Lithium Argentina AG (LAR) 2025 Q4 法說會逐字稿

Hello, everyone, and welcome to Lithium Argentina fourth-quarter and full-year 2025 earnings conference call. Please note that this call is being recorded. (Operator Instructions) I'd now like to hand the call over to Kelly O'Brien, Investor Relations. Please go ahead.

各位好，歡迎參加 Lithium Argentina 2025 年第四季暨全年財報電話會議。請注意，本次電話會議將被錄音。(接線員指示) 現在我想把電話交給投資人關係部的 Kelly O'Brien。請開始。

Thank you for the introduction. I want to welcome everyone to our conference call this morning. Joining me on the call today to discuss the fourth-quarter and full-year 2025 results is Sam Pigott, CEO of Lithium Argentina; Alex Shulga, our CFO, will also be available for Q&A.

感謝介紹。我想歡迎各位今天早上參加我們的電話會議。今天與我一同在電話會議上討論 2025 年第四季暨全年業績的有 Lithium Argentina 執行長 Sam Pigott；我們的財務長 Alex Shulga 也將出席並在問答環節回答問題。

Before we begin, I would like to cover a few items. Our fourth-quarter 2025 earnings results were press released earlier this morning, and the corresponding documents are available on our website. I remind you that some of the statements made during this call, including any production guidance, expected company performance, update on development plans, the timing of our project 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.

在開始之前，我想先說明幾點。我們 2025 年第四季財報已於今天稍早以新聞稿發布，相關文件可在我們的網站上查閱。提醒各位，本次電話會議中所作的部分陳述，包括任何產量指引、公司預期表現、開發計畫更新、專案時程以及市場狀況等，可能構成前瞻性陳述。請留意我們簡報、管理階層討論與分析（MD&A）以及新聞稿中關於前瞻性陳述的警示性語言。

I now turn the call over to Sam Pigott.

現在我把電話交給 Sam Pigott。

Thanks, Kelly. Good morning, everyone, and thank you for joining us. 2025 marked an important year for Lithium Argentina. Cauchari-Olaroz demonstrated its ability as a stable cash generating operation while we significantly advanced our next phase of growth.

謝謝你，Kelly。各位早安，感謝各位加入我們。2025 年對 Lithium Argentina 而言是重要的一年。Cauchari-Olaroz 展現其作為穩定現金創造型營運的能力，同時我們也大幅推進下一階段的成長。

Starting with operations. Cauchari is performing exceptionally well. For the year, production was over 34,000 tonnes, reaching the high end of our guidance range and ending the year near capacity with fourth-quarter production at 97%. We are now seeing the strong operational performance translated into lower costs with fourth-quarter operating cash cost is around $5,600 per tonne.

先從營運談起。Cauchari 的表現非常出色。全年產量超過 34,000 公噸，達到我們指引區間的高端，且年末接近滿載，第四季產量達到 97% 的產能利用率。我們現在也看到強勁的營運表現轉化為更低的成本，第四季營運現金成本約為每公噸 5,600 美元。

Following year-end, the operation distributed $85 million of cash, $42 million for Lithium Argentina share, and we completed a $130 million, six-year loan facility strengthening our balance sheet and highlighting the financial capacity of our assets.

在年末之後，該營運分配了 8,500 萬美元現金，其中 4,200 萬美元為 Lithium Argentina 的份額；同時我們完成了一筆 1.3 億美元、為期六年的貸款融資，強化了資產負債表，並突顯我們資產的財務承載能力。

In parallel, we were able to make meaningful progress across our growth pipeline. This included the consolidation of PPG, supporting a more efficient development plan as outlined in the scoping study released late last year as well as the submission of RIGI applications for both PPG and stage two.

同時，我們也在成長管線上取得實質進展。包括完成 PPG 的整合，支持更有效率的開發計畫（如去年底發布的範疇研究所述），以及就 PPG 與第二階段提交 RIGI 申請。

Since completion of the chemical plant in late 2023, production has steadily increased. 2024 represented our first full-year production, while in 2025, the focus has shifted to consistency, recoveries, and sustaining higher production levels for longer periods of time. During the year, the team made continued improvements across several areas, including brine management, well field optimization, process stability in the plant, and reduced reagent usage, which together, supported more reliable and consistent operating performance.

自 2023 年底化工廠完工以來，產量持續穩步提升。2024 年是我們第一個完整年度的生產期，而在 2025 年，重點已轉向一致性、回收率，以及在更長時間內維持較高的產量水準。年內，團隊在多個領域持續改善，包括鹵水管理、井場最佳化、廠內製程穩定性，以及降低試劑用量；這些改善共同支持更可靠且更一致的營運表現。

That progress resulted in the operations achieving close to nameplate capacity in the fourth quarter with production of approximately 9,700 tonnes. This operational performance translated into strong financial results, which, despite the low lithium price environment in 2025, Cauchari-Olaroz generated $56 million in adjusted EBITDA.

這些進展使得營運在第四季達到接近名目產能的水準，產量約 9,700 公噸。此一營運表現轉化為強勁的財務成果；儘管 2025 年鋰價環境偏低，Cauchari-Olaroz 仍創造了 5,600 萬美元的調整後 EBITDA。

I want to spend a moment on cost because I'd argue this is just as important as the production story, if not more so. Since Q1 2024, cash costs have declined 30% and from over $8,000 per tonne to around $5,600 in Q4. That improvement is broad-based, reagents, maintenance, camp services overhead; every major cost line moved in the right direction. This is not just fixed cost but higher volumes. Much of this reduction is in variable costs, driven by our efforts to optimize the operation following the ramp-up.

