Cauchari-Olaroz S-K 1300 Technical Report, dated effective September 15, 2026 (Form 6-K)

Table of Contents

CERTIFICATES	1
FORWARD LOOKING STATEMENTS	13
1.0 EXECUTIVE SUMMARY	14
1.1 INTRODUCTION	14
1.2 PROPERTY DESCRIPTION, LOCATION, ACCESS AND HISTORY	14
1.3 GEOLOGICAL SETTING AND DEPOSIT TYPES	16
1.4 MINERALIZATION	17
1.5 EXPLORATION AND DRILLING	17
1.6 MINERAL PROCESSING AND METALLURGICAL TESTING	18
1.6.1 Continuing Work Plan for Supporting the Plant Operations	19
1.7 MINERAL RESOURCES AND MINERAL RESERVES	19
1.7.1 Discussion of Mineral Resource and Mineral Reserve Cut-off Grade	22
1.8 MINING METHODS	24
1.8.1 Brine Processing	24
1.8.2 Lithium Carbonate Plant Production	24
1.9 SITE INFRASTRUCTURE AND BUILDINGS	26
1.9.1 Wells	26
1.9.1.1 Well Production Equipment Selection	26
1.9.2 Evaporation Ponds	26
1.9.3 Salt Harvest Equipment	26
1.9.4 Site Infrastructure and Support Systems	27
1.9.4.1 Natural Gas Pipeline	27
1.9.4.2 Power Supply	27
1.9.4.3 Permanent Camp	27
1.9.4.4 Other Buildings	28
1.9.4.5 Security	28
1.9.4.6 Access and Site Roads	28
1.9.4.7 Fuel Storage	28
1.9.4.8 Water Supply	28
1.9.4.9 Pond Solid Wastes	29
1.9.4.10 Tailings Liquid Disposal	29
1.10 MARKET STUDIES AND CONTRACTS	29
1.11 PERMITTING, ENVIRONMENTAL STUDIES AND SOCIAL OR COMMUNITY IMPACT	29
1.11.1 Permits and Authorities	29
1.11.2 Social or Community Impact	30
1.11.3 Environmental Baseline Studies	30
1.12 CAPITAL AND OPERATING COST ESTIMATE	31
1.12.1 Capital Cost Estimate	31
1.12.2 Exclusions	32
1.12.3 Currency	32
1.12.4 Operating Cost Estimate	32
1.12.5 Sustaining Capital Expenditures (Sustaining CAPEX)	33
1.13 OTHER RELEVANT DATA AND INFORMATION	34
1.13.1 Geological Setting and Deposit Types	34
1.13.2 Mineralization	35
1.13.3 Mineral Processing and Metallurgical Testing	35
1.13.4 Mining Methods	36

1.13.4.1 LCE Production Schedule	36
1.13.5 Recovery Methods	37
1.13.6 Site Infrastructure and Support Systems	39
1.13.7 Market Studies and Contracts	40
1.13.8 Permitting, Environmental Studies and Social or Community Impact	41
1.13.8.1 Permits and Authorities	41
1.13.8.2 Environmental Impact Assessment	42
1.13.8.3 Environmental Management Plan	42
1.13.8.4 Social Management for the Expansion	43
1.13.8.5 Closure and Reclamation Plans	43
1.13.9 Capital and Operating Cost Estimate	43
1.13.9.1 Capital Cost Estimate	43
1.13.9.2 Operating Cost Estimate	45
1.13.10 Economic Analysis	46
1.13.10.1 RIGI Economics	46
1.13.11 Sensitivity Analysis	48
1.14 CONCLUSIONS AND RECOMMENDATIONS	48
1.14.1 Conclusions	48
1.14.2 Recommendations	49
2.0 INTRODUCTION	51
2.1 TERMS OF REFERENCE	51
2.2 QUALIFIED PERSONS SITE VISITS	51
2.3 SOURCES OF INFORMATION	51
2.4 UNITS AND CURRENCY	52
3.0 PROPERTY DESCRIPTION	58
