Q4 2025 Lithium Argentina AG Earnings Call

March 23, 2026

Speaker #1: Hello everyone and welcome to Lithium Argentina 4th quarter and full year 2025 earnings conference call. Please note that this call is being recorded. After the prepared remarks, there will be a question-and-answer session.

Operator: Hello, everyone, and welcome to Lithium Argentina Q4 and Full Year 2025 Earnings Conference Call. Please note that this call is being recorded. After the prepared remarks, there will be a question and answer session. If you'd like to ask a question during that time, please press Star followed by one on your telephone keypad. Thank you. I'd now like to hand the call over to Kelly O'Brien, Investor Relations. Please go on.

Operator: Hello, everyone, and welcome to Lithium Argentina Q4 and Full-Year 2025 Earnings Conference Call. Please note that this call is being recorded. After the prepared remarks, there will be a question and answer session. If you'd like to ask a question during that time, please press Star followed by one on your telephone keypad. Thank you. I'd now like to hand the call over to Kelly O'Brien, Investor Relations. Please go on.

Speaker #1: If you'd like to ask a question during that time, please press star followed by 1 on your telephone keypad. Thank you. I'd now like to hand the call over to Kelly O'Brien, Investor Relations, please go ahead.

Speaker #2: Thank you for the introduction. I want to welcome everyone to our conference call this morning. Joining me on the call today to discuss the fourth quarter and full-year 2025 results is Sam Piggett, CEO of Lithium Argentina.

Kelly O'Brien: Thank you for the introduction. I want to welcome everyone to our conference call this morning. Joining me on the call today to discuss the Q4 and full year 2025 results is Sam Pigott, CEO of Lithium Argentina. Alex Shulga, our CFO, will also be available for Q&A. Before we begin, I would like to cover a few items. Our Q4 2025 earnings results were press released earlier this morning, and the corresponding documents are available on our website. I remind you that some of the statements made during this call, including any production guidance, expected company performance, update on development plans, the timing of our project, and market conditions may be considered forward-looking statements. Please note the cautionary language about forward-looking statements in our presentation, MD&A, and news releases. I now turn the call over to Sam Pigott.

Kelly O'Brien: Thank you for the introduction. I want to welcome everyone to our conference call this morning. Joining me on the call today to discuss the Q4 and Full-Year 2025 results is Sam Pigott, CEO of Lithium Argentina. Alex Shulga, our CFO, will also be available for Q&A. Before we begin, I would like to cover a few items. Our Q4 2025 earnings results were press released earlier this morning, and the corresponding documents are available on our website. I remind you that some of the statements made during this call, including any production guidance, expected company performance, update on development plans, the timing of our project, and market conditions may be considered forward-looking statements. Please note the cautionary language about forward-looking statements in our presentation, MD&A, and news releases. I now turn the call over to Sam Pigott.

Speaker #2: Alex Shoga, our CFO, will also be available for Q&A. Before we begin, I would like to cover a few items. Our fourth quarter 2025 earnings results press release was issued earlier this morning, and the corresponding documents are available on our website.

Speaker #2: I remind you that some of the statements made during this call, including any production guidance, expected company performance, updates on development plans, the timing of our project, and market conditions, may be considered forward-looking statements.

Speaker #2: Please note the cautionary language about forward-looking statements in our presentation and DNA and news releases. I now turn the call over to Sam Piggett.

Speaker #3: Thanks, Kelly. Good morning, everyone, and thank you for joining us. 2025 marked an important year for Lithium Argentina. Kachari Olraz demonstrated its ability as a stable, cash-generating operation, while we significantly advanced our next phase of growth.

Sam Pigott: Thanks, Kelly. Good morning, everyone, and thank you for joining us. 2025 marked an important year for Lithium Argentina. Caucharí-Olaroz demonstrated its ability as a stable cash generating operation where we significantly advanced our next phase of growth. Starting with operations, Caucharí-Olaroz is performing exceptionally well. For the year, production was over 34,000 tons, reaching the high end of our guidance range and ending the year near capacity with Q4 production at 97%. We are now seeing that strong operational performance translated into lower costs, with Q4 operating cash costs around $5,600 per ton. Following year-end, the operation distributed $85 million of cash, $42 million for Lithium Argentina's share, and we completed a $130 million six-year loan facility, strengthening our balance sheet and highlighting the financial capacity of our assets.

Speaker #3: Starting with operations, Kachari is performing exceptionally well. For the year, production was over 34,000 tons, reaching the high end of our guidance range, and ending the year near capacity, the 4th quarter production at 97%.

Speaker #3: We are now seeing this strong operational performance translated into lower costs, the 4th quarter operating cash costs around $5,600 per ton. Following year-end, the operation distributed $85 million of cash, $42 million for Lithium Argentina's share, and we completed $130 million six-year loan facility.

Speaker #3: Strengthening our balance sheet and highlighting the financial capacity of our assets. In parallel, we were able to make meaningful progress across our growth pipeline.

Sam Pigott: In parallel, we were able to make meaningful progress across our growth pipeline. This included the consolidation of PPG, supporting a more efficient development plan as outlined in the scoping study released late last year. As well as the submission of RIGI applications for both PPG and stage two. Since completion of the chemical plant in late 2023, production has steadily increased. 2024 represented our first full year of production. While in 2025, the focus shifted to consistency, recoveries, and sustaining higher production levels for longer periods of time. During the year, the team made continued improvements across several areas, including brine management, well field optimization, process stability in the plant, and reduced reagent usage, which together supported more reliable and consistent operating performance. That progress resulted in the operations achieving close to nameplate capacity in Q4, with production of approximately 9,700 tons.

Speaker #3: This included the consolidation of PPG, supporting a more efficient development plan as outlined in the scoping study released late last year, as well as the submission of rig applications for both PPG and Stage 2.

Speaker #3: Since completion of the chemical plant in late 2023, production has steadily increased. 2024 represented our first full-year of production, while in 2025, the focus shifted to consistency, recoveries, and sustaining higher production levels for longer periods of time.

Speaker #3: During the year, the team made continued improvements across several areas, including brine management, wellfield optimization, process stability in the plant, and reduced reagent usage.

Speaker #3: This together supported more reliable and consistent operating performance. That progress resulted in the operations achieving close to nameplate capacity in the fourth quarter, with production of approximately 9,700 tons.

Speaker #3: This operational performance translated into strong financial results, which, despite the low lithium price environment in 2025, Kachari Olraz generated $56 million in adjusted EBITDA.