我想花點時間談成本，因為我認為這與產量故事同等重要，甚至更重要。自 2024 年第一季以來，現金成本已下降 30%，從每公噸超過 8,000 美元降至第四季約 5,600 美元。這項改善是全面性的：試劑、維修、營地服務、管理費用；每一個主要成本項目都朝正確方向改善。這不僅是固定成本攤薄或產量提高所致。其中相當一部分降幅來自變動成本，係由我們在爬坡後持續最佳化營運的努力所驅動。

The best way to show this structural change is from looking at the impact to our revised long-term estimates. Based on the current cost structure at full capacity, we now forecast costs of approximately $5,400 per tonne down from $6,500 a year ago. That's a 17% reduction to our own prior estimates. And it's important to note that we're not done. We and our partner, Ganfeng, remain fully focused on driving further efficiencies with both stage one and as we grow.

呈現這項結構性變化的最佳方式，是觀察我們修訂後的長期估計所受到的影響。以滿載產能下的現行成本結構為基礎，我們目前預測成本約為每公噸 5,400 美元，低於一年前的每公噸 6,500 美元。這相當於相較我們先前自身估計下調 17%。而且重要的是，我們尚未完成。我們與合作夥伴贛鋒（Ganfeng）仍全力專注於在第一階段以及後續擴張過程中，持續推動更高效率。

On the next slide is an updated cost curve, which includes actual operating performance at Cauchari-Olaroz, not a feasibility study; it's not a projection. These are actual costs from an operation that has now been running and improving quarter-over-quarter. This operation is one of the few sources of lithium chemical production to come online outside of China in the past 10 years. And we now have the opportunity to scale from 40,000 to over 200,000 tonnes of lithium chemicals to serve global markets directly from the Americas.

下一張投影片是更新後的成本曲線，其中納入的是 Cauchari-Olaroz 的實際營運表現，而非可行性研究；也不是預測。這些是該營運實際發生的成本，而該營運已持續運轉並逐季改善。這項營運是過去 10 年來少數在中國以外投產的鋰化學品生產來源之一。而我們現在有機會將鋰化學品產能從 40,000 公噸擴大到超過 200,000 公噸，直接從美洲供應全球市場。

Turning briefly to the market. Since mid-2025, there has been a significant recovery in lithium prices, supported by strengthening demand across both electric vehicles and increasingly energy storage systems. On ESS specifically, a wide range of forecast you'll see from global banks and consultants reflects how new and large this demand is becoming.

簡要談一下市場。自 2025 年年中以來，鋰價已顯著回升，主要受電動車與日益成長的儲能系統需求走強所支撐。就儲能系統（ESS）而言，你會看到全球銀行與顧問機構提出的各式各樣預測，反映出這項需求正變得既新且規模龐大。

This gap is particularly visible even in 2025. Our estimates, especially those outside of Asia, are still adjusting to how material ESS has become as a driver of overall lithium demand. For Lithium Argentina, this rising ESS demand aligns well with our existing operations and growth platform that we've developed in terms of scale, cost, and ability to integrate with a more global customer base.

即使在 2025 年，這個落差也特別明顯。我們的估計，特別是亞洲以外的估計，仍在調整，以反映 ESS 作為整體鋰需求驅動因素的重要性已變得多麼關鍵。對 Lithium Argentina 而言，ESS 需求上升與我們既有營運及已建立的成長平台高度契合，無論是在規模、成本，或是與更全球化客戶基礎整合的能力方面。

Looking ahead to 2026, we expect production in the range of 35,000 to 40,000 tonnes of lithium carbonate, reflecting our focus on sustaining stable operations at current levels and long-term optimization. Based on our production targets for 2026, Cauchari-Olaroz is expected to support significant EBITDA through a range of lithium price scenarios. Using today's market price of about $20,000 per tonne, the midpoint of production guidance would imply around $460 million (technical difficulty)

展望 2026 年，我們預期碳酸鋰產量將落在 35,000 至 40,000 公噸區間，反映我們專注於在目前水準維持穩定營運並進行長期最佳化。根據我們 2026 年的產量目標，Cauchari-Olaroz 預期可在不同鋰價情境下支撐可觀的 EBITDA。以目前市場價格約每公噸 20,000 美元計算，產量指引中位數意味著約 4.6 億美元（技術性困難）

Ladies and gentlemen, please be on standby. We will just address a quick technical issue. Again, please be on standby. We will be back momentarily. Thank you.

各位女士先生，請稍候待命。我們將處理一個簡短的技術問題。再次請稍候待命。我們將很快回來。謝謝。

Apologies for that. My line dropped. Obviously, we're not recording this. And so I'll carry off, we're we left off.

很抱歉。我的線路斷了。顯然，我們沒有在錄音。所以我會接著講，從我們剛才停下的地方繼續。

Based on our production targets for 2026, Cauchari-Olaroz is expected to support significant EBITDA under a range of lithium price scenarios. Using today's market price of about $20,000 per tonne and the midpoint of production guidance, would imply around $460 million in EBITDA for 2026.

根據我們2026年的產量目標，在多種鋰價情境下，Cauchari-Olaroz 預期可貢獻可觀的 EBITDA。以目前市場價格約每噸20,000美元，以及產量指引中位數計算，意味著2026年 EBITDA 約為4.6億美元。

This incorporates actual results year-to-date and adjustments to market price. From a cash flow perspective, this should translate into strong cash conversion, supported by accelerated depreciation and low sustaining capital requirements of approximately $15 million to $20 million per year.

這已納入年初至今的實際結果以及對市場價格的調整。從現金流角度來看，這應可轉化為強勁的現金轉換率，並受惠於加速折舊以及每年約1,500萬至2,000萬美元的低維持性資本支出需求。

Following year-end, the operation distributed $85 million of cash, increasing Lithium Argentina's cash position in Q1 to now around $95 million. In March at the corporate level, we also completed a $130 million debt facility with Ganfeng, increasing our balance sheet flexibility.

