Lithium Argentina AG

Table 11: PPG Scoping Study Responsibility Matrix

James Wang visited the Salars and project facilities in April 2024. He visited the sites where the lithium process plants and infrastructures etc. will be located.

Frederik Reidel has visited and inspected the project sites on several occasions, with the most inspection taking place in October 2024.

Golder and Atacama Water are independent of Ganfeng and LAR.

The approach used herein to evaluate the Resources of the PPG Project is based on the framework in the S-K §229.1300, with some enhancements to accommodate the special considerations for brine.

The S-K regulations define Mineral Resource as:

“a concentration or occurrence of material of economic interest in or on the Earth’s crust in such form, grade and quality, and quantity that reasonable prospects for economic extraction. A Mineral Resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.”

It is the opinion of the supervising QP and Ganfeng and LAR, that the S-K §229.1300 definition of a Mineral Resource and Mineral Reserve extends to natural solid, inorganic material such as lithium, which is an industrial mineral that happens to be hosted in a liquid brine.

It is also the professional opinion of the supervising QP and Ganfeng and LAR that, subject to taking into consideration certain additional parameters of a brine deposit (including porosity, permeability and boundary conditions), the S-K §229.1300 regulation for evaluating a Mineral Resource is applicable to minerals hosted in a brine.

Evaluation of the Resource potential of a brine deposit includes estimation of two key components:

The first of these is analogous to solid deposits. Brine grade is determined through detailed sampling and an understanding of site geology, conceptually similar to solid deposit exploration. The second component (drainable porosity) does not have a direct analogy to solid deposits. The term “drainable porosity” denotes the ratio of the volume of fluid in the void spaces in a rock or sediment that can drain under gravity conditions to the total volume of the rock or sediment (e.g., Fetter, 1994). It is relevant to brine deposits because brine occurs in the pore spaces of a rock or sediment. However, not all the brine present in the pore space constitutes a Resource. A portion of the brine will not be recoverable due to:

No reserve has been defined for the PPG Project yet. Two updated groundwater models have been developed for Pozuelos and Pastos Grandes Salars with the results of drilling and testing to date and this will be used to develop a maiden reserve for the PPG Project.

Unless otherwise stated, all units used in this report are metric. Salt contents in the brine, including lithium, are reported in weight percentages or mass per volume. All monetary values in the report are expressed in constant USA dollars.

The following table shows the meaning of the abbreviations for technical terms used throughout the text of this report, Table 12.