Lithium Argentina Ag · NYSE:LAR
Lithium Argentina — Q1 2026 Earnings Presentation
14 slides from Lithium Argentina's earnings presentation, May 12, 2026
Slide 1: Q1 2026 Earnings Presentation
LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR NYSE & TSX: LAR Q1 2026 Earnings Presentation May 12, 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: Q1 2026 Highlights
4 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Q1 2026 Highlights Delivering operational results & advancing growth strategy 97% Capacity 9,660 t $5,391/t ~$100M Q4 2025 & Q1 2026 Q1 2026 Q1 2026 operating Cash distribution from production rate 1 production volume1 cash costs2 Cauchari-
Slide 5: Cauchari-Olaroz: Delivering Consistent Volumes at Design Capacity
5 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Cauchari-Olaroz: Delivering Consistent Volumes at Design Capacity Q1 2026 production, cost performance & financial results 1 (on 100% basis) Q1 2026 Q4 2025 Q1 2025 Cauchari-Olaroz Production1 tonnes per month ~97% Capacity Production Volum
Slide 6: Cauchari-Olaroz: Demonstrated Low-Cost Production at Scale
6 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Cauchari-Olaroz: Demonstrated Low-Cost Production at Scale $5,391/t cash cost in Q1 2026 underscores low-cost position Cauchari-Olaroz - Cash Operating Costs 2026 – Operating Cost Composition $ operating cash cost per tonne sold 33% reducti
Slide 7: Cauchari-Olaroz: Adjusted EBITDA Conversion
7 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Cauchari-Olaroz: Adjusted EBITDA Conversion Q1 2026 adjusted EBITDA expected to convert to over 90% FCF Illustrative Adjusted EBITDA to FCF Cauchari-Olaroz Q1 2026 results excluding working capital changes High cash conversion At ~$16,800/t
Slide 8: Cauchari-Olaroz: 2026 Outlook
8 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Cauchari-Olaroz: 2026 Outlook On track to deliver 2026 volumes with meaningful upside to higher prices 2026 Production Guidance1 2026 EBITDA Outlook2,3 Cauchari-Olaroz tonnes of lithium carbonate production Cauchari-Olaroz adjusted EBITDA $
Slide 9: Market Outlook: Prices Remain Supportive
9 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Market Outlook: Prices Remain Supportive Pricing dynamic increasingly driven by accelerating ESS demand Lithium Carbonate Price $/t Li2CO3 battery-quality, GFEX (ex-VAT) +10% NEV Sales China YoY $40,000 April NEV recovering to 1.3M units, s
Slide 10: Cauchari-Olaroz Stage 2
10 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Cauchari-Olaroz Stage 2 Continuing to advance and de-risk brownfield expansion plans Building on Stage 1 Success: ▪ Stage 2 expansion targeting an additional 45,000 tonnes supported by large- scale, anticipated long-life resource proven ov
Slide 11: Community Relationships Support Long-term Development
11 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Community Relationships Support Long-term Development Strong local partnerships across the region Community Engagement Highlights ▪ 7/7 communities with agreements. Ongoing consultation and dialogue ▪ 31% of the workforce comes from local
Slide 12: PPG: Unlocking LT Value
12 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR PPG: Unlocking LT Value NPV of $6–$8B at 8-10% discount underpins the high long-term value for PPG PPG Valuation Highlights PPG Results - Price Sensitivity US$ 100% Basis $8.1B $20 100% $5.8B After-tax NPV After-tax IRR (%) 80% $15 $1.7B 3
Slide 13: Looking Ahead
13 LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR Looking Ahead Building on Stage 1 success & driving the next phase of growth Operational Execution 1 ▪ Reaffirm guidance at 35,000-40,000 t in 2026 Strengthened Balance Sheet ▪ Distributed $100 million from Cauchari-Olaroz (100% basis) in
Slide 14: Contact Information
LITHIUM ARGENTINA / Earnings Presentation NYSE & TSX: LAR NYSE & TSX: LAR Contact Information Kelly O'Brien VP Investor Relations & ESG Kelly.OBrien@lithium-argentina.com www.lithium-argentina.com