HIGHLIGHTS

Argentina

Caucharí-Olaroz

• Caucharí-Olaroz Stage 1 ramp up to design capacity of 40,000 tonnes per annum (“tpa”) of battery-quality lithium carbonate is on track to be completed by mid-2024.

  • Production guidance reaffirmed at 5,000 tonnes of lithium carbonate in 2023.

• First lithium carbonate was shipped from Argentina in early Q4 2023 with regular shipments ongoing.

  • During the ramp up, sales are based on market price for battery-quality lithium carbonate less a processing fee to remove the excess potassium chloride (“KCl”).

• Completed the first train of the KCl plant with commissioning underway and second train expected to be completed during Q4 2023.

• As of September 30, 2023, over 95% of the capital costs have been spent with Stage 1 construction substantially complete.

• At current lithium carbonate prices and operating plans, the Company remains in a strong financial position and expects its remaining funding requirements for Caucharí-Olaroz to be less than $20 million, including working capital needs, during Stage 1 ramp up.

Pastos Grandes Basin

• The Company continues integrating Pastos Grandes (100% interest) and Sal de la Puna (65% interest) which is expected to result in a larger scale and more optimized development plan.

  • The development plan for the Pastos Grandes Basin is expected to align with the ramp up of Caucharí-Olaroz Stage 1.