Lithium Argentina AG (LAR) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Jayle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Lithium Argentina third quarter 2025 earnings call and scoping study results. (Operator Instructions)

感謝您的耐心等待。我叫傑伊，今天我將擔任你們的會議接線生。在此，我謹代表 Lithium Argentina 公司，歡迎各位參加 2025 年第三季財報電話會議及範圍界定研究結果發表會。（操作說明）

I would now like to turn the conference over to Kelly O'Brien, Vice President, Investor Relations. You may begin.

現在我將把會議交給投資者關係副總裁凱利·奧布萊恩。你可以開始了。

Thank you for the introduction. I want to welcome everyone to our conference call this morning. Joining me on the call today to discuss PPG scoping study and the Q3 results is Sam Pigott, President and CEO of Lithium Argentina. We are also happy to welcome to the call Wang Xiaoshen, Chief Executive Officer of Ganfeng Group; Carlos Galli, Vice President of Growth and Innovation at Lithium Argentina; and Jason Luo, President of Ganfeng South America, to discuss the Pozuelos Pastos Grandes, or PPG consolidated project. Alex Shulga, Vice President and CFO of Lithium Argentina, will also be available for Q&A.

謝謝你的介紹。歡迎大家參加今天早上的電話會議。今天與我一起參加電話會議，討論 PPG 範圍研究和第三季業績的是阿根廷鋰業公司總裁兼執行長 Sam Pigott。我們也很高興歡迎贛鋒集團執行長王曉申、阿根廷鋰業公司成長與創新副總裁卡洛斯·加利以及贛鋒南美總裁羅傑森參加此次電話會議，共同探討波蘇埃洛斯帕斯托斯格蘭德斯（PPG）整合項目。阿根廷鋰業公司副總裁兼財務長 Alex Shulga 也將出席問答環節。

Before we begin, I would like to cover a few items. Our third quarter 2025 earnings and the PPG scoping study results were press released earlier this morning, and the corresponding documents are available on Lithium Argentina's website.

在開始之前，我想先說明幾點。今天早些時候，我們發布了 2025 年第三季收益和 PPG 範圍研究結果的新聞稿，相關文件可在 Lithium Argentina 網站上查閱。

I remind you that some of the statements made during this call, including any production guidance, expected company performance, update on the PPG development plan, the timing of our projects and market conditions may be considered forward-looking statements. Please note the cautionary language about forward-looking statements in our presentation, MD&A, and news releases.

我在此提醒各位，本次電話會議中所做的一些陳述，包括任何生產指導、公司預期業績、PPG發展計劃的最新進展、我們專案的進度安排以及市場狀況，都可能被視為前瞻性陳述。請注意我們在簡報、管理層討論與分析以及新聞稿中關於前瞻性陳述的警示性語言。

I will now turn the call over to Sam Pigott.

現在我將把電話轉給薩姆·皮戈特。

Good morning, everyone. We have a lot to discuss today. I will start quickly with third quarter results and want to recognize the incredible work of the global team that continues to collaborate and contribute to the success of the Cauchari-Olaroz operation. The third quarter saw continued execution and the impact from our ongoing efforts to optimize our production plan, increase efficiencies in our process, and make improvements designed to bring down costs long term.

各位早安。我們今天有很多事情要討論。我將首先快速介紹第三季業績，並感謝全球團隊的出色工作，他們持續合作，為 Cauchari-Olaroz 營運的成功做出了貢獻。第三季度，我們繼續執行各項工作，並取得了顯著成效，包括優化生產計劃、提高流程效率以及進行旨在長期降低成本的改進。

We remain confident in meeting our targets for 2025. While there is still work to do to complete these optimization efforts, we are very pleased with the plant's performance, where we are seeing production rates of 90% capacity sustained over extended periods of time. In October, we achieved a new record monthly production volume, reaching close to full capacity.

我們仍有信心實現2025年的目標。雖然還有一些優化工作要做，但我們對工廠的性能非常滿意，我們看到工廠的生產率在較長時間內保持在 90% 的產能水準。10月份，我們的月產量創下新紀錄，接近滿載運轉。

As we look towards 2026, our goal is to continue to sustain higher production levels while also taking long-term actions to best position the business for the years to come.

展望 2026 年，我們的目標是在維持較高生產水準的同時，採取長期措施，為未來幾年的業務發展做好充分準備。

On the balance sheet, we were pleased to announce a new $130 million six-year debt facility from Ganfeng. This new facility gives us added flexibility to enhance our debt profile at the corporate level while preserving shareholder value. Finally, and what matters most is that the operation continues to perform safely and reliably with a committed team driving continuous improvements.

在資產負債表方面，我們很高興地宣布從贛鋒鋰業獲得一筆新的 1.3 億美元六年債務融資。這項新措施使我們能夠更靈活地改善公司層面的債務狀況，同時維護股東價值。最後，也是最重要的是，營運能夠繼續安全可靠地進行，並且有一支敬業的團隊不斷推動改進。

I want to pause on what's been one of the most important drivers of our progress, the strong performance at Cauchari-Olaroz, and that's our collaborative partnership.

我想重點談談我們取得進步的最重要驅動力之一，也是 Cauchari-Olaroz 取得的優異成績的原因，那就是我們的合作關係。

Together, Lithium Argentina and Ganfeng have built a highly successful joint venture in Argentina. With just under $1 billion in capital investment, we have established one of the largest and most efficient new lithium operations globally with a shared goal of supplying lithium chemicals to a diversified global customer base. If you look at the production profile on this slide, you can see the strength of our execution.

Lithium Argentina 和贛鋒鋰業在阿根廷共同建立了一家非常成功的合資企業。我們投入了近 10 億美元的資本，建立了全球最大、效率最高的新型鋰礦生產基地之一，共同目標是向多元化的全球客戶群供應鋰化學品。如果你看一下這張投影片上的生產概況，你就能看到我們執行力的強大。

Within 12 months following the completion of the lithium chemical plant, we were able to steadily increase production, reaching close to our targeted capacity. That reflects the quality of our resources, team, and collaborative partnership with Ganfeng.

鋰化工工廠建成後的 12 個月內，我們得以穩定提高產量，接近了我們的目標產能。這體現了我們資源、團隊以及與贛鋒的合作關係的品質。

With that, I would like to turn it over to Ganfeng's CEO, Wang Xiaoshen to provide his perspective on our partnership and shared vision for Argentina.

接下來，我想請贛鋒集團執行長王曉申先生談談他對我們雙方合作以及對阿根廷共同願景的看法。

Thank you, Sam. We are proud of our 8 years partnership with Lithium Argentina and look forward to growing with PPG. The new joint venture will build on our existing relationship and new technologies to bring low-cost growth in Argentina. We continue to expand in Argentina, reflecting our confidence in its high-quality resources, experienced local workforces, and improved investment framework with RIGI.

謝謝你，山姆。我們為與阿根廷鋰業公司長達 8 年的合作關係感到自豪，並期待與 PPG 共同成長。新的合資企業將依賴我們現有的合作關係和新技術，為阿根廷帶來低成本成長。我們繼續在阿根廷擴張，這反映了我們對阿根廷高品質資源、經驗豐富的當地勞動力以及與RIGI合作改進的投資框架的信心。

We expect Cauchari-Olaroz to continue to lower costs and use new technologies to grow, while PPG will be one of the largest and lowest cost lithium operations globally. We see an important opportunity for brine where we can apply mature technologies from China to high-quality resources in Argentina to reduce costs and minimize environmental impact.

我們預計 Cauchari-Olaroz 將繼續降低成本並利用新技術實現成長，而 PPG 將成為全球規模最大、成本最低的鋰礦企業之一。我們看到鹽水領域存在著重要的機遇，我們可以將中國成熟的技術應用於阿根廷的高品質資源，以降低成本並最大限度地減少對環境的影響。

Our plan in Argentina is to grow from our existing 60,000 tonnes of capacity today from Cauchari-Olaroz and Mariana to over 250,000 tonnes.

我們在阿根廷的計畫是，將目前 Cauchari-Olaroz 和 Mariana 的 6 萬噸產能擴大到 25 萬噸以上。

Following the receipt of the environmental permits at PPG last week and as we begin to prepare our RIGI filings for Stage 2 and PPG, we expect these growth plans to become a bigger focus for the company.

