Lithium Argentina AG (LAR) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Lithium Argentina Q1 2026 earnings presentation. (Operator Instructions)

各位好。感謝各位參與，歡迎收聽 Lithium Argentina 2026 年第一季財報簡報。（接線員指示）

I will now hand the conference over to Kelly O'Brien, VP, Investor Relations. Kelly, please go ahead.

現在我將把會議交給投資人關係副總裁 Kelly O'Brien。Kelly，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 first-quarter 2026 results is Sam Pigott, CEO of Lithium Argentina. Alex Shulga, our CFO, will also be available for Q&A.

謝謝介紹。我想在今天早上的電話會議中歡迎各位。今天與我一同在電話會議上討論 2026 年第一季業績的是 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提供回應。

Before we begin, I would like to cover a few items. Our first quarter 2026 earnings results were press released earlier this morning, and the corresponding documents are available on our website.

在開始之前，我想先說明幾點。我們 2026 年第一季財報已於今天稍早以新聞稿發布，相關文件亦已上傳至公司網站。

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.

提醒各位，本次電話會議中的部分陳述（包括任何產量指引、預期公司表現、開發計畫更新、專案時程以及市場狀況）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）及新聞稿中關於前瞻性陳述的警示性用語。

I will now turn the call over to Sam Pigott.

現在我把電話會議交給 Sam Pigott。

Good morning, everyone, and thank you for joining us. The first quarter of 2026 represented another very strong quarter as Cauchari-Olaroz continued to operate at or near design capacity while beginning to generate meaningful cash flow.

各位早安，感謝各位參與。2026 年第一季再度呈現非常強勁的表現，Cauchari-Olaroz 持續以或接近設計產能運轉，並開始產生具規模的現金流。

During the quarter, production totaled about 9,700 tonnes of lithium carbonate with the operation averaging approximately 97% of nameplate capacity, a level we've been able to consistently run for the past two quarters. This performance also highlights the progress we are making on costs.

本季產量合計約 9,700 噸碳酸鋰，營運平均約達名目產能的 97%，這也是我們過去兩季能夠持續維持的運轉水準。這項表現也凸顯我們在成本方面所取得的進展。

First quarter operating cash costs were down again to just under $5,400 per tonne, making Cauchari-Olaroz one of the lowest cost lithium operations globally. I also want to highlight that since the beginning of the year, we have been able to distribute around $100 million in cash from Cauchari-Olaroz, $48 million for Lithium Argentina's share, strengthening our balance sheet and highlighting the cash-generating capability of the operation.

第一季營運現金成本再度下降至每噸略低於 5,400 美元，使 Cauchari-Olaroz 成為全球成本最低的鋰礦營運之一。我也想強調，自年初以來，我們已能自 Cauchari-Olaroz 分配約 1 億美元現金，其中 4,800 萬美元屬於 Lithium Argentina 的持分，這強化了我們的資產負債表，也凸顯該營運的現金創造能力。

This quarter reinforces the importance of Cauchari-Olaroz, both in what we've achieved with Stage 1 and in the opportunity to grow from here. On the left side of the slide, we've summarized operational and financial metrics for the quarter at Cauchari-Olaroz, which reflect both strong operations and an improving lithium pricing environment.

本季再次印證 Cauchari-Olaroz 的重要性，不僅在於我們於第一階段所達成的成果，也在於自此持續成長的機會。投影片左側彙總了本季 Cauchari-Olaroz 的營運與財務指標，反映出強勁的營運表現以及改善中的鋰價環境。

As noted previously, realized prices increased to just under $17,000 per tonne for the first three months of the year compared to just over $9,000 per tonne in the fourth quarter last year. Combined with stable production and continued cost discipline, we have produced an over threefold increase in EBITDA quarter over quarter. Adjusted EBITDA, which removes primarily noncash FX fluctuations, increased to $106 million for the quarter, up from $30 million in the fourth quarter.

如先前所述，今年前三個月的實現價格上升至每噸略低於 17,000 美元，相較去年第四季每噸略高於 9,000 美元。在產量穩定與持續成本紀律的共同作用下，我們的 EBITDA 季對季增加逾三倍。調整後 EBITDA（主要剔除非現金的匯率波動影響）本季增至 1.06 億美元，高於第四季的 3,000 萬美元。

Turning to costs, last quarter, we highlighted the progress of our cost reduction efforts at the operation, and I am pleased to say that we reduced them even further in the first quarter, bringing our cash operating costs down below $5,400 per tonne. While these costs demonstrate what the operation is capable of, some quarter-to-quarter variability should be expected as we remain focused on driving costs lower over the long term.

談到成本，上季我們強調了營運端降本措施的進展，我很高興地表示，我們在第一季進一步降低成本，將現金營運成本降至每噸 5,400 美元以下。雖然這些成本展現了該營運可達成的水準，但在我們持續聚焦長期降本的同時，仍應預期各季之間會有一定的波動。

We are also watching the situation in the Middle East closely. And so far, we are seeing a limited impact related to costs and availability of key supplies of reagents such as soda ash. The operations at Cauchari-Olaroz do not require an energy-intensive process, have minimal diesel needs and do not need sulfuric acid, relying principally on solar evaporation.

