-ion alternatives [37] Question: Lithium pricing expectations - The average sales price is expected to be substantially higher in Q1 2026 compared to Q4 2025, but prices will remain volatile [44] Question: Update on Kwinana refinery ramp-up - The ramp-up has faced intermittent issues but is expected to progress well, with production capacity anticipated in 2026 [59] Question: Exploration activities - The company is focused on exploration in Australia, Namibia, and Canada, with ongoing drilling programs and positive early results [62]

Core Insights - The lithium market is currently experiencing significant depression, impacting companies within the sector [1] - Q2 Metals is exploring one of the largest lithium deposits, which may present future opportunities despite current market conditions [1] Company Overview - Q2 Metals (QTWO:CA) has been under coverage since last year, indicating ongoing interest and analysis in its performance and potential [1] Market Context - The overall state of the lithium market is challenging, which could affect investment sentiment and company valuations in the sector [1]

Group 1: Rare Earth Industry - Morgan Stanley upgraded MP Materials (NYSE: MP) to an overweight rating with a price target of $71 per share, highlighting potential supply issues in rare earth materials despite China's one-year pause on export restrictions [2][7] - JPMorgan also upgraded MP Materials to an overweight rating with a price target of $74 per share, emphasizing that national security concerns regarding rare earths are likely to persist [3][7] - MP Materials' vertical integration from mine to magnet positions the company as a leader outside of China, ready to address supply concerns in the rare earth sector [4] Group 2: Lithium Industry - Analysts at USB upgraded Albemarle (NYSE: ALB) to a buy rating, anticipating a new upcycle driven by energy storage demand and a projected lithium market deficit by 2026 [4][7] Group 3: Streaming Industry - Evercore ISI reiterated an outperform rating on Netflix (NASDAQ: NFLX) following a decline related to a $72 billion deal with Warner Bros. Discovery, citing strengthening long-term fundamentals and competitive positioning [5][6][7]

Financial Data and Key Metrics Changes - The company experienced a favorable pricing environment for lithium, with realized average prices increasing compared to the previous period [4] - The total capital expenditure (CapEx) for 2025-2027 is estimated at $2.7 billion, reflecting a focus on increasing production capacity and maintaining low costs [7][44] Business Line Data and Key Metrics Changes - Lithium sales volumes reached the highest in SQM's history, supported by low costs and strong efficiencies at Atacama operations [5] - Iodine prices remained high, averaging close to $73 per kilogram, with revenues increasing by 5% year-on-year [6][7] - The specialty plant nutrition business showed sustainable growth in both volumes and revenues [7] Market Data and Key Metrics Changes - Global lithium demand is expected to exceed 1.5 million metric tons in 2025, representing over 25% growth, driven by strong EV sales and energy storage systems [11][51] - China is projected to maintain a significant lead in EV markets with a 30% year-on-year growth [11] Company Strategy and Development Direction - The company is focused on high-quality production, increasing volumes, and advancing cost reduction initiatives [5] - The construction of a seawater pipeline is over 80% complete, which will enhance iodine supply capabilities [6] - The company is expanding its iodine production capacity through a new operation in MarÃa Elena, adding 1,500 tons of iodine capacity [6] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the lithium market despite its volatility, expecting robust commercial activity in the fourth quarter [4][5] - The company anticipates strong demand fundamentals for electric vehicles and energy storage systems [5] Other Important Information - The joint venture with Codelco received approval from China's Antitrust Authority, with expectations to advance the partnership by year-end [8] - The company maintains a strong balance sheet and is committed to investment-grade ratings, indicating no immediate need for capital raises [29] Q&A Session Summary Question: Insights on lithium demand, particularly in China - Management noted improved demand expectations driven by stronger-than-expected EV sales, particularly in Europe and China [11] Question: Production expectations for lithium from Atacama and Mount Holland - Production in Chile is expected to be around 230,000 tons, with Mount Holland projected to produce between 23,000-24,000 tons [15][16] Question: Price differences between Chilean and international lithium - Management explained that price differences are due to conversion costs and refining expenses, which will be clarified in future reports [18][19] Question: Update on production capacity in China - The company expects to produce around 100,000 metric tons of lithium sulfate in China, with plans to expand capacity [25] Question: CapEx reduction implications - The CapEx reduction will not impact production capacity or projects, with a focus on maintaining ongoing initiatives [42][44] Question: Expectations for iodine market conditions - Demand for iodine is expected to grow by around 3% next year, with supply conditions remaining tight [56]