繼上週收到 PPG 的環境許可證後，隨著我們開始準備第二階段和 PPG 的 RIGI 文件，我們預計這些成長計畫將成為公司更大的關注點。

Turning to PPG. We are excited to share the results of our scoping study. The project is located in Salta province in Northern Argentina and benefits from access to infrastructure, energy and local talent and is located approximately 100 kilometers from Cauchari-Olaroz. While we agreed to consolidate these three projects in August, the scoping study builds off approximately three years of collaborative partnership with Ganfeng.

轉向PPG。我們很高興與大家分享我們的初步研究結果。該計畫位於阿根廷北部薩爾塔省，受益於基礎設施、能源和當地人才的便利，距離考查里-奧拉羅斯約 100 公里。雖然我們在 8 月同意合併這三個項目，但範圍界定研究建立在與趙鋒合作近三年的基礎上。

What makes this project especially compelling is that it combines scale, a proven partnership and technological innovation. These are essential components for successful project execution. Turning to the details of the PPG scoping study. We reiterate the project's scale and economics, which all support PPG becoming one of the most competitive lithium operations globally.

這個專案最引人注目之處在於它結合了規模、成熟的合作夥伴關係和技術創新。這些都是專案成功執行的關鍵要素。接下來詳細了解 PPG 範圍界定研究。我們重申該計畫的規模和經濟效益，這些都支持 PPG 成為全球最具競爭力的鋰礦企業之一。

The study outlines a Stage 1 LCE capacity of 50,000 tonnes per year, expanding to 150,000 tonnes per year in three phases. Initial capital investment is estimated at $1.1 billion and total life of mine capital is estimated at $3.3 billion. These results confirm the benefits of an integrated PPG as a scalable, low-cost, long-life operation. PPG produces a strong after-tax NPV of $8.2 billion at an 8% discount rate and an IRR of 33% based on a long-term price of $18,000 per tonne, a level well supported by long-term market fundamentals.

該研究概述了第一階段 LCE 產能為每年 5 萬噸，分三個階段擴大到每年 15 萬噸。初始資本投資估計為 11 億美元，礦山生命週期總資本估計為 33 億美元。這些結果證實了整合式 PPG 具有可擴展、低成本、長壽命的優點。PPG 的稅後淨現值 (NPV) 在 8% 的折現率下達到 82 億美元，內部收益率 (IRR) 在每噸 18,000 美元的長期價格基礎上達到 33%，這一價格水平得到了長期市場基本面的良好支撐。

It's important to note that even at a very conservative price estimate of $12,000 per tonne, close to market prices today, the IRR of the project is still over 20%. The lithium market continues to evolve, but one constant remains, strong sustained demand driving the need for new high-quality supply. Benchmark estimates that over the next decade, roughly 1 million tonnes of new LCE capacity will be required to meet global demand.

值得注意的是，即使以非常保守的每噸 12,000 美元的價格估算（接近目前的市場價格），該項目的內部收益率仍然超過 20%。鋰市場不斷發展變化，但有一點始終不變，那就是強勁的持續需求推動了對高品質新供應的需求。Benchmark 估計，未來十年，大約需要新增 100 萬噸 LCE 產能才能滿足全球需求。

This sustained demand supports long-term pricing levels necessary to incentivize new project development. Based on the current project pipeline, a price of approximately $18,000 per tonne of lithium carbonate would be required to achieve a 15% return for this new supply. For PPG, as with Cauchari, the combination of attractive capital intensity and low operating costs provides additional flexibility, ensuring that projects remain well positioned across a range of market scenarios.

這種持續的需求支撐了長期的價格水平，而長期價格水平對於激勵新項目的開發至關重要。根據目前的專案儲備，要使這項新供應獲得 15% 的回報，碳酸鋰的價格需要達到每噸約 18,000 美元。對於 PPG 而言，與 Cauchari 一樣，資本密集度高且營運成本低的組合提供了額外的靈活性，確保專案在各種市場情況下都能保持良好的地位。

I'll now turn it over to Xiaoshen to comment further on market conditions.

現在我將把發言權交給小申，讓他進一步評論市場狀況。

At Ganfeng, we see shifts in the lithium market, driven by demand for LFP from ESS. Ganfeng's battery business is running at full capacity. We think the industry is in the early phases of ESS and believe that this could become as big as or bigger market than the EV market in the future. At Ganfeng, we are well positioned with low-cost lithium resources as well as battery production.

在贛鋒鋰業，我們看到鋰市場正在發生變化，這是由儲能係統對磷酸鐵鋰的需求所驅動的。贛鋒電池業務正滿載運轉。我們認為儲能係統產業還處於早期階段，並相信未來它可能會發展成為與電動車市場規模相當甚至更大的市場。贛鋒鋰業擁有低成本的鋰資源和電池生產能力，處於有利地位。

We are the largest fully vertically integrated lithium producer and as a result, have established a long-term relationship with leading industry players across the EV battery supply chain, which gives helpful insights and competitive advantage. We have always taken a long-term view of the market. And for this reason, we have been focused on low-cost resources in Argentina.

我們是最大的完全垂直整合的鋰生產商，因此與電動車電池供應鏈中的領先產業參與者建立了長期合作關係，這為我們提供了有益的見解和競爭優勢。我們一直以長遠的眼光看待市場。正因如此，我們一直專注於阿根廷的低成本資源。

Lithium Argentina brings more than 2 decades of experience in Argentina, advancing projects from exploration through to production. In 2024, the Argentine government implemented the RIGI program to attract long-term investment by offering a predictable and competitive fiscal framework. To date, more than $33 billion in new projects have applied under RIGI with roughly 40% already approved.

Lithium Argentina 在阿根廷擁有超過 20 年的經驗，致力於推進從勘探到生產的整個專案流程。2024年，阿根廷政府實施了RIGI計劃，旨在透過提供可預測和有競爭力的財政框架來吸引長期投資。迄今為止，已有超過 330 億美元的新項目根據 RIGI 提出申請，其中約 40% 已獲批准。

For PPG, this framework represents a meaningful value driver, providing competitive incentives and importantly, greater clarity on foreign exchange regulations that are critical to securing lower-cost capital. Following the receipt of the Stage 1 environmental permit last week, we plan to formally submit our RIGI application for PPG during the first half of 2026.

對於 PPG 而言，這個框架代表著重要的價值驅動因素，它提供了競爭性激勵，更重要的是，它提高了外匯監管的透明度，這對於獲得低成本資本至關重要。繼上週收到第一階段環境許可證後，我們計劃在 2026 年上半年正式提交 PPG 的 RIGI 申請。

I'll now turn it over to Jason Luo, President of Ganfeng South America, to discuss PPG's targeted cost profile in more detail.

現在我將把發言權交給贛鋒南美總裁羅傑森，讓他更詳細地討論PPG的目標成本概況。

Thanks, Sam. Sam's comments described the competitiveness of PPG when we combine a good mine asset, processing expertise and experience in Argentina to deliver both low capital intensity and competitive operating cost. On the left, you can see the breakdown of Stage 1 capital cost. The total investment is about $1.1 billion or 50,000 tonne operation.

謝謝你，山姆。Sam 的評論描述了 PPG 的競爭力，即我們結合了良好的礦山資產、加工專業知識和在阿根廷的經驗，從而實現低資本密集度和具有競爭力的營運成本。左側顯示的是第一階段資本成本的細分。總投資約11億美元，或5萬噸的作業量。

Roughly 41% of that is tied to the process plant, including DLE. Here, we are able to build in modules of 10,000 tonnes and leverage our supply chain and expertise in China.

其中約 41% 與流程工廠有關，包括 DLE。在這裡，我們可以以 1 萬噸為單位進行模組化建設，並充分利用我們在中國的供應鏈和專業知識。

Next, around 30% goes into wells and evaporation ponds. Here, both Ganfeng and LAR have significant experience building and operating ponds from Mariana in Salta and at the nearby Cauchari-Olaroz. Finally, 22% is for the infrastructure, power, roads, and the tailing facilities. For comparison, Stage 1 at Cauchari-Olaroz was completed for just under $1 billion.

其次，約有 30% 的水流入水井和蒸發池。甘峰和 LAR 在薩爾塔省馬裡亞納和附近的考查里-奧拉羅茲地區建造和運營池塘方面都擁有豐富的經驗。最後，22% 用於基礎設施、電力、道路和尾礦設施。相較之下，Cauchari-Olaroz 第一階段的完工造價略低於 10 億美元。

So this represents a comparable scale up of an operation with similar brand and the benefits of new processing technologies to reduce the overall size of ponds and processing needs. For all three stages, it's estimated that the total 150,000 tonnes will require a total capital investment of approximately $3.3 billion phased over several years. On the operating cost structure, PPG is expected to be similar to where Cauchari-Olaroz is today at around $5,000 per tonne.