3.1 PROPERTY DESCRIPTION	58
3.2 PROPERTY AREA	60
3.3 SQM JOINT VENTURE	68
3.4 GANFENG JOINT VENTURE	68
3.4.1 Los Boros Option Agreement	68
3.4.2 Borax Argentina S.A. Agreement	69
3.4.3 JEMSE Arrangement	69
3.4.4 Corporate History of LAR	70
3.5 TYPE OF MINERAL TENURE	70
3.6 PROPERTY BOUNDARIES	70
3.7 ENVIRONMENTAL LIABILITIES	71
3.8 PERMITS	71
3.9 NEIGHBOURING COMMUNITIES	76
4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY	77
4.1 TOPOGRAPHY	77
4.2 ACCESS	77
4.3 POPULATION	77
4.4 CLIMATE	79
4.5 PRECIPITATION	80
4.6 TEMPERATURE	82
4.7 RELATIVE HUMIDITY	85
4.8 ATMOSPHERIC PRESSURE	86
4.9 WINDS	87
4.10 SOLAR RADIATION	94

4.11 AIR QUALITY	98
4.12 NOISE	103
5.0 HISTORY	107
6.0 GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT	110
6.1 REGIONAL STRUCTURAL AND VOLCANIC FEATURES	110
6.2 REGIONAL GEOLOGY	112
6.3 GEOLOGY OF THE OLAROZ AND CAUCHARI SALARS	113
6.3.1 Conceptual Geology	113
6.4 SALAR SURFACE SEDIMENTS AND MINERALIZATION	113
6.5 SALAR LITHOSTRATIGRAPHIC UNITS	115
6.5.1 Sedimentation Cycles	117
6.5.2 Sedimentary Facies Analysis and In-filling History	117
6.6 SURFACE WATER	125
6.7 MINERALIZATION	127
6.8 DEPOSIT TYPES	128
7.0 EXPLORATION	132
7.1 OVERVIEW	132
7.2 SURFACE BRINE PROGRAM	132
7.3 SEISMIC GEOPHYSICAL PROGRAM	133
7.4 GRAVITY SURVEY	136
7.5 TEM SURVEY	140
7.6 VERTICAL ELECTRICAL SOUNDING SURVEY (VES)	148
7.7 2019 VERTICAL ELECTRICAL SOUNDING SURVEY (VES)	155
7.8 2020 VERTICAL ELECTRICAL SOUNDING SURVEY (VES)	159
7.9 2021 VERTICAL ELECTRICAL SOUNDING SURVEY (VES)	162
7.10 2024 VERTICAL ELECTRICAL SOUNDING SURVEY (VES)	164
7.11 BOUNDARY INVESTIGATION	166
7.12 SURFACE WATER MONITORING PROGRAM	169
7.13 BRINE LEVEL MONITORING PROGRAM	180
7.14 PUMPING TEST PROGRAM	186
7.14.1 Overview	186
7.15 CHEMISTRY OF SAMPLES COLLECTED DURING PUMP TESTS	188
7.16 DRILLING	190
7.16.1 Reverse Circulation (RC) Borehole Program 2009-2010	190
7.16.2 Diamond Drilling (DDH) Borehole Program 2009-2010	195
7.16.3 Diamond Drilling (DDH) Borehole Program 2017-2019	196
7.16.4 Production Well Drilling	205
7.16.5 Exploration Diamond Drilling (DDH) Borehole and Production Well Drilling Program 2022-2024	213
7.16.6 Conclusion	213
8.0 SAMPLE PREPARATION, ANALYSES AND SECURITY	220
8.1 SAMPLING METHOD AND APPROACH	220
8.2 ROTARY DRILLING SAMPLING METHODS	220
8.3 DIAMOND DRILLING BOREHOLE SOLIDS SAMPLING METHODS	221
8.4 DIAMOND DRILLING BOREHOLE BRINE SAMPLING METHODS	223
8.5 SAMPLING PREPARATION, ANALYSIS AND SECURITY	223
8.5.1 Brine Samples from the Piezometers	223
8.5.2 Brine Samples from the Pumping Test Program	223
8.6 BRINE ANALYSIS	225
8.6.1 Analytical Methods	225
8.6.2 Sample Security	226

8.7 SAMPLE PREPARATION ANALYSIS AND SECURITY CONCLUSIONS AND RECOMMENDATIONS	226