Sam Pigott: This operational performance translated into strong financial results, which, despite the low lithium price environment in 2025, Caucharí-Olaroz generated $56 million in adjusted EBITDA. I want to spend a moment on cost, because I'd argue this is just as important as the production story, if not more so. Since Q1 2024, cash costs have declined 30% from over $8,000 per ton to around $5,600 in Q4. That improvement is broad-based. Reagents, maintenance, camp services, overhead. Every major cost line moved in the right direction. This is not just fixed costs at higher volumes. Much of this reduction is in variable costs, driven by our efforts to optimize the operation following the ramp up. The best way to show this structural change is from looking at the impact to a revised long-term estimate.

Speaker #3: I want to spend a moment on cost, because I'd argue this is just as important as the production story, if not more so. Since Q1 2024, cash costs have declined 30%—from over $8,000 per ton to around $5,600 in Q4.

Speaker #3: That improvement is broad-based. Reagents, maintenance, camp services, overhead. Every major cost line moved in the right direction. And this is not just fixed costs at higher volumes.

Speaker #3: Much of this reduction is in variable costs, driven by our efforts to optimize the operation following the ramp-up. The best way to show this structural change is by looking at the impact to our revised long-term estimates.

Speaker #3: Based on the current cost structure at full capacity, we now forecast costs of approximately $5,400 per ton, down from $6,500 a year ago. That's a 17% reduction to our own prior estimates.

Sam Pigott: Based on the current cost structure at full capacity, we now forecast costs of approximately $5,400 per ton, down from $6,500 a year ago. That's a 17% reduction to our own prior estimate. It's important to note that we're not done. We and our partner, Ganfeng, remain fully focused on driving further efficiencies with both stage one and as we grow. On the next slide is an updated cost curve, which includes actual operating performance at Caucharí-Olaroz. Not a feasibility study. It's not a projection. These are actual costs from an operation that has now been running and improving quarter-over-quarter. This operation is one of the few sources of lithium chemical production to come online outside of China in the past 10 years.

Speaker #3: And it's important to note that we're not done. We, and our partner Ganfeng, remain fully focused on driving further efficiencies with both Stage 1 and, as we grow.

Speaker #3: On the next slide is an updated cost curve, which includes actual operating performance at Kachari Olraz. This is not a feasibility study, so not a projection—these are actual costs from an operation that has now been running and improving quarter over quarter.

Speaker #3: This operation is one of the few sources of lithium chemical production to come online outside of China in the past ten years. We now have the opportunity to scale from 40,000 to over 200,000 tons of lithium chemicals to serve global markets directly from the Americas.

Sam Pigott: We now have the opportunity to scale from 40,000 to over 200,000 tons of lithium chemicals to serve global markets directly from the Americas. Turning briefly to the market. Since mid-2025, there has been a significant recovery in lithium prices, supported by strengthening demand across both electric vehicles and increasingly energy storage systems. On ESS specifically, the wide range of forecasts you'll see from global banks and consultants reflects how new and large this demand is becoming. This gap is particularly visible even in 2025, where estimates, especially those outside of Asia, are still adjusting to how material ESS has become as a driver of overall lithium demand.

Speaker #3: Turning briefly to the market, since mid-2025, there has been a significant recovery in lithium prices. Supported by strengthening demand across both electric vehicles and increasingly energy storage systems.

Speaker #3: On ESS specifically, a wide range of forecasts you'll see from global banks and consultants reflects how new and large this demand is becoming. This gap is particularly visible even in 2025, where estimates, especially those outside of Asia, are still adjusting to how material ESS has become as a driver of overall lithium demand.

Speaker #3: The rising ESS demand aligns well with our existing operations and growth platform that we've developed in Lithium Argentina. In terms of scale, cost, and ability to integrate with a more global customer base.

Sam Pigott: For Lithium Argentina, this rise in ESS demand aligns well with our existing operations and growth platform that we've developed in terms of scale, cost, and ability to integrate with a more global customer base. Looking ahead to 2026, we expect production in the range of 35,000 to 40,000 tons of lithium carbonate, reflecting our focus on sustaining stable operations at current levels and long-term optimization. Based on our production targets for 2026, Caucharí-Olaroz is expected to support significant EBITDA under a range of lithium price scenarios. Using today's market price of about $20,000 per ton and the midpoint of production guidance would imply around 460 mil-

Speaker #3: Looking ahead to 2026, we expect production in the range of 35,000 to 40,000 tons of lithium carbonate. Reflecting our focus on sustaining a stable operation at current levels and long-term optimization.

Speaker #3: Based on our production targets for 2026, Kachari Olraz is expected to support significant EBITDA under a range of lithium price scenarios. Using today’s market price of about $20,000 per ton, the midpoint of production guidance would imply around $460.

Operator: Ladies and gentlemen, please be on standby. We will just address a quick technical issue. Again, please be on standby. We will be back momentarily. Thank you.

Speaker #1: Ladies and gentlemen, please be on standby. We will just address a quick technical issue. Again, please be on standby. We will be back momentarily. Thank you.

Sam Pigott: Apologies for that. My line dropped. Obviously, we're not recording this. I'll carry on where I left off. Based on our production targets for 2026, Caucharí-Olaroz is expected to support significant EBITDA under a range of lithium price scenarios. Using today's market price of about $20,000 per ton and the midpoint of production guidance would imply around $460 million in EBITDA for 2026. This incorporates actual results year to date and adjustments to market price. From a cash flow perspective, this should translate into strong cash conversion, supported by accelerated depreciation and low sustaining capital requirements of approximately $15 to 20 million per year. Following year-end, the operation distributed $85 million of cash, increasing Lithium Argentina's cash position in Q1 to now around $95 million.

Speaker #4: Apologies for that. My line dropped. Obviously, we're not recording this, and so I'll carry on. We're left off based on our production targets for 2026; Kachari Olraz is expected to support significant EBITDA under a range of lithium price scenarios.

Speaker #4: Using today's market price of about $20,000 per ton, in the midpoint of production guidance, would imply around $460 million in EBITDA for 2026. This incorporates actual results year to date and adjustments to market price.

Speaker #4: From a cash flow perspective, this should translate into strong cash conversion, supported by accelerated depreciation and low sustaining capital requirements of approximately $15 to $20 million per year.

Speaker #4: Following year-end, the operation distributed $85 million in cash, increasing Lithium Argentina's cash position in Q1 to now around $95 million. In March of the corporate level, we also completed $130 million debt facility with Ganfeng, increasing our balance sheet flexibility.

