Lithium Argentina AG

Cauchari-Olaroz 1

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Production: Lithium carbonate production totaled approximately 8,500 tonnes in the second quarter of 2025, an 18% increase compared to the first quarter.

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Lithium carbonate production for the six months ended June 30, 2025, was approximately 15,700 tonnes, keeping the operation on track to achieve its 2025 guidance of 30,000 – 35,000 tonnes.

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Operating Costs: The cost of sales for the second quarter of 2025 was $63 million, with cash operating costs of $6,098 per tonne 2 of lithium carbonate sold.

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Efforts to reduce costs continue and during the second quarter of 2025 costs were approximately 8% lower than the first quarter and reflected the cost-optimization initiatives that have been implemented and higher production volumes during the second quarter.

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Pricing: Revenue for the second quarter of 2025 totaled $64 million, with an average realized price 3 of approximately $7,400 per tonne of lithium carbonate sold.

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As expected, the realized price at Cauchari-Olaroz was impacted by the continued decline in global lithium prices during the quarter.

1 Information in this section is presented on a 100% basis of the Cauchari-Olaroz operation; the Company’s economic interest is 44.8%

2 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 and does not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers.

3 Refer to section titled “Non-IFRS and Other Financial Measures” below.