我們也正密切關注中東局勢。截至目前，我們看到對成本以及純鹼等關鍵試劑供應可得性的影響有限。Cauchari-Olaroz 的營運不需要高耗能製程，柴油需求極低，也不需要硫酸，主要依賴太陽能蒸發。

As noted previously, direct diesel consumption makes up less than 3% of our direct operating costs. I think it's important to spend some time showing how the EBITDA generated at Cauchari-Olaroz translates to cash flow. As mentioned, during Q1, the operation generated $106 million in adjusted EBITDA. There is roughly a two-month lag between when these sales are made and when the cash is received at the operation.

如先前所述，直接柴油消耗占我們直接營運成本的比重不到 3%。我認為有必要花一些時間說明 Cauchari-Olaroz 所產生的 EBITDA 如何轉化為現金流。如前所述，第一季該營運產生 1.06 億美元的調整後 EBITDA。從完成銷售到營運端收到現金之間，大約有兩個月的時間落差。

As we've outlined, we are expecting over 90%, nearly all of this EBITDA to convert to free cash flow this year and support our growth plans by providing capital to strengthen and derisk our balance sheet. We expect this cash flow generation should become increasingly evident through the second and third quarters.

如我們所概述，我們預期今年超過 90%（幾乎全部）的 EBITDA 將轉化為自由現金流，並透過提供資本來支持我們的成長計畫、強化並降低資產負債表風險。我們預期這項現金流創造能力將在第二季與第三季愈發明顯。

In terms of adjustments, during the first quarter, sustaining CapEx was even lower than normalized levels estimated at around $4 million to $5 million per quarter. On the interest side, we have a small amount of third-party project level debt, which is approximately the same as it was at the beginning of the year, even after making around $100 million in distributions and represents less than 0.5 times net debt to Q1 EBITDA on an annualized basis.

就調整項目而言，第一季維持性資本支出甚至低於我們估計的常態水準（每季約 400 萬至 500 萬美元）。在利息方面，我們有少量第三方專案層級負債；即使在分配約 1 億美元現金之後，其規模仍與年初大致相同，按年化基礎計算，淨負債對第一季 EBITDA 的倍數低於 0.5 倍。

Related to tax and other costs, we expect cash taxes to increase in the coming years, but we are realizing the benefits of accelerated depreciation in our intercompany loan structure, which is providing a much stronger cash flow generation during these early years of operations. The high level of cash flow generation from EBITDA during both high- and low-price scenarios is important to understand to see how we will leverage this cash flow to support our expansion plans and derisk our balance sheet.

就稅負及其他成本而言，我們預期未來幾年現金稅將增加，但我們正受益於公司間貸款架構中的加速折舊，這在營運初期幾年帶來更強勁的現金流創造能力。在高價與低價情境下，EBITDA 轉化為現金流的高水準能力非常重要；理解這點有助於看出我們將如何運用這些現金流來支持擴產計畫並降低資產負債表風險。

Now turning to our outlook for 2026, this year's production guidance of 35,000 to 40,000 tons remains unchanged. This estimate has some flexibility built in as we look to optimize this year's production and also consider efforts to support sustained higher production levels in the years to come.

接著談 2026 年展望，今年的產量指引 35,000 至 40,000 噸維持不變。此估計包含一定彈性，以便我們在優化今年產量的同時，也考量支持未來幾年維持更高且可持續的產量水準之相關工作。

We have provided an EBITDA outlook across a range of prices and see substantial upside as market reference prices move closer to the futures pricing. Currently, our realized prices include an approximate 6% to 7% adjustment to market pricing.

我們已在不同價格區間提供 EBITDA 展望，並認為當市場參考價格更接近期貨定價時，仍有可觀上行空間。目前，我們的實現價格相對於市場定價約有 6% 至 7% 的調整幅度。

We expect this differential will decrease as consistency continues to improve and product quality evolves. Recent lithium prices range from roughly $20,000 to $30,000 per ton. At those levels, the operation is capable of generating approximately $460 million to $630 million of EBITDA in 2026 on a 100% basis.

我們預期隨著一致性持續改善、產品品質逐步提升，這個價差將會縮小。近期鋰價約落在每噸 20,000 至 30,000 美元區間。在該等價格水準下，以 100% 基礎計算，該營運在 2026 年可望產生約 4.6 億至 6.3 億美元的 EBITDA。

Moving to the market, we are seeing a much more constructive view on price and the sustainability of these higher prices based on accelerating energy storage demand. On the EV side, we are seeing a much stronger outlook today, including for commercial vehicles than at the start of the year. This is supported by recent developments in the oil market as well as the increasingly strong performance in low cost of batteries, which now offer longer ranges and faster charging capabilities.