Sam Pigott: In March, at the corporate level, we also completed a $130 million debt facility with Ganfeng, increasing our balance sheet flexibility. With Caucharí-Olaroz now operating at close to capacity and costs well below $6,000 per tonne, we are turning our attention to what comes next. The opportunity in front of us is significant. We have the potential to grow from approximately 40,000 tons per annum today to over 200,000 across a series of phases using Caucharí-Olaroz stage one as the foundation. In 2025, we laid the groundwork. The resource phase is defined, the permits and RIGI applications are advancing, and the economics, as the PPG scoping study showed, are compelling in nearly all pricing scenarios.

Speaker #4: With Kachari Olraz now operating at closed-to-capacity and costs well below $6,000 per ton, we are turning our attention to what comes next. The opportunity in front of us is significant.

Speaker #4: We have the potential to grow from approximately $40,000 tons per annum today to over 200,000 across a series of phases, using Kachari Olraz Stage 1 as the foundation.

Speaker #4: In 2025, we laid the groundwork. The resource base is defined, the permits and rigging applications are advancing, and the economics the PPG scoping study showed are compelling in nearly all pricing scenarios.

Speaker #4: We recently published an updated resource and reserve estimate for Kachari Olraz, reinforcing the scale of the basin with total measured and indicated resources increasing by approximately 42%, positioning Kachari Olraz among the largest lithium brine assets globally.

Sam Pigott: We recently published an updated resource and reserve estimate for Caucharí-Olaroz, reinforcing the scale of the basin, the total measured and indicated resources increasing by approximately 42%, positioning Caucharí-Olaroz among the largest lithium brine assets globally. Beyond this, our platform includes PPG, another large-scale brine resource with over 15 million tons of measured and indicated LCE resources. Together with Caucharí-Olaroz and PPG, we are advancing two of the largest lithium brine resources globally, providing the right scale and brine chemistry to support our growth plans. We continue to see a more supportive investment environment emerging in Argentina, with the RIGI helping to attract long-term capital and improve project economics, as reflected in the more than $70 billion in investment applications submitted or approved under the program. RIGI applications for both Caucharí Stage Two and PPG have been submitted.

Speaker #4: Beyond this, our platform includes PPG, another large-scale brine resource with over 15 million tons of measured and indicated LTE resources. Together with Kachari Olraz and PPG, we are advancing two of the largest lithium brine resources globally, providing the right scale and brine chemistry to support our growth plans.

Speaker #4: We continue to see a more supportive investment environment emerging in Argentina. With the rigging helping to attract long-term capital and improve project economics, as reflected in the more than $70 billion in investment applications submitted or approved under the program.

Speaker #4: Rigging applications for both Kachari's Stage 2 and PPG have been submitted. As we look ahead, we are scaling our lithium platform in Argentina. At Kachari Olraz, we are advancing the Stage 2 expansion plan of 45,000 tons.

Sam Pigott: As we look ahead, we are scaling our lithium platform in Argentina. At Caucharí-Olaroz, we are advancing the stage two expansion plan of 45,000 tons, leveraging our operating track record, existing infrastructure, resource scale, and using the significant cash flow from stage one to provide a strong foundation to support the execution of this expansion. In parallel, at PPG, we are progressing what is targeted to be Argentina's largest lithium operation, with a phased development plan to grow to 150,000 tonnes LCE. Here we are working closely with Ganfeng to bring in the necessary financing and are seeing strong engagement from customers and potential minority partners. The next phase of execution is defined by a series of clear milestones to de-risk this growth, including RIGI approvals, finalizing the stage two development plan, and financing PPG.

Speaker #4: Leveraging our operating track record, existing infrastructure, resource scale, and using the significant cash flow from Stage 1 to provide a strong foundation to support the execution of this expansion.

Speaker #4: In parallel, at PPG, we are progressing what is targeted to be Argentina’s largest lithium operation, with a phased development plan to grow to 150,000 tons LCE.

Speaker #4: Here, we are working closely with Ganfeng to bring in the necessary financing and are seeing strong engagement from customers and potential minority partners. The next phase of execution is defined by a series of clear milestones to de-risk this growth, including rigging approvals, finalizing the Stage 2 development plan, and financing PPG.

Speaker #4: In conclusion, we're incredibly proud of what we have accomplished and excited for the years to come. In 2025, we delivered what we set out to do, established a strong operating foundation with industry-leading costs, strengthened our balance sheet, and have taken meaningful steps to de-risk our growth pipeline.

Sam Pigott: In conclusion, we're incredibly proud of what we have accomplished and excited for the years to come. In 2025, we delivered what we set out to do: establish a strong operating foundation with industry-leading costs, strengthen our balance sheet, and have taken meaningful steps to de-risk our growth pipeline. Looking ahead, we are in a very strong position to build off what we have already accomplished at Caucharí-Olaroz Stage 1 and scale from 40 to 200,000 tons. We have world-class teams, a proven track record, two of the largest and highest quality lithium brine resources globally, a much improved investment environment in Argentina, and a market that is undergoing strong demand tailwinds from continued EV growth and accelerated demand from energy storage build-outs.

Speaker #4: Looking ahead, we’re in a very strong position to build off what we have already accomplished at Kachiari Olraz Stage 1 and scale from 40 to 200,000 tons.

Speaker #4: We have world-class teams, a proven track record, two of the largest and highest-quality lithium brine resources globally, a much improved investment environment in Argentina, and a market that is undergoing strong demand tailwinds from continued EV growth and accelerating demand from energy storage buildouts.

Speaker #4: We are focused on de-risking and advancing a path to more than 4xing our lithium production and creating the largest lithium platform in Argentina.

Sam Pigott: We are focused on de-risking and advancing a path to more than 4x-ing our lithium production in creating the largest lithium platform in Argentina.

Speaker #1: And with that, we're ready to open up the line for questions.

Kelly O'Brien: With that, we're ready to open up the line for questions.

Speaker #5: We are now opening the floor for the question and answer session. If you'd like to ask a question, please press star followed by 1 on your telephone keypad.

Operator: We are now opening the floor for question and answer session. If you'd like to ask a question, please press star followed by one on your telephone keypad. Please limit your question to one question and one follow-up. We will pause for a brief moment to wait for the questions to come in. Your first question comes from the line of Anthony Sagliari of Canaccord Genuity. Your line is now open.

Speaker #5: Please limit your question to one question and one follow-up. We will pause for a brief moment to wait for the questions to come in.

Speaker #5: Your first question comes from the line of Anthony Teglieri, your line is now open.

Speaker #6: Good morning, Sam and team. so first of all, congrats on the excellent cost performance in Q4. my first question is related to cash cost expectations for 2026, noting your new long-term goal of, 5,400 dollars a ton.

