LAR

Image source: The Motley Fool. Tuesday, Aug. 11, 2026 at 10:00 a.m. ET Vice President of Investor Relations-Kelly O'Brien Chief Executive Officer-Samuel Pigott Chief Financial Officer-Alexander Shulga Operator: Hello everyone. Thank you for joining us and welcome to the Lithium Argentina Second Quarter 26 Earnings Conference Call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press Star 1 to raise your hand. To withdraw your question, press Star 1 again. Will now hand the conference over to Kelly O'Brien, Vice President of Investor Relations. Kelly, please go ahead. Kelly O'Brien: Thank you, Kendra. I want to welcome everyone to our conference call this morning. Joining me on the call today to discuss the second quarter 26 results is Samuel Pigott, CEO of Lithium Argentina. Alexander Shulga, our CFO will also be available for Q&A. Before we begin, I would like to cover a few items. Our second quarter 26 earnings results were 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 projects, the market conditions may be considered forward looking statements. Please note the cautionary language about forward looking statements in our presentation MD and A and news releases. I now turn the call over to Samuel Pigott. Samuel Pigott: Thanks, Kelly, and thanks, everyone. Good morning. The second quarter was another period of strong execution at Cauchari-Olaroz. And the results reflect what the operation was designed to deliver. Reliability, low cost production, and strong cash generation. For 2026, the operation has averaged 95% design capacity, and remains firmly on track to achieve production guidance. From a cost perspective, costs remain under $6 thousand per ton, supporting robust operating margins and driving significant cash flow. Reflecting the significant improvement in Argentina, and substantial cash generation, the operation has now distributed $160 million year to date. Of which 75 million is Lithium Argentina's share. Finally, we completed 2 new unsecured debt facilities totaling $220 million. At the JV level. This further strengthens the financial position of the operation. Supporting our growth plans and providing flexibility to continue to make distributions to derisk our balance sheet. Turning to the financial performance at Cauchari-Olaroz. The operation delivered adjusted EBITDA of approximately $110 million in the second quarter, up 4% from the first quarter. Stronger realized prices, with prices averaging around $19.5 thousand per ton in the second quarter, and continued cost discipline supported these results with total adjusted EBITDA now over $200 million for the first half of the year. These financial results are now translating directly into strong cash generation. Supporting distributions to the JV partners, debt reductions, and providing flexibility for our next phase of growth. Looking more closely at operations. For 2026, we have averaged 95% of design capacity, demonstrating consistent and stable operations. We were pleased with the results. Which included a planned shutdown during the second quarter that allowed us to focus on optimization and debottlenecking efforts. For 2026, we are well positioned to deliver on the full year production guidance of 35 thousand-40 thousand tons. Going forward, our objective is to build on this consistency we are seeing today and support sustained production at rates even above the current 40 thousand ton capacity. Moving to costs. Year to date, cash operating costs have averaged around $5.6 thousand per ton. Second quarter costs came in modestly higher due planned shutdown, higher energy costs, and the impact of a stronger peso. Since start up, we have brought cost down from roughly $8 thousand per ton to a consistent sub-$6 thousand level. Driven by ongoing process improvements, cost reduction efforts, and the inherent advantages in the design of our brine based operation. This low cost position coupled with higher average prices during the second quarter has translated into a meaningful expansion in margins. During the second quarter, the cash operating margin reached 70%, driving strong cash generation from Cauchari-Olaroz. This slide shows exactly how EBITDA is driving free cash flow at the operational level. Starting on the left, $110 million of adjusted EBITDA generated in the second quarter translated into $141 million of free cash flow from operations, Part of this reflected a drawdown of working capital. Given the timing of sales made in the first quarter that were collected in the second quarter. Moving to the right, you can see where this cash went. Net debt at the joint venture level declined from $256 million to $142 million a reduction of $114 million in a single quarter. And importantly, that deleveraging was achieved while continuing to make distributions to the JV partners. Turning to the balance sheet. We continue to strengthen our financial position. With improved liquidity at both Cauchari-Olaroz operation the Lithium Argentina corporate level. At Cauchari-Olaroz, we closed $220 million of new unsecured debt facilities. Including $170 million 3-year facility closed in early August. With a variable interest rate currently under 5%. Combined with strong cash generation, this provides additional balance sheet strength and financial flexibility to support further JV distributions and growth. At the corporate level, ended the quarter with $100 million of cash and total liquidity of $230 million. This includes $130 million in an undrawn 6 year debt facility provided by Ganfeng at SOFR plus 2.5% or around 6% today. We also received $27 million in distributions from Cauchari-Olaroz subsequent to the quarter end and expect to receive additional distributions in the second half given significant cash flow and liquidity at the operation. Looking ahead, the chart on the right illustrates the significant earnings capacity of Cauchari-Olaroz across a range of lithium price scenarios. At current lithium prices, of $20 thousand per ton, we estimate 2026 adjusted EBITDA of approximately $460 million on a 100% basis. The combination of strong operating cash flow, access to attractively priced debt, and liquidity at both the joint venture and corporate level provides us with significant financial flexibility as we advance our growth plans and derisk our balance sheet. Another milestone I would like to highlight is the recent independent verification of the carbon footprint at Cauchari-Olaroz. The product's carbon footprint for 2025 was only 1.4 tons CO2 equivalent per ton of LCE, on a Scope 1 and Scope 2 basis under the internationally recognized ISO and GHG protocol standards. This result is supported by the fact that approximately 97% of the energy used in the production process comes from solar power, It also highlights 1 of the key advantages of our brine based operation. Which has a significantly lower carbon footprint than many other more energy intensive lithium operations. Turning to our growth pipeline. We remain disciplined are taking a phased approach, building on the strength we have demonstrated at stage 1. At Cauchari-Olaroz, our immediate priority is finalizing the stage 2 development plan. With the scoping study results expected around the end of the third quarter. Following RIGI approval in the second quarter, we are advancing an early works program, including drilling additional wells engineering, and debottlenecking the existing plant. Much of this work directly benefits the existing operation. Helping push production above design capacity while also meeting the needs of the stage 2 expansion. For stage 2, we are working with our partner on a modular approach. A DLE facility targeting an initial capacity of 10 thousand tons per annum at the first phase of the broader 45 thousand-ton-per-annum expansion. Turning to PPG, we continue to wait for the approval of RIGI. Which was submitted in Q1 26, and is expected later this year. In parallel, we have made significant progress with our partner, Ganfeng, on the financing plan for PPG including discussions with potential minority strategic partners. Across both stage 2 and PPG, advancing a phased and disciplined approach to growth that leverages our experience with stage 1, our existing cash flow, and access to low cost capital at the project level. In closing, the first half of the year reflects strong execution across the business and the priorities ahead built directly on that foundation. Operating safely and cost competitively strengthening our balance sheet, advancing our growth pipeline, and allocating capital with discipline. Finally, as we continue to broaden our investor base and improve global market visibility, we are evaluating a secondary listing on the ASX. Which we believe would complement our NYSE listing and further support long term shareholder value. Lithium Argentina is well positioned. High quality operations, a strengthened balance sheet, and a disciplined approach to growth. We look forward to sharing further updates on our progress in the quarters ahead. And now we will open the call for questions. Thanks. Operator: Will now begin the question and answer session. Please limit yourself to 1 question and 1 follow-up. If you would like to ask a question, please press Star 1 to raise your hand. To withdraw your question, press Star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question from the line of Mohamed Sidibe from National Bank. Mohamed, your line is open. Please go ahead. Mohamed Sidibe: Good morning, Tom and Tim, and thanks for taking my question. And good to see the good progress on the operating production front. Just maybe from a modeling standpoint, can you help us understand how we should think about the cadence of production into Q3 and Q4? Any maintenance or shuts expected, and as well as any catch up in sales Given the lower sales versus production in Q2? Thank you. Samuel Pigott: Yeah. On the production question, Rito. We do not have any plan maintenance shutdown, so we expect production to be very strong throughout the back half of the year. On the sales, it is really a timing issue. Between production when those get translated into sales and depending on when the quarter ends kinda cuts it off. So I think