LAC

• Operations: Kachari is performing exceptionally well with production over 34,000 tons in 2025, Q4 production at 97%, Q4 operating cash costs around $5,600 per ton, and generated $56 million in adjusted EBITDA. Completed $130 million six-year loan facility. - Growth pipeline: Made progress including consolidation of PPG, submission of RIGI applications for CPG and Stage 2, and progress in growth pipeline with defined resource base, advancing permits and applications. - Market: Lithium prices recovered since mid-2025, supported by demand from EVs and energy storage, with ESS demand aligning with company's operations and growth platform.

Expects production in 2026 in the range of 35,000 to 40,000 tons of lithium carbonate. Based on production targets for 2026, Kachari Ola is expected to support significant EBITDA under a range of pricing scenarios. Using today's market price of about $20,000 per ton, the midpoint of production guidance would imply around $460 million in EBITDA for 2026. Focus on sustaining stable operations at current levels and long-term optimization.

For Kachari-Olaraz, for the year, production was over 34,000 tons, reaching the high end of guidance range and ending the year near capacity with fourth quarter production at 97%. Fourth quarter operating cash costs around $5,600 per ton. For the year, Kachari-Olora has generated $56 million in adjusted EBITDA. Kachari is performing exceptionally well with production in 2025 first full-year production, with fourth quarter production close to nameplate capacity at approximately 9,700 tons. The operation made progress in areas like brine management, wellfield optimization, etc., resulting in improved operating performance. The resource base is defined, permits and RIGI applications are advancing, and the operation has large lithium-brite assets.

Monitoring impacts of Middle East situation, but direct energy exposure is very limited with approximately less than 2% of total operating costs tied to diesel and natural gas, and indirect costs associated with logistics and other remaining below 15% of OPEX.

Q: Regarding cash cost expectations for 2026 and Q1 realized price expectations.

A: In Q4, cash costs were $5,600 per ton, expect sub $6,000 in 2026 with some variability, pricing based on market price for battery quality lithium carbonate outside of China.

Q: Talk about volatility in global markets and growth plans with partner.

A: Monitoring Middle East situation with limited impact, growth ambitions with Ganfeng aligned, working on financing plans for growth projects.

Q: On pricing expectations throughout 2026 and financing.

A: Pricing volatile with expectations around current levels, strong demand from ESS, balance sheet strengthened with $130 million debt facility, different financing paths for Kachari Stage 2 and PPG.

Q: On cost competitiveness and stage two opportunities.

A: Costs sub $6,000 are competitive, Argentina can have low-cost producers, stage two for Kachari could be pushed above 40,000 tons with further investment.

Q: On sodium batteries and lithium demand.

A: Sodium is a risk if lithium prices spike, but not material threat at current price level