Anthony Sagliari: Good morning, Sam and team. First of all, congrats on the excellent cost performance in Q4. My first question is related to cash cost expectations for 2026, noting your new long-term goal of $5,400 a ton. How should we expect this to evolve in 2026? Is $5,600 a ton the new base case for Q1 moving forward, you know, between that 35,000 to 40,000 tons of production on an annual basis?

Anthony Taglieri: Good morning, Sam and team. First of all, congrats on the excellent cost performance in Q4. My first question is related to cash cost expectations for 2026, noting your new long-term goal of $5,400 a ton. How should we expect this to evolve in 2026? Is $5,600 a ton the new base case for Q1 moving forward, you know, between that 35,000 to 40,000 tons of production on an annual basis?

Speaker #6: So how should we expect this to evolve in 2026? Is 5,600 dollars a ton the new base case for Q1 moving forward? You know, between that 35 to 40 thousand tons of production on an annual basis?

Speaker #7: Yeah, thanks for the question. So, yeah, in Q4, we delivered $5,600 per ton in cash cost. These were really driven not just by volume increases—reaching 97% capacity—but also structural changes we made to the cost profile.

Sam Pigott: Yeah. Thanks for the question. So yeah, in Q4, we delivered $5,600 per ton in cash cost. These were really driven not just by volume increases reaching 97% capacity, but also structural changes we made to the cost profile. So that would include things like reagents, camp services, maintenance, and optimization of our workforce at camp. With all those changes and what we realized in Q4, we did update our long-term cost estimate at full capacity to $5,400, which is a 17% decrease from what we put out last year at $6,500 per ton.

Speaker #7: so that would include things like reagents, camp services, maintenance, and optimization of our workforce at camp. With all those changes and what we realized in Q4, we did update our long-term cost estimate of full capacity of 5,400, which is a 17% decrease from what we put out last year at 6,500 dollars per ton.

Speaker #7: So, we would expect some variability quarter over quarter tied to volumes produced and timing of cost, but certainly sub-$6,000. That $5,600 is a pretty good indication of where things are likely to settle throughout the year.

Sam Pigott: We would expect some variability quarter-over-quarter tied to volumes produced and timing of cost, but certainly sub $6,000, and that $5,600 is a pretty good indication of where things are likely to settle throughout the year.

Speaker #6: Okay, great. That's helpful. Thank you. And maybe as a follow-up on, Q1, realized price expectations, could you bridge us from, sort of the average Chinese benchmark price of approximately 21,000 dollars a ton to date in Q1 versus the expected price of, realized price of 17,000 dollars a ton?

Anthony Sagliari: Okay, great. That's helpful. Thank you. Maybe as a follow-up on Q1 realized price expectations. Could you bridge us from sort of the average Chinese benchmark price of approximately $21,000 a ton to date in Q1 versus the expected realized price of $17,000 a ton? You know, simple math after considering that maybe that implies around $1,900 a ton of processing costs there. You know, is that something we should expect moving forward for the rest of the year?

Anthony Taglieri: Okay, great. That's helpful. Thank you. Maybe as a follow-up on Q1 realized price expectations. Could you bridge us from sort of the average Chinese benchmark price of approximately $21,000 a ton to date in Q1 versus the expected realized price of $17,000 a ton? You know, simple math after considering that maybe that implies around $1,900 a ton of processing costs there. You know, is that something we should expect moving forward for the rest of the year?

Speaker #6: So, you know, simple math, after considering that, maybe that implies around $1,900 a ton of processing costs there. So, you know, is that something we should expect moving forward for the rest of the year?

Speaker #7: Yeah, I mean, as a as a general statement, our pricing today is based on the market price for battery quality lithium carbon outside of China.

Sam Pigott: Yeah, I mean, as a general statement, our pricing today is based on the market price for battery quality lithium carbonate outside of China. That does strip out VAT from the export reference prices you typically see quoted by SMM, Fastmarkets, et cetera. Beyond that, the adjustments for quality are around mid-single digits from that reference price. That's something that we continue to monitor with our partner Ganfeng, but at the moment, that's what we're realizing.

Speaker #7: So, that does strip out VAT from the export reference prices you typically see quoted by SMM, Fastmarkets, etc. Beyond that, the adjustments for quality are around mid-single digits from that reference price.

Speaker #7: And that's something that we continue to monitor with our partner, Ganfeng, but at the moment, that's what we're realizing.

Speaker #6: Thank you. That's helpful. I'll pass it on.

Anthony Sagliari: Thank you. That's helpful. I'll pass on.

Anthony Taglieri: Thank you. That's helpful. I'll pass on.

Speaker #5: Your next question comes from the line of Joel Jackson of VMO Capital Markets. Your line is now open.

Operator: Your next question comes from the line of Joel Jackson of BMO Capital Markets. Your line is now open.

Speaker #6: Hey, Sam. you talked about, you know, the different opportunities, working at any price level. I think your partner Ganfeng would sort of say similar things.

Joel Jackson: Hey, Sam. You talked about, you know, the different opportunities, working at any price level. I think your partner Ganfeng would sort of say similar things. Can you know, talk about some of the volatility we've seen in the global markets the last few weeks, if that's changed any of the risk factors when you think about Caucharí or phase two or PPG? Would your objectives be the same as Ganfeng? Like, obviously they're not, you're different companies, but could you talk about maybe how some of your objectives for growth the next couple of years could be similar or different versus your partner?

Speaker #6: Can you, you know, talk about some of the volatility we've seen in the global markets the last few weeks? If that's changed, and the risk factors, you know, think about Kachi, Eloros, Phase 2, or PPG. And then also, would your objectives be the same as Ganfeng?

Speaker #6: Like, obviously they're not different companies, but could you talk about maybe how some of your objectives for growth in the next couple of years could be similar or different versus your partner?

Speaker #7: Sure. Thanks, Joel. I mean, as a as a broad statement, like, we are obviously monitoring the impacts. The, the situation in the Middle East, we're not seeing any material impact to our, our operations.

Sam Pigott: Sure. Thanks, Joel. I mean, as a broad statement, like, we are obviously monitoring the impacts of the situation in the Middle East. We're not seeing any material impact to our operations. In a lot of ways, we're pretty well set up and insulated from increased costs to oil and gas prices. Our largest energy input by far is kind of the solar radiation onto our ponds. We've done a series of analysis over the past couple of weeks, just given the developments in the Middle East and the energy complex. Our direct energy exposure is very limited, so approximately or less than 2% of our total operating costs are tied to diesel and natural gas.