在年末之後，該營運發放了8,500萬美元現金，使 Lithium Argentina 在第一季的現金部位提高至目前約9,500萬美元。此外，在3月的公司層級，我們也與贛鋒完成了一筆1.3億美元的債務融資額度，提升了我們資產負債表的彈性。

With Cauchari-Olaroz now operating at close to capacity and costs well below $6,000 per tonne, we are turning our attention to what comes next. The opportunity in front of us is significant. We have the potential to grow from approximately 40,000 tonnes per annum today to over 200,000 across a series of phases using Cauchari-Olaroz stage one as the foundation.

隨著 Cauchari-Olaroz 目前接近滿載運轉且成本遠低於每噸6,000美元，我們正把注意力轉向下一步。我們面前的機會相當可觀。我們有潛力以 Cauchari-Olaroz 第一期為基礎，透過一系列分期，將年產量從目前約40,000噸提升至超過200,000噸。

In 2025, we laid the grad work. The resource base is defined, the permits and rig applications are advancing, and the economics at the PPG scoping study showed are compelling in nearly all pricing scenarios. We recently published an updated resource and reserve estimate for Cauchari-Olaroz, reinforcing the scale of the basin, the total measured and indicated resources increasing by approximately 42% and positioning Cauchari-Olaroz among the largest lithium brine assets globally.

在2025年，我們完成了基礎工作。資源基礎已界定，許可與 RIG 申請正在推進，而 PPG 範疇研究所顯示的經濟性在幾乎所有價格情境下都相當具吸引力。我們近期發布了 Cauchari-Olaroz 更新後的資源與儲量估算，進一步強化了該盆地的規模；總探明與控制資源量增加約42%，並使 Cauchari-Olaroz 躋身全球最大的鋰鹵水資產之一。

Beyond this, our platform includes PPG, another large-scale brine resource with over 15 million tonnes of measured and indicated LTE resources. Together with Cauchari-Olaroz and PPG, we are advancing two of the largest lithium brine resources globally, providing the right scale and brine chemistry to support our growth plans.

除此之外，我們的平台還包括 PPG，這是另一個大型鹵水資源，探明與控制的 LTE 資源超過1,500萬噸。結合 Cauchari-Olaroz 與 PPG，我們正在推進全球兩個最大的鋰鹵水資源，具備支持我們成長計畫所需的規模與鹵水化學特性。

We continue to see a more supportive investment environment emerging in Argentina with the RIGI helping to attract long-term capital and improve project economics, as reflected in the more than $70 billion of investment applications submitted or approved under the program. RIGI applications for both Cauchari stage two and PPG have been submitted.

我們持續看到阿根廷的投資環境正變得更具支持性；RIGI 有助於吸引長期資本並改善專案經濟性，這也反映在該計畫下已提交或獲核准的投資申請超過700億美元。Cauchari 第二期與 PPG 的 RIGI 申請均已提交。

As we look ahead, we are scaling our listing platform in Argentina. At Cauchari-Olaroz, we are advancing a stage two expansion plan of 45,000 tonnes, leveraging our operating track record, existing infrastructure, resource scale, and using the significant cash flow from stage one to provide a strong foundation to support the execution of this expansion.

展望未來，我們正在擴大我們在阿根廷的上市平台。在 Cauchari-Olaroz，我們正推進第二期擴產計畫至45,000噸，運用我們的營運實績、既有基礎設施與資源規模，並以第一期帶來的可觀現金流作為堅實基礎，以支持此次擴產的執行。

In parallel at PPG, we are progressing what is targeted to be Argentina's largest lithium operation with a phased development plan to grow to 150,000 tonnes LTE. Here, we are working closely with Ganfeng to bring in the necessary financing and are seeing strong engagement from customers and potential minority partners. The next phase of execution is defined by a series of clear milestones to derisk this growth, including rig approvals, finalizing the stage two development plan and financing PPG.

同時在 PPG，我們正推進一項分期開發計畫，目標打造阿根廷最大的鋰營運，並將產能擴至150,000噸 LTE。在此，我們正與贛鋒密切合作以引入所需融資，並看到客戶與潛在少數股權合作夥伴的高度參與。下一階段的執行由一系列明確里程碑所界定，以降低此成長計畫的風險，包括鑽機核准、完成第二期開發計畫，以及為 PPG 完成融資。

In conclusion, we're incredibly proud of what we have accomplished and excited for the years to come. In 2025, we delivered what we set out to do: established a strong operating foundation with industry-leading costs, strengthened our balance sheet, and have taken meaningful steps to derisk our growth pipeline. Looking ahead, we are in a very strong position to build off what we have already accomplished at Cauchari-Olaroz stage one and scale from 40,000 to 200,000 tonnes.

總結來說，我們對已完成的成果感到非常自豪，也對未來幾年充滿期待。在2025年，我們達成了原先設定的目標：以業界領先的成本建立了穩健的營運基礎、強化了資產負債表，並採取了實質步驟以降低成長管線的風險。展望未來，我們具備非常強的條件，在 Cauchari-Olaroz 第一期既有成果之上持續擴展，並將產量從40,000噸擴大至200,000噸。

We have world-class teams, a proven track record, two of the largest and highest quality lithium brine resources globally, a much improved investment environment in Argentina in a market that is undergoing strong demand tailwinds from continued EV growth and accelerated demand from energy storage build-outs. We are focused on derisking and advancing a path to more than 4x our lithium production and creating the largest lithium platform in Argentina.

