Summary of Tianqi Lithium Conference Call Company Overview - **Company**: Tianqi Lithium (9696.HK) - **Fiscal Year**: FY25 Key Financial Highlights - **Net Profit**: Reported at Rmb463 million for FY25, returning to positive territory, consistent with preliminary results alert [1] - **4Q25 Net Profit**: Achieved Rmb283 million, representing a 196% quarter-over-quarter increase, driven by rising lithium and spodumene prices due to strong demand in the energy storage systems (ESS) sector [1] - **Gross Profit**: Lithium compounds gross profit was Rmb1.6 billion, down 43% year-over-year, while spodumene gross profit was Rmb2.4 billion, down 23% year-over-year, contributing 40% and 60% to total gross profit respectively [2] - **Free Cash Flow**: Turned negative for the first time since 2021, with a free cash outflow of Rmb643 million due to capital expenditures of Rmb3.6 billion primarily for Greenbushes CGP3 and new capacity in Jiangsu [3] Market Performance - **Current Share Price**: HK$47.80 as of March 30, 2026 [4] - **Target Price**: HK$61.00, indicating an expected share price return of 27.6% [4] - **Market Capitalization**: Approximately HK$110.7 billion (US$14.1 billion) [4] Future Outlook - **Expected Recovery**: Anticipated further recovery in results during 1Q26 due to ongoing price surges in lithium and spodumene and ramping up of new capacity [1] - **Key Events to Monitor**: 1. Impact of cost inflation and potential supply disruptions on Greenbushes production 2. Allocation of funds raised from H-share placement and convertible bonds for new projects, particularly the spodumene mine under Group and Cuola Mine [1] Valuation Metrics - **P/B Ratios**: Tianqi Lithium A/H shares currently trade at 2.1x and 1.5x 2026E P/B respectively [3] - **Valuation Methodology**: H-shares valued at HK$61.0 based on a 1.82x 2026E P/B multiple, reflecting a 30% discount to A-share target P/B [9] Risks - **Key Downside Risks**: 1. Share dilution from SQM stake holding due to M&A activities 2. Lower-than-expected demand for lithium-ion batteries 3. Unexpected production cuts from Greenbushes [10][12] Additional Insights - **Net Gearing**: Reported at 18% [3] - **Operating Cash Flow (OCF)**: Rmb2,961 million for FY25, indicating a significant capital expenditure impact [3] - **Earnings Summary**: - 2023A Net Profit: Rmb7,297 million - 2024A Net Profit: -Rmb7,905 million - 2025E Net Profit: Rmb857 million - 2026E Net Profit: Rmb2,506 million [6] This summary encapsulates the essential financial metrics, market performance, future outlook, and risks associated with Tianqi Lithium, providing a comprehensive overview for potential investors and stakeholders.

© 2025 by Albemarle Corporation. All Rights Reserved. | 1 1 Albemarle Investor Presentation March 2026 Forward-Looking Statements This presentation, conference call and discussions that follow contain statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date her ...