Speaker #7: In a lot of ways, we're pretty well set up and insulated from increased cost to oil and gas prices. our largest energy input by far is kind of the solar, solar radiation onto our ponds.

Speaker #7: We've done a series of analyses over the past couple of weeks, just given the developments in the Middle East and the energy complex.

Speaker #7: And our direct energy exposure is very limited. So approximately or less than 2% of our total operating costs are tied to diesel and natural gas.

Speaker #7: And then looking further afield into our indirect costs associated with logistics and other cost lines, it all remains below 15% of our OPEX, which is exposed to that.

Sam Pigott: Looking further afield into our indirect costs associated with logistics and other cost lines, it all remains below 15% of our OpEx, which is exposed to that. We're very well insulated. You know, we're not a traditional kind of mining operation with heavy reliance on diesel for mining or crushing or haulage. From that perspective, we're doing very well. All of our deliveries and shipments are meeting their targets on schedule. Demand is still being pulled very strongly from China and our offtake agreement with Ganfeng. You know, we obviously do monitor it, but are very pleased to report that minimal, if any impacts are being experienced to date, and very limited likelihood for escalation.

Speaker #7: So we're very well insulated, you know, we're not a traditional kind of mining operation with, heavy reliance on diesel for mining or, or crushing or, or haulage.

Speaker #7: so from that perspective, we're, we're, we're doing very well. all of our deliveries and shipments are, are, are meeting their targets on schedule. Demand is still being pulled very strongly from China and our off-take agreement with Ganfeng.

Speaker #7: So you know, we, we obviously do monitor it, but are very pleased to, to report that minimal, minimal, if any, impacts are being experienced to date.

Speaker #7: And very limited likelihood for escalation. In terms of our growth ambitions with Ganfeng, I think both of us understand the unique position that we have here today.

Sam Pigott: In terms of our growth ambitions with Ganfeng, I think both of us understand the unique position that we have here today. We've, you know, brought online to Caucharí overall exceptionally well. Costs are, again, below where we thought they'd be at full capacity going back last year, $5,600 in Q4. The ability to kind of more than double production at Caucharí overall, and then similarly, the largest, you know, potential lithium project in Argentina, 150,000 tons phased across three 350,000-ton phases, expecting operating costs to be low $5,000 a ton. I, you know, I think we have the right type of growth. We now have proven that we can execute. I think the partnership is working very well. Ganfeng wants...

Speaker #7: we've you know, brought online Kosher Elros exceptionally well. costs are again below where we thought they'd be at full capacity going back last year.

Speaker #7: $5,600 in Q4. The ability to kind of more than double production at Kosher Elros, and then, similarly, the largest, you know, potential lithium project.

Speaker #7: In Argentina, 150,000 tons phased, across three, 350,000 tons phases. expecting operating costs to be low 5,000 dollars a ton. So I, you know, I think we, we have the right type of growth.

Speaker #7: We now have proven that we can execute. I think the partnership is working very well. Ganfeng wants, you know, Ganfeng has set pretty ambitious targets for where they want to see their lithium production by 2030.

Sam Pigott: You know, Ganfeng has set pretty ambitious targets for where they want to see their lithium production by 2030. A big part of that growth is through their portfolio with us in Argentina. I think you know, it's around financing. Ganfeng is a $20 billion market cap company, huge access to capital in China. I think the question was always, are we gonna get pulled in one direction or another? I think the answer to that is, one, our shareholder agreements provide joint control over key decisions, including expansions.

Speaker #7: A big part of that growth is through their portfolio with us in Argentina. I think you, you know, it's around, it's around financing. So Ganfeng's a $20 billion market cap company.

Speaker #7: Huge access to capital in China. I think the question was always, are we going to get pulled in one direction or another? I think the answer to that is, one, our shareholder agreements provide joint control over key decisions, including expansions.

Sam Pigott: We do have some control over our destiny, but the way things are developing now, you know, Caucharí stage two at today's prices, stage one would be generating somewhere in the order of $460 million of EBITDA, which, you know, provides quite a bit of cash flow to execute on a stage two. We're obviously waiting for a development plan mid-year. PPG, when we decided to put all these assets together with Ganfeng, we made it very clear in a formal agreement to work together on financing plans that wouldn't require shareholders to contribute equity. We're seeing a lot of engagement around that. There are a lot of groups that really appreciate the scale of this business. They appreciate the teams that's been able to execute at Caucharí.

Speaker #7: so we, we do have some control over our destiny, but the way things are developing now, you know, Kosher Stage 2, today's prices, Stage 1 will be generating somewhere in the order of 460 million dollars of EBITDA.

Speaker #7: Which, you know, provides quite a bit of cash flow to, to, to execute on a Stage 2. We're obviously waiting for a development plan mid-year.

Speaker #7: And then, PPG, when we decided to put all these assets together with Ganfeng, we made it very, very clear, and in a formal agreement, to work together on financing plans that wouldn't require shareholders to contribute equity.

Speaker #7: And, and we're seeing a lot of engagement around that. There are a lot of groups that, that really appreciate the scale of this, this business.

Speaker #7: They appreciate the teams that've been able to execute at Cauchari. And so we're very confident we'll be able to put together a financing package that does not require equity contributions from shareholders.

Sam Pigott: We're very confident we'll be able to put together a financing package that does not require equity contributions from shareholders. I think we're, you know, in today's market, I think we're very much aligned in terms of pursuing both growth plans simultaneously.

Speaker #7: So I, I think we're, we're, you know, in today's market, I think we're, we're very much aligned in terms of pursuing both, both growth plans simultaneously.

Speaker #1: Okay. And I'll just follow up with—I know you and Ganfeng have talked about wanting to put on some DLE plants and trial it out at different assets.

Joel Jackson: Okay. Now I'll just follow up with, I know you and Ganfeng have talked about wanting to put on some DLE plants and trial it out at different assets in Argentina, be it Caucharí, Olaroz, Mariana. Can you talk about, at least for Caucharí, you know, what is the DLE plan there, or is it more gonna be a stage two idea?

Speaker #1: In Argentina, it’d be Cauchari, Elros, Mariana. Talk about, at least for Kosher, you know, what does a DLE plan look like there? Or is it more going to be a Stage 2 idea?

Speaker #7: It's going to, it's going to be a Stage 2. So the DLE—all the results that we're working with Ganfeng on—they're really taking the lead, as you would expect, in terms of new technologies, applying new technologies to brine assets in Argentina.