因此，這代表著類似品牌的營運規模的相應擴大，以及新加工技術帶來的好處，從而減少了池塘的整體規模和加工需求。據估計，這三個階段總共需要約 33 億美元的資本投資，分幾年完成，總產量將達到 15 萬噸。在營運成本結構方面，PPG 預計與 Cauchari-Olaroz 目前的情況類似，約為每噸 5,000 美元。

We continue to look for ways to optimize and lower this cost further by leveraging synergies with our existing operations in Argentina, processing efficiencies, and scale. What's important here is that those numbers aren't just competitive. They are based on proven operating experience, new technology, optimized ponds to plant integration and efficient reagent use. All this keeps both capital and operating costs competitive. We are maintaining flexibility across different lithium price environments.

我們將繼續尋找方法，透過與我們在阿根廷的現有業務的協同效應、加工效率和規模優勢，進一步優化和降低成本。重要的是，這些數字不僅僅是具有競爭力的。它們基於成熟的營運經驗、新技術、優化的池塘與工廠整合以及高效的試劑使用。所有這些都有助於保持資本成本和營運成本的競爭力。我們會在不同的鋰價環境下保持彈性。

Carlos Galli, VP of Growth and Innovation from Lithium Argentina will now discuss the PPG resource.

阿根廷鋰業公司成長與創新副總裁卡洛斯·加利將討論PPG資源。

Thank you, Jason. What makes PPG truly unique is it's part of a connected system fed from two adjacent basins, Pozuelos and Pastos Grandes, each with similar geology, hydrology, and brine chemistry. By combining them, we've created a single project with both grade and scale.

謝謝你，傑森。PPG 的獨特之處在於，它是由兩個相鄰盆地（波蘇埃洛斯盆地和帕斯托斯格蘭德斯盆地）供水的連通系統的一部分，這兩個盆地的地質、水文和鹽水化學性質都相似。透過將它們結合起來，我們創造了一個既有等級又有規模的單一項目。

Over the past three years, our teams have completed one of the most comprehensive exploration programs in the Puna region of Argentina. This combines with experience from previous owners and collaboration with Ganfeng. We have been able to take advantage of different work and methodologies, including that of the oil and gas industry, which is different from typical mining approach to Salars, and our studies incorporate the sophisticated and modern techniques.

過去三年，我們的團隊在阿根廷普納地區完成了最全面的勘探計畫之一。結合前任所有者的經驗以及與趙鋒的合作。我們能夠利用不同的工作和方法，包括石油和天然氣行業的方法，這與典型的鹽湖採礦方法不同，我們的研究融合了複雜的現代技術。

From this data, we now understand how these two systems evolved and why they complement each other so well. Pastos Grandes is a large deep basin that formed around 3 million years ago with substantial and drilled potential at depth and along it margins, while Pozuelos, on the other hand, is shallower and wider Salar, which has led to higher lithium grades and good brine availability.

透過這些數據，我們現在了解了這兩個系統是如何演變的，以及為什麼它們能夠如此完美地互補。帕斯托斯格蘭德斯是一個大型深盆地，形成於大約 300 萬年前，其深處和邊緣具有巨大的鑽探潛力；而波蘇埃洛斯鹽湖則相對較淺且較寬，因此鋰品位較高，鹵水資源豐富。

Together, these two systems host an exceptionally large and well-defined resource, over 15 million tonnes of measured and indicated LCE resources and additional 6.7 million inferred tonnes. Along with these works done to explore the lithium resources, Lithium Argentina and Ganfeng have deployed significant efforts to gain a unique understanding of the water system in the basin using innovative and sophisticated methodologies and techniques.

這兩個系統共同蘊藏著極為龐大且明確的資源，已探明和指示的LCE資源量超過1500萬噸，推斷資源量為670萬噸。除了勘探鋰資源的工作外，阿根廷鋰業和贛鋒鋰業也投入了大量精力，運用創新和複雜的方法和技術，對盆地內的水系統有了獨特的了解。

This also brings confidence to the possibility of developing in a sustainable way, a large-scale production system. The key takeaway here is that PPG stands on its own as a remarkably strong geological foundation. This level of technical confidence combined with basin control positions us to move rapidly and ultimately to derisk product execution during development.

這也增強了人們對以永續的方式發展大規模生產系統的信心。關鍵在於，PPG 本身就是一個極其堅固的地質基礎。這種技術上的自信，加上對盆地的控制，使我們能夠快速行動，並最終降低產品開發過程中的風險。

This chart really puts the scale of the combined PPG project into perspective. It compares the major lithium brine resources by basins across South America, and you can see how Cauchari-Olaroz and now PPG, both compare here in green, firmly position our JV projects among the largest brine resources globally. It is also one of the few basins that has been largely consolidated.

這張圖表真正展現了PPG聯合計畫的規模。它比較了南美洲各盆地的主要鋰鹵水資源，你可以看到 Cauchari-Olaroz 和現在的 PPG（兩者均以綠色顯示）如何將我們的合資項目牢牢地置於全球最大的滷水資源之列。它也是少數幾個基本固結的盆地之一。

This kind of scale and brine chemistry is what underpins the strong project economics, including low operating costs and low CapEx and long-term growth potential that was highlighted earlier by Jason. It's what enables us to plan for meaningful stage development with significant expansion potential over time. It is also worth emphasizing that while Pozuelos and Pastos Grandes appear as morphologically separate basins, our upstream geological work has shown that they are remarkably similar geological histories and brine chemistry.

這種規模和鹽水化學性質是該項目經濟效益強勁的基礎，包括低營運成本、低資本支出以及傑森先前強調的長期成長潛力。正是這一點使我們能夠規劃出具有重大發展潛力的、具有長期擴張潛力的階段性發展方案。值得強調的是，雖然波蘇埃洛斯盆地和帕斯托斯格蘭德斯盆地在形態上看似是兩個獨立的盆地，但我們上游的地質研究表明，它們的地質歷史和鹽水化學性質卻非常相似。

Both were shaped by the same tectonic and hydrological processes, meaning that they effectively evolved as part of a single connected geological system. The shared origin is what makes combining the three projects across these two Salars into one integrated development such a logical and value-driven step, maximizing capital efficiency, enhancing scalability and derisking development on a basin-wide scale.

兩者都受到相同的構造和水文過程的影響，這意味著它們實際上是作為一個相互關聯的地質系統的一部分而演化的。共同的起源使得將這兩個鹽湖上的三個項目合併為一個綜合開發項目成為一個合乎邏輯且以價值為導向的步驟，從而最大限度地提高資本效率，增強可擴展性，並降低整個流域範圍內的開發風險。

We continue to focus on innovation and process improvement, building on the success of Cauchari-Olaroz while incorporating new technologies for further improving efficiency and sustainability. The new hybrid technology that we are advancing for PPG as well as for Cauchari Stage 2 removes the requirement for several processing components that are currently used at our Stage 1 operation.

我們將繼續專注於創新和流程改進，在 Cauchari-Olaroz 成功的基礎上，融入新技術，以進一步提高效率和永續性。我們正在為 PPG 和 Cauchari Stage 2 推進的新型混合技術，無需像我們 Stage 1 作業中那樣使用多種加工組件。

The new design maintains the core advantage of solar evaporation, but it integrates lithium solvent extraction technology to enhance recoveries, reduce water and energy use and simplify the downstream processing needs. The process of PPG will eliminate several intermediate steps from the Cauchari-Olaroz flow sheet, including liming and post-liming ponds and multiple purification stages.

新設計保留了太陽能蒸發的核心優勢，但融合了鋰溶劑萃取技術，提高了回收率，減少了水和能源的使用，簡化了下游加工需求。PPG 製程將消除 Cauchari-Olaroz 製程圖中的幾個中間步驟，包括石灰池和石灰後池以及多個淨化階段。

Instead, it introduces a series of closed-loop solvent tanks where lithium is selectively extracted and purified in a more controlled environment. This approach utilizes new DLE technology developed by Ganfeng in China that has been tested on our brine. While this processing technology for Argentina, they are mature for China and integrate well given our specific brine characteristics and hybrid approach leveraging benefits of our abundant solar radiation.