Core Viewpoint - Grit Metals Corp. has completed an internal review to identify priority drill targets for its upcoming diamond drilling program in the Central Finland Lithium Exploration Project, focusing on Lithium-Cesium-Tantalum pegmatites at Kyrola and Mörkylä [1][10]. Exploration Strategy - Following the appointment of a new Vice President of Exploration and a technical advisory board, Grit Metals' team has conducted a comprehensive review of surface sampling assay datasets and reassessed exploration targets to enhance drill targeting [2][10]. - The ongoing evaluation aims to strengthen the technical foundation of the company and ensure future exploration programs are data-driven [2]. Key Targets - At the Nabba Permit, the Kyrola target features an approximately 850 m by 110 m boulder anomaly with a coherent geochemical trend and an interpreted pegmatite source located 300 to 500 meters northwest, making it a priority drill target [3]. - The Jylhä Permit includes multiple targets, notably Mörkylä, located 1.5 kilometers southwest of the Leviäkangas lithium deposit (0.47 million tonnes at 0.70% Li₂O), with a defined 275-meter boulder trend containing coarse spodumene scheduled for drilling [4]. - At the Tastula Permit, early-stage coarse-grained spodumene boulder clusters have been identified at Tastula North, located approximately four kilometers northeast of the Länttä deposit (1.33 million tonnes at 1.20% Li₂O) [5]. Regional Context - Grit Metals' exploration targets are situated within the emerging Kaustinen lithium district, close to the Keliber joint venture ground held by Sibanye-Stillwater, which enhances the strategic positioning of its exploration portfolio [6][10]. - The proximity to active operations and established infrastructure supports the district-scale potential for lithium mineralization [6]. Upcoming Activities - The technical team is preparing for a maiden diamond drilling program aimed at advancing at least two grassroots targets, scheduled to commence in late Q1 to early Q2 [8][10].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium and Energy Storage Systems (ESS) - **Context**: The lithium market has experienced significant price fluctuations and demand shifts, particularly influenced by the deployment of ESS since mid-2025 [1][6]. Core Insights Demand Dynamics - **ESS Demand Surge**: The transition from a feed-in tariff model to market pricing in China's renewable energy sector has led to a 76% year-over-year increase in global ESS shipments, reaching 612 GWh in 2025. ESS now accounts for 25% of lithium demand from batteries [3][15]. - **Future Outlook for ESS**: Continued growth in ESS is expected, with shipments projected to increase by 50-80% year-over-year in 2026, potentially leading to a 118% increase in lithium consumption for ESS to approximately 410 kt LCE [14][15]. EV Market Challenges - **Declining EV Sales**: The global electric vehicle (EV) market is showing signs of slowing down, with a 20% year-over-year decline in January EV sales in China and a projected 10.4% growth in 2026, down from 28% in 2025 [4][27][29]. - **Impact on Lithium Demand**: EVs accounted for 56% of lithium demand in 2025. The anticipated slowdown in EV sales is likely to negatively impact lithium prices, as demand from EVs is expected to decrease [4][26]. Supply Adjustments - **Supply Response**: Following a period of mine suspensions and capital expenditure cuts due to falling prices, producers are now considering restarting operations in response to rising prices. Notable examples include Core Lithium and CATL, which are evaluating options to restart production [5][39][40]. - **Production Growth**: Supply growth is expected to reach 23% in 2026, driven by new projects and ramp-ups, particularly in China and Argentina [40]. Price Outlook - **Current Price Trends**: Lithium prices have tripled since mid-2025, peaking at $22,350/kg in January 2026. However, the market may be overextended, with a forecasted price of $15,000/t LCE for the second half of 2026 [1][11][43]. - **Risks to Price Stability**: The potential for a surplus in lithium supply due to a slowdown in EV demand and the restart of previously suspended mines poses risks to price stability [43][45]. Additional Considerations - **Policy Changes in China**: The reduction and eventual elimination of the VAT export tax rebate on battery products may front-load some demand but could cloud the future outlook for exports [3][15]. - **Cost Pressures**: Rising costs of battery materials, including a 40% increase in LFP cell material costs since late 2025, may impact investment returns and further influence the market dynamics [15][18]. Conclusion - The lithium market is at a critical juncture, with strong demand from ESS but significant challenges from the slowing EV sector. The interplay between these factors will be crucial in determining future price movements and supply dynamics in the lithium industry.