Sam Pigott: It's gonna be a stage two. The DLE, all the results that we're working with Ganfeng on, they're really taking the lead, as you would expect in terms of new technologies, applying new technologies to brine assets in Argentina. Right now the focus for us is completing this development plan with Ganfeng, and we're targeting mid-2026. With that, we'll obviously have a lot more to share through that report, and other disclosures. It's, you know, I would say the bar has been raised in terms of what we'd wanna see from that new technology. You know, conventional has pluses and minuses, but we're seeing a lot more of the pluses right now.

Speaker #7: so right now, the focus for us is completing this development plan with Ganfeng, and we're targeting mid, mid-2026. with that, we'll obviously have a lot more to, to share through that report.

Speaker #7: and other disclosures. But it's, it's, you know, the, the I, I would say the bar has been raised in terms of what we'd want to see from that new technology.

Speaker #7: You know, conventional has pluses and minuses. But we're seeing a lot more of the pluses right now. I mean, our cost profiles have come to a level that I think we were all very impressed with.

Sam Pigott: I mean, our cost profile is coming to a level that I think we were all very impressed with. These are structural changes to the cost profile of the business. A long-term target of $5,400 a ton, which is very, very real. I mean, we just came out of Q4 at $5,600 a ton. This already places Caucharí in, certainly in the first quartile of the cost curve. You know, we look favorably on the technology that, you know, Ganfeng has been pushing ahead, but it has to deliver better CapEx and better OpEx, which we're confident it will. We'll disclose more when the development plan is finalized mid-2026.

Speaker #7: These are structural changes to the cost profile of the business. A long-term target of $5,400 a ton, which is very, very real.

Speaker #7: I mean, we just came out of Q4 at $5,600 a ton. It's already placed with Kosher, and certainly in the first quartile of the cost curve.

Speaker #7: And so, you know, we looked favorably on the technology that Ganfeng has been pushing ahead, but it has to deliver better CAPEX and better OPEX, which we're confident it will.

Speaker #7: And we'll disclose more when the development plan is finalized mid-2026.

Speaker #1: Thank you.

Joel Jackson: Thank you.

Operator: Next question comes from the line of Corinne Blanchard of Deutsche Bank. Your line is now open.

Speaker #5: Next question comes from the line of Kareem Blanchard of Deutsche Bank, your line is now open.

Speaker #8: Hey, good morning. Thank you for taking my question. Maybe the first question, I want to come back on the pricing. Obviously, this is quite a big jump from Q4 to Q1 due to the spot market.

Corinne Blanchard: Hey, good morning, and thank you for taking my question. Maybe the first question, I want to come back on the pricing. Obviously, this is quite a big jump from full Q2 2021-2022 due to the spot market. But can you maybe share your view on expectations throughout 2026 and maybe kind of a safe one share view here that would be helpful? Then maybe the second question, maybe if you can just comment on the financing environment for the expansion. I know you cannot comment extensively on Ganfeng, but there is definitely other question coming from the converts and balance sheet. So anything you can address there. Thank you.

Speaker #8: But can you can you maybe share your view on expectations throughout 2026 and maybe kind of a six-month share? view here that would be helpful.

Speaker #8: And then maybe the second question, maybe if you can just comment on the financing environment for the expansion. I know you kind of commented extensively on Ganfeng, but there is definitely, as well, questions coming from the conveyors and balance sheets.

Speaker #8: So, anything you can address there? Thank you.

Sam Pigott: I mean, pricing is, as you know, Corinne, very, very difficult to predict. I think the visibility that we get is largely through our partner, Ganfeng, which is the largest, you know, lithium producer in China. They're seeing very, very strong demand, and it is really based largely on ESS. I think the view is, you know, pricing could remain volatile, but expectations are for pricing to remain in and around where it is trading today. I'm not saying that's necessarily our expectation, but that's what we're hearing through our partner in China. I think we had it in one of our slides. Because ESS is relatively new, it's growing very quickly.

Speaker #7: I mean, price—I mean, pricing is, as you know, Kareem, very, very difficult to predict. I think the visibility that we get is largely through our partner, Ganfeng.

Speaker #7: Which is the largest, you know, lithium producer in China? They're seeing very, very strong demand, and it is really based largely on ESS.

Speaker #7: I think the view is, you know, pricing could remain volatile, but expectations are for pricing to remain in and around where it is trading today.

Speaker #7: I'm not saying that's necessarily our expectation, but that's, that's what we're hearing through, through our partner, in China. And I think I think part of that is just around, I think we had it in one of our slides.

Speaker #7: Because ESS is relatively new, it's growing very quickly—it's relatively opaque. Versus tracking EVs, there's just not the same maturity of data collection and disclosure that there is in the automotive business.

Sam Pigott: It's relatively opaque versus tracking EVs. There's just not the same maturity of data collection and disclosure that there is in the automotive business. There is a huge divergence of views in terms of what the market is gonna be in 2030. You know, even in 2025, I think people are still trying to reconcile what the actual kinda lithium demand pull-through from ESS installations or shipments was. I mean, Ganfeng's view sitting in China, and this is shared by many of the other kind of end customers that we've discussed over the last couple months, is that, you know, energy storage is certainly on the high end of, you know, the bank and consultant range. That should be very supportive to lithium prices going forward.

Speaker #7: So, there is a huge divergence of views in terms of what the market is going to be in 2030. You know, even in 2025, I think people are still trying to reconcile what the actual kind of lithium demand pull-through from ESS installations or shipments was.

Speaker #7: So, I mean, Ganfeng's view—sitting in China, and this is shared by many of the other kind of end customers that we've discussed over the last couple, couple months—is that, you know, energy storage is certainly on the high end.

Speaker #7: Of, of, you know, the, the bank and consultant range. So that, that should be very supportive to, to lithium prices going forward. And sorry, your, your second question—can you, do you mind repeating that?

Sam Pigott: Sorry, your second question, do you mind repeating it?

Speaker #8: Oh, yeah, yeah, no problem. Just asking about financing, and, again, you kind of hinted at it a little bit previously with Ganfeng's view.

Corinne Blanchard: Yeah, no problem. Just asking about financing. Again, you kind of answered it a little bit previously with Ganfeng view, but if you can talk about balance sheet and convert and what you intend to do there.

Speaker #8: But if you can talk about balance sheet, and conveyor, and what you intend to do there.

Speaker #7: Yeah. So, I mean, I think we're very, very pleased with the progress we've made in strengthening our balance sheet over the last year. so we've, we've closed 130 million dollar six-year debt facility with Ganfeng.