我們擁有世界級團隊、經驗證的實績、全球兩個最大且品質最高的鋰鹵水資源，以及在阿根廷顯著改善的投資環境；同時市場也受惠於電動車持續成長帶來的強勁需求順風，以及能源儲存建置加速所帶來的需求提升。我們專注於降低風險並推進一條路徑，使鋰產量提升至目前的4倍以上，並打造阿根廷最大的鋰平台。

And with that, we're ready to open up the line for questions.

接下來，我們準備開放電話線進行提問。

(Operator Instructions) Anthony Taglieri, Canaccord Genuity.

(接線員指示) Anthony Taglieri，Canaccord Genuity。

So first of all, congrats on the excellent cost performance in Q4. My first question is related to cash cost expectations for 2026, noting your new long-term goal of $54, $100 a tonne. So how should we expect this to evolve in 2026? Is $5,600 a tonne the new base case for Q1 moving forward between that 35,000 to 40,000 tonnes of production on an annual basis?

首先，恭喜你們在第四季的成本表現非常出色。我的第一個問題與2026年的現金成本預期有關，注意到你們新的長期目標是每噸54到100美元。那麼我們應該如何看待2026年的演變？在未來、以年產35,000到40,000噸的產量水準來看，每噸5,600美元是否會成為第一季之後的新基準情境？

Yeah. Thanks for the question. So yeah, in Q4, we delivered $5,600 per tonne in cash costs. These were really driven not just by volume increases, reaching 97% capacity, but also structural changes we made to the cost profile. So that would include things like reagents, camp services, maintenance, and optimization of our workforce at camp.

是的。謝謝你的提問。所以是的，在第四季我們的現金成本做到每噸5,600美元。這不僅是由於產量提升、產能利用率達到97%，也來自我們對成本結構所做的調整。這包括例如試劑、營地服務、維修，以及對營地人力配置的最佳化。

With all those changes and what we realized in Q4, we did update our long-term cost estimate of full capacity of $5,400, which is a 17% decrease from what we put out last year at $6,500 per tonne. So we would expect some variability quarter-over-quarter tied to volumes produced and timing of cost, but certainly sub-$6,000 and that $5,600 is a pretty good indication of where things are likely to settle throughout the year.

基於這些調整以及我們在第四季所實現的成果，我們也更新了滿載產能下的長期成本估計為每噸5,400美元，較我們去年提出的每噸6,500美元下降17%。因此，我們預期各季之間會因產量與成本入帳時點而有些波動，但肯定會低於每噸6,000美元，而每噸5,600美元也相當能代表今年成本大致會落在的水準。

Okay. Great. That's helpful. And maybe as a follow-up on Q1 realized price expectations. Could you bridge us from the average Chinese benchmark price of approximately $21,000 a tonne to date in Q1 versus the expected price of -- realized price of $17,000 a tonne? So simple math, after considering that, maybe that implies around $1,900 a tonne of processing costs there. So is that something we should expect moving forward for the rest of the year?

好的。很好。這很有幫助。另外，作為第一季實現價格預期的追問。你能否把我們從第一季迄今約每噸21,000美元的中國基準均價，銜接到你們預期的——實現價格每噸17,000美元？簡單算一下，在考慮這個差異後，可能意味著每噸約1,900美元的加工成本。那這是否是我們在今年其餘時間應該預期會持續出現的水準？

Yeah. I mean as a general statement, our pricing today is based on the market price for battery-quality lithium carbonate outside of China. So that does strip out VAT from the export reference prices typically seen quoted by SMM fast markets, et cetera.

是的。我的意思是，作為一般性的說法，我們目前的定價是以中國以外電池級碳酸鋰的市場價格為基礎。因此，這會把通常在 SMM fast markets 等所報的出口參考價格中的增值稅（VAT）剔除。

Beyond that, the adjustments for quality are around mid-single digits from that reference price. And that's something that we continue to monitor with our partner Ganfeng. But at the moment, that's what we're realizing.

除此之外，品質調整大約是相對該參考價格的中個位數百分比。這也是我們持續與合作夥伴贛鋒監測的事項。但就目前而言，這就是我們實際實現的價格。

Joel Jackson, BMO Capital Markets.

BMO 資本市場的 Joel Jackson。

Sam, you talked about the different opportunities working at any price level. I think your partner, Ganfeng, would say similar things. Can you talk about some of the volatility we've seen in the global markets the last few weeks, if that's changed? And the risk factors when you think about Cauchari phase two or PPG?

Sam，你談到在任何價格水準下都有不同的機會。我想你們的合作夥伴贛鋒也會說類似的話。你能談談過去幾週我們在全球市場看到的一些波動，是否有改變什麼嗎？以及當你考慮 Cauchari 第二期或 PPG 時的風險因素？

And also would your objectives be the same as Ganfeng? Obviously not. You're different companies. But could you talk about maybe how some of your objectives for growth in the next couple of years could be similar or different versus your partner?

另外，你們的目標會和贛鋒一樣嗎？顯然不會。你們是不同的公司。但你能否談談，未來幾年你們的一些成長目標，可能與合作夥伴相似或不同之處？

Sure. Thanks, Joel. I mean, as a broad statement, like we are obviously monitoring the impact of the situation in the Middle East. We're not seeing any material impact to our operations. In a lot of ways, we're pretty well set up and insulated from increased cost to oil and gas prices. Our largest energy input by far is the solar radiation onto our ponds.

當然。謝謝，Joel。我的意思是，概括來說，我們顯然正在監測中東局勢的影響。我們沒有看到對我們營運有任何重大影響。在很多方面，我們的配置相當完善，且能隔離油氣價格上升帶來的成本增加。我們迄今最大的能源投入，遠遠是太陽輻射照射到我們的鹵水池。

We've done a series of analysis over the past couple of weeks, just given the developments in the Middle East and the energy complex. And our direct energy exposure is very limited to approximately -- or less than 2% of our total operating costs are tied to diesel and natural gas. And then looking further afield into our indirect costs associated with logistics and other cost lines, it all remains below 15% of our OpEx, which is exposed to that.