回到市場面，我們看到基於儲能需求加速成長，市場對價格以及這些較高價格可持續性的看法更為正向。在電動車方面，我們目前看到更強勁的展望，包括商用車在內，相較年初更為樂觀。這也受到近期油市發展的支持，以及電池低成本化所帶來的愈發強勁表現；目前電池可提供更長續航里程與更快充電能力。

It will take time to bring on enough new lithium supply to meet that growing demand. Large-scale and high-quality projects with experienced teams and a successful track record are rare. Against that backdrop, we believe assets like Cauchari-Olaroz Stage 2 and PPG are becoming increasingly strategic within the global lithium supply chain.

要引入足夠的新鋰供應以滿足不斷成長的需求，仍需要時間。具備經驗團隊與成功實績、且能達到大規模與高品質的專案相當稀少。在此背景下，我們認為像 Cauchari-Olaroz 第二期與 PPG 這類資產，在全球鋰供應鏈中的戰略重要性正日益提升。

During the first quarter, we made substantial progress advancing and derisking our Stage 2 development plan, which is targeting to add an additional 45,000 tonnes per year of production capacity. One of the key upcoming milestones is the approval of the RIGI application, which was filed late last year. We understand this is progressing well and could be approved as early as this quarter.

在第一季，我們在推進並降低第二期開發計畫風險方面取得重大進展；該計畫目標是新增每年 45,000 噸的產能。接下來的重要里程碑之一，是去年底提交的 RIGI 申請獲得核准。我們了解該流程進展順利，最早可能在本季獲得批准。

Another important catalyst is the advancement of the environmental permits. This is underpinned by a recently updated resource estimate and a basin-wide hydro geological model supporting the project's ability to sustainably extract brine needed for these higher production levels. We are working closely with our partner to finalize the development plan midyear.

另一項重要催化劑是環境許可的推進。其基礎來自近期更新的資源量估算，以及一個涵蓋整個盆地的水文地質模型，該模型支持專案能以可持續方式抽取達到更高產量所需的鹵水。我們正與合作夥伴密切合作，力求在年中敲定開發計畫。

Building off the success of Stage 1, the plan is expected to incorporate new technologies while leveraging Ganfeng expertise in lithium chemical processing and modular construction capabilities in China to help optimize timelines and overall development costs. We believe future growth should be funded in a manner aligned with shareholder interests, prioritizing Stage 1 cash flow generation, and access to low-cost project level debt where appropriate, while minimizing the need for equity issuance and limiting shareholder dilution.

在第一期成功的基礎上，預期該計畫將納入新技術，同時運用贛鋒在鋰化學加工方面的專業，以及其在中國的模組化建造能力，以協助優化時程並降低整體開發成本。我們認為未來成長的資金來源應以符合股東利益的方式安排：優先依靠第一期的現金流創造能力，並在適當情況下取得低成本的專案層級債務，同時將發行股權的需求降至最低並限制股東稀釋。

I want to spend a minute talking about the communities around Cauchari-Olaroz because these relationships are an important part of the operation. We've been working in the region for many years now and have built long-term relationships with communities across the region through agreements, local hiring, procurement and ongoing engagement as the operation has grown. And I think that's important context as we discuss Stage 2.

我想花一點時間談談 Cauchari-Olaroz 周邊社區，因為這些關係是營運的重要一環。我們在該地區已經耕耘多年，隨著營運規模擴大，透過協議、在地聘用、採購以及持續互動，與各地社區建立了長期關係。我認為在我們討論第二期時，這是很重要的背景脈絡。

We expect ongoing dialogue with the neighboring communities where important relationships have been built and expect this to be an important part of supporting the next phase of growth at Cauchari-Olaroz.

我們預期將與鄰近社區持續對話；這些重要關係已經建立，並預期將成為支持 Cauchari-Olaroz 下一階段成長的重要部分。

Moving to PPG, this is an equally important part of our longer-term growth platform in Argentina and represents a key source of value. As a reminder, the scoping study released late last year outlined a phased development plan targeting up to 150,000 tons of lithium carbonate production over time, beginning with an initial 50,000 tonne phase.

接著談 PPG，這同樣是我們在阿根廷長期成長平台中同等重要的一環，並代表一個關鍵的價值來源。提醒一下，去年底發布的初步範疇研究（scoping study）概述了一個分期開發計畫，目標是隨時間推進將碳酸鋰產量提升至最多 150,000 噸，並以初期 50,000 噸的階段作為起點。

By combining three separate projects, we believe PPG will be one of Argentina's largest lithium operations, benefiting from scale and synergies related to being a single operator across one single massive lithium system. Our focus here is also to derisk and provide a path to value creation for Lithium Argentina's shareholders.