you will see stronger sales through the back end of the year as well. Operator: Your next question from the line of Joel Jackson with BMO Capital Markets. Joel, your line is open. Please go ahead. Joel Jackson: Hi. Good morning, everyone. Samuel, obviously, lithium market's volatile at the best of times. We have seen a quite strong rebound in lithium prices. Now things have come down. We had seen some restarts from companies. We have seen like yourself and talking about advancing projects. Can you speak to your conviction and your partner's conviction in your different projects here at different lithium price levels, how the market's faring, how assumptions have changed versus 6 months ago? Thanks. Samuel Pigott: The mean, we have a huge amount of conviction in our projects. And, again, Ganfeng and LAR view the expansion at Cauchari and PPG is 2 of the most attractive growth projects in the market today. You know, that view is largely founded on the success we have had at stage 1. You know, it is a project that we brought online for under a billion dollars Today, it is generating a 100% basis, like $460 million of EBITDA it is 1 of the lowest cost producing assets in the world. So there could not be more conviction in our suite of assets. And I, you know, I think that the way we are we are approaching both is in a disciplined manner. So, I mean, we talked a lot about kind of PPG. Obviously, we have a development plan down on that shows the economics really very robust project, but we also talked about you know, working with Ganfeng on our appropriate financing plan, including a potential minority partner to provide the equity capital So, I mean, our job here at LAR is really to ensure that our shareholders benefit from what we have, which is joint control over 2 of the largest, highest quality lithium assets in the world. You know, our view is the market is growing fairly in a fairly healthy way, and these projects are definitely kind of at the top of the list in terms of projects that should be brought online and will be brought online, and I think stage 1 is just, you know, evidence of our ability to execute and lends to the conviction and continuing to grow in Argentina with GANFANG. Operator: Your next question from the line of Anthony Taglieri with Canaccord. Anthony, your line is open. Please go ahead. Anthony Taglieri: Hey, guys. Good morning. Thanks for taking my questions. Maybe just on operating costs. So last quarter, we would have talked about sort of full year operating costs in that mid-$5 thousand-per-ton range. Obviously, there is some cost pressures this quarter, energy cost, that sort of thing. Like, is this is this gonna be sort of recurring for the rest of the year, or is it sort of more onetime for this quarter? Like, how should we think about operating costs for the rest of the year? Samuel Pigott: Yeah. I mean, Q2, obviously, we had a plan shut down. Which resulted in I guess, a few hundred tons less production. So operate in 93% operating capacity, that does have an impact on our cost. In terms of, like, structural changes to our cost profile, we do not see anything. You know, there was a small impact kind of shared equally between just kind of energy costs globally. As well as a stronger peso. But I think know, that mid you know, $5 thousand per ton is still kind of how we are how we are tracking through the through the rest of the year. I think into next year and the years after, know, the view is as we kinda continue to debottleneck, push the plant to 40 or above you know, that there is room for those costs that come down even further. So, I mean, we are we could not be happier with how the operation's running. It is it is pretty remarkable, and I think you know, that the noise quarter over quarter in terms of 8% increase in costs in a in a quarter. We have planned maintenance shutdown, I think, is, you know, overshadowing the fact that this is a business with 70% operating margins that generated, you know, $141 million of free cash flow from operations. I mean, we could not be more pleased with how the operation's going and how our teams at Exar are performing Just really kind of you know, world class. Operator: Your next question from the line of Corinne Blanchard with Deutsche Bank. Corinne, your line is open. Please go ahead. Corinne Blanchard: Hi. Good morning. Good morning. I want Maybe can you talk about the timing for stage 2? So I think 1 of the study scope or, like, pre feasibility study also is now expected end of. I think you already expected for, like, media. So just maybe wondering if there is a slight delay then is that the case? What caused it? And just in general, like, what can we expect over the next 6 to 12 months of stage 2? Thank you. Samuel Pigott: Yeah. I mean, I do not I do not know if it is really slipped. I think we got it to midyear You know, I think we are just aligning with Ganfeng to make Now we got into before the end of Q3. sure what we present here is going to be something that we can execute on immediately. And a part of it will you will see in the in the plan when we put it out, but it will be you know, it will contain a lot more details in terms of these early works that we are engaging in now to be able to accelerate the expansion in a phased approach starting with 10 thousand tons. So I, yeah, I would not flag it as a delay in any sense. You know, us and Ganseng are very, you know, very keen to get moving. That the RIGI approval, a lot of these early works, the spending can apply to that first $80 million of required spend in the first 2 years. So I think I think you will be very pleased to see the report. I think the entire market and the industry will be impressed. Operator: Your next question from the line of Ben Isaacson with Scotiabank. Ben, your line is open. You may now go ahead. Ben Isaacson: Thank you very much, and good morning. Samuel, can you talk about the debottlenecking opportunity at stage 1? What exactly is being debottlenecked? How much does it cost? How long will this take? And then what are the next bottlenecks, if any, that can keep stage 1 surpassing original nameplate capacity? Thank you. Samuel Pigott: Thanks, Ben. Yeah. Yeah. The debottlenecking effort is a function of us through experience being able to push major parts of the plant beyond 40 thousand tons. So for instance, the carbonation plant, can do a lot more than that. So we have to kind of go further I guess, upstream and in terms of debottlenecking. Like, 1 example would be putting in a few additional wells to get more brine to push through the plant. So it is not it is not overly expensive. A typical well runs somewhere less than $3 million, about 2.5 million, and we are talking about maybe the need for, like, 2 or 3 of those over the course of the next 6 to 8 months. So it is it is, it is it is pretty low hanging fruit and it does not carry a significance investment. And, obviously, investments that can push production up 2,000 to 3 thousand tons, well worth doing. So I hope that answers your question. And from a timing perspective, I mean, we are we are engaging in these early works kind of now. So you will see very modest kind of capex spend over the next 6 to 10 months, and the results should flow through you know, into 2027-2028. Operator: Your final question from the line of Ishan Jain with HSBC. Ishan, your line is open. Please go ahead. Ishan Jain: Good morning, everyone. I just have a question around the PPG. You have been looking for a partner or an offtake agreement. Anything of for the financing of the project. Is there any progress on that front, or are you looking to secure a promise before you get into any kind of partnership? Thank you. Samuel Pigott: I mean, we have had a lot of progress on that front. I think the major the major milestone will be the RIGI approval for PPG. Kind of a fundamental piece that derisks this investment for a third party, and we expect to have that by the end of the year. it is something that we submitted in Q1 26. So the expectation and the dialogue with the authorities is very positive, and expect to have it by the end of the year, and that will be kind of a key a key milestone. For the process. Operator: Another question from the line of MacMurray Whale. With ATB Cormark. MacMurray, your line is open. Please go ahead. MacMurray Whale: Hi. Good morning. I am wondering, Samuel, when you look at the DLE for the phase 2 or stage 2, does that require anything in terms of CapEx into the pawn structure, or are you able just to bring 10 thousand tons per year online and not really have to invest at all in sort of the ponds. Some of the infrastructure will borrow from we have already built with stage 1. Okay. So I guess we will get more of this when you come out with the actual plan, but I was just curious. as that seems a relatively modest capex. to begin with on stage 2. Relative time to get that up and running. Right? Yeah. Okay. We will have a lot more, obviously, information with the development plan, but it is, yeah. It is very attractive in terms of CapEx intensity to get additional tons. Right? And really allows you to lever all that CapEx spend on the pond structure. Right? Exactly. Yeah. And then in terms of, you look at distribution, let's assume pricing stays roughly where it is now. Do you expect this level from Minera Exar back to you, or is that how does that play out over the course of the year? Are there big are there other big debt down payments that have to come at the Minera Exar level? Nope. Nope. Okay. Nope. Minera Exar has $100 million of liquidity. So we expect distributions. If prices remain where they are, distributions to be you know, similar to the first half, potentially higher. Right. Okay. Okay. Great. that is all my questions. Thanks. Samuel Pigott: Okay. Thanks, Mark. Operator: This concludes our Q&A. There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in Lithium Argentina Ag, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Lithium Argentina Ag wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Lithium Argentina (LAR) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Cauchari-Olaroz achieved 95% of design capacity in the first half of 2026, demonstrating