過去幾週，鑑於中東與能源市場的發展，我們做了一系列分析。我們的直接能源曝險非常有限，大約——或低於——我們總營運成本的 2% 與柴油和天然氣相關。再把範圍擴大到物流與其他成本項目的間接成本來看，仍低於我們營運費用（OpEx）的 15% 會曝險於此。

So we're very well insulated. We're not a traditional mining operation with heavy reliance on diesel for mining or crushing or ore haulage. So from that perspective, we're doing very well. All of our deliveries and shipments are meeting their targets on schedule. Demand is still being pulled very strongly from China in our offtake agreement with Ganfeng. So we obviously do monitor it, but we're very pleased to report that minimal, if any, impacts are being experienced to date and very limited likelihood for escalation.

所以我們的隔離效果非常好。我們不是傳統礦業作業，不會高度依賴柴油來進行採礦、破碎或礦石運輸。因此從這個角度來看，我們表現得很好。我們所有交付與出貨都按期達成目標。在我們與贛鋒的包銷協議中，需求仍然非常強勁地由中國端拉動。所以我們當然會監測，但也很高興回報：截至目前幾乎沒有、即便有也非常有限的影響，而且升級的可能性非常低。

In terms of our growth ambitions with Ganfeng. I think both of us understand the unique position that we have here today. We've brought online to Cauchari-Olaroz exceptionally well. Costs are, again, below where we thought they'd be at full capacity going back last year, $5,600 in Q4; the ability to more than double production at Cauchari-Olaroz. And then similarly, the largest potential lithium project in Argentina, 150,000 tonnes phased across 350,000 tonne phases, expecting operating costs to be low-$5,000 a tonne.

就我們與贛鋒的成長企圖而言。我想我們雙方都理解我們今天在這裡所處的獨特位置。我們讓 Cauchari-Olaroz 上線的表現非常出色。成本同樣低於我們去年回推在滿載時的預期，第四季為 5,600 美元；而且 Cauchari-Olaroz 的產量有能力增加到兩倍以上。同樣地，阿根廷最大的潛在鋰專案，總計 150,000 噸，分期推進、每期 35,000 噸，預期營運成本為每噸 5,000 多美元的低位。

So I think we have the right type of growth. We now have proven that we can execute. I think the partnership is working very well. Ganfeng want -- Ganfeng has set pretty ambitious targets for where they want to see their lithium production by 2030. A big part of that growth is through their portfolio with us in Argentina.

所以我認為我們擁有正確類型的成長。我們現在已經證明我們能夠執行。我認為這個合作關係運作得非常好。贛鋒想要——贛鋒已為其到 2030 年希望達到的鋰產量設定了相當雄心勃勃的目標。其中很大一部分成長，將透過他們在阿根廷與我們共同持有的資產組合來實現。

I think it's around financing. So Ganfeng is a $20 billion market cap company, huge access to capital in China. I think the question was always, are we going to get pulled in one direction or another? I think the answer to that is, one, our shareholder agreements provide joint control over key decisions, including expansions.

我認為關鍵在融資。贛鋒是一家市值 200 億美元的公司，在中國有龐大的資本取得能力。我想問題一直是：我們會不會被拉向某一個方向？我認為答案是：第一，我們的股東協議對包括擴產在內的關鍵決策提供共同控制權。

So we do have some control over our destiny, but the way things are developing now, Cauchari stage two at today's prices, stage one will be generating somewhere in the order of $460 million in EBITDA, which provides quite a bit of cash flow to execute on stage two. We're obviously waiting for a development plan mid-year.

所以我們確實對自身命運有一定掌控；但以目前的發展來看，在今天的價格下，Cauchari 第二期方面，第一期將產生約 4.6 億美元量級的 EBITDA，這提供了相當可觀的現金流來執行第二期。我們顯然正在等待年中出爐的開發計畫。

And then PPG, when we decided to put all these assets together with Ganfeng, we made it very clear, and it's a formal agreement to work together on financing plans that wouldn't require shareholders to contribute equity, and we're seeing a lot of engagement around that. There are a lot of groups really appreciate the scale of this business. They appreciate the team that's been able to execute at Cauchari.

然後是 PPG，當我們決定把所有這些資產與贛鋒整合在一起時，我們非常清楚地表明——而且這是一份正式協議——要共同制定不需要股東出資增資的融資方案，而我們也看到在這方面有很多互動與參與。有許多團體非常欣賞這項業務的規模。他們也欣賞這個能在 Cauchari 成功執行的團隊。

And so we're very confident we'll be able to put together a financing package that does not require equity contributions from shareholders. So I think we're -- in today's market, I think we're very much aligned in terms of pursuing both growth plans simultaneously.

因此我們非常有信心能夠組建一個不需要股東出資增資的融資方案。所以我認為——在今天的市場環境下——我們在同時推進兩項成長計畫方面是高度一致的。

Okay. And then I'll just follow up with -- I know you and Ganfeng talked about wanting to put on some DLE plants and trial it out at different assets in Argentina via Cauchari-Olaroz, Mariana. Can you talk about, at least for Cauchari, what is the DLE plan there? Or is it more going to be a stage two DLE?

好的。接著我再追問一下——我知道你和贛鋒談到希望建置一些 DLE（直接鋰萃取）裝置，並透過 Cauchari-Olaroz、Mariana 在阿根廷不同資產上進行試驗。你能談談至少就 Cauchari 而言，那裡的 DLE 計畫是什麼嗎？或者會更偏向第二期才導入 DLE？

It's going to be a stage two. So the DLE, all the results that we're working with Ganfeng on, they're really taking the lead, as you would expect, in terms of new technologies, applying new technologies to brine assets in Argentina. So right now, the focus for us is completing this development plan with Ganfeng and we're targeting mid-2026.