透過整合三個獨立專案，我們相信 PPG 將成為阿根廷最大的鋰營運之一，並可受益於規模效益與協同效應，因為由單一營運商在同一個龐大的鋰系統中進行整體運作。我們在此的重點同樣是降低風險，並為 Lithium Argentina 的股東提供一條創造價值的路徑。

Working with Ganfeng, we are looking at the option to bring in a minority investor at the project level. So far, we have been very pleased with both the level and breadth of interest there is from global groups seeking exposure to large-scale, low-cost and scalable lithium supply from brines.

我們與贛鋒合作，正在評估在專案層級引入少數股權投資人的選項。截至目前，我們對全球各方的興趣程度與廣度都非常滿意；這些團體希望參與來自鹵水、具大規模、低成本且可擴展的鋰供應。

PPG is on a strong path to create value. The combined assets have a historic book value of $1.7 billion based on investments made and the development plan has a range of NPV values from $6 billion to $8 billion. Overall, I believe finding a minority partner for PPG represents an opportunity to continue growing responsibly and unlocking significant value in a manner that does not require equity dilution or reliance on cash flow from Cauchari-Olaroz.

PPG 正走在強勁的價值創造道路上。合併後資產的歷史帳面價值為 17 億美元（基於已投入的投資），而該開發計畫的淨現值（NPV）區間約為 60 億至 80 億美元。整體而言，我認為為 PPG 尋找少數股權合作夥伴，是一個在不需要股權稀釋、也不依賴 Cauchari-Olaroz 現金流的情況下，持續負責任成長並釋放重大價值的機會。

As we look ahead, our focus remains on disciplined execution at Cauchari-Olaroz. The stronger financial position established over the past year, supported by distributions from Cauchari-Olaroz and the recently completed debt facility alongside Ganfeng provides additional financial flexibility. At the same time, we continue to advance and systematically derisk our broader growth platform, which includes Stage 2 and PPG.

展望未來，我們的重點仍是以嚴謹的執行力推進 Cauchari-Olaroz。過去一年建立起更強健的財務狀況，在 Cauchari-Olaroz 的分配款支持下，加上近期與贛鋒共同完成的債務融資安排，提供了額外的財務彈性。同時，我們持續推進並有系統地降低更廣泛成長平台的風險，其中包括第二期與 PPG。

These projects will benefit from the ongoing permitting progress, rigging approvals, development planning, and other key upcoming technical and financial milestones. As we look to broaden our investor base and improve market visibility globally, we are considering plans for a secondary listing on the ASX, which we believe could further strengthen our position with international investors and support long-term shareholder value.

這些專案將受益於持續的許可進展、RIGI 核准、開發規劃，以及其他即將到來的關鍵技術與財務里程碑。在我們尋求擴大投資人基礎並提升全球市場能見度之際，我們正考慮在澳洲證券交易所（ASX）進行第二上市的計畫；我們相信這可進一步強化我們在國際投資人中的地位，並支持長期股東價值。

Our focus remains on disciplined execution and continuing to systematically derisk the broader growth platform in Argentina.

我們的重點仍是嚴謹執行，並持續有系統地降低在阿根廷更廣泛成長平台的風險。

(Operator Instructions) Anthony Taglieri, Canaccord.

（接線員指示）Anthony Taglieri，Canaccord。

What might be a good expectation for cash distributions coming from the JV for the rest of the year, just given obviously the $48 million attributable generated year to date, 90% free cash flow conversion targeted? And how does this mesh with other objectives like paying down debt and funding the Stage 2 expansion?

就今年剩餘時間而言，考量到截至目前歸屬已產生 4,800 萬美元，且目標為 90% 的自由現金流轉換率，對於合資企業（JV）可能發放的現金分配，合理的預期會是什麼？此外，這與其他目標（例如償還債務與為第二期擴建提供資金）之間要如何協調？

Yes. I think the way we look at it is that the project is going to be generating a significant amount of cash that will show up in Q2, Q3, Q4, the remainder of the year. I think between prices of $20 to $30, it's EBITDA of $460 million to $630 million, cash flow conversion of 90%. So you can see how the cash is going to build within the business.

是的。我認為我們的看法是，該專案將產生相當可觀的現金，並會在第二季、第三季、第四季，也就是今年剩餘期間反映出來。我認為在價格 20 至 30 美元之間，EBITDA 約為 4.6 億至 6.3 億美元，自由現金流轉換率為 90%。因此你可以看到現金將如何在企業內部逐步累積。

I think the priority number one will be redeploying part of that cash into preparing for Stage 2. However, it's certainly not going to absorb that amount of cash. So for the remainder, I think the secondary priority will be to make cash distributions.

我認為第一優先事項會是將其中一部分現金重新投入，用於為第二期做準備。不過，這當然不會吸收那麼多現金。因此對於其餘部分，我認為第二優先事項將是進行現金分配。

The joint venture level debt profile has improved a lot. So it's been termed out, very low cost, currently running at 0.5 times net debt to kind of annualized Q1 EBITDA. So we feel very comfortable with that.