Core Insights - Brunswick Exploration Inc. has identified three new high-priority lithium targets at the Anatacau Main Project in Quebec, where drilling is currently underway [1][2] - The project is strategically located near a major lithium-bearing structural corridor, enhancing its exploration potential [1][2] Group 1: New Lithium Targets - Three new high-priority lithium targets (areas A, B, and C) have been identified, indicating significant exploration potential [1][2] - Area A includes three unverified spodumene showings identified through compilation work, expanding the exploration potential surrounding the Anais discovery [4] - Area B consists of three additional unverified spodumene showings and 150 pegmatite outcrops, with the largest outcrop measuring 800 by 100 meters [5] Group 2: Pontax Trend - The Pontax trend is a major NE-SW regional lithium-bearing structural corridor extending over 20 kilometers, identified with over 13 highly fractionated pegmatites [7] - The largest visible outcrop in the Pontax trend measures approximately 200 by 50 meters, indicating favorable mineralogy and K/Rb ratios [7] Group 3: Company Overview - Brunswick Exploration is focused on grassroots exploration for lithium in Canada, with a significant portfolio that includes the Mirage project, which has an Inferred Mineral Resource Estimate of 52.2 million tons grading 1.08% Li2O [11]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net sales of $1.4 billion, a 16% increase year-over-year, with adjusted EBITDA of $269 million, up 7% year-over-year [5][9] - Full-year net sales reached $5.1 billion, with adjusted EBITDA of $1.1 billion, meeting or exceeding previous outlook considerations [5][6] - The adjusted EBITDA margin decreased by approximately 150 basis points compared to last year, influenced by unfavorable foreign exchange and lower specialties margins [9] Business Line Data and Key Metrics Changes - Energy storage segment saw a 14% increase in full-year volumes to 235,000 tons LCE, with Q4 net sales up 23% year-over-year and adjusted EBITDA up 25% [19] - Ketjen's net sales increased by 14% year-over-year, with adjusted EBITDA growing 39%, driven by higher sales volumes [16] - Specialties business experienced a 5% increase in net sales but a 6% decline in adjusted EBITDA due to margin compression [18] Market Data and Key Metrics Changes - Global lithium demand for 2025 was 1.6 million tons, up more than 30% year-over-year, with expectations for 2026 demand to rise to 1.8-2.2 million tons, a 15%-40% increase [23][24] - Stationary storage demand grew over 80% in 2025, with significant increases in shipments across all geographies [25] - European EV demand increased by 34%, while U.S. EV demand slowed due to the removal of consumer tax credits [24] Company Strategy and Development Direction - The company is focusing on cost and productivity improvements, targeting an additional $100 million-$150 million in 2026 [6][33] - Strategic decisions include idling operations at the Kemerton lithium hydroxide plant to improve financial flexibility [7][32] - Investments in top-tier mining resources and exploration interests remain a priority, with a focus on maintaining a competitive position [8][28] Management's Comments on Operating Environment and Future Outlook - Management noted that recent lithium price improvements are insufficient to offset challenges in Western hard rock lithium conversion operations [7] - The company anticipates meaningful positive free cash flow potential if current lithium pricing persists [6][22] - Management expressed confidence in the long-term growth opportunities driven by energy resilience and electric vehicle demand [34] Other Important Information - The company closed the sale of its stake in the Eurocat joint venture and expects to close the sale of a majority stake in Ketjen, generating approximately $660 million in pretax proceeds [7][16] - The company ended 2025 with $1.6 billion in cash and expects to maintain an investment-grade credit profile [26][28] Q&A Session Summary Question: What is the outlook for lithium volumes beyond 2027? - Management indicated that growth opportunities exist at Greenbushes and Wodgina, with a continued growth profile expected after 2027 [38] Question: How does the cost structure of Kemerton compare to Chinese assets? - The cost structure of Kemerton is approximately $4-$5 higher than Chinese conversion assets, influenced by factors such as labor and power costs [41] Question: What is the impact of Chinese lithium capacity closures? - Management noted that about 30,000-50,000 tons of capacity came offline in 2025, influenced by regulatory actions and demand growth [44][46] Question: What factors are driving the decrease in Specialties adjusted EBITDA for 2026? - The decrease is attributed to lack of demand growth in certain markets and a decline in lithium specialties prices following previous peaks [48] Question: How does the company plan to approach investments in the current cycle? - The company plans to be more conservative with capital spending, focusing on smaller, incremental projects with quick returns [52]