8.8 GEOTECHNICAL ANALYSIS	226
8.8.1 Overview	226
8.9 ANALYTICAL METHODS	227
8.9.1 Specific Gravity	227
8.9.2 Relative Brine Release Capacity (RBRC)	227
8.9.3 Particle Size Analysis	228
8.9.4 Exar Porosity Test Lab	228
9.0 DATA VERIFICATION	229
9.1 OVERVIEW	229
9.2 SITE VISITS	229
9.3 FEBRUARY 2019 SITE VISIT AND DUE DILIGENCE SAMPLING	230
9.4 JUNE 2019 SITE VISIT AND DUE DILIGENCE SAMPLING	232
9.5 QUALITY ASSURANCE/QUALITY CONTROL PROGRAM	233
9.6 PERFORMANCE OF BLANK SAMPLES	234
9.7 CERTIFIED REFERENCE MATERIALS	235
9.8 DUPLICATES	240
9.9 CHECK ASSAYS EXAR VERSUS ALEX STEWART	240
9.10 2024 QA/QC PROCEDURES	242
9.11 CONCLUSIONS AND RECOMMENDATIONS	243
10.0 MINERAL PROCESSING AND METALLURGICAL TESTING	245
10.1 POND TESTS - UNIVERSIDAD DE ANTOFAGASTA, CHILE	246
10.2 TESTS - EXAR, CAUCHARI SALAR	248
10.2.1 Salar de Cauchari Evaporation Pan and Pilot Pond Testing	248
10.2.1.1 Pond Pilot Testing	248
10.2.2 2017 Evaporation Tests	249
10.2.3 Liming Tests - Exar, Cauchari Salar	251
10.3 SOLVENT EXTRACTION TESTS - SGS MINERALS AND IIT, UNIVERSIDAD DE CONCEPCIÓN	252
10.4 CARBONATION TESTS - SGS MINERALS (CANADA)	254
10.5 PILOT PURIFICATION TESTING - SGS MINERALS	254
10.5.1 Lithium Carbonate Precipitation	257
10.6 RECENT TESTING WORK PERFORMED IN THE PILOT PLANT	258
10.6.1 Monitoring the Consumption of Lime Reagent in the Liming Plant	258
10.6.2 Lithium Losses in the Secondary Purification Filter Cake	261
10.6.3 SO₄²⁻ Adsorption During Li₂CO₃ Precipitation	262
10.6.4 Effect of Salinity on Organic Adsorption	262
10.7 RECENT WORK PERFORMED IN EXTERNAL LABORATORIES	263
10.8 CONTINUING WORK PLAN FOR SUPPORTING THE PLANT OPERATIONS	263
11.0 MINERAL RESOURCE ESTIMATES	265
11.1 OVERVIEW	265
11.1.1 Statement for Brine Mineral Prospects and Related Terms	268
11.2 MINERAL RESOURCE ESTIMATE METHODOLOGY	270
11.2.1 Most Recent Previous Mineral Resource Estimate (Burga et al., 2025)	270
11.2.2 Background of the Current Hydrostratigraphic Model	271
11.2.3 Hydrostratigraphic Units	273
11.2.4 Specific Yield	275
11.2.5 Lithium Grade	277

11.2.6 Mineral Resource Block Model Variography, Methods, and Validation	280
11.2.7 Resource Classification	285
11.3 2026 MINERAL RESOURCE STATEMENT	288
11.4 REASONS FOR DIFFERENCES FROM PREVIOUS ESTIMATE (BURGA, 2025)	289
11.5 CONFIDENCE IN THE MINERAL RESOURCE ESTIMATE	292
12.0 MINERAL RESERVE ESTIMATE	293
12.1 BACKGROUND	293
12.2 OVERVIEW	293
12.3 CONCEPTUAL MODEL	295
12.4 NUMERICAL MODEL CONSTRUCTION	296
12.5 NUMERICAL MODEL MESH	297
12.6 NUMERICAL MODEL BOUNDARY CONDITIONS	299
12.6.1 Overview	299
12.6.2 Zero flow	300
12.6.3 Recharge	300
12.6.4 Evaporation	303
12.6.5 Archibarca Zone	305
12.7 HYDRAULIC PROPERTIES	307
12.8 PRE-DEVELOPMENT MODEL CONDITIONS	310