合資企業層級的債務結構已大幅改善。因此債務已完成期限配置，成本非常低；目前以淨負債對年化第一季 EBITDA 計算約為 0.5 倍。所以我們對此感到非常安心。

So I think we'll continue to work in align with Ganfeng on making cash distributions throughout the year and also spending on early-stage CapEx, certainly after we get the rig approval for Stage 2 in preparation for the expansion that will be coming.

因此我認為我們將持續與贛鋒協同合作，在全年進行現金分配，同時也投入早期資本支出（CapEx）；當然是在我們取得第二期的 RIGI 核准之後，以便為即將到來的擴建做準備。

Okay. Great. And maybe just following up with that, assuming the approval comes soon, what could sort of CapEx expectations look like this year then?

好的。很好。那再追問一下，假設核准很快就下來，今年的資本支出預期大概會是什麼樣子？

I mean I think for the full FID decision, that's going to depend on getting environmental permits in place, which is really a 2027 event. I think the RIGI will help in terms of catalyzing or accelerating that potential permitting process. But there are things that we can start to look at in order to accelerate Stage 2, but these would be fairly immaterial CapEx expenditures in 2026.

我的意思是，我認為就完整的最終投資決策（FID）而言，這將取決於環境許可是否到位，而那基本上會是 2027 年的事情。我認為 RIGI 將有助於催化或加速潛在的許可流程。但我們確實可以開始評估一些可用來加速第二期的事項，不過這些在 2026 年將屬於相當不重大的資本支出。

Joel Jackson, BMO Capital Markets.

Joel Jackson，BMO 資本市場。

It's Evan on for Joel. Just wanted to discuss some of the puts and takes on the pricing discounts this year. So I know there's a VAT and the quality discount. And if you don't mind kind of discussing how that's going to flow throughout the year? And maybe if that's steady state, what we're seeing in Q1?

我是 Evan，代替 Joel 發言。想討論一下今年定價折扣的一些利多與利空因素。我知道有增值稅（VAT）以及品質折扣。如果方便的話，能否談談這些因素在全年會如何反映？以及如果是穩態情境，我們在第一季看到的是什麼？

Yes. I mean for Q1, what we disclosed was the -- we were taking a 6% to 7% discount from reference prices. So these are reference prices stripped of Chinese VAT.

是的。就第一季而言，我們揭露的是——我們相對於參考價格承受了 6% 到 7% 的折扣。這些參考價格已剔除中國的增值稅（VAT）。

I think looking ahead, there's room for improvement here. The consistency of our product continues to improve. the product quality also evolves. So I think there is room to improve on what we had in Q1 throughout the rest of the year.

我認為往前看，這裡仍有改善空間。我們產品的一致性持續提升，產品品質也在演進。因此我認為，相較於第一季的水準，在今年其餘時間仍有機會改善。

And certainly, as we move into 2027, and we've talked a lot about this in the past, the objective of our partner and ourselves is to be able to supply lithium chemicals directly to customers without going through China and therefore, being able to capture kind of the full spot price. So I think you can -- for modeling assumptions, I think the 6% to 7% discount from reference price, there is room throughout the year for that to improve.

而且，當然，隨著我們邁向 2027 年——我們過去也談過很多次——我們的合作夥伴與我們的目標，是能夠直接向客戶供應鋰化學品，而不必經由中國，從而能夠掌握接近完整的現貨價格。所以我想你可以——就建模假設而言，參考價格 6% 到 7% 的折扣，在今年內是有改善空間的。

Okay. Just a second one. Sort of your progress on Phase 2 with 3D expected soon, anything new on PPG? Or is that still similar as is the last update?

好的。第二個問題。你們在第二期（Phase 2）的進展，預期很快會有 3D（資料/成果），PPG 方面有沒有新消息？還是仍與上次更新差不多？

It's -- yes, I think we're making significant progress on advancing options, which we have many to unlock value for this project, including potentially bringing in a minority partner. It's a bit premature at this point to provide specific timing around that event, but we would hope to provide more color midyear, probably around the same time when we're providing updates on Stage 2 development plans.

是——是的，我認為我們在推進各種選項方面取得了顯著進展；我們有很多選項可以為這個專案釋放價值，包括可能引入少數股權合作夥伴。但目前要提供該事件的具體時程還有點言之過早；我們希望在年中提供更多說明，大概會在我們更新第二階段（Stage 2）開發計畫的同一時間。

But just as a reminder, we have made the submission for the RIGI for the PPG project, which will be an important catalyst. Permits for Phase 1, the first 50,000 tonne development plan, which will start in Venezuela have been secured.

不過提醒一下，我們已就 PPG 專案提交了 RIGI 申請，這將是一個重要的催化劑。第一期（Phase 1）——首個 5 萬噸開發計畫——將在委內瑞拉啟動，其許可已取得。

So it's just working with Ganfeng, not necessarily rushing a decision, but ensuring that we make the best decision for shareholders that maximizes value and provides kind of the foundational capital required to fund the Stage 1 CapEx.