Financial Data and Key Metrics Changes - The company reported net sales of $1.4 billion for Q4 2025, a 16% increase year-over-year, with adjusted EBITDA of $269 million, up 7% year-over-year [5][9] - For the full year 2025, net sales reached $5.1 billion and adjusted EBITDA was $1.1 billion, meeting or exceeding previous outlook considerations [5][6] - The adjusted EBITDA margin decreased by approximately 150 basis points compared to the previous year, influenced by unfavorable foreign exchange and lower specialties margins [9] Business Line Data and Key Metrics Changes - Energy storage segment saw a 14% increase in full-year volumes to 235,000 tons LCE, with Q4 net sales up 23% year-over-year and adjusted EBITDA up 25% [19] - Ketjen's net sales increased by 14% year-over-year, with adjusted EBITDA growing 39%, driven by higher sales volumes [16] - Specialties business experienced a 5% increase in net sales but a 6% decline in adjusted EBITDA due to margin compression in lithium specialties [17] Market Data and Key Metrics Changes - Global lithium demand for 2025 was 1.6 million tons, up more than 30% year-over-year, with expectations for 2026 demand to rise to 1.8-2.2 million tons, a 15%-40% increase [23][24] - Stationary storage demand grew over 80% in 2025, with significant contributions from China and North America [25][26] - European EV demand increased by 34% year-over-year, while U.S. EV demand slowed due to the removal of consumer tax credits [24] Company Strategy and Development Direction - The company is focusing on cost and productivity improvements, targeting an additional $100 million-$150 million in savings for 2026 [6][32] - Strategic decisions include idling operations at the Kemerton lithium hydroxide plant to enhance financial flexibility and preserve optionality [7][32] - Investments in top-tier mining resources and exploration interests remain critical to the company's strategy [8] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for differentiated pricing to support Western supply chains, particularly in comparison to Chinese operations [41] - The company anticipates continued growth opportunities at Greenbushes and Wodgina, with a cautious approach to capital spending [38][52] - The outlook for 2026 includes expectations for stable capital spending and potential for meaningful free cash flow if current lithium pricing persists [6][22] Other Important Information - The company closed the sale of its stake in the Eurecat joint venture and expects to finalize the sale of a majority stake in Ketjen, generating approximately $660 million in pretax proceeds [7][16] - The company ended 2025 with $1.6 billion in cash and expects to maintain an investment-grade credit profile [26] Q&A Session Summary Question: How should we think about volume growth beyond 2027? - Management indicated that while 2026 volumes are expected to be flat, growth opportunities remain at Greenbushes and Wodgina, with potential investments needed based on market conditions [38] Question: How much higher cost is the Kemerton asset compared to Chinese conversion assets? - The cost structure difference is approximately $4 to $5, with ongoing costs to maintain the idled asset [41] Question: Can you comment on the closure of Chinese lithium capacity? - Management noted that about 30,000-50,000 tons of capacity came offline in 2025, influenced by regulatory actions and demand dynamics [44][46] Question: What is behind the decrease in Specialties adjusted EBITDA for 2026? - The decrease is attributed to lack of demand growth in certain markets and a decline in lithium specialties prices following previous peaks [48] Question: How long do prices need to stay at $20/kg plus before considering investments? - Management indicated a more conservative approach to capital spending, focusing on smaller, incremental projects with quick returns [52]

2 Non-GAAP Measures It should be noted that adjusted net income (loss) attributable to Albemarle Corporation, adjusted net income (loss) attributable to Albemarle Corporation common shareholders, adjusted diluted (loss) earnings per share attributable to common shareholders, non-operating pension and other post- employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), ...