相反，它引入了一系列閉環溶劑罐，在更可控的環境中選擇性地提取和純化鋰。此方法利用了中國贛鋒公司開發的新型DLE技術，該技術已在我們的鹽水中進行了測試。雖然這項加工技術對阿根廷來說已經成熟，但對中國來說，考慮到我們特殊的鹽水特性和利用我們豐富的太陽輻射優勢的混合方法，這些技術可以很好地融入中國。

In short, the proposed hybrid DLE process combines the proven benefits of evaporation where it works best with modern extraction techniques, improving efficiency, reducing environmental impact and positioning PPG as a next-generation lithium operation.

簡而言之，所提出的混合 DLE 製程結合了蒸發製程在最佳應用領域的成熟優勢和現代萃取技術，提高了效率，減少了對環境的影響，並將 PPG 定位為下一代鋰生產企業。

Over the course of three distinct phases, we expect PPG to become one of the largest lithium operations globally. We are taking a disciplined staged approach, starting with 50,000 tonnes per year in Phase 1 and ultimately expanding to 150,000 tonnes of lithium carbonate equivalent as Phase 2 and 3 come online.

我們預計，PPG 將分三個階段發展成為全球最大的鋰礦企業之一。我們採取了有條不紊的分階段方法，第一階段每年生產 5 萬噸，隨著第二階段和第三階段的投產，最終將產量擴大到每年 15 萬噸碳酸鋰當量。

Each phase will build on the next, capitalizing on the synergies of the Salars and original projects to achieve significant scale with a target of lowering unit costs and optimizing capital efficiency. The processing plant for all 3 phases is designed to be built at Pozuelos, leveraging shared infrastructure. The first phase will use brine from Pozuelos, which is slightly higher grade and advanced in terms of both production wells and permitting.

每個階段都將在前一個階段的基礎上發展，利用鹽湖和原始項目的協同效應，實現顯著的規模效應，目標是降低單位成本並優化資本效率。所有三個階段的加工廠都計劃建在波蘇埃洛斯，利用共享的基礎設施。第一階段將使用來自波蘇埃洛斯的鹽水，鹽水的品位略高，且在生產井和許可方面都較為先進。

The following phases will bring in concentrated brine from the larger Pastos Grandes resource as well as water necessary to support our larger scale plants. Together, by consolidating and integrating the 3 projects, this provides significant synergies and allow us to optimize for much larger and efficient production scale.

接下來的幾個階段將從更大的 Pastos Grandes 資源引入濃縮鹽水，以及支持我們更大規模工廠所需的水。透過整合這 3 個項目，可以產生顯著的協同效應，使我們能夠優化生產規模，實現更大規模和更有效率的生產。

As we transition towards execution, our focus is on maintaining a disciplined path towards construction, leveraging our learning from Cauchari-Olaroz and Mariana. We are very pleased to have received environmental approval for Stage 1 of PPG on Friday.

隨著我們過渡到執行階段，我們的重點是保持嚴謹的施工路徑，充分利用我們從 Cauchari-Olaroz 和 Mariana 那裡學到的經驗。我們非常高興地宣布，PPG計畫第一階段已於週五獲得環境批准。

This is a critical milestone that require a rigorous 14-month review and proves that the PPG project meets the highest environmental and social standards required in Argentina. We engaged early with provincial regulators in Salta and communities on PPG, ensuring that our studies and designs and new technology meet or exceed both Argentina and international standards.

這是一個重要的里程碑，需要經過嚴格的 14 個月審查，並證明 PPG 計畫符合阿根廷要求的最高環境和社會標準。我們很早就與薩爾塔省的監管機構和社區就PPG問題進行了溝通，確保我們的研究、設計和新技術達到或超過阿根廷和國際標準。

All of those steps put us in a strong position to be able to start Stage 1 construction in the second half of 2026 and allow us to achieve first production before 2030.

所有這些步驟使我們處於有利地位，能夠在 2026 年下半年開始第一階段的建設，並使我們能夠在 2030 年前實現首次生產。

Thanks, Jason. As we wrap up, we're excited to begin sharing more details and increasing our focus on long-term growth. This does not change our near-term priorities, disciplined execution at Stage 1 and prudent management of our balance sheet. But as we advance our RIGI filings, we see this as a critical step in outlining Lithium Argentina and Ganfeng's shared vision and long-term value proposition in Argentina.

謝謝你，傑森。在總結之際，我們很高興能夠分享更多細節，並更加重視長期發展。這不會改變我們近期的優先事項，即第一階段的嚴格執行和資產負債表的審慎管理。但隨著我們推進 RIGI 申報工作，我們認為這是闡明 Lithium Argentina 和贛鋒鋰業在阿根廷的共同願景和長期價值主張的關鍵一步。

On PPG, with the receipt of environmental approvals, we will now work closely to further optimize our plans, derisk our execution strategy and finalize an updated hydrogeological model, integrating resources across both basins. In parallel, Lithium Argentina and Ganfeng are advancing a coordinated financing strategy designed to support the next phase of growth.

在獲得環境審批後，我們將密切合作，進一步優化我們的計劃，降低執行策略的風險，並最終確定更新的水文地質模型，整合兩個流域的資源。同時，阿根廷鋰業和贛鋒鋰業正在推動一項協調一致的融資策略，旨在支持下一階段的成長。

As we move forward, we'll maintain the same disciplined approach, prioritizing shareholder value, prudent capital allocation, and strong alignment between partners. This is a pivotal moment for our company. It marks the beginning of a new chapter of disciplined growth built on the same focus, collaboration and execution that delivered success at Cauchari-Olaroz.

展望未來，我們將繼續秉持同樣的嚴謹作風，優先考慮股東價值、審慎的資本配置以及合作夥伴之間的高度一致性。這對我們公司來說是一個關鍵時刻。這標誌著一個新篇章的開始，我們將秉持與 Cauchari-Olaroz 成功時相同的專注、協作和執行力，並穩步發展。

(Operator Instructions) Joel Jackson, BMO Capital Markets.

（操作員說明）Joel Jackson，BMO資本市場。

I had a question about PPG. So the capital intensity, $22,000 a tonne CapEx is very low. It's like half the capital intensity when you look at public project estimates out of other projects in Argentina, let's say, Rio Tinto Rincon or stuff in the States. I was wondering why is the capital intensity half the CapEx of other greenfield brine projects. And Xiaoshen how would you compare the economics of this project, PPG versus Mariana?

我有一個關於PPG的問題。因此，資本密集度非常低，每噸資本支出為 22,000 美元。與阿根廷其他公共項目相比，例如力拓林孔項目或美國的類似項目，其資本密集度大約只有一半。我想知道為什麼該專案的資本密集度只有其他新建鹽水專案的一半。曉申，你如何比較 PPG 專案和 Mariana 專案的經濟效益？

Thanks for the question, Joel. Maybe I'll start and then pass it over to Xiaoshen. So yes, the CapEx intensity is much lower than recent examples of chemical processing outside of China. I think part of the explanation here is driven by the quality of the resource. So the first phase of Pozuelos is benefiting from considerably higher grades upwards of high 500 milligrams per liter lithium.

謝謝你的提問，喬爾。也許我會先開始，然後交給小沈。所以，是的，資本支出強度遠低於中國以外近期其他化學加工項目的例子。我認為部分原因在於資源的品質。因此，波蘇埃洛斯礦區的第一階段受益於鋰含量顯著提高，達到每公升 500 毫克以上。

So most similar to Cauchari-Olaroz. The CapEx also reflects the use of new processing technologies, which Xiaoshen can elaborate on, including SX-based DLE, which is designed and built in modular units, engineered and constructed in China with the support, obviously, of Ganfeng. So this technology is designed to help reduce pond footprint and simplify purification requirements. So I think those are the two major drivers towards the CapEx intensity.

所以與Cauchari-Olaroz最相似。資本支出也反映了新加工技術的使用，小申可以對此進行詳細說明，包括基於 SX 的 DLE，它是以模組化單元設計和製造的，在中國進行工程設計和建造，顯然得到了贛鋒的幫助。因此，這項技術旨在幫助減少池塘佔地面積並簡化淨化要求。所以我認為這是推動資本支出強度的兩個主要因素。

But Xiaoshen, maybe you can elaborate on that and then also share your experience with Mariana and Cauchari.

不過小申，或許你可以詳細說說，然後分享你和瑪莉安娜以及考查裡的經歷。

Yes. Thank you, Sam. Yes, you're right. Actually, if you look at our projects in everywhere in the world, actually, we have a relatively lower CapEx density compared with other Western companies projects. So that's because of the Ganfeng. We have our own in-house engineering teams, and we have in-house process. So that's probably one of the reasons.