所以目前就是與贛鋒合作，不一定要急著做決定，而是要確保我們為股東做出能最大化價值的最佳決策，並提供為第一階段資本支出（Stage 1 CapEx）融資所需的基礎資金。

Corinne Blanchard, Deutsche Bank.

Corinne Blanchard，德意志銀行。

Maybe first, can you guys talk about lithium pricing? I mean, obviously, you got a good inflation point for this quarter. And I think if you look at spot price in lithium futures a few days ago, that would imply to see another big jump in 2Q and probably 3Q. But it would be great to hear where do you think that can go to for in the next two, three quarter?

首先，你們能談談鋰價嗎？顯然你們本季的實現價格（realized pricing）有不錯的上行。而且我想如果看幾天前鋰期貨的現貨價格，這意味著第二季、可能第三季還會再大幅跳升。但很想聽聽你們認為未來兩到三個季度可能走到哪裡？

I mean, predicting short-term moves in lithium prices is a challenging business, as you know. I think the read-through we get from our partner who obviously have a tremendous amount of kind of insights and touch points within China is the market is extremely tight.

如你所知，預測鋰價的短期波動是一門很具挑戰的工作。我認為我們從合作夥伴那裡得到的解讀是——他們在中國市場顯然有大量洞見與接觸點——市場非常吃緊。

So yes, I mean, pricing has continued to climb pretty aggressively since Q1 in our realized pricing. So we feel pretty strongly that, that market will continue to -- the market demand will continue to support these higher prices.

所以是的，自第一季以來，我們的實現價格所反映的定價持續相當積極地上升。因此我們相當有信心，市場需求將持續支撐這些較高的價格。

In terms of where it reaches, I'm reluctant to provide that kind of granular forecast. But we feel very, very good about Q2, obviously, and throughout the rest of this year.

至於會到什麼水準，我不太願意提供那麼細的預測。但我們對第二季當然非常、非常有信心，也對今年其餘時間很有信心。

And then maybe for a second question, can you talk about -- I think you mentioned wanted to be doing the ASX inclusion. Is that the only index that you're thinking of maybe for a secondary listing? Or are you thinking any in Asia like Hong Kong or so?

第二個問題，你能談談——我想你提到希望納入 ASX 指數。這是你們考慮作為第二上市的唯一指數嗎？還是也在考慮亞洲其他市場，例如香港之類？

I mean I think, yes, we've looked at all different avenues to try and broaden our visibility globally. And I think the ASX has emerged as one of the strongest areas, I think, for lithium producers like Lithium Argentina. I think it's a market that appreciates free cash flow and the cost profile of brines and has also kind of taken notice of larger mining companies moving into Argentina and the change of the risk profile there.

我的意思是，是的，我們看過各種不同途徑，試圖在全球擴大能見度。而我認為 ASX 已成為最強的選項之一，特別是對像 Lithium Argentina 這樣的鋰生產商而言。我認為那是一個重視自由現金流、也理解鹵水（brine）成本結構的市場；同時也注意到大型礦業公司正進入阿根廷，以及當地風險輪廓的改變。

So yes, I mean, I think the ASX does stand out. We obviously have no plans to get rid of the New York Stock Exchange listing. But I think the ASX could be useful as we spend more time in Asia Pacific and Australia. And just on the ASX, we're advancing a plan. It could have us listed there as early as midyear.

所以是的，我的意思是，ASX 的確很突出。我們當然沒有計畫取消紐約證券交易所的上市。但我認為，隨著我們在亞太與澳洲投入更多時間，ASX 可能會很有用。至於 ASX，我們正在推進一項計畫。最快可能在年中就能在那裡掛牌。

But we should note that this is a secondary listing, and we're certainly not planning for any IPO or financing associated with this listing plan. But from all our research, it does indicate that the ASX would be very supportive of a company like Lithium Argentina and the low-cost brine profile that we would provide investors there.

但我們要說明，這是第二上市，我們當然不打算就這個上市計畫進行任何 IPO 或融資。不過根據我們所有研究，結果顯示 ASX 會非常支持像 Lithium Argentina 這樣的公司，以及我們能為當地投資人提供的低成本鹵水資產輪廓。

Ishan Jain, HSBC.

Ishan Jain，匯豐銀行。

Great set of numbers. Just following up on your listing plan in Australia. So what I understand is not for the funding or financing the next leg of growth probably, but to improve, I'll say, the investor interest or given broadening the access. Is that the correct assumption?

數字表現很不錯。我想追問你們在澳洲的上市計畫。所以我的理解是，這不是為了籌資或為下一階段成長融資，而是為了提升——我會說——投資人興趣，或是擴大投資人接觸管道。這樣的假設正確嗎？

That's the correct assumption, yes.

是的，這個假設是正確的。

Yes. And secondly, on the cost side, you did highlight, right, your long-term target is of $5,400 per tonne cost. So is there scope of further improvement in this target? Should we expect it to further lower costs from the current levels?