會是第二期。所以 DLE——我們與贛鋒正在合作的所有結果，他們確實在主導，這也符合預期，因為他們在新技術方面、將新技術應用到阿根廷鹵水資產方面走在前面。所以目前我們的重點是與贛鋒一起完成這份開發計畫，目標是 2026 年年中。

With that, we'll obviously have a lot more to share through that report and other disclosures. But it's -- I would say the bar has been raised in terms of what we'd want to see from that new technology. Conventional has pluses and minuses, but we're seeing a lot more of the pluses right now.

屆時，我們顯然會透過該報告與其他揭露分享更多資訊。但——我會說——我們對這項新技術希望看到的門檻已經提高了。傳統方法各有優缺點，但我們現在看到的優點更多。

I mean our cost profile has come to a level that I think we were all very impressed with. These are structural changes to the cost profile of the business, a long-term target of $5,400 a tonne, which is very, very real. I mean we just came out of Q4 at $5,600 a tonne. This already placed Cauchari, certainly, in the first quartile of the cost curve.

我的意思是，我們的成本結構已經降到一個我認為大家都非常印象深刻的水準。這些是對業務成本結構的結構性調整，長期目標是每噸5,400美元，這是非常、非常真實可達的。我的意思是，我們剛在第四季做到每噸5,600美元。這已經使得Cauchari毫無疑問位於成本曲線的第一四分位。

And so we look favorably on the technology that Ganfeng has been pushing ahead. But it has to deliver better CapEx and better OpEx, which we're confident it will, and we'll disclose more when the development plan is finalized mid-2026.

因此，我們對贛鋒一直在推進的技術持正面看法。但它必須帶來更好的資本支出（CapEx）與更好的營運支出（OpEx），我們有信心它會做到；待開發計畫於2026年年中定案後，我們會披露更多資訊。

Corinne Blanchard, Deutsche Bank.

Corinne Blanchard，德意志銀行。

Maybe the first question, I want to come back on the pricing. Obviously, this is quite a big jump from Q2, 1Q, due to the spot market. But can you maybe share your view on expectations throughout 2026 and maybe a sequential view here? That will be helpful.

也許第一個問題，我想回到定價。很明顯，這相較第二季、第一季有相當大的跳升，主要是因為現貨市場。但你能否分享一下你們對2026年全年預期的看法，或是提供一個按季的觀點？那會很有幫助。

And then maybe the second question, maybe, if you can just comment on the financing environment for the expansion? I know you cannot comment extensively on Ganfeng, but there is definitely as well question coming from the conveyors and balance sheet. So anything you can address there?

然後第二個問題，也許你可以評論一下擴產的融資環境？我知道你不能對贛鋒多做評論，但市場確實也有一些問題，來自可轉債以及資產負債表。所以這部分你能說明的有哪些？

I mean pricing, as you know, Corinne, very difficult to predict. I think the visibility that we get is largely through our partner, Ganfeng, which is the largest lithium producer in China. They're seeing very, very strong demand, and it is really based on -- largely on ESS. I think the view is pricing could remain volatile, but expectations are for pricing to remain in and around where it is trading today.

我的意思是，價格如你所知，Corinne，非常難預測。我認為我們獲得的能見度主要來自我們的合作夥伴贛鋒，它是中國最大的鋰生產商。他們看到非常、非常強勁的需求，而這確實主要是由ESS所帶動。我想目前的看法是價格可能仍會波動，但預期價格會維持在大致接近目前交易水準的區間。

I'm not saying that's necessarily our expectation, but that's what we're hearing through our partner in China. And I think part of that is just around -- and I think we had it in one of our slides, because ESS is relatively new, it's growing very quickly. It's relatively opaque versus tracking EVs. There's just not the same maturity of data collection and disclosure that there is in the automotive business.

我不是說那一定是我們的預期，但這是我們透過中國的合作夥伴所聽到的。我認為其中一部分原因在於——我想我們在其中一張投影片也提到——因為ESS相對較新、成長非常快。相較於追蹤電動車（EV），它的資訊透明度較低。在資料蒐集與揭露方面，沒有汽車產業那樣成熟。

So there is a huge divergence of views in terms of what the market is going to be in 2030. Even in 2025, I think people are still trying to reconcile what the actual lithium demand pull-through from ESS installations or shipments was. So I mean Ganfeng's sitting in China, and this is shared by many of the other customers that we've discussed over the last couple of months is that energy storage is certainly on the high end of the bank and consultant range. So that should be very supportive to lithium prices going forward.

因此，對於2030年市場會是什麼樣子，市場觀點存在非常大的分歧。即使在2025年，我想大家仍在試圖釐清ESS裝機或出貨所帶來的實際鋰需求拉動到底是多少。所以我的意思是，贛鋒坐落在中國，而我們在過去幾個月與其他許多客戶討論後也有相同看法：儲能的需求確實位於銀行與顧問機構預估區間的高端。因此，這應該會在未來對鋰價形成非常有力的支撐。

And sorry, just your second question, do you mind repeating that?

抱歉，你的第二個問題是什麼？可以請你再重複一次嗎？

Just asking about financing. And again, you translate it previously with Ganfeng view, but if you can talk about the balance sheet and conveyor and what you intend to do there?

就是在問融資。同樣地，你之前是用贛鋒的觀點來說明，但如果你能談談資產負債表、可轉債，以及你們打算怎麼處理那部分？

Yeah. So I mean I think we're very, very pleased with the progress we've made and strengthened our balance sheet over the last year. So we've closed the $130 million fixed-year debt facility with Ganfeng. We distributed $85 million from the operation, $42 million of which came to LAR.