Sam Pigott: Yeah. I mean, I think we're very, very pleased with the progress we've made in strengthening our balance sheet over the last year. We've closed the $130 million six-year debt facility with Ganfeng. We distributed $85 million from the operation, $42 million of which came to LAR. Our cash position is just under $100 million. Meanwhile, today's prices are anywhere near them. The project is generating meaningful cash flow. I think taken together, the cash we have on hand, the cash flow capacity of our operations in a wide range of pricing scenarios, provides us with a lot of flexibility and optionality, to address the convertible notes.

Speaker #7: We distribute $85 million from the operation, $42 million of which came to LAR. Our cash position is just under $100 million. And meanwhile, today's prices are anywhere near them.

Speaker #7: The project is generating meaningful cash flow. So, I think, taken together, the cash we have on hand, the cash flow capacity of our operations, and a wide range of pricing scenarios provide us with a lot of flexibility and optionality.

Speaker #7: to deal to address with the convert. I'd say, you know, one thing that I think is important to note is that the, the lithium price environment has been very challenging over the last couple years.

Sam Pigott: I'd say, you know, one thing that I think is important to note is that the lithium price environment has been very challenging over the last couple of years. Anybody following the space would appreciate that for being a fact. Meanwhile, LAR has not issued a single share for any financing purposes. I think that speaks to our discipline, quality of our approach, and we're in a very good position right now. That's on the convert. In terms of the financing plans for our growth, I think there are two different distinct paths between PPG and Caucharí. You know, Caucharí stage two has its stage one as a foundational backstop. Today's price is $460 million in EBITDA, which can provide some funding of the project.

Speaker #7: Anybody following the space would appreciate that, that for being a fact. Meanwhile, LAR has not issued a single share for any financing purposes, and I think that speaks to our discipline and quality of our approach.

Speaker #7: And we're, we're in a very, very good position right now. So, that's on the convert. In terms of the financing plan for our growth, I think there are two different, two different distinct paths between PPG and Koshari.

Speaker #7: You know, Koshari stage two has stage one as a foundational backstop. So, today's price is $460 million of EBITDA, which can provide some funding of the project.

Speaker #7: It can also allow us to access debt to finance Phase Two. And we'll have a lot more information mid-year with the development plan.

Sam Pigott: It can also allow us to access debt to finance phase two, and we'll have a lot more information mid-year with the development plan. On PPG, this is a joint effort with Ganfeng, working with some of Ganfeng's global customers, to look at different potential minority partners to bring into that project to provide the majority, if not all, the equity financing required.

Speaker #7: On PPG, this is a joint effort with Ganfeng, working with some of Ganfeng's global customers to look at different, potential minority partners to bring into that project to provide the majority, if not all, of the equity financing required.

Speaker #5: Your next question comes from the line of Ben Isaacson of Scotiabank, your line is now open.

Operator: Your next question comes from the line of Ben Isaacson of Scotiabank. Your line is now open.

Speaker #1: Thank you very much and good morning. hoping I could ask three quick ones. Sam, your costs have, have improved dramatically over the past, eight quarters or so.

Ben Isaacson: Thank you very much, and good morning. I'm hoping I could ask three quick ones. Sam, your costs have improved dramatically over the past eight quarters or so, and I'm just curious, do you think your costs are at sub-$6,000 a competitive advantage? Why I'm asking that is do you feel that competitive projects in Argentina have the ability to also reach that sub-$6,000 area? Or do you think LAR is unique in that space?

Speaker #1: And I'm just curious, do you think your costs are, at, at sub-6,000 are a competitive advantage? And, and why I'm asking that is, do you feel that, competitive projects in Argentina have the ability to also reach that, that 6,000 that sub-6,000 dollar area?

Speaker #1: Or do you think LAR is unique in that?

Sam Pigott: I mean, there are a lot of different projects in Argentina. It's hard to paint them all with the same brush. Chemical composition is obviously a very important factor. Scale is an important factor to get costs down. The ability to kind of execute in the technology selection. All different factors, but certainly brines do represent a very attractive resource base to deliver low cost lithium units into the market. I think the second factor is, just in terms of what you know, what it represents overall is, you know, brine seems to be like the lowest cost, in some ways most resilient, reliable source of lithium chemical production outside of China. The entire industry is fixated on how to deliver these chemicals without going through China eventually.

Speaker #7: I mean, there are there are a lot of different projects. In Argentina. so it, it's, it's hard to, to paint them all with the same brush.

Speaker #7: chemistry, composition is obviously a very important factor. Scale is an important factor to get costs down. and then the ability to kind of execute in the technology selection.

Speaker #7: So, all different factors, but certainly Brian's do represent a very attractive resource base to deliver low-cost lithium units into the market. I think the second factor is, just in terms of what you know—what it represents overall is, you know, Brian seems to be like the lowest-cost and, in some ways, most resilient, reliable source of lithium chemical production outside of China.

Speaker #7: the in the entire industry is fixated on how to deliver these chemicals without going through China eventually. there have been a number of, attempts, and efforts to bring in conversion capacity outside of China to process spodumene concentrate.

Sam Pigott: There have been a number of attempts and efforts to bring in conversion capacity outside of China to process spodumene concentrate. I think to date, those, you know, those plans have been challenging from a cost perspective, from an execution perspective. I, you know, I think my answer is, yes, Argentina can be low cost producers. Yes, I think there is something fundamentally different about what LAR has been able to accomplish at Caucharí, and I think that's related to the quality of our underlying resource, as well as the design of our, you know, stage one plant.

Speaker #7: I think to date those you know, those plans have been challenging from a cost perspective, from an execution perspective. So, I, you know, I, I think my answer is, yes, Argentina can be low-cost producers.

Speaker #7: Yes, I think there is something fundamentally different about what LAR has been able to accomplish at Koshari. And I think that's related to the quality of our underlying resource.

Speaker #7: as well as the design of our, you know, stage one plant.

Speaker #1: Great, thank you. And then just second question: I see that Stage Two for Kachi is rated at 45,000 tons. Can you talk about debottlenecking opportunities at Stage One?

Ben Isaacson: Great. Thank you. Just second question. I see that stage two for Caucharí is rated at 45,000 tons. Can you talk about the bottlenecking opportunities at stage one? Is it possible to get that to 45,000 tons? Why or why not?

Speaker #1: Is it possible to get that to 45,000 tons? Why or why not?