the reliability of the brine-based design and its ability to maintain stable operations. Cash operating costs were maintained below $6 thousand per ton, driven by process improvements and the inherent energy advantages of solar-powered brine operations. Strong operating margins of 70% in the second quarter enabled significant cash generation, facilitating $160 million in year-to-date distributions to joint venture partners. Management successfully reduced joint venture net debt by $114 million in a single quarter, prioritizing balance sheet de-risking while maintaining operational momentum. The company's low carbon footprint of 1.4 tons CO2 equivalent per ton of LCE is attributed to 97% solar energy usage, positioning the asset as a high-ESG-value producer. Strategic focus remains on a phased, disciplined growth approach that utilizes existing infrastructure to minimize capital intensity for future expansions. Full-year 2026 production guidance remains firm at 35 thousand to 40 thousand tons, with expectations for strong output in the second half due to the absence of planned maintenance. Stage 2 expansion at Cauchari-Olaroz will utilize a modular DLE approach, targeting an initial 10 thousand tons per annum to leverage existing pond infrastructure and reduce upfront capital. The Pastos Grandes (PPG) project is awaiting RIGI regulatory approval expected by year-end 2026, which management views as a critical milestone for securing minority strategic partners. Near-term debottlenecking efforts, including the addition of new brine wells, are expected to push production capacity beyond the current 40 thousand ton nameplate by 2027-2028. Management is evaluating a secondary listing on the ASX to complement its NYSE listing and broaden global investor visibility. Completed $220 million in new unsecured debt facilities at the JV level, including a 3-year facility with a variable interest rate currently under 5%. Second quarter costs were modestly impacted by a planned maintenance shutdown, higher global energy costs, and the impact of a stronger Argentine peso. The company maintains $230 million in total corporate liquidity, including $100 million in cash and a $130 million undrawn facility from Ganfeng. RIGI approval for Stage 2 was secured in the second quarter, allowing early works spending to count toward the $80 million mandatory investment requirement. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management expects very strong production through the back half of the year as no further maintenance shutdowns are planned. Sales are expected to strengthen in the coming quarters as the timing gap between production and revenue recognition narrows. Management expressed high conviction in Cauchari Stage 2 and PPG, citing them as two of the most attractive growth projects globally due to their low-cost profile. The strategy involves seeking minority strategic partners for PPG to provide equity capital while maintaining joint control with Ganfeng. Debottlenecking focuses on 'low-hanging fruit' such as adding 2-3 additional brine wells at approximately $2.5 million to $3 million each. These modest investments are intended to push production 2,000 to 3,000 tons above the current 40,000-ton design capacity. With $100 million in liquidity at the Minera Exar level, management expects distributions in the second half to be similar to or higher than the first half, assuming stable prices. There are no significant upcoming debt down payments at the JV level that would restrict these distributions.

ZUG, Switzerland, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Lithium Argentina AG (“Lithium Argentina” or the “Company”) (TSX: LAR) (NYSE: LAR) today announced its second quarter 2026 results. Unless otherwise stated, results are presented in United States dollars on a 100% basis. Sam Pigott, Lithium Argentina’s CEO, commented: "Cauchari-Olaroz delivered another quarter of consistent, strong performance, generating more than $141 million of free cash flow from operations. The team safely completed a planned shutdown while advancing optimization and debottlenecking initiatives and remaining on track to achieve production guidance. "This cash generation enabled a $114 million reduction in net debt while supporting distributions to the joint venture partners. The operation further strengthened its balance sheet, entering new debt facilities with international banks at an attractive interest rate under 5%, providing added flexibility to support future distributions and fund growth plans. "As we look ahead, we continue to take a disciplined approach to growth. Together with Ganfeng, we have agreed to a modular approach to Stage 2 that we believe can accelerate the initial 10,000 tpa of growth capacity, leveraging our partner's expertise in the procurement of advanced processing equipment for installation at site. With RIGI approval now in place, early development activities are underway and we look forward to sharing an updated development plan in the coming months. "With high-quality, low-cost operations, meaningful cash flow generation and a clear, phased path to growth, we believe the Company is well positioned to deliver long-term value for our shareholders." Highlights Cauchari-Olaroz The Company holds a 44.8% equity interest in Exar, the operating entity for Cauchari-Olaroz, and exercises joint control over all key decisions. Operational and financial highlights below are presented on a 100% basis. Production: Produced 9,280 tonnes of lithium carbonate in the second quarter of 2026 with the operation continuing to perform near design capacity. Operating Costs: Costs of sales for the second quarter of 2026 were $63 million with cash operating costs of $5,897 per tonne1 of lithium carbonate sold. Pricing: Revenue for the second quarter of 2026 was $174 million, reflecting an average realized price2 of approximately $19,563 per tonne of lithium carbonate sold, representing a cash operating margin2 of 70%. Net Income: Net income for the second quarter of 2026 was $27 million, compared to $49 million for the first quarter of 2026, with the change primarily reflecting a $38 million non-cash deferred tax charge related to accelerated depreciation. Adjusted EBITDA2: Adjusted EBITDA for the second quarter of 2026 was $110 million, as higher realized prices offset lower sales volumes compared to the first quarter of 2026. Operating Cash Flow: Operating cash flow for the second quarter of 2026 was $142 million and Free Cash Flow from Operations was $141 million3. Liquidity: Cauchari-Olaroz net debt was reduced by $114 million in the second quarter of 2026, after funding $16 million related to cash distributions to Lithium Argentina and Ganfeng. Carbon Footprint: Cauchari-Olaroz completed an independent, ISO-verified assessment of its carbon footprint of 1.4 tonnes of CO2e (Scope 1 and 2) per tonne of lithium carbonate produced in 2025. Growth Pipeline Stage 2 Expansion: Continued advancing the expansion plan to increase production capacity by 45,000 tonnes per annum ("tpa") of LCE at Cauchari-Olaroz (“Stage 2”). RIGI Approval: In May 2026, the Stage 2 expansion was approved under Argentina's Regimen de Incentivo para Grandes Inversiones ("RIGI"), providing long-term fiscal stability and enhanced FX and tax benefits. Updated Development Plan: An updated development plan for Stage 2 is expected around the end of the third quarter of 2026 reflecting ongoing engineering and development work. Modular DLE Approach: Together with Ganfeng, the Company is advancing engineering and development of an initial 10,000 tpa LCE modular DLE facility as part of a phased Stage 2 development plan. Early Development Activities: Cauchari-Olaroz has approved early development activities for Stage 2, including additional production wells, infrastructure and site preparation, under existing operating permits. Environmental Permitting: The Environmental Impact Assessment ("EIA") application for Stage 2 has been submitted, with environmental approval process underway. PPG: An integrated development plan targeting capacity of 150,000 tpa of LCE across three phases, leveraging shared infrastructure and the consolidated resource base. Ganfeng and Lithium Argentina continue to advance financing options with potential customers and strategic partners for offtake and minority ownership interests. The RIGI application was submitted in the first quarter of 2026, with approval expected by the end of 2026. Lithium Argentina Financial and Corporate As of June 30, 2026, Lithium Argentina held $100 million in cash and cash equivalents and $230 million in total liquidity, including $130 million undrawn 6-year debt facility. The Company continued advancing plans for a secondary listing on the Australian Securities Exchange ("ASX"), complementing the Company's NYSE listing and broadening access for Asia-Pacific investors. INVESTOR WEBCAST AN INVESTOR WEBCAST HAS BEEN SCHEDULED FOR 10:00AM ET ONTUESDAY, AUGUST 11, 2026. Please use the following link to access:Second Quarter 2026 Earnings Webcast FINANCIAL RESULTS Selected consolidated financial information of the Company is presented as follows: For the three months ended June 30, 2026, the Company reported net income of $1.3 million, compared to a net loss of $4.1 million in Q2 2025. The change was primarily attributable to the Company's share of income from the Cauchari-Olaroz Project of $12.3 million in Q2 2026, compared to a share of loss of $0.4 million in Q2 2025, reflecting improved operating results at Exar due to higher realized lithium carbonate prices, partially offset by lower finance and other income and higher transaction costs. This news release should be read in conjunction with Lithium Argentina’s unaudited condensed consolidated interim financial statements and management's discussion and analysis for the three and six months ended June 30, 2026, which are available on SEDAR+ and EDGAR. All amounts are in U.S. dollars unless otherwise indicated. NON-IFRS AND OTHER FINANCIAL MEASURES Exar Cash Operating Costs and Total Cash Costs per Tonne Lithium Argentina reports Exar’s “Cash Operating Costs per tonne” and “Total Cash Costs per tonne” as key non-GAAP financial measures