Arcadium Lithium (ALTM) Evercore ISI 3rd Annual Global Clean Energy & Transition Technologies Summit summary

Merger rationale and integration

• Achieving scale and diversification was essential to remain relevant in the growing lithium market.

• Combining complementary expertise in brine and hard rock mining enabled broader resource optionality.

• Integration has allowed for a shift to a centralized operating model, maximizing value across assets.

• Technical grade lithium carbonate from Allkem is being qualified for use in hydroxide plants, with customer supply chain integration expected later this year.

• Increased scale has improved project delivery capabilities and talent acquisition.

Market outlook and industry dynamics

• Lithium prices have stabilized above previous cycle lows, reflecting a changed supply landscape.

• High-cost supply, especially in China, is being maintained for security rather than economic reasons.

• The supply chain remains opaque and somewhat frozen, with growth in EV sales continuing but uncertainty in technology and policy.

• China’s captive supply strategy is reducing global demand, contributing to perceived oversupply.

• Long-term, lithium prices are expected to trend upward, with a likely range between $20 and $40 per kilo.

Growth strategy and capital allocation

• Built-in growth from legacy projects reduces the need for immediate greenfield decisions.

• Customer support for new projects is strongest for differentiated products like lithium hydroxide.

• Capital costs, especially outside China, are a major challenge for new projects.

• Asset-by-asset growth is prioritized over rapid expansion to avoid capital waste.

• Portfolio approach to resources enables rational, scalable expansion.