Lithium Argentina (LAR) investor relations material

Executive summary

• Cauchari-Olaroz operated at 95% of design capacity in Q2 2026, demonstrating operational reliability, strong cash generation, and safety during a planned shutdown.

• Transitioned from ramp-up to consistent production, supporting financial flexibility and growth initiatives.

• No further planned maintenance shutdowns for 2026; production and sales are projected to remain strong.

• Early development activities for Stage 2 expansion are underway, with a scoping study and updated development plan expected by end of Q3 2026.

• The company is evaluating a secondary ASX listing to complement its NYSE presence and broaden investor access.

Financial highlights

• Q2 2026 revenue reached $174 million, up 4% sequentially; H1 2026 revenue totaled $342 million.

• Realized lithium prices in Q2 2026 averaged $19,563/t, a 16% increase over the previous quarter.

• Adjusted EBITDA for Q2 2026 was $110 million; H1 2026 adjusted EBITDA exceeded $200 million.

• Free cash flow from operations reached $141 million in Q2, aided by working capital drawdown.

• Net income for Q2 2026 was $27 million (100% basis), with a $38 million non-cash deferred tax charge impacting results.

Outlook and guidance

• Full-year 2026 production guidance is 35,000–40,000 tons, with potential to exceed 40,000 tons as debottlenecking progresses.

• Stage 2 expansion aims to add 45,000 tpa LCE capacity, with a modular approach targeting an initial 10,000 tpa facility.

• Environmental permitting for Stage 2 is in progress, with key milestones expected by end of Q3 2026.

• EBITDA outlook for 2026 ranges from $370 million to $640 million depending on lithium price scenarios.

• Additional distributions from Cauchari-Olaroz are anticipated in H2 2026, assuming stable lithium prices.