12.9 TRANSIENT MODEL CALIBRATION	314
12.10 2026 MINERAL RESERVE ESTIMATE MODEL RESULTS	319
12.11 STATEMENT FOR LITHIUM MINERAL RESERVE ESTIMATE	324
12.12 REASONS FOR DIFFERENCES FROM PREVIOUS ESTIMATE (BURGA, 2025)	326
12.13 RELATIVE ACCURACY IN MINERAL RESERVE ESTIMATE	327
13.0 MINING METHODS	329
13.1 PRODUCTION WELLFIELD	329
13.2 BRINE PRODUCTION UNCERTAINTIES, LIMITATIONS, AND RISK ASSESSMENT	329
13.3 WELL UTILIZATION	331
13.3.1 Well Utilization 2018 to 2025	331
14.0 PROCESSING AND RECOVERY METHODS (BRINE)	337
14.1 GENERAL	337
14.2 PROCESS DESCRIPTION	337
14.2.1 Process Block Diagram	337
14.3 BRINE CONCENTRATION PROCESS DESCRIPTION	338
14.3.1 Pond Surface Area	338
14.3.2 Pond Design	339
14.3.3 Pond Layout	342
14.3.4 Pond Transfer System	342
14.3.5 Salt Harvesting	343
14.3.6 Impurity Reduction-Liming	343
14.4 LITHIUM PLANT PROCESS DESCRIPTION	344
14.4.1 Solvent Extraction for Boron Removal	346
14.4.2 Purification Process	348
14.4.2.1 Primary Purification - Magnesium and Sulphate Reduction	348
14.4.2.2 Secondary Purification - Calcium and Sulphates Removal	349
14.4.2.3 Primary IX	350

14.4.2.4 Carbonate Removal	351
14.4.3 Evaporation and KCl Crystallization Stage	352
14.4.3.1 Secondary IX Polishing	353
14.4.4 Lithium Carbonate Crystallization and Recovery	354
14.4.4.1 Mother Liquor Handling	356
14.4.5 Lithium Carbonate Drying, Micronization and Packaging	356
14.5 REAGENTS	358
14.6 PLANT DESIGN BASIS	359
14.7 PROCESS CONFIGURATION UPDATE	360
15.0 INFRASTRUCTURE	361
15.1 MAIN FACILITIES LOCATION	361
15.2 BRINE EXTRACTION	361
15.2.1 Brine Extraction Wells	361
15.2.2 Well Pumps	361
15.2.3 Additional Equipment in the Wellfield	362
15.2.4 Wellfield Electric Power Distribution	362
15.3 EVAPORATION PONDS	362
15.4 SALT HARVEST EQUIPMENT	364
15.5 LIMING STAGE	364
15.5.1 Quick Lime Reception	364
15.5.2 Liming System	365
15.6 LITHIUM CARBONATE PLANT	365
15.6.1 Process Facilities	365
15.6.1.1 Boron Removal - Solvent Extraction	366
15.6.1.2 Brine Purification	367
15.6.1.3 Primary Treatment	367
15.6.1.4 Secondary Treatment	367
15.6.1.5 Primary IX	367
15.6.1.6 Brine Concentration and Na/K Reduction	368
15.6.1.7 Feed Preheat	368
15.6.1.8 Multiple-Effect Evaporation and Crystallization	368
15.6.1.9 Flash-Cooled Crystallization	368
15.6.1.10 Process Condensate Collection	368
15.6.1.11 Mg/Ca Polishing IX	368
15.6.2 Lithium Carbonate Production	368
15.6.2.1 Carbonation	368
15.6.2.2 Final Product	369
15.6.3 Plant Wide Instrumentation	369
15.7 SUPPORTING SERVICES	369
15.7.1 Fresh Water	369
15.7.2 Sanitary Services	370
15.7.3 Diesel Fuel	370
15.8 PERMANENT CAMP	370
15.8.1 Other Buildings	372
15.8.2 Security	372
15.9 OFF-SITE INFRASTRUCTURE AND SUPPORT SYSTEMS	372