好的。所以我的意思是，我們對過去一年所取得的進展、以及資產負債表的強化感到非常、非常滿意。我們已經與贛鋒完成了1.30億美元的定期債務融資。我們從營運中分配了8,500萬美元，其中4,200萬美元分配給LAR。

Our cash position is just under $100 million. And meanwhile, at today's prices are anywhere near them, the project is generating meaningful cash flow. So I think taken together, the cash we have on hand, the cash flow capacity of our operations, and a wide range of pricing scenarios provides us with a lot of flexibility and optionality to deal -- to address with the convert.

我們的現金部位略低於1億美元。同時，在目前的價格水準（或接近目前水準）下，該專案正在產生可觀的現金流。因此，我認為綜合來看，我們手上的現金、營運的現金流能力，以及各種不同的價格情境，讓我們在處理——在應對可轉債方面——擁有很大的彈性與選擇性。

I'd say, one thing that I think is important to note is that the lithium price environment has been very challenging over the last couple of years. Anybody following the space would appreciate that for being effect. Meanwhile, LAR has not issued a single share for any financing purposes. And I think that speaks to our discipline, quality of our approach. And we're in a very, very good position right now. So that's on the convert.

我想，有一點很重要需要注意：過去幾年鋰價環境一直非常具挑戰性。任何關注這個產業的人都會理解這一點。同時，LAR在任何融資目的上都沒有發行過一股新股。我認為這反映了我們的紀律與方法的品質。而我們目前處於非常、非常好的位置。所以這就是關於可轉債的部分。

In terms of the financing plan for our growth, I think there are two different distinct paths between PPG and Cauchari. Cauchari stage two has stage one as a foundational backstop. So today's price is $460 million of EBITDA, which can provide some funding of the project. It can also allow us to access debt to finance phase two, and we'll have a lot more information midyear with the development plan.

至於我們成長的融資計畫，我認為在PPG與Cauchari之間有兩條不同且明確的路徑。Cauchari第二階段有第一階段作為基礎性的後盾。因此，以目前價格計算是4.60億美元的EBITDA，可為該專案提供部分資金。它也能讓我們取得債務融資以支應第二期，我們會在年中隨著開發計畫出爐而掌握更多資訊。

On PPG, this is a joint effort with Ganfeng, working with some of Ganfeng's global customers to look at different potential minority partners to bring into that project to provide the majority, if not all, the equity financing required.

至於PPG，這是我們與贛鋒的共同努力，並與贛鋒的一些全球客戶合作，評估引入不同的潛在少數股權合作夥伴加入該專案，以提供所需的大部分、甚至全部股權融資。

Ben Isaacson, Scotiabank.

Ben Isaacson，加拿大豐業銀行。

Hoping I could ask three quick ones. Sam, your costs have improved dramatically over the past eight quarters or so. And I'm just curious, do you think your costs are at sub-$6,000 are a competitive advantage? And why I'm asking that is do you feel that competitive projects in Argentina have the ability to also reach sub-$6,000 area? Or do you think LAR is unique?

希望我可以問三個簡短的問題。Sam，你們的成本在過去大約八個季度大幅改善。我很好奇，你認為低於6,000美元的成本是否是一項競爭優勢？我之所以這樣問，是因為你覺得阿根廷的競爭專案也有能力達到低於6,000美元的區間嗎？還是你認為LAR是獨特的？

I mean there are a lot of different projects in Argentina. So it's hard to paint them all with the same brush. Chemistry composition is obviously a very important factor. Scale is an important factor to get costs down. And then the ability to execute in the technology and selection. So all different factors, but certainly, brines do represent a very attractive resource base to deliver low-cost lithium units into the market.

我的意思是，阿根廷有很多不同的專案。所以很難一概而論。化學成分組成顯然是一個非常重要的因素。規模是降低成本的重要因素。然後還有在技術與方案選擇上的執行能力。所以因素很多，但可以肯定的是，鹵水確實代表一個非常有吸引力的資源基礎，能以低成本的鋰單位供應市場。

I think the second factor is, just in terms of what it represents overall is brine seems to be like the lowest cost, in some ways, most resilient, reliable source of lithium chemical production outside of China. And the entire industry is fixated on how to deliver these chemicals without going through China eventually.

我認為第二個因素是，就其整體所代表的意義而言，鹵水似乎是在某些方面成本最低、最具韌性且可靠的鋰化學品生產來源（中國以外）。而整個產業都聚焦於如何最終在不經由中國的情況下交付這些化學品。

There have been a number of attempts and efforts to bring in conversion capacity outside of China to process spodumene concentrate. I think to date, those plans have been challenging from a cost perspective, from an execution perspective.

過去已有多次嘗試與努力，想在中國以外引入轉化產能來加工鋰輝石精礦。我認為截至目前，從成本角度與執行角度來看，這些計畫都相當具挑戰性。

So I think my answer is, yes, Argentina can be low-cost producers. Yes, I think there is something fundamentally different about what LAR has been able to accomplish at Cauchari and I think that's related to the quality of our underlying resource as well as the design of our stage one plant.

所以我的回答是，是的，阿根廷可以成為低成本生產國。是的，我認為 LAR 在 Cauchari 能夠達成的成果在本質上確實有所不同，而這與我們底層資源的品質以及第一期工廠的設計都有關。

Great. And then just second question. I see that stage two for Cauchari is rated at 45,000 tonnes. Can you talk about debottlenecking opportunities at stage one? Is it possible to get back to 45,000 tonnes? Why or why not?