是的。謝謝你，山姆。是的，你說得對。事實上，如果你看看我們在世界各地的項目，你會發現，與其他西方公司的項目相比，我們的資本支出密度相對較低。那都是因為趙鋒。我們擁有自己的內部工程團隊和內部流程。這大概是原因之一吧。

And also, we have built two projects in Argentina, which is not an easy place. We have lots of challenges, especially you don't have the existing human resources for the lithium projects in the region. So we are bringing some of the talent from China and together with our local teams successfully.

此外，我們在阿根廷也建造了兩個項目，那不是一個容易到達的地方。我們面臨許多挑戰，尤其是該地區缺乏鋰礦計畫所需的人力資源。因此，我們從中國引進了一些人才，並與我們的本地團隊成功合作。

And to your question about comparison between Mariana and the PPG, I would say PPG has higher concentration of the lithium. Mariana has lower, but Mariana has a much higher pumping rate. So each one has their own advantage. And so both projects are good projects.

至於你提出的關於 Mariana 和 PPG 的比較問題，我認為 PPG 的鋰濃度較高。馬裡亞納的面積較小，但其抽水速度快得多。所以它們各有優勢。因此，這兩個項目都是好項目。

Okay. And then following up from that, and by the way to Cauchari-Olaroz as well, I believe at some point in 2026, you're going to test this hybrid Pond plus DLE system with a small plant at Cauchari-Olaroz, I think it's 2026.

好的。然後，在此基礎上，順便也提一下 Cauchari-Olaroz，我相信在 2026 年的某個時候，你們將在 Cauchari-Olaroz 用一小株植物測試這種混合池塘加 DLE 系統，我想應該是 2026 年。

And can you talk about as you progress PPG here, will you wait for results on that pilot or demo plant at Cauchari-Olaroz to learn what it looks like in Argentine brine before you move out PPG, so you get more refined estimates for PPG and see how effects Cauchari-Olaroz as well?

您能否談談隨著 PPG 在這裡的推進，您是否會等待 Cauchari-Olaroz 的試點或示範工廠的結果，以了解它在阿根廷鹽水中的情況，然後再將 PPG 推廣出去，以便獲得更精確的 PPG 估算值，並了解它對 Cauchari-Olaroz 的影響？

I don't think we have to wait. We don't need to wait. Sorry, sorry, Sam. Go ahead, please.

我認為我們不必等待。我們無需等待。對不起，對不起，山姆。請繼續。

No, I was just going to -- I was going to say the demo plant is obviously a really important derisking step for this new technology being incorporated into our production process, both at Stage 2 and PPG. But clearly, we expect this to be done in a way that will integrate with the broader construction timeline. But Xiaoshen, maybe go ahead and you can share on the confidence Ganfeng has in this technology and what's been done in China.

不，我正要說——我正要說，示範工廠顯然是這項新技術融入我們生產流程中的一個重要的降低風險的步驟，無論是在第二階段還是在PPG階段。但很顯然，我們希望這項工作能與整體施工進度計畫相協調。但小申，或許你可以分享一下贛鋒對這項技術的信心，以及中國在這方面所取得的成就。

Yes. We have projects -- commercial projects in China using this DLE technologies already. many times test on the PPG brine. So we think PPG brine, we don't have to wait until the final results from the Cauchari project, the DLE project. Maybe, Jason, you have anything to add?

是的。我們在中國已經有使用這種DLE技術的商業項目，並且多次在PPG鹽水上進行測試。所以我們認為，對於 PPG 鹽水，我們不必等到 Cauchari 計畫和 DLE 計畫的最終結果。傑森，你還有什麼要補充的嗎？

Yes, Justin, just as you said, it's a proven technology. And so we don't have to wait for the demonstration plant from Cauchari. And actually, this is a hybrid. This is a hybrid process combined with ponds and the salt extraction. So the salt extraction process is proven in China in commercial scale and also like actually it's more simplified process.

是的，賈斯汀，正如你所說，這是一項成熟的技術。因此，我們不必等待 Cauchari 的示範工廠。實際上，這是一種混合型產品。這是一個結合了池塘和鹽提取的混合工藝。因此，鹽的提取過程在中國已經實現了商業規模化，而且實際上它的工藝也更加簡化。

And I will say like technically, it's like even like a simpler and straightforward. So yes, we are going to just like go ahead to like start the construction once like we have the permitting, financing, and other things ready on Cauchari -- on PPG project.

而且從技術上講，它甚至更簡單直接。所以，是的，一旦我們在 Cauchari（PPG 專案）上獲得了許可、融資和其他東西，我們就會立即開始施工。

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

First off, congrats on the release of the scoping study and the environmental approval. I was just wondering if you could provide a more detailed overview of the permitting of the asset, what additional permits, if any, are required? And then maybe with having Jason on the call, I'd love to hear his vision about the progression of the PPG project and how you guys balance priorities going forward in PPG versus Cauchari-Olaroz Phase 2?

首先，恭喜你們發布了範圍界定研究報告並獲得環境批准。我想請問您能否更詳細地概述一下該資產的許可情況，是否還需要其他許可？如果Jason也能參加電話會議，我很想聽聽他對PPG專案進度的看法，以及你們如何平衡PPG專案和Cauchari-Olaroz二期專案的優先事項？

Thanks, Katie. Maybe I'll take the second part of that question and turn it over to Jason to comment on permitting. I think from a sequencing perspective, the fact is both these projects right for market needs, low cost, being driven forward by a proven operating team in Argentina. And so for both, we're advancing similar RIGI application timelines, which is the first half of next year.

謝謝你，凱蒂。或許我會把問題的第二部分交給傑森，讓他就許可問題發表意見。我認為從排序的角度來看，這兩個項目都符合市場需求，成本低廉，並由阿根廷一支經驗豐富的營運團隊推動。因此，對於這兩項，我們都將推進類似的 RIGI 申請時間表，即明年上半年。

From a development standpoint, we expect these projects to be broadly comparable, each with distinct advantages. So for PPG, obviously, it's further ahead. The permit was secured last Friday. and it also benefits from very significant historical investments that Ganfeng has carried out on well fields infrastructure and then further benefits from the advantages of Pozuelos being considerably higher grade. I'd say for Exar, we're obviously also advancing a RIGI application.

從開發角度來看，我們預期這些項目大體上具有可比性，各自具有獨特的優勢。所以對PPG來說，顯然領先更多。該許可證已於上週五獲得。此外，贛鋒石油公司先前在油田基礎設施方面進行了大量投資，而波蘇埃洛斯油田的油品位也更高，這進一步提升了許可證的有效性。我認為對於 Exar 來說，我們顯然也在推進 RIGI 申請。

We expect to have a development plan similar to that for PPG first half of next year. And we'll provide more visibility on the sequencing into 2026. But as a general statement, we're confident both assets provide meaningful flexibility and optionality to both Lithium Argentina and Ganfeng. The how and the when of this growth is underpinned by responsibility to our shareholders and maximizing shareholder value.

我們預計明年上半年將制定與 PPG 類似的開發計畫。我們將進一步公佈 2026 年的定序進展。但總的來說，我們相信這兩項資產都能為阿根廷鋰業和贛鋒鋰業提供有意義的彈性和選擇。這種成長的方式和時間以對股東的責任和最大化股東價值為根本。

So maybe, Jason, answering the first part of the question, which was related to permitting and what else is required to push ahead with the PPG project.

所以，Jason，也許可以回答問題的第一部分，關於許可和推進 PPG 專案還需要什麼。

Yes, Sam, yes, for starting construction of PPG, of course, the most important in Salta province is to obtain the approval of the DIA, which is the environmental permit. And as Sam said, we obtained that approval last Friday. And we submit the DIA application in September 2024, and it takes us like 14 months to work through the technical approval and environmental approval and also the community consultation and finally, public hearing.

是的，薩姆，是的，要開始建造PPG，當然，在薩爾塔省最重要的是獲得DIA的批准，也就是環境許可證。正如薩姆所說，我們上週五獲得了批准。我們於 2024 年 9 月提交了 DIA 申請，之後需要大約 14 個月的時間來完成技術審批、環境審批、社區諮詢以及最後的公眾聽證會。

So 14 months, you can see it's like a record like fast approval procedure, and we have achieved compared with other peers in this region. So we can see this project is technically sound and well received and supported by the local government and the communities. So looking forward, what else like what other permits do we need? Actually, with this, we can start the construction immediately.

