Lithium Argentina (LAR) investor relations material

Executive summary

• Cauchari-Olaroz produced 9,550 tonnes at 95% capacity utilization; its 67% cash operating margin and $95M operating cash flow were reported on a 100% basis.

• Higher shipments and lower unit costs offset softer lithium prices; Q3 revenue rose 6% QoQ to $184M and adjusted EBITDA reached a quarterly record of $113M.

• Ganfeng financing, the Stage 2 scoping study and PPG joint venture consolidation advanced financing flexibility and the development portfolio.

Financial highlights

• Q3 revenue was $184M, up 6% QoQ; 9M revenue was $527M.

• Q3 adjusted EBITDA was $113M, up from $110M in Q2; 9M adjusted EBITDA was $329M, on a 100% project basis.

• Exar Q3 net income was $36.8M versus a $66.7M loss YoY; corporate net income was $13.0M, including a $7.3M fair-value gain on convertible instruments.

• Exar generated $94.6M operating cash flow and $91.8M free cash flow from operations; Q3 JV distributions were $100M.

Outlook and guidance

• YTD production was 28,490 tonnes, on track for the midpoint of FY2026 guidance of 35,000–40,000 tonnes; Q4 production was expected above 9,000 tonnes.

• Cauchari-Olaroz Stage 2 is a planned 45,000 tpa expansion, taking total capacity to ~85,000 tpa; environmental approval is underway.

• PPG is advancing engineering and early works for an initial 10,000 tpa module, targeting first production in 2028 subject to permits and approvals.

• PPG RIGI approval was expected by year-end; China technology-export approval timing remained uncertain.