15.9.1 Natural Gas Pipeline	372
15.9.2 Electrical Power Supply	373
15.9.3 Water Pipeline	373
15.9.4 Control Systems and Instrumentation	373
15.9.4.1 Control and Data Building	373

15.9.4.2 Telecommunications System	374
15.9.4.3 Control System	374
15.9.4.4 Other Systems	375
16.0 MARKET STUDIES	376
16.1 LITHIUM DEMAND	376
16.2 LITHIUM SUPPLY	378
16.3 PRICE FORECAST	381
16.4 OFFTAKE CONTRACTS	382
17.0 ENVIRONMENTAL STUDIES, PERMITTING AND PLANS, NEGOTIATIONS OR AGREEMENTS WITH LOCAL INDIVIDUALS OR GROUPS	383
17.1 EXECUTIVE SUMMARY	383
17.2 INTRODUCTION	383
17.3 ENVIRONMENTAL STUDIES	384
17.3.1 Executive Summary	384
17.3.2 Objective	384
17.3.3 Baseline Studies	385
17.3.3.1 Sources of Baseline Data	385
17.3.3.2 Methods Used for Data Collection	385
17.3.4 Environmental Impacts	387
17.3.4.1 Potential Sources of Impacts	387
17.3.4.2 Impact Evaluation Framework	387
17.3.4.3 Overview of Observed Impacts	388
17.3.4.4 Air Quality Impacts	388
17.3.4.5 Noise Impacts	388
17.3.4.6 Surface Water Quality Impacts	388
17.3.4.7 Groundwater Quality Impacts	388
17.3.4.8 Soil Quality Impacts	388
17.3.4.9 Biological Environment - Impact Overview	388
17.3.4.10 Conclusions	388
17.3.5 Monitoring Programs	388
17.3.6 Environmental Management Plan	389
17.3.6.1 Purpose of the EMP	389
17.3.6.2 Key Components of the EMP	389
17.3.6.3 Compliance with Regulations and Standards	390
17.3.6.4 Monitoring and Reporting	391
17.3.6.5 Adaptive Management and Continuous Improvement	391
17.3.6.6 Conclusions	391
17.3.6.7 Recommendations	392
17.4 PERMITTING	392
17.4.1 Executive Summary	392
17.4.2 Legal Framework	393
17.4.2.1 Permits for Exploration	393
17.4.2.2 Permits for Exploitation	393
17.4.2.3 Recent Legislation Updates	393
17.4.3 Framework Legal Study	394
17.4.4 Exploration Phase Permits for Project	395
17.4.5 Exploitation Phase Permits for Project	396
17.4.6 Water Permits	398
17.4.7 Provincial Regulations	398
17.4.8 Compliance Documentation	399
17.4.9 Permit Risks	399

17.5 SOCIAL OR COMMUNITY IMPACT	400
17.5.1 Executive Summary	400
17.5.2 Social Baseline Context and Re-characterization - Operations Phase	400
17.5.3 Evaluation of Social Impacts - Operations Phase	400
17.5.3.1 Employment and Workforce Integration	401
17.5.3.2 Local Procurement and Economic Inclusion	401
17.5.3.3 Community Relations and Participation	401
17.5.3.4 Grievances and Social Risk Management	402
17.5.3.5 Cultural and Social Cohesion	402
17.5.4 Social Impact Management and Transition to Operations	402
17.5.5 Integration of Community Co-Creation Principles and Social Closure	403
17.5.6 Conclusions	403
17.6 CLOSURE AND RECLAMATION PLANS	403
17.6.1 Key Closure Requirements and Commitments (Pre-2023)	404
17.6.1.1 Closure Objectives	404