Lithium Market Disruption - Lithium prices are surging from multi-year lows due to the shutdown of a major lithium mine [1] - The closure of the Yuchun mine in Djang Xi, China, operated by CL, is the primary catalyst [1] - The mine supplies approximately 3% to 5% of the lithium used in EV batteries [2] Potential Impact on Battery and EV Costs - Analysts anticipate the closure will establish a price floor for lithium [3] - Higher lithium prices could increase battery costs, significantly impacting EV production expenses [3] - The impact on consumer electronics is expected to be less significant due to batteries representing a smaller portion of overall costs [3] Supply Chain and Alternative Suppliers - The duration of the CL mine's closure is uncertain, estimated at around three months [4] - Markets are closely monitoring alternative lithium suppliers, particularly in Australia, Chile, and Africa [4]

Summary of Lake Resources Conference Call Company Overview - **Company**: Lake Resources - **Industry**: Lithium production Key Points and Arguments DFS Update - The updated Definitive Feasibility Study (DFS) reflects an increase in lithium brine content from 205 mg/L to 249 mg/L, with ore reserve brine content now close to 270 mg/L [2][3][26] - The DFS update is necessary due to changes in technology and market conditions since the original DFS was published in December 2023 [2][3] Capital Expenditure (CapEx) and Operational Expenditure (OpEx) - The new CapEx is estimated at $1.16 billion, representing a 16% reduction from the previous estimate of $1.377 billion, and a 19% reduction when accounting for supply chain cost increases [6][7] - Significant savings in CapEx are attributed to advancements in technology and a reduction in the number of required wells [7][8] - OpEx has seen a reduction in non-power elements by 30%, although power costs remain a significant concern, accounting for 55% of total OpEx, which is approximately $5,900 per ton [13][14] Power Supply and Infrastructure - Power requirements have decreased from 82 megawatts to 57 megawatts due to improvements in brine and technology [16] - The company is working on a power purchase agreement and is in discussions with YPF regarding the commercial aspects of power supply [15][19] - The extension of the power grid in Argentina is in two phases, with the first phase completed and the second phase still under discussion [15] Market Conditions and Financials - The lithium market is expected to face a supply-demand deficit by the end of the decade, driven by electric vehicles (EVs) and battery energy storage systems [21][22] - Long-term financial projections are based on a lithium price of $21,000 per ton, down from over $30,000 per ton in the original DFS, but still indicating strong project economics with a pre-tax IRR of 22.5% [23][24] - The company has a cash position of approximately $14.5 million with no debt, allowing for operational sustainability into 2026 [31] Regulatory and Environmental Considerations - The Environmental Impact Assessment (EIA) approval process has been ongoing since March 2024, with expectations for completion by mid-2025 [27][30] - The company is dependent on the provincial government for the approval timeline, which has been delayed due to resource constraints [29] Strategic Review and Future Outlook - Lake Resources is conducting a strategic review of its assets, considering options for partnerships or potential sales [32][33] - The company emphasizes its competitive position in the lithium market, with significant ore reserves and expansion capabilities [34][35] - Upcoming milestones include EIA approval, strategic review updates, and progressing towards a final investment decision (FID) [36][38] Additional Important Information - The company has highlighted the importance of maintaining cost management and cash preservation strategies during the DFS update process [31] - The competitive landscape includes comparisons with other lithium producers, indicating that Lake Resources remains aligned with market expectations [24][35]