or ratios. These non-GAAP financial measures or ratios do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The most directly comparable IFRS measure is Exar's Cost of Sales. These metrics provide investors with insight into the Company’s cost structure by excluding non-cash and non-operating items, thereby enabling better comparability of operating performance. Cash operating margin is a related non-GAAP ratio, defined as Exar's revenue less Cash Operating Costs (C1), divided by revenue. It is a performance measure and not a measure of liquidity, and the most directly comparable IFRS measure is Exar's gross profit. Cash Operating Cost (C1) includes all expenditures incurred at the site, such as brine management, lithium plant processing, site and provincial office overheads, and inventory adjustments. These costs also include project general and administrative costs and sales logistics costs. Total Cash Costs (C2) include all C1 costs, along with selling costs, export duties (net of refunds) and provincial royalties. Tonnes are reported on a tonnes sold basis at FOB Buenos Aires port. Exar covers the cost of transporting lithium carbonate to the port, while the delivery cost to the buyer's factory in China, along with processing and other costs are subtracted from the sales price. RECONCILIATION TO NON-GAAP MEASURES Exar on a 100% basis Notes: Quarterly amounts added together may not equal to the total reported for the period due to rounding. Exar EBITDA and Adjusted EBITDA Lithium Argentina reports “Exar EBITDA” and “Exar Adjusted EBITDA” as supplemental non-GAAP operational measures. These measures are presented on a 100% Exar basis and do not represent amounts attributable to Lithium Argentina or its shareholders. Lithium Argentina accounts for its 44.8% interest in Exar using the equity method and accordingly recognizes only its proportionate share of Exar’s net income or loss as a single line item in its consolidated statements of operations. These non-GAAP measures do not have a standardized meaning under IFRS and may not be comparable to similar measures disclosed by other issuers. Management presents these measures to provide investors and other stakeholders with additional insight into the operational performance of the asset in which Lithium Argentina holds its primary interest. Exar EBITDA is defined as Exar’s net income (loss) before income tax expense (recovery), finance costs (net), and depreciation and amortization. Exar Adjusted EBITDA further excludes foreign exchange gains and losses, gains and losses arising from derivative liabilities, other income and expense items of a non-cash or non-operating nature. These adjustments reflect items that management considers to be outside the ordinary course of operations at the Cauchari-Olaroz project and that may obscure period-to-period and peer-to-peer comparability of operating results. We believe that disclosing these measures assists readers in understanding the ongoing cash-generating potential of our significant equity investee in order to provide liquidity to fund its own needs and service its outstanding debt, as well as repay loans provided by Lithium Argentina and pay dividends. Exar on a 100% basis Note: The reconciliation above has been prepared using financial information from Exar's financial statements, adjusted for certain reclassifications to conform with Lithium Argentina's presentation. Figures may not sum due to rounding. Derivative gains and losses reflect fair value changes related to an embedded derivative within Exar’s USD-denominated related party loans, that are contractually required to be settled in Argentine Pesos using the Blue-Chip Swap (“BCS”) exchange rate. The fair value of this embedded derivative fluctuates with changes in the spread between the BCS rate and the official Argentine exchange rate. These amounts are excluded from Adjusted EBITDA because they reflect non-operating fair value movements associated with financing arrangements rather than the underlying operating performance of the Cauchari-Olaroz project. Exar Free Cash Flow and Exar Free Cash Flow from Operations Lithium Argentina reports “Exar Free Cash Flow” and “Exar Free Cash Flow from Operations” as supplemental non-GAAP financial measures, presented on a 100% Exar basis. They are not standardized financial measures under IFRS and may not be comparable to similar measures disclosed by other issuers, including measures with similar titles. Exar Free Cash Flow is net cash generated from operating activities of Exar, less capital expenditures. Exar Free Cash Flow from Operations is Exar Free Cash Flow before the deduction of development capital expenditures, including the payment of capitalized interest. The most directly comparable IFRS measure for both is net cash generated from operating activities of Exar, presented under “Financial Information of Exar (on a 100% basis) – Cash Flows” above, where the underlying amounts are also disclosed. Sustaining capital expenditures and development capital expenditures are supplementary financial measures which together comprise purchases of property, plant and equipment. Sustaining capital expenditures maintain existing operations and current production levels; development capital expenditures increase current or future production capacity, cash flow or earnings potential. Both are measured on a cash basis, and where an expenditure serves both purposes, classification follows its primary purpose. Development capital expenditures include the payment of capitalized interest settled during the periods presented. Because Lithium Argentina’s interest in Cauchari-Olaroz is held through an equity-accounted investment rather than a controlled subsidiary, Exar’s cash flows are not presented in the Company’s consolidated statement of cash flows. Exar Free Cash Flow gives users visibility into the cash generated by the underlying operating asset after all capital expenditure incurred in the period. Development capital expenditures, including payment of capitalized interest are deducted in Exar Free Cash Flow because they are a cash cost of acquiring those production assets; had that interest been paid as it accrued rather than deferred, the cash outflow would have been included in purchases of property, plant and equipment in earlier periods. Other amounts within Exar’s investing and financing activities are not deducted, principally treasury investment activity, VAT recovery arising in the comparative period only, and movements in loan principal. Exar Free Cash Flow from Operations is presented in addition to, and not in place of, Exar Free Cash Flow, to show the operation’s cash generation before development capital expenditures. Development capital expenditures in the periods presented relate to the payment of interest capitalized prior to commercial production, so the capitalized balance is fixed and reduces as it is settled: approximately $16.6 million was settled during the six months ended June 30, 2026, leaving approximately $18.9 million payable to Exar Capital, a jointly owned financing company wholly owned by Lithium Argentina and Ganfeng. Neither measure represents an amount attributable to Lithium Argentina or its shareholders, nor residual cash available for discretionary use, and both are stated before scheduled principal repayments and interest on Exar’s third-party debt. Free Cash Flow from Operations at Exar does not represent cash flow available to the Company at its discretion. Under the shareholder agreement governing Cauchari-Olaroz, excess cash flow (as defined therein) is distributed between the Company and Ganfeng. Exar on a 100% basis Note: The reconciliation above has been prepared using financial information from Exar’s financial statements, adjusted for certain reclassifications to conform with Lithium Argentina’s presentation. Figures may not sum due to rounding. Exar Free Cash Flow from Operations is presented in addition to, and not in place of, Exar Free Cash Flow. Average realized lithium price Lithium Argentina reports Exar’s average realized lithium price as a key non-GAAP financial measure. This non-GAAP financial measure does not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Average realized lithium price per tonne is defined as lithium revenue divided by total lithium tonnes sold. Scientific & Technical Information and Qualified Persons The scientific and technical information in this press release in respect to the updated mineral resource has been reviewed and approved by the independent QPs listed below, each of whom is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects David Burga, P.Geo. Mark King, PhD P.Geo., FGC The scientific and technical information in this press release in respect of Cauchari-Olaroz has been reviewed and approved by David Burga, P.Geo., a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. ABOUT LITHIUM ARGENTINA Lithium Argentina is a producer of lithium carbonate for use primarily in lithium-ion batteries and electric vehicles. The Company, in partnership with Ganfeng Lithium Group Co., Ltd. (“Ganfeng”) operates the Cauchari-Olaroz lithium brine operation in the Jujuy province of Argentina and is advancing PPG in the Salta province of Argentina. Lithium Argentina currently trades on the TSX and on the NYSE under the ticker “LAR”. For further information contact:Investor RelationsTelephone: +1 778-653-8092Email: [email protected]: http://www.lithium-argentina.com FORWARD-LOOKING INFORMATION This news release contains “forward-looking information” and “forward-looking statements” (which we refer to collectively as forward-looking information) under the provisions of applicable securities legislation. Forward-looking information can be identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “propose”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe”, “scheduled”, “implement” and similar words or expressions. All statements, other than statements of historical fact, are forward-looking information. Forward-looking information in this news release include, without limitation, information with respect to the following matters or the Company’s expectations relating to such matters: mineral resource estimates; the