Sam Pigott, Lithium Argentina's CEO, commented:
"2025 was an exceptional year for Lithium Argentina. Cauchari-Olaroz ended the year near full capacity with costs coming in among the lowest reported for lithium chemical production globally. With the operation now generating significant cash flow, Cauchari-Olaroz distributed over $85 million ($42 million for our share), while closing a $130 million six-year debt facility further strengthening our balance sheet.
"As we look at 2026, our priorities are clear. By building on Cauchari-Olaroz as a proven, low-cost foundation, we are increasing our focus on the next phase of growth. PPG and Stage 2 represent two of the most compelling large-scale lithium chemical supply opportunities in the Americas. With increasing conviction in the long-term lithium outlook, supported by energy storage demand, we are well-positioned to advance and continue to de-risk our growth plans and create meaningful value for our shareholders."
Highlights
Cauchari-Olaroz
The Company owns a 44.8% interest in the Cauchari-Olaroz lithium brine operation ("Cauchari-Olaroz").
Lithium Production: Approximately 9,700 tonnes of lithium carbonate were produced in the fourth quarter of 2025 and 34,1001 for the year ended December 31, 2025.
2025 production achieved the high end of the guidance2 range with a 34% increase over 2024.
Operating Costs: The cost of sales for the fourth quarter of 2025 was $66 million, with cash operating costs of $5,618 per tonne3 of lithium carbonate sold.
The lower operating costs reflect the implementation of structural improvements and operational efficiencies designed to be sustained.
Pricing: Revenue for the fourth quarter of 2025 totaled $92 million, with an average realized price4 of approximately $9,049 per tonne of lithium carbonate sold.
The average realized price for first quarter of 2026 is expected to be approximately $17,000 per tonne of lithium carbonate sold, reflecting a significant increase in market prices since the end of 2025.
Net Income: For the fourth quarter of 2025 was $31 million, and for the year ended December 31, 2025, was a loss of $39 million5.
Adjusted EBITDA4: For the fourth quarter of 2025 was $30 million and $56 million for the year ended December 31, 2025.
2026 Guidance: 2026 production guidance set at 35,000 - 40,000 tonnes of lithium carbonate.
Production volumes are expected to increase in 2026 with continued improvements and optimization efforts ongoing to support long-term operational performance.
______________________________________1 Approximately 34,100 tonnes of lithium carbonate production is inclusive of 359 tonnes of lithium carbonate equivalent from lithium chloride concentrate produced and sold to Ganfeng Lithium Group Co. Ltd. ("Ganfeng") in H1 2025 to support the start-up of Ganfeng's Mariana lithium project.2 The Company provided 2025 annual production guidance of 30,000 - 35,000 metric tonnes.3 Cash operating costs includes all expenditures incurred at the site such as brine management, lithium plant processing, site and provincial office overheads and inventory adjustments. These costs also include project general and administrative costs and sales logistics costs. Cash operating cost per tonne is a non-GAAP financial measure or ratio and does not have a standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers. See "Non-IFRS and Other Financial Measures".4 Refer to section titled "Non-IFRS and Other Financial Measures" below.5 Includes interest on related party loans and other finance costs of $26 million and $139 million accordingly.
PPG6 and Cauchari-Olaroz Expansion
Stage 2 Expansion: Cauchari-Olaroz is advancing an expansion plan to increase production capacity by 45,000 tpa of lithium carbonate equivalent ("LCE") ("Stage 2").
Expanded measured and indicated mineral resource estimate by 42% to 28.1 million tonnes ("Mt") of LCE at an average grade of 562 mg/L lithium7.
Following stronger than expected performance at Cauchari-Olaroz, development of the 5,000 tpa direct lithium extraction ("DLE") plant will continue with initial deployment at Ganfeng's nearby Mariana operation to support technology integration and operational learnings.
Completion of Stage 2 development plan, including DLE processing technologies, is expected in mid-2026.
Stage 2 RIGI8 application and environmental permits were both filed in December 2025.
PPG: Continues to advance an integrated development plan targeting 150,000 tpa of LCE production across three phases.
In December 2025, a comprehensive Scoping Study was filed producing an after-tax NPV8% of $8.1 billion and IRR of 33% at $18,000 per tonne lithium carbonate price.
In November 2025, PPG received its Stage 1 environmental permit approval with a RIGI application submitted in February 2026.
The consolidation of PPG into a new JV is substantially complete with closing expected during the second quarter of 2026.
Ganfeng and Lithium Argentina continue to advance financing options with potential customers and strategic partners for offtake and minority ownership interests.
Lithium Argentina Financial and Corporate
As of December 31, 2025, Lithium Argentina held $61 million in cash and cash equivalents.
Subsequent to year-end, Cauchari-Olaroz completed $85 million ($42 million for the Company's share) in cash distributions from the operation.
On March 20, 2026, the Company completed the $130 million debt facility ("Debt Facility") from Ganfeng.
The Debt Facility has a 6-year term at an interest rate of SOFR plus 2.5% providing increased flexibility to support refinancing the Company's existing corporate debt.
The Company is considering a secondary listing on either the Australian Securities Exchange ("ASX") or the Hong Kong Stock Exchange ("HKEX") to broaden access to Asia-Pacific investors while maintaining the NYSE listing.
INVESTOR WEBCAST
AN INVESTOR WEBCAST HAS BEEN SCHEDULED FOR 10:00am ET ON Monday, March 23, 2026.
Please use the following link to access: Fourth Quarter and Full Year 2025 Earnings Webcast
______________________________________6 Company and Ganfeng have agreed to enter into a new joint venture that will consolidate Ganfeng's solely owned Pozuelos-Pastos Grandes project with Lithium Argentina's Pastos Grandes project (85% owned) and the Sal de la Puna project (65% owned), (collectively, "PPG"). PPG is located in Salta Province. Upon closing the New JV, Ganfeng will hold a 67% interest and Lithium Argentina will hold a 33% interest in PPG.7 See the technical report titled "2026 Cauchari-Olaroz NI 43-101 Technical Report, Jujuy, Argentina" with an effective date of February 27, 2026 filed on the Company's SEDAR+ profile for more information about the mineral resource estimate and associated key assumptions and parameters.8 Incentive Regime for Large Investments, Régimen de Incentivo para Grandes Inversiones
FINANCIAL RESULTS
Selected consolidated financial information of the Company is presented as follows:
(in US$ million except per share information)
Years ended December 31,
2025
2024
$
$
Expenses
(77.5)
(60.4)
Net loss
(76.8)
(15.2)
Loss per share, basic
(0.47)
(0.09)
Loss per share, diluted
(0.47)
(0.09)
(in US$ million)
As at December 31, 2025
As at December 31, 2024
$
$
Cash and cash equivalents
61.1
85.5
Total assets
1,099.8
1,131.2
Total liabilities
(282.8)
(240.3)
For the year ended December 31, 2025, the Company reported a net loss of $76.8 million, compared to a net loss of $15.2 million in 2024. The higher loss was primarily driven by a larger share of loss from the Cauchari-Olaroz Project of $39.8 million, which includes $13.7 million of current year losses and the recognition of $26.1 million of previously unrecognized losses ...
