LibertyStream Infrastructure Partners (LIB) investor relations material

Operational progress and milestones

• Began field refining and shipped first ton of lithium to an American industrial customer since last fall.

• Signed first offtake agreement with a U.S. customer, with shipments starting Q1 2027 under a five-year deal with fixed pricing for the first two years.

• Facility in West Texas processes up to 300,000 barrels of brine daily, extracting lithium with a current annual capacity of 1,000 tons.

• Announced offtake for 600 of 1,000 annual tons; term sheets in place for up to 10,000 tons per year in demand.

• Partnership with Select Water for pretreatment; refining and extraction are performed on-site, meeting customer specs.

Business model, cost structure, and scalability

• Operating cost is $6,200 per ton, not including CapEx, with lithium prices forecasted in the $20,000–$30,000 range.

• Capital efficiency is $37,000 per ton due to leveraging existing oil and gas infrastructure, avoiding the need to drill wells.

• Distributed facility model across 26 sites in the basin allows rapid deployment and maintenance flexibility.

• Equipment for a 1,000 ton/year site costs about $37 million, with DLE extraction and refining units as major components.

• Cost structure is stable regardless of product purity, and reagents are produced on-site, not sourced from China.

Market positioning and industry outlook

• Only U.S. producer currently in field production, with competitors years away from operation.

• U.S. lithium demand expected to outpace supply by 600,000 tons/year by 2034, with Permian Basin able to supply up to 200,000 tons.

• Customers value distributed production model and rapid qualification for industrial grade; battery grade qualification takes two years.

• Team has been working together since 2020, with a focus on execution and field-proven technology.

• Actively pursuing a Nasdaq up-listing, expected in Q4 or early next year after re-domiciling to Texas.