nature and timing of an updated development plan for Stage 2; the impacts of the increase in resources on the Company’s growth strategy and for staged capacity expansions at Cauchari-Olaroz; the timing and amount of future production, capacity and anticipated costs; expectations with respect to Stage 2; expectations with respect to the PPG joint venture, including the timing for closing the joint venture and financing plans; the ability of the Company to refinance its existing corporate debt; future distributions of cash from Exar; production guidance; permitting and expectations related to the timing of RIGI approval and related benefits; the Company’s consideration of additional stock exchange listings. Forward-looking information may involve known and unknown risks, assumptions and uncertainties which may cause the Company’s actual results or performance to differ materially. This information reflects the Company’s current views with respect to future events and is necessarily based upon a number of assumptions that, while considered reasonable by the Company today, are inherently subject to significant uncertainties and contingences, and accordingly, the Company can give no assurance that these assumptions and expectations will prove to be correct. With respect to forward-looking information included in this news release, the Company has made assumptions regarding, among other things: current technological trends; a cordial business relationship between the Company and third party strategic and contractual partners, including the co-owners of the Company’s projects; the business relationship between the Company and Ganfeng; ability of the Company to fund, advance and develop Cauchari-Olaroz and its other projects, and expected production and the timing thereof at Cauchari-Olaroz; ability of the Company to fund, advance and develop PPG; the successful operation of Cauchari-Olaroz under its co-ownership structure; ability of the Company to produce battery quality lithium products; the ability to operate in a safe and effective manner; uncertainties relating to obtaining and/or maintaining mining, exploration, development, environmental and other permits or approvals in Argentina including the Company’s RIGI applications; demand for lithium, including that such demand is supported by growth in the electric vehicle market; impact of increasing competition in the lithium business, including the Company’s competitive position in the industry; general economic conditions; stability and support of legislative, regulatory and community environment in the jurisdiction where it operates; estimates of and changes to market prices for lithium and commodities; estimates costs for the project or operation; estimates of mineral resources and mineral reserves, including whether mineral resources will ever be developed into mineral reserves; reliability of technical data; and the ability to achieve full production; and accuracy of budget and estimates. Forward-looking information also involves known and unknown risks that may cause actual results to differ materially, these risks include, among others: the operations may not operate and produce as planned; cost overruns; market prices affecting development of the operation; risks associated with co-ownership arrangements; risks with ability to successfully secure adequate financing if necessary; risks to the growth of the lithium markets; lithium prices; inability to obtain any future required governmental permits and that operations may be limited by government-imposed limitations; technology, cyber security and artificial intelligence risk; inability to achieve and manage expected growth; political risk associated with foreign operations, including co-ownership arrangements with foreign domiciled partners; risks arising from the outbreak of or continued hostilities in Ukraine, the Middle East and other parts of the world and the international response, including but not limited to their impact on commodity markets, fuel prices, supply chains, equipment and construction prices and on capital markets in general; emerging and developing market risks; operational risks; changes in government regulations; changes in environmental requirements; failure to obtain or maintain necessary licenses, permits or approvals; insurance risk; receipt and security of mineral property titles and mineral tenure risk; changes in project or operation parameters; uncertainties associated with estimating mineral resources and mineral reserves, including uncertainties regarding assumptions underlying such estimates; whether mineral resources will ever be converted into mineral reserves; opposition to the Company’s projects; geological or technical or processing problems; liabilities and risks; health and safety risks; unanticipated results; unpredictable weather; unanticipated delays; reduction in demand for lithium; inability to generate profitable operations; restrictive covenants in debt instruments; intellectual property risks; dependency on key personnel; currency and interest rate fluctuations; uncertainties inherent to economic studies such as the Scoping Study; there being no assurance that the Company will seek any new stock exchange listing nor successfully obtain one; and volatility in general market and industry conditions. Additional risks, assumptions and other factors are set out in the Company’s management discussion analysis and most recent Annual Report on Form 20-F, copies of which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Although the Company has attempted to identify important risks and assumptions, given the inherent uncertainties in such forward-looking information, there may be other factors that cause results to differ materially. Forward-looking information is made as of the date hereof and the Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. __________________________ 1 Cash operating costs includes all expenditures incurred at the site such as brine management, lithium plant processing, site and provincial office overheads and inventory adjustments. These costs also include project general and administrative costs and sales logistics costs. Cash operating cost per tonne is a non-GAAP financial measure or ratio and does not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Non-IFRS and Other Financial Measures”.2 Refer to section titled “Non-IFRS and Other Financial Measures” below.3 Free Cash Flow from Operations is Exar net cash generated from operating activities, less capital expenditures and before the deduction of development capital expenditures, including the payment of capitalized interest. Free cash flow from Operations at Exar does not represent cash flow available to the Company at its discretion. Under the shareholder agreement governing Cauchari-Olaroz, excess cash flow (as defined therein) is distributed between the Company and Ganfeng.

ZUG, Switzerland, June 22, 2026 (GLOBE NEWSWIRE) -- Lithium Argentina AG (“Lithium Argentina” or the “Company”) (TSX: LAR) (NYSE: LAR) is pleased to announce the results from its annual general meeting held on June 19, 2026 (the “Meeting”). The Meeting saw representation of 24.51% of the total shares outstanding being voted. At the Meeting, the eight director nominees listed in the Company's management information circular dated May 4, 2026 (the “Circular”) were also re-elected as directors to serve until the close of the next annual meeting of shareholders. The detailed results of the vote are set out below: In addition to the election of directors, shareholders also: (1) approved the Swiss consolidated financial statements of the Company for the year ended December 31, 2025 and the Swiss statutory standalone financial statements of the Company for the year ended December 31, 2025, together with the respective reports of the auditor thereon; (2) approved the appropriation of the accumulated loss for the fiscal year 2025; (3) approved the discharge of the members of the Board of Directors of the Company and of the executive management team from liability for the activities during fiscal year 2025; (4) approved a new amended and restated equity incentive plan; (5) re-elected John Kanellitsas as Chair of the Board of Directors of the Company for a term extending until completion of the next annual general meeting; (6) re-elected Calum Morrison, George Ireland and Robert Doyle as the three members of the Governance, Nomination, Compensation and Leadership Committee, each for a term extending until completion of the next annual general meeting; (7) appointed for the financial year 2026, PricewaterhouseCoopers LLP, Chartered Professional Accountants, as auditor of the Company; (8) elected for the financial year 2026, PricewaterhouseCoopers AG, Zug, Switzerland, as Swiss statutory auditor; (9) approved a non-binding advisory resolution on the Company’s executive compensation; (10) approved the maximum aggregate compensation of the Board for the period until the next annual general meeting; (11) approved the maximum aggregate compensation of the executive management team for the financial year 2027 under Swiss law; (12) approved a non-binding advisory resolution on the Swiss statutory compensation report; (13) elected Anwaltskanzlei Keller AG as the Swiss statutory independent voting rights representative for a term extending until completion of the next annual general meeting. The details of the proposals are more particularly described in the Circular which available is on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov) and posted to the Investors section of the Company’s website at www.lithium-argentina.com. Final voting results on all matters voted on at the Meeting will be reported in the Company's Report of Voting Results to be filed on SEDAR+ (www.sedarplus.ca) and EDGAR (www.sec.gov) and posted to the Investors section of the Company’s website at www.lithium-argentina.com. ABOUT LITHIUM ARGENTINA Lithium Argentina is a producer of lithium carbonate for use primarily in lithium-ion batteries and electric vehicles. The Company, in partnership with Ganfeng Lithium Group Co., Ltd. (“Ganfeng”) operates the Cauchari-Olaroz lithium brine operation in the Jujuy province of Argentina and is advancing PPG in the Salta province of Argentina. Lithium Argentina currently trades on the TSX and on the NYSE under the ticker “LAR”. For further information contact:Investor RelationsTelephone: +1 778-653-8092Email: [email protected]: http://www.lithium-argentina.com