很好。接著第二個問題。我看到 Cauchari 的第二期規模評定為 45,000 噸。你能談談第一期在去瓶頸（debottlenecking）方面的機會嗎？是否有可能回到 45,000 噸？為什麼可以或不可以？

Yes, I think it could -- with further investment, I think we probably could push it above 40,000 tonnes. I think one of the realities in planning stage two is that we're currently under a RIGI application process. RIGI is a very attractive investment framework in Argentina. It provides a number of fiscal benefits, lower tax rates from $35 million to $25 million, some changes in terms of PAT treatment if it's a non-cash item.

是的，我認為可以——在進一步投資之下，我想我們大概可以把它推升到 40,000 噸以上。我認為在規劃第二期時的一個現實是，我們目前正在進行 RIGI 的申請流程。RIGI 是阿根廷一個非常具吸引力的投資框架。它提供多項財政優惠，例如將稅率從 35% 降到 25%，以及在 PAT 的處理上做一些調整（若屬非現金項目）。

But more importantly, any qualified RIGI -- approved RIGI project, has very clear ability to take cash out of Argentina and keep it out of Argentina. So I think our preference certainly is to make investments in stage two, whereby all of that production sales profit will be captured under the RIGI.

但更重要的是，任何符合資格的 RIGI——獲核准的 RIGI 專案——都非常清楚地允許把現金匯出阿根廷並留在境外。因此，我們的偏好當然是投資第二期，讓所有產量的銷售利潤都能納入 RIGI 架構之下。

Great. And then just my last one, Sam, you have a lot of experience in lithium and in China. And I was hoping you could shed some insights into how you think sodium batteries are evolving? And what it means to lithium demand growth rates and maybe on the EV and on the battery storage side?

很好。最後一個問題，Sam，你在鋰產業以及中國都有很多經驗。我希望你能分享一些見解：你認為鈉電池的發展趨勢如何？以及這對鋰需求成長率意味著什麼，可能在電動車（EV）與電池儲能兩端？

Yeah. I mean we typically hear a lot about sodium-ion batteries, whenever the lithium price starts to spike. And the start of this cycle is no different. So I think our view is that both technologies are improving. LFP has a significant advantage right now in terms of energy density, in terms of weight. And so -- and in terms of cycle life, I should say. So all those are very important for, obviously, the EV segment, any mobility applications, but also energy storage, there's still a significant economic advantage.

是的。我的意思是，每當鋰價開始飆升時，我們通常就會聽到很多關於鈉離子電池的討論。而本輪週期的開始也不例外。所以我認為我們的看法是，兩種技術都在進步。就能量密度與重量而言，LFP 目前有顯著優勢。另外還有循環壽命方面的優勢。因此，這些對 EV 領域、任何移動應用，以及儲能都非常重要，而且在經濟性上仍有顯著優勢。

I think sodium is a legitimate risk is lithium prices were to approach where they were last cycle. That starts to really eat into the economics and forces people to look at substitution. But I don't think we view it as a material threat at today's price level or even significantly higher than today.

我認為如果鋰價接近上一輪週期的水準，鈉電池確實會成為一個合理的風險。那會大幅侵蝕經濟性，迫使人們考慮替代方案。但我不認為在今天的價格水準，或甚至顯著高於今天的水準下，我們會把它視為實質性的威脅。

Mohamed Sidibé, National Bank.

Mohamed Sidibé，國家銀行。

Congrats on the good quarterly cost performance. You answered my questions on the growth -- the cadence of your growth projects as well as financing on that. But maybe back on the cash operating costs that you have, I know you touched on no impact on fuel and diesel, but are you seeing anything from reagents pricing impacting your costs right now at your operations?

恭喜本季成本表現良好。你已回答我關於成長——你們成長專案的推進節奏以及相關融資的問題。但回到你們的現金營運成本，我知道你提到燃料與柴油沒有影響，不過你們目前在營運端是否看到試劑價格對成本造成任何影響？

As of now, we are seeing a very limited impact. Most of the impact will obviously be the input cost of producing the three agents that we have. So we obviously use soda ash, lime, hydrochloric acid. I mean, some -- obviously, all of those do use diesel as an input to the actual production of the reagent itself. None of it travels through the straight of Hormuz, none of it travels through the Middle East, the Red Sea. So from a shipping logistics standpoint, it is somewhat unaffected.

截至目前，我們看到的影響非常有限。大部分影響顯然會來自我們使用的三種試劑的生產投入成本。我們確實使用純鹼、石灰、鹽酸。我的意思是——顯然，這些在試劑本身的實際生產過程中都會以柴油作為投入之一。但它們都不會經過荷姆茲海峽，也不會經過中東或紅海。因此從航運物流角度來看，受到的影響相對不大。

We do understand that the war in the Middle East, the conflict in the Middle East is creating some issues for various fertilizer inputs. We're not exposed to anything of that level of magnitude. Our exposure is really around what is the diesel price going to do? And are those diesel prices going to be forced down into higher input cost for us. And so far, it seems minimal, if at all.

我們確實理解中東戰爭與衝突正在對某些肥料投入品造成一些問題。我們並未暴露在那種量級的影響之下。我們的曝險主要在於柴油價格會怎麼走。以及柴油價格是否會被推升，進而轉化為我們更高的投入成本。到目前為止，看起來影響很小，甚至幾乎沒有。

As of right now, we don't have any pending questions. I'd now like to hand the call back to Kelly for closing remarks.

截至目前，我們沒有任何待回答的問題。我現在想把電話交回給 Kelly 作結語。

Great. Thank you, Ali, and thank you, everyone, for joining us this morning. Please feel free to reach out directly to the team if you have any additional questions. Have a great day. Thanks.

很好。謝謝你，Ali，也謝謝各位今天早上加入我們。如果你有任何其他問題，歡迎直接聯繫團隊。祝各位有美好的一天。謝謝。

Thank you for attending today's call. You may now disconnect. Goodbye.

感謝您參加今天的電話會議。您現在可以中斷連線。再見。