17.6.1.2 Financial Assurance	404
17.6.1.3 Post-Closure Monitoring	405
17.6.2 New Requirements (Decree No. 7751-DEyP-2023)	405
17.6.2.1 Closure Objectives	405
17.6.2.2 Financial Assurance	405
17.6.2.3 Post-Closure Monitoring	406
18.0 CAPITAL AND OPERATING COSTS	407
18.1 CAPITAL COSTS (CAPEX) ESTIMATE	407
18.1.1 Capital Expenditures CAPEX Definition	407
18.1.2 Evaporation Ponds	408
18.1.3 Lithium Carbonate Plant	409
18.1.4 Reagents Costs	409
18.1.5 Offsite Infrastructure Costs	409
18.1.5.1 Natural Gas Supply to Plant	410
18.1.5.2 Power Supply to Plant	410
18.1.5.3 Onsite Infrastructure and General Cost Summary	410
18.2 INDIRECT COSTS	410
18.2.1 Final CAPEX for Exar 40,000 tpa Plant	411
18.2.2 Exclusions	411
18.2.3 Currency	411
18.2.4 Sustaining Capital	411
18.3 OPERATING COSTS ESTIMATE	412
18.3.1 Operating Cost Summary	412
18.3.2 Pond and Plant Reagents Costs Definition	413
18.3.3 Pond Salt Harvesting	414
18.3.4 Solid Waste Management (Rises)	414
18.3.5 Energy Cost	414
18.3.6 Maintenance Cost	414
18.3.7 Labour Cost	414
18.3.8 Catering, Camp Services Cost, Security and Third-Party Services	414
18.3.9 General and Administrative Costs	414
18.4 COMPANY OPERATIONAL ORGANIZATION	415
19.0 ECONOMIC ANALYSIS	417
20.0 ADJACENT PROPERTIES	418

20.1 OLAROZ PROJECT - ARCADIUM LITHIUM	418
20.2 CAUCHARI PROJECT - RIO TINTO	422
21.0 OTHER RELEVANT DATA AND INFORMATION	424
21.1 GEOLOGICAL SETTING AND MINERALIZATION	425
21.1.1 Regional Structural and Volcanic Features	425
21.1.2 Regional Geology	428
21.1.3 Geology of the Olaroz and Cauchari Salars	429
21.1.3.1 Conceptual Geology	429
21.1.4 Salar Surface Sediments and Mineralization	429
21.1.5 Salar Lithostratigraphic Units	431
21.1.5.1 Sedimentation Cycles	432
21.1.5.2 Sedimentary Facies Analysis and In-filling History	433
21.1.6 Surface Water	437
21.1.7 Mineralization	440
21.2 DEPOSIT TYPES	440
21.3 MINERAL PROCESSING AND METALLURGICAL TESTING	441
21.3.1 Introduction	441
21.3.2 Process Overview	441
21.3.2.1 Brine Evaporation	441
21.3.2.2 Purification of Brine	441
21.3.3 Solvent Extraction Test Work	441
21.3.3.1 Experimental Principle	442
21.3.3.2 Experimental Steps	442
21.3.3.3 Experimental Summary and Data	442
21.3.4 Operation Experiment of Mixed Clarification Tank	443
21.3.4.1 Experimental Results and Discussion	444
21.3.4.2 Conclusion	451
21.3.5 Lithium Carbonate	451
21.3.6 Closing Statement	452
21.4 MINING METHODS (BRINE WELLFIELD)	452
21.4.1 LCE Production Schedule	452
21.4.2 Production Well Field	453
21.4.2.1 Drilling Method	454
21.4.2.2 Well Design	455
21.4.3 Uncertainty Assessment	457
21.4.4 Well Utilization Philosophy	457
21.5 RECOVERY METHODS	459
21.5.1 General	459
21.5.2 Process Description	459
