Lithium Argentina AG Q4 FY2025 earnings call

1. Operations: Kachari performed exceptionally well in 2025 with production over 34,000 tons, reaching high end of guidance, fourth quarter at 97% capacity. Cash costs in Q4 around $5,600 per ton. 2. Growth pipeline: Consolidated PPG, submitted rigging applications for CPG and Stage 2. Progressed growth pipeline including resource base definition, permit and rigging application advancements. 3. Cost reduction: Cash costs declined 30% from Q1 2024 to around $5,600 in Q4 2025, revised long-term cost estimate to $5,400 per ton at full capacity. 4. Market: Lithium prices recovered since mid-2025, ESS demand strong, aligning with Lithium Argentina's operations and growth platform.

For Lithium Argentina, Kachari-Oloraz had production over 34,000 tons in 2025, reaching the high end of guidance range, with fourth quarter production at 97%. Fourth quarter operating cash costs around $5,600 per ton. Kachari-Oloraz generated $56 million in adjusted EBITDA in 2025. In 2026, production is expected to be in the range of 35,000 to 40,000 tons of lithium carbonate. The resource base of Kachari Olaras was reinforced with measured and indicated resources increasing by approximately 42%, and PPG is another large-scale brine resource with over 15 million tons of measured and indicated LTE resources.

1. 2026 production expected to be in the range of 35,000 to 40,000 tons of lithium carbonate. 2. Based on 2026 production targets, Kachari Olaraz expected to support significant EBITDA under range of lifting price scenarios. 3. Focus on sustaining stable operations at current levels and long-term optimization.

1. Volatility in global markets, though minimal impact on operations so far as direct energy exposure is less than 2% of total operating costs and indirect costs exposed to oil and gas price impacts below 15% of OPEX. 2. Uncertainty in lithium pricing, which could impact growth plans and financial results.

Q: Congrats on excellent cost performance in Q4. How should cash cost expectations evolve in 2026, with $5,600 in Q4 and new long term goal of $5,400?

A: In Q4, cash costs were $5,600 per ton driven by volume increases and structural cost changes. Expect some variability quarter over quarter tied to volumes and costs, but sub $6,000 with $5,600 as indication.

Q: Bridge Q1 realized price expectations from Chinese benchmark price to $17,000 per ton?

A: Pricing is based on market price for battery quality lithium carbonate outside of China, stripping out VAT and considering quality adjustments.

Q: Talk about volatility in global markets and impact on growth projects?

A: Monitoring Middle East situation, minimal impact on operations as direct energy exposure low. Growth ambitions with Ganfeng aligned, joint control over key decisions, Kachari Stage 2 has cash flow from Stage 1 to fund, PPG working with minority partners for financing.

Q: View on pricing expectations in 2026 and financing?

A: Pricing volatile, but ESS demand supportive. Balance sheet strengthened with $130 million debt facility, $85 million distributed, cash position under $100 million. Kachari Stage 2 can use EBITDA to fund phase two, PPG working with minority partners for financing.

Q: Costs improvement and competitiveness, sodium batteries impact?

A: Costs improved dramatically, Argentina can have low cost producers, Kachari unique due to resource and plant design. Sodium batteries seen as risk if lithium price spikes, but LFP has advantages in energy density, weight, cycle life for EV and energy storage.