Lithium Argentina AG

Conversion

The Conversion Rate (as defined in the Indenture) for the Convertible Notes was initially 21.2307 common shares per US$1,000 principal amount of Convertible Notes. As a result of the Separation Transaction, pursuant to the terms and conditions of the Indenture, the Conversion Rate for the Convertible Notes was adjusted on October 17, 2023, to 52.6019 Common Shares of the Company per US$1,000 principal amount of the Convertible Notes (equivalent to a conversion price of approximately US$19.01 per Common Share) based on the trading prices of the Company Common Shares and Lithium Americas (NewCo) common shares over the preceding 10-trading day period. The Convertible Notes will be convertible at the option of holders, prior to the close of business on the business day immediately preceding October 15, 2026, only under certain circumstances and during certain periods, and thereafter, at any time until the close of business on the business day immediately preceding the maturity date. Upon conversion, the Convertible Notes may be settled, at the Company’s election, in cash, Common Shares or a combination thereof.

Pursuant to the Indenture, holders of Convertible Notes, at their election, were permitted to surrender Convertible Notes for conversion into Common Shares from the effective date of the Separation Transaction until approximately the 35th trading day after the effective date. No Convertible Notes were surrendered for conversion into Common Shares during such period.