所以14個月，你可以看到這就像一個記錄，審批流程非常快，與該地區的其他同行相比，我們已經取得了這樣的成就。由此可見，該計畫在技術上是可行的，並且受到了當地政府和社區的歡迎和支持。那麼展望未來，我們還需要哪些許可證呢？實際上，有了它，我們就可以立即開始施工了。

But there are two more things important we need to obtain. One is, as Sam said, we need like to apply for the RIGI, and we are working on that. We started the communication with the national government already. So the RIGI application will be submitted in Q1 next year, and we anticipate it won't take long to be approved, maybe a few months by estimation.

但還有兩件重要的事情我們需要獲得。正如 Sam 所說，我們需要申請 RIGI，我們正在努力申請。我們已經開始與國家政府溝通。因此，RIGI 申請將於明年第一季提交，我們預計不會花費太長時間獲得批准，估計可能只需幾個月。

That is one thing. With that, we can start the construction of the project. And one more thing is like we need like also to obtain the water permit. And so that's like we are already working on the water balance, and we just need to drill more water wells. And because this salt extraction process, will require much less water consumption.

這是一件事。這樣一來，我們就可以開始專案建設了。還有一件事，我們還需要辦理用水許可證。所以，我們已經在著手解決水資源平衡問題了，現在只需要鑽更多的水井。而且，這種鹽提取製程所需的水量要少得多。

So we don't see it a problem compared with other process, the water consumption is the lowest. So that's like two more things we need for PPG project on the permit side.

因此，與其他製程相比，我們認為這不是問題，因為用水量是最低的。所以，PPG專案在許可證方面還需要兩樣東西。

Ben Isaacson, Scotiabank.

本‧艾薩克森，加拿大豐業銀行。

I have a few quick ones if that's okay. So the first question is the overall CapEx for PPG is $3.3 billion for all three phases, exactly one-third of that for the first phase. I would have thought there would be some economies of scale and Phase 1 would be a little more expensive and 2 and 3 would be a little lower. Can you just talk about that?

如果可以的話，我還有幾個簡短的問題。因此，第一個問題是，PPG 三個階段的總資本支出為 33 億美元，其中第一階段正好是總資本支出的三分之一。我以為會有規模經濟效應，第一階段的成本會稍微高一些，而第二階段和第三階段的成本會稍微低一些。你能談談這件事嗎？

Thanks, Ben. Yes, the CapEx for the entire project in each phase represents the benefits of scale, but the brine characteristics do change over time. So the CapEx for Phase 1 does incorporate infrastructure expenditures that will extend across all three phases.

謝謝你，本。是的，每個階段整個專案的資本支出體現了規模效益，但鹽水特性會隨著時間推移而變化。因此，第一階段的資本支出確實包含了將貫穿所有三個階段的基礎設施支出。

But as you go to Phase 2 and Phase 3, which will be sourcing brine from Pastos Grandes, it comes at a lower concentration. And therefore, the number of wells and the size of the ponds increase. So there is a bit of a trade-off there, and that explains the -- Sorry, the second point is on the SX plant itself. This is done in like a modular unit, so you don't see the same kind of economies of scale you would see in other projects.

但到了第二階段和第三階段，由於要從帕斯托斯格蘭德斯取得鹽水，鹽水的濃度就會降低。因此，水井的數量和池塘的面積都會增加。所以這裡存在一些權衡，這也解釋了——抱歉，第二點是關於SX工廠本身的。這是以模組化單元的方式進行的，因此你不會看到像其他項目那樣的規模經濟效益。

That's helpful. Moving on, for Cauchari, I believe GEMSA has what, an 8.5% interest. What is the likelihood that Salta would somehow require some stake? And is there a negotiation on that? And how should we think about the dilution impact of that?

那很有幫助。接下來，關於 Cauchari，我相信 GEMSA 持有 8.5% 的股份。Salta 是否有可能要求獲得一定股份？那這方面有談判嗎？我們該如何看待由此產生的稀釋影響？

Maybe, Jason, if you want to take that one.

也許吧，傑森，如果你想的話。

Yes, Sam. So yes, we know, Salta province, like they have no intention at all to negotiate a stake. And we don't -- we didn't even touch that point, and we didn't like -- we have a good communication with the provincial government. And we didn't see the provincial government of Salta wanted to bring that up to any recent projects or like mining projects in Salta so far.

是的，山姆。所以，是的，我們知道薩爾塔省似乎根本沒有談判股份的意願。我們根本沒有——我們甚至沒有觸及這一點，我們也不喜歡——我們與省政府保持良好的溝通。而且我們也沒有看到薩爾塔省政府想要將此事與薩爾塔省最近的任何項目或採礦項目聯繫起來。

Great. And then if I can just switch quickly to Q3. So your cash costs were just a touch higher, about 3% higher to about $6,300. Production was a couple of hundred tonnes lower. Can you just talk about was the reason -- had production been stable? Would the cash costs have been flat? Why did the cash cost increase? And why did production take a little dip down?

偉大的。然後如果我能迅速切換到 Q3 就好了。所以你的現金成本略高一些，大約高出 3%，達到約 6300 美元。產量減少了幾百噸。您能否談談原因－生產是否穩定？現金成本會維持不變嗎？現金成本為何增加？為什麼產量略有下降？

Yes. I mean the two are very much related. So we had slightly lower 200 tonnes less production than Q2. So that does increase the unit costs. I think from a production standpoint, we're still making optimization changes.

是的。我的意思是，這兩者之間有很大的關聯。因此，我們的產量比第二季略低，減少了 200 噸。這樣確實會增加單位成本。我認為從生產角度來看，我們仍在進行最佳化調整。

These are small, but from a month-to-month basis, do increase some variability. I'd say the optimization efforts that we've made in Q3 -- or sorry, Q2 have delivered.

這些變化雖然很小，但從月來看，確實會增加一些波動性。我認為我們在第三季（或抱歉，是第二季）所做的優化工作已經取得了成效。

So three in the last four months, we've been operating above 90% capacity. And obviously, when we're pushing volumes up, we see the kind of a relation to costs coming down. So on the cost side, yes, slightly higher than Q2 due to -- largely due to the slightly less volume, but we're seeing costs continue to trend down.

所以在過去的四個月裡，我們有三個月的產能利用率都超過了 90%。顯然，當我們提高產量時，成本就會下降。所以從成本方面來看，是的，由於銷量略有下降，比第二季略高，但我們看到成本繼續呈下降趨勢。

Great. And if I can just throw one last one in there. So just back to the PPG project. Can you just talk about, Sam, how do you envision minimizing equity dilution risk for large shareholders in terms of the capital structure and funding your one-third portion of Phase 1 of PPG?

偉大的。如果可以的話，我再補充最後一條。回到PPG專案上來。Sam，您能否談談，您打算如何透過資本結構和為您在 PPG 第一階段的三分之一份額提供資金，來最大限度地降低大股東的股權稀釋風險？

Yes. I would highlight that Lithium Argentina has a pretty strong track record of executing strategic and disciplined financing. And so if you look at, for example, how we funded the $1 billion investment into Stage 1, we did this thoughtfully. We leverage partnerships, offtakes, project-level debt to minimize shareholder dilution. We're certainly going to take the same disciplined approach here as we advance our growth plans.

是的。我想強調的是，Lithium Argentina 在執行策略性和紀律性融資方面有著相當出色的業績記錄。例如，看看我們是如何為第一階段的 10 億美元投資籌集資金的，我們就是經過深思熟慮才這樣做的。我們利用合作夥伴關係、承購協議和專案級債務來最大限度地減少股東權益稀釋。在推動成長計畫的過程中，我們一定會採取同樣嚴謹的態度。

One of the differences today, obviously, is we're doing so from a much stronger position, having successfully brought on Stage 1 into operation, having Argentina's RIGI investment framework, a more mature lithium market. And more specifically at PPG, under our agreement to consolidate these three PPG assets, Ganfeng and LAR have committed to working together to secure third-party capital to finance Stage 1 development costs. We'll do this by leveraging Ganfeng's global customer relations and access to low-cost financing.

顯然，今天與以往不同的是，我們現在處於更強大的地位，因為我們成功地將第一階段投入運營，擁有阿根廷的RIGI投資框架，以及一個更成熟的鋰市場。更具體地說，根據我們整合這三項 PPG 資產的協議，贛鋒和 LAR 已承諾共同努力，爭取第三方資金來資助第一階段的開發成本。我們將利用贛鋒的全球客戶關係和低成本融資管道來實現這一目標。

So we're obviously going to be very responsible in terms of how we do this. We see a tremendous amount of value in the projects that we have, and we'll be very disciplined and careful to ensure that shareholders are rewarded and avoid dilution.