好的。第二個問題，在成本方面，你們確實提到長期目標是每噸 5,400 美元的成本。這個目標還有進一步改善的空間嗎？我們是否應該預期成本能從目前水準再往下？

I mean $5,400 was a number that we put out at the beginning of the year to reflect our existing cost structure at nameplate capacity at $40,000 per tonne. I think we're obviously very comfortable in that assumption given that Q1 costs came in slightly below that or in line with that, even at 96.8% operating capacity.

我的意思是，5,400 美元是我們在年初提出的數字，用來反映在名目產能（nameplate capacity）每噸 40,000（即年產 40,000 噸）下，我們既有的成本結構。我想我們對這個假設顯然非常有把握，因為第一季成本略低於或大致符合該水準，即使當時營運產能利用率為 96.8%。

So I mean, I think there is opportunities longer term for us to look at ways to bring costs down. Those probably come from elements of continuing to improve recoveries, continue to optimize the plant. But at this stage, given $5,400 was kind of a number we put out at the beginning of the year based on our existing cost structure, I think we'll stick to that.

所以我的意思是，長期來看，我們確實有機會尋找降低成本的方法。這些可能來自持續提升回收率、持續優化工廠等要素。但在這個階段，鑑於 5,400 美元是我們基於既有成本結構在年初提出的數字，我想我們會維持這個目標。

But with the caveat that, of course, especially working with our partner, we're always looking for ways to bring down costs. And I think we're very comfortable with what we put out just a few months ago in terms of where long-term costs would be, and that happened very quickly.

但需要補充的是，當然，特別是在與我們的合作夥伴合作時，我們一直在尋找降低成本的方法。而且我認為，就我們在幾個月前所提出的長期成本水準而言，我們非常有信心，而那件事進展得非常快。

Mac Whale, ATB Cormark.

Mac Whale，ATB Cormark。

You gave some indication for -- at current prices, what the EBITDA looks like. In terms of the pricing, is that with the VAT off of that reference pricing and still the discount? Like what are the -- what's the basis on pricing for that?

你們對於——在目前價格下，EBITDA 看起來如何，給了一些指引。就定價而言，那是以參考價格扣除增值稅（VAT）之後、並且仍然包含折扣的情況嗎？也就是說——定價的依據是什麼？

Yes, that's right. So that reference price, the $20 to $30 is like ex VAT.

是的，沒錯。所以那個參考價格，也就是 20 到 30 美元，是不含 VAT 的。

Okay. And then -- but then you're just putting in that pricing, you're assuming there's no further discount in terms of generating those numbers. I just want to make sure I'm modeling.

好的。然後——但你們在套用那個價格時，是假設在產生那些數字時不再有進一步折扣。我只是想確認我建模方式正確。

No, that would be assumed discount as well.

不，那也會假設包含折扣。

Okay. Can you also -- can you remind us how the royalty payment works? It seems higher than I'm modeling. I just wanted to check that I've got that correct. It's based off like a gross profit number less depreciation. Is that correct, like some percentage of that?

好的。你也可以——提醒我們權利金（royalty）付款是怎麼運作的嗎？看起來比我模型裡的要高。我只是想確認我理解正確。它是以類似毛利數字扣除折舊後為基礎嗎？是這樣嗎，也就是那個的某個百分比？

That's broadly correct, but maybe I'll turn it over to Alex to provide a little bit more detail.

大致上是正確的，但也許我把問題交給 Alex，請他提供更詳細的說明。

Yes, sure, Mac. So we have several taxes, royalties. We have export tax less refund and we have provincial royalties, which are the kind of larger parts of what kind of goes below C1 cost. If you take, for example, export tax, then that's revenue minus certain expenses like temporary imports for some of the reagents. And that's net of export refunds approximately 2.87%, 2.9%.

好的，當然，Mac。所以我們有幾種稅費、權利金。我們有出口稅扣除退稅，還有省級權利金，這些是構成 C1 成本以下項目中較大的部分。例如以出口稅來說，它是收入減去某些費用，例如部分試劑的暫時進口成本。再扣除出口退稅後，約為 2.87%、2.9%。

So that's kind of connected to revenue. That's why it jumped up as well, right? And then in terms of provincial royalties, that is 3% of revenue minus C1 cost less certain deductions, if I were to look at it in a simple way.

所以這基本上是與收入連動的。這也是為什麼它也會跳升，對吧？至於省級權利金，簡單來看，是收入的 3% 減去 C1 成本，再扣除某些扣除項。

So when you -- I guess, if we were to look at pricing like this $12.5 million on selling duties and royalties, kind of a bunch lumped in there. Some, I guess, is sort of more fixed, but I'm just trying to figure out how --

所以當你們——我想，如果我們用這種定價來看，像是 1,250 萬美元的銷售稅費與權利金，裡面把很多項目合併在一起。其中有些我猜是比較固定的，但我只是想弄清楚——

Part -- yes, there's part that's a percentage of revenue, and that's a part that is a fixed deduction from that. So yes, it's a bit of a combination, but a significant portion is connected to revenue. That's why it jumps up.