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Cauchari-Olaroz achieved consistent operations at approximately 97% of nameplate capacity over the last two quarters, signaling a transition from ramp-up to steady-state production. Operating cash costs were reduced to under $5.4 thousand per ton, positioning the asset as one of the lowest-cost lithium carbonate operations globally due to its solar evaporation process. The operation demonstrated significant cash-generating capability, distributing approximately $100 million in cash since the start of the year, with $48 million attributable to Lithium Argentina. Management attributes a 3-fold increase in quarter-over-quarter EBITDA to stable production volumes combined with an improving lithium pricing environment and strict cost discipline. The company maintains a low-energy intensity profile with minimal diesel needs (under 3% of direct costs), providing insulation against global energy price volatility and supply chain disruptions in the Middle East. Strategic positioning is being reinforced by leveraging partner Ganfeng's expertise in modular construction and chemical processing to optimize the upcoming Stage 2 development. 2026 production guidance is maintained at 35,000 to 40,000 tons, with management focusing on optimizing current output while preparing for sustained higher levels in future years. Management expects over 90% of EBITDA to convert to free cash flow for the remainder of 2026, which will be prioritized for Stage 2 preparation and further cash distributions. The Stage 2 expansion targeting 45,000 additional tons per year is dependent on RIGI application approval (expected as early as this quarter) and environmental permits (targeted for 2027). For the PPG project, the company is actively exploring the introduction of a minority partner to fund development without requiring equity dilution or relying on Cauchari-Olaroz cash flow. A secondary listing on the ASX is being planned for as early as mid-year to broaden the investor base and capture valuation premiums often associated with low-cost brine producers in the Asia-Pacific market. The RIGI (Incentive Regime for Large Investments) application is a critical catalyst that could accelerate the permitting process and provide fiscal stability for Stage 2 and PPG. Realized prices currently reflect a 6% to 7% discount to market reference prices due to product quality evolution and VAT adjustments, though management expects this gap to narrow as consistency improves. The company is utilizing an intercompany loan structure and accelerated depreciation to maximize cash flow generation during the early years of operation by deferring cash taxes. Management flagged a 2-month lag between sales and cash receipts, noting that the strong Q1 EBITDA performance will become increasingly evident in the cash balance through Q2 and Q3. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Priority one is redeploying cash into Stage 2 preparation, followed by secondary priority of cash distributions to shareholders. The joint venture's debt profile is considered very healthy at 0.5x net debt to annualized Q1 EBITDA, allowing for flexibility in distributions. The current 6% to 7% discount from reference prices (ex-VAT) has room for improvement as product quality and consistency evolve throughout 2026. The long-term strategic goal is to supply lithium chemicals directly to customers outside of China to capture full spot pricing. The listing is intended to broaden global visibility and access a market that specifically appreciates the free cash flow and cost profile of brine assets. Management explicitly stated this is a secondary listing only, with no plans for an IPO or associated equity financing. Management feels well-insulated against local inflation as major costs like diesel are a small fraction of OpEx. Fluctuations in peso devaluation versus wage inflation are viewed as manageable and not material to the overall cost structure.

This article first appeared on GuruFocus. Release Date: May 12, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lithium Argentina AG (NYSE:LAR) achieved a strong production performance in Q1 2026, with 9,700 tons of lithium carbonate produced, operating at 97% of nameplate capacity. The company reported a significant reduction in operating cash costs to below $5,400 per ton, positioning Kachari Oleraz as one of the lowest-cost lithium operations globally. Realized lithium prices increased to just under $17,000 per ton, contributing to a three-fold increase in EBITDA quarter-over-quarter. Lithium Argentina AG (NYSE:LAR) distributed around $100 million in cash from Kachari Oleraz, strengthening its balance sheet and highlighting its cash-generating capability. The company is advancing its Stage 2 development plan, targeting an additional 45,000 tons per year of production capacity, with substantial progress made in de-risking the project. There is a two-month lag between sales and cash receipt, which may affect cash flow timing. Cash taxes are expected to increase in the coming years, potentially impacting net cash flow. The company faces potential variability in quarter-to-quarter costs, despite efforts to drive costs lower over the long term. Lithium Argentina AG (NYSE:LAR) is closely monitoring the Middle East situation, which could impact costs and availability of key supplies. The company is subject to pricing discounts, including a 6% to 7% adjustment from market pricing, which may affect revenue. Warning! GuruFocus has detected 2 Warning Sign with LAR. Is LAR fairly valued? Test your thesis with our free DCF calculator. Q: What might be a good expectation for cash distributions from the joint venture for the rest of the year, considering the $48 million generated year-to-date and the 90% free cash flow conversion target? How does this align with objectives like paying down debt and funding the Stage 2 expansion? A: The project is expected to generate significant cash throughout the year, with EBITDA between $460 to $630 million and a 90% cash flow conversion. The primary focus will be on reinvesting part of this cash into Stage 2 preparations, but it won't absorb all the cash. The secondary priority will be cash distributions. The joint venture's debt profile has improved, running at 0.5 times net debt to annualized Q1 EBITDA, allowing for comfortable cash distributions and early-stage CapEx spending after RIGI approval for Stage 2. Q: Assuming the approval comes soon, what could CapEx expectations look like this year? A: The full FID decision depends on environmental permits, expected in 2027. The RIGI approval could accelerate the permitting process, but any CapEx expenditures in 2026 for Stage 2 would be fairly immaterial. Q: Can you discuss the pricing discounts this year, including VAT and quality discounts, and how they might change throughout the year? A: In Q1, there was a 6% to 7% discount from reference prices, excluding Chinese VAT. There's potential for improvement as product consistency and quality evolve. The goal is to supply lithium chemicals directly to customers without going through China, capturing the full spot price. The discount is expected to improve throughout the year. Q: Can you provide insights on lithium pricing trends for the next two or three quarters? A: Predicting short-term lithium price movements is challenging, but the market is extremely tight. Pricing has climbed aggressively since Q1, and demand is expected to support higher prices. While specific forecasts are not provided, confidence in strong pricing for Q2 and the rest of the year is high. Q: Regarding the ASX listing, is it the only index being considered for a secondary listing, or are there plans for other regions like Asia? A: The ASX has emerged as a strong option for lithium producers like Lithium Argentina, given its appreciation for free cash flow and cost profiles. While there are no plans to remove the New York Stock Exchange listing, the ASX could be beneficial for visibility in the Asia Pacific and Australia. The listing could occur as early as mid-year, with no IPO or financing planned. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

ZUG, Switzerland, May 12, 2026 (GLOBE NEWSWIRE) -- Lithium Argentina AG (“Lithium Argentina” or the “Company”) (TSX: LAR) (NYSE: LAR) today announced its first quarter 2026 results. Unless otherwise stated, results are presented in United States dollars on a 100% basis. Sam Pigott, Lithium Argentina’s CEO, commented: "Cauchari-Olaroz continues to deliver exceptional performance, sustaining production near design capacity for a second consecutive quarter while delivering first-quarter cash operating costs below $5,400 per tonne. This operational consistency is translating directly into cash flow, with the operation expected to convert over 90% of first-quarter EBITDA into cash in 2026. “Building on this foundation, the Stage 2 expansion at Cauchari-Olaroz is progressing well, and we intend to grow organically by leveraging Stage 1 cash flow alongside project-level debt, as necessary. Following strong performance in recent quarters, Cauchari-Olaroz has distributed approximately $100 million ($46 million for our share) since the beginning of the year. At PPG, we continue to see strong interest from strategic partners and customers, leveraging the combined efforts of Ganfeng and Lithium Argentina to support the project's equity requirements, positioning us to grow without the need to dilute shareholders at the corporate level. “With improving market conditions and a proven operating platform, we believe we are one of the strongest positioned producers to add low-cost production capacity. We have a pipeline that we believe can support growth of four to five times what we have built to date. Importantly, we believe this can be achieved in a disciplined, phased development approach funded through project-level options and operating