所以，我們顯然會非常負責地處理這件事。我們看到了我們現有項目的巨大價值，我們將非常自律和謹慎，以確保股東獲得回報並避免股權稀釋。

Corinne Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Sorry if I missed it, but could you talk about what would be the IRR like the return if you were to be using market price and the $18,000 per kilo per tonne? And maybe if you can talk also about the rationale of using the $18,000 given where the market is trading at.

如果我錯過了，請見諒。您能否談談，如果使用市場價格，每公斤每噸 18,000 美元，內部收益率（IRR）會是多少？或許您還能談談鑑於當前市場行情，使用 18,000 美元的理由。

So yes, the sensitivities around that at today's -- well, at $12,000 per tonne, I think we're close to that today in the spot market in China. The project would have a 20 -- over 20% IRR. I think the rationale for choosing 18 is, one, it's aligned with third-party forecast and Street consensus. And it seems to be a level that would seem to be required to incentivize enough production over the next decade.

所以，是的，目前的價格非常敏感——嗯，每噸12000美元，我認為我們今天在中國的現貨市場價格已經接近這個水平了。該項目的內部報酬率將達到 20% 以上。我認為選擇 18 這個數字的理由有兩點：第一，它與第三方預測和華爾街共識相符。而且，這似乎是未來十年激勵足夠產量所必需的水平。

So it's a price level at which would result in a 15% IRR for kind of the last marginal project contributing to that 1 million tonnes. But seeing that we have Xiaoshen on the line, maybe I can turn it over to you, Xiaoshen, and just comment on the use of $18,000 per tonne as a long-term price and how that squares with how you're seeing the market today and how you're seeing the lithium market evolving over the next 5 to 10 years.

所以，這個價格水準將使最後一個邊際專案（為100萬噸產量做出貢獻）的內部報酬率達到15%。但既然肖申在線，也許我可以把麥克風交給你，肖申，請你談談每噸 18,000 美元作為長期價格的看法，以及這與你對當前市場的看法，以及你對未來 5 到 10 年鋰市場發展的看法是否一致。

I know it's a difficult question, but I think you're pretty well positioned to provide some perspective.

我知道這是一個難題，但我認為你很適合提供一些見解。

Yes. Thank you, Sam. Yes. I think if you look at it from the demand side and also the supply side, the demand side is still a very strong growth and not only the EV, but also the energy storage. This is what we see probably in the future, even bigger than EV demand for lithium.

是的。謝謝你，山姆。是的。我認為，從需求端和供給端來看，需求端仍然保持著非常強勁的成長，不僅是電動車，還有儲能技術。這很可能是我們未來會看到的情況，甚至比電動車對鋰的需求還要大。

So that's one thing from demand side. From the supply side, we see lots of uncertainty for those projects on the pipeline.

這是需求方面的一個問題。從供應方面來看，那些正在籌備中的項目存在著許多不確定性。

And we know the lead time for develop those projects takes quite longer time. I also talked to some of the people from in Chile to get the environmental permits for new project at least it takes 5 years. So that's the reason we think $18,000 is, I think, is reasonable for long-term pricing. Even today is still tough. But if you look at China today, the price has been increased 6%, 7% already for the lithium carbonate.

我們知道，開發這些專案的周期需要更長的時間。我還和智利的一些人談過，要獲得新專案的環境許可，至少需要 5 年。所以，這就是我們認為 18,000 美元作為長期定價是合理的原因。即使到了今天，情況依然很艱難。但如果你看看今天的中國，碳酸鋰的價格已經上漲了 6% 到 7%。

So that's -- we believe $18,000 is reasonable. If you also consider there is other companies, new projects on the pipeline in -- for instance, in Australia and for some other projects in the U.S. or Canada, all those projects, we believe that they probably will require much even higher price to incentive them to build those projects.

所以，我們認為 18,000 美元是合理的。如果您也考慮到其他公司，以及在澳洲等地正在籌備的新項目，還有在美國或加拿大的一些其他項目，我們認為所有這些項目可能需要更高的價格才能激勵他們建造這些項目。

Maybe if I can ask a second one, just more on the quarter. What about an update on the material quality? So I know that you still have that discount for like purity removal. Can you just talk again what the expectations are in terms of timing to come to like a battery grade here?

或許我可以再問一個，就問關於季度的問題。材料品質有什麼最新進展嗎？我知道你們仍然有去除雜質之類的折扣。您能否再說明一下，電池等級評定的預期時間是如何的？

Yes. I mean this year was about operating stability. So we're very pleased with what we're seeing at the plant. There has been some gradual improvement in the quality of the product. And based on the current pricing and reprocessing arrangement we have with Ganfeng, the reprocessing costs are quite low.

是的。我的意思是，今年的重點是營運穩定性。所以我們對工廠目前的狀況非常滿意。產品品質已逐步改善。根據我們目前與贛鋒的定價和再加工安排，再加工成本相當低。

I think longer term, looking out to back end of '26, '27, Ganfeng and LAR are very much aligned in the ability to be able to supply global customers directly. So obviously, that would mean that we would need to deliver battery-grade product. So it's still in the vision. We're not there yet, but we're making gradual improvements towards that goal.

我認為從長遠來看，展望 2026 年底、2027 年，贛鋒和 LAR 在直接向全球客戶供貨的能力方面非常一致。顯然，這意味著我們需要提供電池級產品。所以它仍然在願景之中。我們尚未達到目標，但我們正在朝著這個目標逐步改進。

David Deckelbaum, TD Cowen.

David Deckelbaum，TD Cowen。

Congrats to everyone. I was curious just with the PPG phase development approach. It looks like every phase is between four and five years apart from each other. Is that flow sheet constrained? Or is that theoretically market and finance constrained?

恭喜大家。我只是對 PPG 階段開發方法感到好奇。看起來每個階段之間相隔四到五年。該流程圖是否受到約束？或者說，這在理論上受到市場和金融的限制？

How are you thinking about the timing of Phases 1, 2 and 3? And it doesn't seem like necessarily there's a change in the assumptions around cadence of bringing projects online post permitting.

您如何考慮第一階段、第二階段和第三階段的時間安排？而且，似乎在專案獲得許可後上線的節奏方面，人們的假設並沒有改變。

Thanks for the question. No, I think it is theoretical and finance constrained. But Jason, feel free to provide your view.

謝謝你的提問。不，我認為這只是理論上的，而且受到資金的限制。不過傑森，請隨意發表你的看法。

Yes. Yes, Sam, you made a very good point. And just add a few more is technically, we think it's like we have one team continue to work on one project, finish it, and bring the line and check everything, ramp it up and then we move to Phase 2. That's like more -- let's say, it's more like smooth. So that's just one thing.

是的。是的，山姆，你說得很有道理。技術上來說，我們認為這就像讓一個團隊繼續推進一個項目，完成它，然後把生產線拉出來檢查一切，擴大規模，然後我們進入第二階段。那就像——這麼說吧，它更像是平滑的。這只是其中一件事。

Another thing is like each phase -- for each phase, Phase 2, Phase 3, we also need like to obtain the construction permit and the provincial government would like to see we construct the Phase 1 first and then move to Phase 2 and then Phase 3.

還有一點就是，每個階段──例如第二階段、第三階段──我們都需要取得施工許可證，而省政府希望我們先建造第一階段，然後再進行第二階段，最後進行第三階段。

Appreciate that. And then, Xiaoshen, if I could ask you a question. You remarked earlier that perhaps you could see that we're in the early stages of ESS, but you think it could be larger than the EV market. Could you provide some more color around that?

謝謝。那麼，小沈，我可以問你一個問題嗎？你之前說過，或許你看得出來我們正處於儲能係統的早期階段，但你認為它的規模可能會比電動車市場更大。能再詳細說說這方面的狀況嗎？

When do you think that the market is going to see this grand inflection on demand for energy storage, particularly on the lithium side? Is that something that you anticipate in the next decade? Or is that something that you think is going to be more impactful sooner?

您認為市場何時會出現儲能需求，特別是鋰儲能需求的巨大轉捩點？你預計未來十年會出現這種情況嗎？還是你認為那件事會更快產生更大的影響？

Yes, probably will be sooner. But even for the EV, today, people only focus on the passenger cars, but actually in China, not only the passenger cars, but all kind of transportation now is becoming electrified or going to be electrified in the next several years. If you look at the heavy-duty trucks, this year, the electrical heavy-duty trucks grows more than 100% compared with the same time last year.