Sam Pigott: Yes, I think it could with further investment. I think we probably could push it above 40,000 tons. I think one of the realities in planning stage two is that we're currently under a RIGI application process. RIGI is a very attractive investment framework in Argentina. It provides a number of fiscal benefits, lower tax rates from 35 to 25, some changes in terms of VAT treatment where it's a non-cash item. But more importantly, any qualified RIGI, approved RIGI project has very clear ability to take cash out of Argentina and keep it out of Argentina. I think our preference certainly is to make investments in stage two, whereby all of that production, sales, and profit will be captured under the RIGI.

Speaker #7: Yes, I think it could with further investment. I think we probably could push it above 40,000 tons. I think one of the realities in planning stage two is that we're currently under a rigging application process.

Speaker #7: rigging is a very attractive investment framework in Argentina. It provides a number of fiscal benefits, lower tax rates from 35 to 25, some changes in terms of VAT treatment.

Speaker #7: It's a non-cash item. but more importantly, any qualified rigging approved rigging project has very clear ability to take cash out of Argentina and keep it out of Argentina.

Speaker #7: So I think our preference certainly is to make investments in stage two, whereby all of that production sales profit will be, captured under the rigging.

Speaker #1: Great. And then just my, my last one, Sam, you have a lot of experience in lithium and in China. And I was hoping you could shed some insights into how you think sodium batteries are evolving.

Ben Isaacson: Great. Then just my last one. Sam, you have a lot of experience in lithium and in China, and I was hoping you could shed some insights into how you think sodium batteries are evolving, and what it means to lithium demand growth rates and, you know, maybe on the EV and on the battery storage side. Thank you.

Speaker #1: And what it means to lithium demand growth rates, and, you know, maybe on the EV and on the battery storage side. Thank you.

Speaker #7: Yeah, I mean, we typically hear a lot about sodium-ion batteries whenever the lithium price starts to spike. And this, you know, this start of this cycle is no different.

Sam Pigott: Yeah. I mean, we typically hear a lot about sodium-ion batteries whenever the lithium price starts to spike. This, you know, start of this cycle is no different. I think our view is that both technologies are improving. LFP has a significant advantage right now in terms of energy density, in terms of weight, and in terms of cycle life, I should say. All those are very important for obviously the EV segment, any mobility application, but also energy storage. There's still a significant economic advantage. You know, I think sodium is a legitimate risk if lithium prices were to kind of approach where they were last cycle. That starts to really eat into the economics and forces people to look at substitution.

Speaker #7: So I, I, I think our view is that both technologies are improving. LFP has a significant advantage right now in terms of energy density.

Speaker #7: in terms of weight. and so and in terms of cycle life, I, I should say. So all those are very important for, obviously, the EV segment, any mobility application, but also energy storage.

Speaker #7: There's still a significant, economic advantage. You know, I, I, I think sodium is a legitimate risk if lithium prices were to kind of approach where they were last cycle.

Speaker #7: that starts to really eat into the economics. and, and forces people to, to look at substitution. But I don't think we view it as a, a material threat, at today's price level or even, you know, significantly higher than today.

Sam Pigott: I don't think we view it as a material threat at today's price level or even, you know, significantly higher than today.

Speaker #1: Great. Thank you.

Ben Isaacson: Great. Thank you.

Speaker #5: If you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad.

Operator: Your next question comes from the line of Mohamed Sidibé of National Bank Financial. Your line is now open.

Speaker #5: Your next question comes from the line of Mohamed Kadim of National Bank. Your line is now open.

Operator: Your next question comes from the line of Mohamed Sidibé of National Bank Financial. Your line is now open.

Speaker #1: Thanks, Sam and team, for taking my question. And congrats on a good, quarterly cost performance. you answered my questions on the growth, the cadence of your growth projects as well as financing on that.

Mohamed Sidibé: Thanks, Sam and team for taking my question and congrats on a good, quarterly cost performance. You answered my questions on the growth, the cadence of your growth projects as well as financing on that. Maybe back on the cash operating costs that you have. I know you touched on no impact on fuel and diesel, but are you seeing anything from reagents pricing impacting your costs right now at your operations? Thank you.

Speaker #1: But maybe back on the cash operating costs that you have. I know you touched on the no impact on fuel and diesel, but are you seeing anything from, reagents, pricing, impacting your costs right now at your operations?

Speaker #1: Thank you.

Sam Pigott: As of now, we're seeing very limited impact. Most of the impact would obviously be the input cost to producing the reagents that we have. We obviously use soda ash, lime, hydrochloric acid. I mean, obviously, all of those do use diesel as an input to the actual production of the reagent itself. None of it travels through the Strait of Hormuz. None of it travels through the Middle East, the Red Sea. From a shipping logistics standpoint, it is somewhat unaffected. We do understand that the war in the Middle East, the conflict in the Middle East is creating some issues for various kind of fertilizer inputs. We're not exposed to anything of that order of magnitude.

Speaker #7: As of now, we're seeing very limited impact. Most of the impact would obviously be the input costs to producing the reagents that we have.

Speaker #7: So we obviously use soda ash, lime, hydrochloric acid. I mean, some of, obviously, all of those do use diesel as an input to the actual production of the reagent itself.

Speaker #7: None of it travels through the Strait of Hormuz. none of it travels through the Middle East. The Red Sea. so from a shipping logistics standpoint, it is, somewhat unaffected.

Speaker #7: We do understand that the, the, the war in the Middle East or the conflict in the Middle East is creating some issues for, for various kinds of fertilizer inputs.

Speaker #7: We're not exposed to anything of that order of magnitude. Our exposure is really around what, you know, what is the—what is the diesel price gonna do?

Sam Pigott: Our exposure is really around what, you know, what is the diesel price gonna do? Are you know, those diesel prices gonna be forced down into, you know, higher input costs for us? So far it seems minimal, if at all.

Speaker #7: And our, you know, are those diesel prices gonna be forced down into, you know, higher input, input costs for us? and so far, it seems, it seems minimal, if at all.

Mohamed Sidibé: Great. Thank you.

Speaker #1: Great. Thank you.

Operator: As of right now, we don't have any pending questions. I'd now like to hand the call back to Kelly for closing remarks.

Speaker #5: As of right now, we don't have any pending questions. I'd now like to hand the call back to Kelly for closing remarks.

Kelly O'Brien: Great. Thank you, Ellie. Thank you everyone for joining us this morning. Please feel free to reach out directly to the team if you have any additional questions. Have a great day. Thanks.

Speaker #8: Great. Thank you, Ellie. And thank you, everyone, for joining us this morning. Please feel free to reach out directly to the team if you have any additional questions.

Speaker #8: Have a great day. Thanks.

Operator: Thank you for attending today's call. You may now disconnect. Goodbye.

Q4 2025 Lithium Argentina AG Earnings Call

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