部分——是的，有一部分是收入的百分比，另外也有一部分是從中扣除的固定扣減。所以是的，這有點像是組合，但相當大一部分是與收入連動的。這就是為什麼它會跳升。

So when we -- if we're trying to come up with an EBITDA number at the Cauchari-Olaroz level, that should all be negative to EBITDA, right? So if we -- there should be nothing in there that's not -- that we would take out of EBITDA would there or add back?

所以當我們——如果我們想在 Cauchari-Olaroz 層級算出 EBITDA，這些都應該會對 EBITDA 造成負面影響，對吧？所以如果我們——裡面應該沒有任何不是——我們會從 EBITDA 中剔除或加回的項目吧？

No, because all of this we include in EBITDA, right? So this export taxes, expert funds, all of this is already deducted from EBITDA.

沒有，因為這些我們都已經納入 EBITDA 了，對吧？所以這些出口稅、出口退稅，所有這些都已經從 EBITDA 中扣除了。

Okay. So we should be looking at all things being equal, that level, there isn't any onetime stuff in there. It should be kind of trending higher as pricing rises.

好的。所以在其他條件相同下，從那個層級來看，裡面沒有任何一次性項目。它應該會隨著價格上升而呈現走高的趨勢。

Yes, that's right.

是的，沒錯。

Mohamed Sidibe, National Bank.

Mohamed Sidibe，National Bank。

Congrats on the strong numbers in the quarter. You reported pretty good cost in Q1, and I appreciate your commentary on the long-term cost there. I was just wondering if you could maybe provide us some color on inflation in country and potential FX impact. It seems like you've been managing to offset most of that through your operational improvements, but any color would be useful there.

恭喜本季繳出強勁的數字。你們在第一季報告的成本相當不錯，我也感謝你們對長期成本的評論。我只是想請你們或許提供一些關於國內通膨以及潛在匯率（FX）影響的說明。看起來你們透過營運改善已經抵銷了大部分影響，但任何補充說明都會很有幫助。

Inflationary pressures, I think obviously, diesel prices globally have gone up. Argentina is not immune. Luckily for us, direct oil and gas diesel costs are less than 3% of our OpEx. So it is -- there will be some inflation there, but it is a very immaterial kind of piece of our cost structure.

通膨壓力方面，我想很明顯地，全球柴油價格已經上升。阿根廷也無法置身事外。幸運的是，對我們而言，直接的油氣柴油成本占我們營運費用（OpEx）不到 3%。所以——會有一些通膨，但在我們的成本結構中是非常不重要的一塊。

In terms of wages, yes, I mean, there's constantly kind of fluctuations in terms of how inflation is running versus devaluation and the impact on kind of like the dollar equivalent cost of peso labor expenses. But again, those are somewhat manageable and not all that material. So we feel very good about our cost profile and kind of our insulation against kind of broader inflationary trends globally.

就薪資而言，是的，我的意思是，通膨走勢與貨幣貶值之間，以及其對以美元計價的比索勞務成本的影響，會持續有波動。但同樣地，這些是相對可控的，也不是那麼重大。因此我們對自身的成本輪廓，以及對全球更廣泛通膨趨勢的抵禦能力，感到非常有信心。

Great. And just on the ASX listing, maybe I know you clarified no plan on removing the New York Stock Exchange. What are your thinking around the TSX? Is that something that's up for debate? Or how do you look at that listing?

很好。另外關於 ASX 上市，我知道你們已澄清沒有計畫撤出紐約證券交易所。那你們對 TSX 的想法是什麼？那是仍在討論中的事情嗎？或者你們如何看待那個上市地？

I mean, yes, we're evaluating just kind of the puts and takes of obviously, the Australian listing, which I think as I described, seems to be a market that would be supportive of bringing on kind of a brine exposure, which is something that is unique, not -- wouldn't just be unique to the ASX, but I think really in terms of pure-play equity exposures in the brine space, it's a pretty limited pool of options that investors globally have.

我的意思是，是的，我們正在評估澳洲上市的利弊取捨；如我所描述的，那似乎是一個會支持引入鹵水（brine）曝險的市場，而這是一個獨特的特性——不——不僅僅是對 ASX 才獨特，但我認為就鹵水領域的純股權曝險而言，全球投資人可選擇其實相當有限。

So I think without a doubt, the ASX would make a lot of sense. Yes, I think it's too early to commit to whether we would consider dropping the TSX. We have to wait pros and cons, and so we'll make that determination and provide further updates in the months to come.

所以我認為毫無疑問，ASX 會非常合理。是的，我認為現在還太早承諾我們是否會考慮撤出 TSX。我們必須權衡利弊，然後我們會做出決定，並在未來幾個月提供進一步更新。

We have reached the end of the Q&A session. This does conclude today's call. Thank you very much for attending, and you may now disconnect.

我們已到達問答環節的結束。今天的電話會議到此結束。非常感謝各位參與，現在您可以斷線。