cash flow, ultimately delivering the strongest possible return to our shareholders." Highlights Cauchari-Olaroz The Company holds a 44.8% equity interest in Exar, the operating entity for Cauchari-Olaroz, and exercises joint control over all key decisions under the shareholder agreement. Operational and financial highlights below are presented on a 100% basis. Lithium Production: Produced 9,660 tonnes of lithium carbonate in the first quarter of 2026, with the operation continuing to run at or near design capacity. The operation has averaged 97% of design capacity over the past two quarters supporting full-year guidance of 35,000–40,000 tonnes. Operating Costs: Cost of sales for the first quarter of 2026 was $65 million, with cash operating costs of $5,391 per tonne1 of lithium carbonate sold. Stable performance at design capacity has enabled a focus on optimization, with structural and operational improvements driving a continued reduction in unit costs. Pricing: Revenue for the first quarter of 2026 totaled $168 million, reflecting an average realized price2 of approximately $16,818 per tonne of lithium carbonate sold. Net Income: Net income for the first quarter of 2026 was $49 million, compared to $31 million for the fourth quarter of 2025. Adjusted EBITDA2: Adjusted EBITDA for the first quarter of 2026 was $106 million, compared to $30 million in the fourth quarter 2025. RMAP Conformance: Expect to receive conformant status shortly under the Responsible Minerals Assurance Process (“RMAP”), further supporting the commitment to responsible production and supply chain transparency. PPG and Cauchari-Olaroz Expansion Stage 2 Expansion: Cauchari-Olaroz continues to advance an expansion plan to increase production capacity by 45,000 tpa of LCE (“Stage 2”). In March 2026, the Company published an updated mineral resource and reserve estimate expanding the Measured and Indicated resource by 42% to 28 million tonnes of LCE at an average grade of 562 mg/L lithium3. The Stage 2 RIGI4 application and environmental permits were both filed in December 2025, with RIGI approval expected in the second quarter of 2026. A comprehensive development plan and scoping study are expected to be completed by mid-2026. PPG: Continues to advance an integrated development plan targeting capacity of 150,000 tpa of LCE across three phases, leveraging shared infrastructure and the consolidated resource base. Ganfeng and Lithium Argentina continue to advance financing options with potential customers and strategic partners for offtake and minority ownership interests. Lithium Argentina Financial and Corporate As of March 31, 2026, Lithium Argentina held $97 million in cash and cash equivalents, up from $61 million at the end of 2025. In March 2026, the Company completed the $130 million debt facility (“Debt Facility”) from Ganfeng. The Debt Facility has a 6-year term at an interest rate of SOFR plus 2.5% providing increased flexibility to support refinancing the Company’s existing corporate debt. The Company is advancing plans for a secondary listing on the Australian Securities Exchange (“ASX”), complementing its existing NYSE listing and broadening access to Asia-Pacific investors. In May 2026, the Company published its 2025 ESG report, highlighting continued progress across environmental, social and governance initiatives, including operational sustainability, community engagement and responsible production practices. FINANCIAL RESULTS Selected consolidated financial information of the Company is presented as follows: For the three months ended March 31, 2026, the Company reported net income of $7.5 million, compared to a net loss of $7.2 million in Q1 2025. The change was primarily driven by a $22.1 million share of income from the Cauchari-Olaroz Project, compared to a $0.5 million share of loss in Q1 2025, reflecting improved operating results at Exar due to higher realized lithium carbonate prices. This news release should be read in conjunction with Lithium Argentina’s unaudited condensed consolidated interim financial statements and management's discussion and analysis for the three months ended March 31, 2026, which are available on SEDAR+ and EDGAR. All amounts are in U.S. dollars unless otherwise indicated. NON-IFRS AND OTHER FINANCIAL MEASURES Exar Cash Operating Costs and Total Cash Costs per Tonne Lithium Argentina reports Exar’s “Cash Operating Costs per tonne” and “Total Cash Costs per tonne” as key non-GAAP financial measures or ratios. These non-GAAP financial measures or ratios do not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. The most directly comparable IFRS measure is Cost of Sales. These metrics provide investors with insight into the Company’s cost structure by excluding non-cash and non-operating items, thereby enabling better comparability of operating performance. Cash Operating Cost (C1) includes all expenditures incurred at the site, such as brine management, lithium plant processing, site and provincial office overheads, and inventory adjustments. These costs also include project general and administrative costs and sales logistics costs. Total Cash Costs (C2) include all C1 costs, along with selling costs, export duties (net of refunds) and provincial royalties. Tonnes are reported on a tonnes sold basis at FOB Buenos Aires port. Exar covers the cost of transporting lithium carbonate to the port, while the delivery cost to the buyer's factory in China, along with processing and other costs are subtracted from the sales price. RECONCILIATION TO NON-GAAP MEASURES Exar on a 100% basis Notes: Quarterly amounts added together may not equal to the total reported for the period due to rounding. Exar EBITDA and Adjusted EBITDA Lithium Argentina reports “Exar EBITDA” and “Exar Adjusted EBITDA” as supplemental non-GAAP operational measures. These measures are presented on a 100% Exar basis and do not represent amounts attributable to Lithium Argentina or its shareholders. Lithium Argentina accounts for its 44.8% interest in Exar using the equity method and accordingly recognizes only its proportionate share of Exar’s net income or loss as a single line item in its consolidated statements of operations. These non-GAAP measures do not have a standardized meaning under IFRS and may not be comparable to similar measures disclosed by other issuers. Management presents these measures to provide investors and other stakeholders with additional insight into the operational performance of the asset in which Lithium Argentina holds its primary interest. Exar EBITDA is defined as Exar’s net income (loss) before income tax expense (recovery), finance costs (net), and depreciation and amortization. Exar Adjusted EBITDA further excludes foreign exchange gains and losses, gains and losses arising from derivative liabilities, other income and expense items of a non-cash or non-operating nature. These adjustments reflect items that management considers to be outside the ordinary course of operations at the Cauchari-Olaroz project and that may obscure period-to-period and peer-to-peer comparability of operating results. We believe that disclosing these measures assists readers in understanding the ongoing cash-generating potential of our significant equity investee in order to provide liquidity to fund its own needs and service its outstanding debt, as well as repay loans provided by Lithium Argentina and pay dividends. Exar on a 100% basis Note: The reconciliation above has been prepared using financial information from Exar's financial statements, adjusted for certain reclassifications to conform with Lithium Argentina's presentation. Figures may not sum due to rounding. Derivative gains and losses reflect fair value changes related to an embedded derivative within Exar’s USD-denominated related party loans, that are contractually required to be settled in Argentine Pesos using the Blue-Chip Swap (“BCS”) exchange rate. The fair value of this embedded derivative fluctuates with changes in the spread between the BCS rate and the official Argentine exchange rate. These amounts are excluded from Adjusted EBITDA because they reflect non-operating fair value movements associated with financing arrangements rather than the underlying operating performance of the Cauchari-Olaroz project. Average realized lithium price Lithium Argentina reports Exar’s average realized lithium price as a key non-GAAP financial measure. This non-GAAP financial measure does not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Average realized lithium price per tonne is defined as lithium revenue divided by total lithium tonnes sold. Scientific & Technical Information and Qualified Persons The scientific and technical information in this press release in respect to the updated mineral resource has been reviewed and approved by the independent QPs listed below, each of whom is a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects David Burga, P.Geo. Mark King, PhD PGeo., FGC The scientific and technical information in this press release in respect of Cauchari-Olaroz has been reviewed and approved by David Burga, P.Geo., a “qualified person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. ABOUT LITHIUM ARGENTINA Lithium Argentina is a producer of lithium carbonate for use primarily in lithium-ion batteries and electric vehicles. The Company, in partnership with Ganfeng Lithium Group Co., Ltd. (“Ganfeng”) operates the Cauchari-Olaroz lithium brine operation in the Jujuy province of Argentina and is advancing PPG in the Salta province of Argentina. Lithium Argentina currently trades on the TSX and on the NYSE under the ticker “LAR”. For further information contact: Investor Relations Telephone: +1 778-653-8092 Email: [email protected] Website: http://www.lithium-argentina.com FORWARD-LOOKING INFORMATION This news release contains “forward-looking information” and “forward-looking statements” (which we refer to collectively as forward-looking information) under the provisions of applicable securities legislation. Forward-looking information can be identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “propose”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe”, “scheduled”, “implement” and similar words or