Lithium Argentina Ag · NYSE:LAR
Lithium Argentina — Q4 2025 Earnings Presentation
16 slides from Lithium Argentina's earnings presentation, Mar 23, 2026
Slide 1: Q4 and Full Year 2025 Presentation
LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR NYSE & TSX: LAR Q4 and Full Year 2025 Presentation March 23, 2026 Cauchari-Olaroz, Jujuy, Argentina
Slide 2: Disclaimer
2 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Disclaimer ADDITIONAL REFERENCE MATERIALS This presentation should be read in conjunction with Lithium Argentina AG (“Lithium Argentina”, “LAR” or the “Company”) news releases, expectations regarding the Company’s cash balance, proceeds fro
Slide 3: Disclaimer (Cont.)
3 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Disclaimer (Cont.) All forward-looking information contained in this presentation is expressly qualified by the risk factors set out in the latest Disclosure THIRD-PARTY NAMES AND TRADEMARKS Documents. Such risks include, but are not limite
Slide 4: 2025 Key Highlights
4 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR 2025 Key Highlights Delivering Operational Results & Advancing Growth Strategy 34,100 t LCE 9,700 t 97% Capacity ~$5,600/t 2025 production Q4 2025 Q4 2025 Q4 2025 operating achieved3, 4 production volume1 production rate 4 cash costs 1,2 PP
Slide 5: Cauchari-Olaroz: Ramp-Up to Capacity
5 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Cauchari-Olaroz: Ramp-Up to Capacity Q4 Production, Cost Performance & Financial Results 1 (on 100% basis) Q4 2025 FY 2025 Cauchari-Olaroz Production(1) tonnes per month 97% Capacity (Q4 2025) 85% Capacity Production Volumes 9,685 t 34,100
Slide 6: Cauchari-Olaroz: Driving Down Costs
6 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Cauchari-Olaroz: Driving Down Costs Cash Costs Achieve ~$5,600/t in Q4 2025 Cauchari-Olaroz - Cash Costs Cauchari-Olaroz – Long-Term Cost Reduction $ operating cash cost per tonne sold Change in long-term cash operating cost per tonne estim
Slide 7: Lithium Supply Costs
7 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Lithium Supply Costs Cost Competitive Lithium Chemical Production in the Americas 2025 Lithium Supply Cost Model1, 2 C1 cash costs per tonne by tonnes LCE produced in 2025 14,000 12,000 10,000 South American Spodumene Concentrate and/or Bri
Slide 8: Market Outlook
8 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Market Outlook Supportive Pricing Dynamics & Accelerating ESS Demand Lithium Carbonate Price1 ESS Demand 2 By 2030: $/t Li2CO3 battery-quality Global ESS demand forecast range $30,000 ~1,500 GWh Prices supported by (1) supply +1Mt LCE const
Slide 9: Cauchari-Olaroz: 2026 Operating Outlook
9 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Cauchari-Olaroz: 2026 Operating Outlook Production Guidance and EBITDA Sensitivity Production Guidance Cauchari-Olaroz of LCE produced per year 35,000 – 40,000 ▪ 2026 production guidance of 35,000 – 40,000 tonnes 34,100 25,400 ▪ EBITDA outl
Slide 10: Enabling the Next Phase of Growth
10 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Enabling the Next Phase of Growth Building on Cauchari-Olaroz Stage 1 to Scale to Over 200k tpa LCE Growth Pipeline in Argentina Targeted LCE capacity in k tpa, 100% basis 300 Cauchari-Olaroz PPG 250 235k tpa Submitted RIGI 50k 200 Agreed
Slide 11: Resource Scale Supports Long-term Growth
11 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Resource Scale Supports Long-term Growth Among the Largest Lithium Brine Resources in South America South American Lithium Brine Resources M&I by Salar / Basin 60 LAR & GFL JVs ALB 50 Other Companies 40 RIO 42% increase in M&I Resource 30
Slide 12: Argentina's RIGI Framework Supports Growth Plans
12 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Argentina's RIGI Framework Supports Growth Plans RIGI Applications Submitted for Cauchari-Olaroz Stage 2 & PPG RIGI Investments Jujuy Salta Benefits under RIGI: Catamarca $2.7 B 25% 0% $3.8 B Copper Lithium Corporate Tax Rate Argentina Exp
Slide 13: 2026: A Platform for Growth
13 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR 2026: A Platform for Growth Advancing Stage 2 Expansion & PPG Development Cauchari-Olaroz Stage 2 PPG Expanding Production from Stage 1: Developing Largest Operation in Argentina: ▪ Stage 2 expansion supported by large scale, long-life res
Slide 14: Looking Ahead: 2026 and Beyond
14 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Looking Ahead: 2026 and Beyond Building on Stage 1 Success & Driving the Next Phase of Growth Operational Execution ▪ Successfully delivered Cauchari-Olaroz Stage 1 to nameplate capacity Disciplined Cost Management ▪ Achieved cash operatin
Slide 15: From earth to energy
LITHIUM ARGENTINA / Earnings Presentation NYSE &NYSE NYSE & TSX: TSX: & TSX: LAR LAR LAR From earth to energy Contact Information Kelly O'Brien VP Investor Relations & ESG Kelly.OBrien@lithium-argentina.com www.lithium-argentina.com @Lithium_ARG
Slide 16: References
16 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR References Slide 11 Company Reference Material Rio Tinto (Olaroz - Sales de Jujuy) 2025 Annual Report Rio Tinto (Cauchari) 2025 Annual Report Exar (Cauchari-Olaroz) Lithium Argentina March 2026 Technical Report Lithium Energy - Solaroz 26t