是的，可能很快就會發生。但即使是電動車，如今人們也只關注乘用車，但實際上在中國，不僅是乘用車，各種交通工具現在都在電氣化，或者將在未來幾年內電氣化。如果你看重型卡車，今年電動重型卡車的銷量比去年同期成長了100%以上。

So we know -- of course, energy storage will have a higher -- much higher growth rate. But even for the motive batteries is also growing. And in China, the next several years later will be also another new demand for the boat, for the vessels will be also electrified. So it will be -- so it's difficult to predict which year energy storage will be take over the demand, but we see probably within 10 years, we believe that will come.

所以我們知道──當然，儲能的成長率會更高──高得多。但即使是動力電池，其需求也在成長。而未來幾年，中國對船舶的需求也將出現新的變化，因為船舶也將實現電氣化。所以，很難預測儲能將在哪一年取代電力需求，但我們認為可能在 10 年內就會實現。

Mohamed Sidibe, National Bank.

穆罕默德·西迪貝，國家銀行。

Congrats on a good scoping study here. Just a question in terms of timing. I guess you're targeting construction by the second half of 2026. Are there anything on the detailed engineering front that we should be thinking about that are on the critical path that would further derisk that $1.1 billion CapEx over the next, call it, 6 to 12 months?

恭喜你們完成了一項出色的初步研究。關於時間安排方面有個問題。我猜你們的目標是在2026年下半年開始建設。在詳細工程設計方面，有哪些關鍵路徑上的事項值得我們考慮，以便在未來 6 到 12 個月內進一步降低 11 億美元資本支出的風險？

Thanks for the question. Maybe I'll turn this one over to Jason.

謝謝你的提問。或許我會把這個交給傑森來做。

Yes. So a few factors are very critical on the construction timeline. And one is like the engineering. And right now, like we pretty much finished all the detailed engineering for the pond and well field area. So that has like we will have all the drawings by end of this year.

是的。因此，有幾個因素對施工進度至關重要。其中之一是工程學。現在，我們已經基本完成了池塘和井場區域的所有詳細工程設計。所以，我們預計到今年底前就能完成所有的圖面。

So -- and meanwhile, we are working on the process -- detailed process; the internal in-house engineering team is working on that, and we will have that ready early next year.

所以——與此同時，我們正在製定流程——詳細的流程；內部工程團隊正在努力，我們將在明年初準備好。

So you will see like on the engineering side, we are good. And also like another important is like the DIA, the construction permit, the environmental permit, we already have it last week. And the next 2 factors, one is like financing, hopefully like we will have it the first half next year and also RIGI, as we discussed, and we will -- we may have that approval by Q2 -- end of Q2 or early Q3 next year.

所以你會發現，從工程技術方面來說，我們做得很好。還有一件很重要的事，像是DIA的建築許可證、環境許可證，我們上星期就已經拿到了。接下來的兩個因素，一個是融資，希望我們明年上半年能拿到資金；另一個是RIGI，正如我們討論過的，我們可能會在明年第二季末或第三季初獲得批准。

Then with all those like key points, key milestones, we are ready to start. And that's why we see we're going to start the construction in second half next year.

然後，有了這些關鍵點、關鍵里程碑，我們就準備好開始了。因此，我們預計明年下半年將開始施工。

Great. And then maybe a question for both Sam and Wang here. Just in terms of the sequencing of projects, how should we think about Cauchari-Olaroz Stage 2, maybe Mariana Stage 2 and PPG Stage 1 in terms of sequencing of projects? Could this be undertaken at the same time? Or it's more of a phasing approach for each of them, one coming after the other?

偉大的。那麼，或許可以問一下 Sam 和 Wang 一個問題。就專案順序而言，我們應該如何看待 Cauchari-Olaroz 第二階段、Mariana 第二階段和 PPG 第一階段的專案順序呢？能否同時進行這項工作？或者說，對它們各自採取分階段實施的方法，一個接一個地進行？

Sure. I'll answer first, but won't comment on Mariana. That's a Ganfeng 100% owned project. Yes. I mean for Exar Stage 2, Cauchari overall Stage 2, the plan right now is to prepare a RIGI application and a development plan to align with that RIGI application, which will be submitted in the first half of 2026.

當然。我先回答，但不對瑪麗安娜發表評論。那是贛鋒集團全資擁有的項目。是的。我的意思是，對於 Exar 第二階段、Cauchari 整體第​​二階段，目前的計劃是準備一份 RIGI 申請和一份與該 RIGI 申請相一致的發展計劃，該申請將於 2026 年上半年提交。

I think, obviously, coming back to one of the questions earlier about just how we're going to finance this, it's important to note that for PPG, we're both looking at third-party capital. Likewise, for Stage 2, I think there are different set of circumstances around options to finance that given that we have an existing operation for Stage 1. But underlining it all is like the how and the when of growing this, we're going to be extremely responsible for our shareholders.

我認為，很顯然，回到之前提出的關於我們將如何籌集資金的問題，需要指出的是，對於 PPG 而言，我們都在尋求第三方資金。同樣地，對於第二階段，我認為鑑於我們已經有了第一階段的營運模式，其融資方案的選擇會有所不同。但這一切的核心在於如何以及何時發展壯大，我們將對股東負起極為重要的責任。

So that's from a financing perspective. From a team's perspective, I mean, Jason down in Salta, he's built up an incredible team who have just completed Mariana, and it's a separate team to Exar. So I think from a personnel standpoint, we do have a good chance of advancing them in parallel.

這是從融資角度來看的。從團隊的角度來看，我的意思是，薩爾塔的傑森組建了一支非常優秀的團隊，他們剛剛完成了馬裡亞納的比賽，而且這支團隊與埃克薩爾的團隊是不同的。所以我認為從人事角度來看，我們很有可能同時也能推動他們的發展。

But obviously, we're going to be able to share a lot more early next year around our -- defining our development plan for Exar and be able to share a lot more in terms of visibility on specific sequencing steps for both projects. I don't know if, Jason, you want to share on Mariana. I think there was a question about Stage 2.

但很顯然，明年年初我們將能夠分享更多關於我們Exar開發計劃的信息，並能夠分享更多關於這兩個項目的具體排序步驟的信息。傑森，我不知道你是否願意分享關於瑪麗安娜的故事。我想應該有個關於第二階段的問題。

Yes. Right now, Mariana is still working on the ramp-up stage for the Stage 1 -- and it's going good. It's been good. And regarding Stage 2, the first thing we want to share is like Mariana recently, we just updated the resource estimation and the resource increased from $8 million to $13 million, up for more than 60%. And we still have a big potential in the deeper horizon because like we didn't drill deep enough.

是的。目前，瑪麗安娜仍在為第一階段的準備工作做準備——而且進展順利。一切都很好。關於第二階段，我們首先要分享的是，就像最近的馬裡亞納一樣，我們剛剛更新了資源估算，資源從 800 萬美元增加到 1300 萬美元，增加了 60% 以上。而且我們在更深的地層中仍然有很大的潛力，因為我們鑽探的深度還不夠。

Right now, most of the wells just reached to 350 meters. And actually, we can drill like much deeper. And Mariana is unique because the pumping rate is very big. So the resource is not a bottleneck for Mariana. So yes, indeed, we are planning for the expansion Phase 2 and Phase 3, and we plan to put a package and apply for RIGI. We will present that early next year.

目前，大多數油井的深度都只有350公尺。實際上，我們還可以鑽得更深。馬裡亞納的獨特之處在於其抽水速率非常大。因此，資源並非馬裡亞納群島的瓶頸。所以，是的，我們確實正在計劃第二階段和第三階段的擴建，並且我們計劃提交一份方案併申請RIGI。我們將於明年初公佈。

And then we will look at the market condition and also like the construction progress of other projects such as PPG and Cauchari. And then we will analyze and finally decide what will be the timeline for the expansion of Stage 2 and Stage 3 with Mariana.

然後我們將考察市場狀況，以及PPG和Cauchari等其他項目的建設進度。然後我們將分析並最終決定與 Mariana 合作的第二階段和第三階段的擴展時間表。

Thank you. With no further questions, this concludes our Q&A session. We thank you for your participation. This concludes today's conference call. You may now disconnect.

謝謝。問答環節到此結束，沒有其他問題了。感謝您的參與。今天的電話會議到此結束。您現在可以斷開連線了。