Lithium Argentina AG

Figure 3.1 Location of Cauchari-Olaroz

Minera Exar S.A. (“Exar”) has acquired mining and exploration permits applications through acquisition of such permits applications, direct request of permits from the applicable provinicial mining authority and/ or through brines usufruct agreements in the Province of Jujuy, Argentina, covering a total of 77,623 ha in the Department of Susques presented on Table 3.1. Some of the claims are still in the process of being granted by the Jujuy Mining Court and in order to present a conservative figure, the smaller figure in the ‘received’ column was used to calculate the property area. Figure 3.2 shows the location of the Exar claims in Cauchari-Olaroz. As shown in the figure, the claims are contiguous and cover most of the Cauchari Salar and the eastern portion of the Olaroz Salar.

The aggregate annual property payment required by the Argentine Mining Code to the Province of Jujuy that Exar needs to attend in order to maintain the tenements claims referenced in Figure 3.2 in good standing is approximately US$268,346 per year.

Under Exar’s usufruct agreement with Borax Argentina S.A. (“Borax Argentina”) signed on May 19 th, 2011, Exar acquired Borax Argentina’s usufruct rights on properties in the area in exchange for an annual royalty of US$200,000 payable in May of each year plus annual canon rent property payments to Jujuy Province.