Summary of Australian Lithium & Gold Coverage Industry Overview - The report focuses on the Australian lithium and gold sectors, providing coverage summaries, forecasts, and spot pricing scenarios as of February 6, 2026 Key Companies and Ratings - **Buy Recommendations**: NST, NEM, CMM, BGL, RMS, WGX, PNR, WA1 [4] - **Sell Recommendations**: PLS, LTR, MIN, EVN [4] Company-Specific Insights - **IGO**: Neutral rating, Nickel/Lithium, Market cap: US$4.3 billion, Current price: A$8.21, Downside: 15%, NAV: A$5.28, NTM EV/EBITDA: 12.4x [4] - **PLS**: Sell rating, Spodumene Lithium/Specialties, Market cap: US$9.2 billion, Current price: A$4.10, Downside: 27%, NAV: A$2.68, NTM EV/EBITDA: 14.4x [4] - **LTR**: Sell rating, Spodumene, Market cap: US$3.6 billion, Current price: A$1.64, Downside: 11%, NAV: A$1.07, NTM EV/EBITDA: 19.8x [4] - **MIN**: Sell rating, Fe/Li/Crushing, Market cap: US$7.2 billion, Current price: A$52.43, Downside: 14%, NAV: A$37.40, NTM EV/EBITDA: 6.9x [4] - **NST**: Buy rating, Gold, Market cap: US$26.4 billion, Current price: A$26.57, Upside: 19%, NAV: A$30.14, NTM EV/EBITDA: 7.1x [4] - **EVN**: Sell rating, Gold/Copper, Market cap: US$20.0 billion, Current price: A$14.18, Downside: 10%, NAV: A$12.28, NTM EV/EBITDA: 7.5x [4] - **NEM**: Buy rating, Gold, Market cap: US$118.4 billion, Current price: A$154.72, Upside: 20%, NAV: A$172.72, NTM EV/EBITDA: 6.0x [4] - **CMM**: Buy rating, Gold, Market cap: US$4.2 billion, Current price: A$13.11, Upside: 34%, NAV: A$16.50, NTM EV/EBITDA: 9.7x [4] - **BGL**: Buy rating, Gold, Market cap: US$1.8 billion, Current price: A$1.65, Upside: 21%, NAV: A$1.98, NTM EV/EBITDA: 4.9x [4] - **RMS**: Buy rating, Gold, Market cap: US$5.9 billion, Current price: A$4.29, Upside: 25%, NAV: A$5.19, NTM EV/EBITDA: 9.8x [4] - **WGX**: Buy rating, Gold, Market cap: US$4.5 billion, Current price: A$6.76, Upside: 37%, NAV: A$8.85, NTM EV/EBITDA: 4.4x [4] - **PNR**: Buy rating, Gold, Market cap: US$1.3 billion, Current price: A$4.51, Upside: 67%, NAV: A$6.60, NTM EV/EBITDA: 3.1x [4] - **WA1**: Buy rating, Niobium, Market cap: US$0.8 billion, Current price: A$15.53, Upside: 69%, NAV: A$30.04 [4] Valuation Metrics - **NAV Valuation**: Companies have varying NAVs, with NST having the highest at A$30.14 and PLS the lowest at A$2.68 [4] - **NTM EV/EBITDA Multiples**: Ranges from 3.1x (PNR) to 19.8x (LTR), indicating differing market expectations and valuations across companies [4] Commodity Price Forecasts - **Lithium Carbonate (China)**: Estimated at US$18,366 per ton, down 24% from spot [8] - **Lithium Hydroxide (China)**: Estimated at US$17,856 per ton, down 24% from spot [8] - **Spodumene 6%**: Estimated at US$2,015 per ton, down 45% from spot [8] - **Gold**: Estimated at US$4,778 per ounce, down 20% from spot [8] - **Copper**: Estimated at US$5.88 per pound, down 11% from spot [8] Additional Insights - The report highlights potential conflicts of interest due to Goldman Sachs' business relationships with covered companies [2] - Analysts emphasize the importance of considering this report as one of several factors in investment decisions [2] - The report includes a detailed analysis of market cap, price targets, and upside/downside potential for each company [4] This summary encapsulates the key points from the Australian Lithium & Gold Coverage report, providing insights into company ratings, valuations, and commodity forecasts.

Core Viewpoint - Libra Energy Materials Inc. has announced the mobilization for its first drill program at the Stimson Project, which is fully owned by the company and located in the Case Lake Lithium-Cesium District in Ontario [1][2]. Group 1: Drill Program Details - The initial drill program will test a historical unassayed hole that showed at least three intervals of possible spodumene, near the geological boundary of Power Metals' Case Lake lithium-cesium project, which is one of the largest cesium resources globally [2][4]. - The drill program is expected to be cost-effective and aims to quickly evaluate the potential for further exploration at Stimson [2]. Group 2: Geological Context - Stimson is strategically located along the strike of Power Metals' Case Lake deposit, straddling the boundary between the Quetico and Abitibi subprovinces [4]. - A historical drill log indicated three intervals of mineralization, with the largest being 39.8 meters logged as a 'granitic complex', which may contain pegmatite with possible spodumene [4]. Group 3: Company Overview - Libra Energy Materials Inc. is focused on discovering and developing critical minerals essential for the green energy transition, with multiple projects in Ontario and Quebec, as well as in Brazil [8]. - The company has a CAD $33 million earn-in deal with KoBold Metals Company for its Flanders North, Flanders South, and SBC projects [8].