expressions. All statements, other than statements of historical fact, are forward-looking information. Forward-looking information in this news release include, without limitation, information with respect to the following matters or the Company’s expectations relating to such matters: mineral resource estimates; the impacts of the increase in resources on the Company’s growth strategy and for staged capacity expansions at Cauchari-Olaroz; the timing and amount of future production, capacity and anticipated costs; expectations with respect to Stage 2; expectations with respect to the PPG joint venture, including the timing for closing the joint venture and financing plans; the ability of the Company to refinance its existing corporate debt; production guidance; permitting and expectations related to the Company’s RIGI applications; the Company’s consideration of additional stock exchange listings. Forward-looking information may involve known and unknown risks, assumptions and uncertainties which may cause the Company’s actual results or performance to differ materially. This information reflects the Company’s current views with respect to future events and is necessarily based upon a number of assumptions that, while considered reasonable by the Company today, are inherently subject to significant uncertainties and contingences, and accordingly, the Company can give no assurance that these assumptions and expectations will prove to be correct. With respect to forward-looking information included in this news release, the Company has made assumptions regarding, among other things: current technological trends; a cordial business relationship between the Company and third party strategic and contractual partners, including the co-owners of the Company’s projects; the business relationship between the Company and Ganfeng; ability of the Company to fund, advance and develop Cauchari-Olaroz and its other projects, and expected production and the timing thereof at Cauchari-Olaroz; ability of the Company to fund, advance and develop PPG; the successful operation of Cauchari-Olaroz under its co-ownership structure; ability of the Company to produce battery quality lithium products; the ability to operate in a safe and effective manner; uncertainties relating to obtaining and/or maintaining mining, exploration, development, environmental and other permits or approvals in Argentina including the Company’s RIGI applications; demand for lithium, including that such demand is supported by growth in the electric vehicle market; impact of increasing competition in the lithium business, including the Company’s competitive position in the industry; general economic conditions; stability and support of legislative, regulatory and community environment in the jurisdiction where it operates; estimates of and changes to market prices for lithium and commodities; estimates costs for the project or operation; estimates of mineral resources and mineral reserves, including whether mineral resources will ever be developed into mineral reserves; reliability of technical data; and the ability to achieve full production; and accuracy of budget and estimates. Forward-looking information also involves known and unknown risks that may cause actual results to differ materially, these risks include, among others: the operations may not operate and produce as planned; cost overruns; market prices affecting development of the operation; risks associated with co-ownership arrangements; risks with ability to successfully secure adequate financing if necessary; risks to the growth of the lithium markets; lithium prices; inability to obtain any future required governmental permits and that operations may be limited by government-imposed limitations; technology, cyber security and artificial intelligence risk; inability to achieve and manage expected growth; political risk associated with foreign operations, including co-ownership arrangements with foreign domiciled partners; risks arising from the outbreak of or continued hostilities in Ukraine, Israel, the Middle East and other parts of the world and the international response, including but not limited to their impact on commodity markets, supply chains, equipment and construction; emerging and developing market risks; operational risks; changes in government regulations; changes in environmental requirements; failure to obtain or maintain necessary licenses, permits or approvals; insurance risk; receipt and security of mineral property titles and mineral tenure risk; changes in project or operation parameters; uncertainties associated with estimating mineral resources and mineral reserves, including uncertainties regarding assumptions underlying such estimates; whether mineral resources will ever be converted into mineral reserves; opposition to the Company’s projects; geological or technical or processing problems; liabilities and risks; health and safety risks; unanticipated results; unpredictable weather; unanticipated delays; reduction in demand for lithium; inability to generate profitable operations; restrictive covenants in debt instruments; intellectual property risks; dependency on key personnel; currency and interest rate fluctuations; uncertainties inherent to economic studies such as the Scoping Study; there being no assurance that the Company will seek any new stock exchange listing nor successfully obtain one; and volatility in general market and industry conditions. Additional risks, assumptions and other factors are set out in the Company’s management discussion analysis and most recent Annual Report on Form 20-F, copies of which are available on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. Although the Company has attempted to identify important risks and assumptions, given the inherent uncertainties in such forward-looking information, there may be other factors that cause results to differ materially. Forward-looking information is made as of the date hereof and the Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. _________________________________ 1 Cash operating costs includes all expenditures incurred at the site such as brine management, lithium plant processing, site and provincial office overheads and inventory adjustments. These costs also include project general and administrative costs and sales logistics costs. Cash operating cost per tonne is a non-GAAP financial measure or ratio and does not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See “Non-IFRS and Other Financial Measures”. 2 Refer to section titled “Non-IFRS and Other Financial Measures” below. 3 Canadian investors should refer to the technical report titled “2026 Cauchari-Olaroz NI 43-101 Technical Report, Jujuy, Argentina” with an effective date of February 27, 2026 filed on the Company’s SEDAR+ profile for more information about the mineral resource estimate and associated key assumptions and parameters. 4 Incentive Regime for Large Investments, Régimen de Incentivo para Grandes Inversiones

Cauchari-Olaroz reached 97% capacity in Q4 2025, driven by optimized brine management, wellfield stability, and reduced reagent usage. Cash costs declined 30% since Q1 2024 to $5,600 per ton, reflecting structural improvements in variable costs rather than just fixed-cost dilution. The long-term cost estimate was revised downward by 17% to $5,400 per ton, positioning the asset in the first quartile of the global cost curve. Management attributes the successful ramp-up to the design of the stage one plant and the quality of the underlying brine chemistry. The company maintains a strong liquidity position with $95,000,000 in cash and a new $130,000,000 debt facility to support growth without equity dilution. Strategic positioning focuses on serving global markets directly from the Americas, leveraging one of the few major lithium chemical sources outside China. 2026 production guidance is set at 35,000 to 40,000 tons, prioritizing stable operations and long-term optimization over aggressive volume growth. Management expects significant EBITDA generation in 2026, estimating approximately $460,000,000 based on current market prices of $20,000 per ton. The Stage 2 expansion at Cauchari-Olaroz (45,000 tons) will utilize the RIGI framework to ensure fiscal benefits and capital repatriation flexibility. The PPG project is being developed as a phased 150,000-ton operation, with financing plans focused on minority partners to avoid shareholder equity contributions. Demand outlook is increasingly driven by Energy Storage Systems (ESS), which management believes is currently under-forecasted by global analysts. The operation is highly insulated from Middle East geopolitical volatility, with direct energy exposure (diesel/natural gas) representing less than 2% of total operating costs. Total measured and indicated resources at Cauchari-Olaroz increased by 42%, reinforcing its status as one of the world's largest lithium brine assets. Management is evaluating Direct Lithium Extraction (DLE) for Stage 2 but notes that conventional technology has set a high bar for capital and operating efficiency. Sodium-ion batteries are viewed as a substitution risk only if lithium prices spike significantly above current levels. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management expects $5,600 per ton to be a reliable baseline for 2026, with some quarterly variability based on volume timing. Cost reductions are structural, involving optimized camp services, maintenance, and workforce management. Realized prices are based on battery-quality carbonate outside China, stripping out VAT from export reference prices. Quality adjustments typically result in a mid-single-digit discount from the reference price. Stage 2 will be funded by Stage 1 cash flow and project-level debt. PPG financing involves active engagement with Ganfeng's global customers and potential minority partners to cover equity requirements. Management prefers investing in Stage 2 under the RIGI framework to capture lower tax rates (25% vs 35%) and guaranteed cash repatriation. This framework is a primary driver for the current expansion sequencing and investment structure. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.