21.5.3 Pre-concentration Ponds	461
21.5.3.1 Salt Harvesting	466
21.5.3.2 Waste Salts Quantities and Areas	466
21.5.3.3 Analyses of Brine	467
21.5.4 Brine Processing Description	467
21.5.4.1 General	467
21.5.4.2 Solvent Extraction Criteria	467
21.5.5 Primary Purification	470
21.5.5.1 Boron Removal	470
21.5.5.2 Calcium Removal	471
21.5.6 Secondary Purification	473
21.5.6.1 Process Description	473

21.5.7 Lithium Carbonate Plant	475
21.6 PROJECT INFRASTRUCTURE	476
21.6.1 General	476
21.6.2 Utilities	479
21.6.2.1 Power Supply	479
21.6.2.2 Natural Gas Supply	481
21.6.2.3 Aqueduct and Industrial Water System	482
21.6.2.4 Water Supply	484
21.6.2.5 Steam	487
21.6.2.6 Fuel Storage System	488
21.6.2.7 Sewage Treatment System	488
21.6.2.8 Reagents	488
21.6.3 Ancillary Facilities	489
21.6.3.1 Truck shops	489
21.6.3.2 Warehouses	489
21.6.3.3 Offices	489
21.6.3.4 Camp	490
21.7 MARKET STUDIES AND CONTRACTS	490
21.7.1 Lithium Demand	491
21.7.2 Lithium Supply	493
21.7.3 Price Forecast	495
21.7.4 Offtake Contracts	496
21.8 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL COMMUNITY IMPACT	497
21.8.1 Environmental Studies and Permitting	497
21.8.1.1 Introduction	497
21.8.1.2 Legal Framework	497
21.8.1.3 Exploration Phase Permits for the Expansion	498
21.8.1.4 Exploitation Phase Permits for the Expansion	498
21.8.1.5 Water Permits	499
21.8.2 Environmental Impact Assessment	499
21.8.2.1 Introduction	499
21.8.2.2 Sources of Potential Impacts	500
21.8.2.3 Impact Evaluation Framework	500
21.8.2.4 Overview of Environmental Impacts	500
21.8.2.5 Environmental Management Plan ("EMP")	502
21.8.2.6 Monitoring and Reporting	502
21.8.3 Social or Community Relations	503
21.8.3.1 Introduction	503
21.8.3.2 Social Baseline Context and Re-characterization - Operations Phase	504
21.8.3.3 Evaluation of Social Outreach - the Expansion	504
21.8.3.4 Social Management for the Expansion	505
21.8.3.5 Community Co-Creation and Long-Term Social Sustainability	506
21.8.4 Closure and Reclamation Plans	506
21.8.4.1 Introduction	506
21.8.4.2 Closure Objectives	507
21.8.5 Effluent Generation	508
21.8.5.1 Cleaning Effluents and Sewage Liquids	508
21.8.5.2 Laboratory Effluents	508

21.8.5.3 Effluents from Resin Regeneration for Organics Removal	508
21.8.5.4 Effluents from Truck Shop Washing Vehicles and Equipment	509
21.8.5.5 E-Liquid Industrial Waste/Residual Brines	509
21.8.6 Waste Management	510
21.8.6.1 Generation of Solid and Semi-solid Waste	510
21.9 CAPITAL AND OPERATING COSTS	510
21.9.1 Capital Cost Estimate	511
21.9.1.1 Basis of Estimate	512
21.9.1.2 Exclusions and Assumptions	512
21.9.1.3 Sustaining Capital Costs	513
21.9.1.4 Brine Well Field	513
21.9.1.5 Evaporation Ponds	513
21.9.1.6 Process Plants	514
21.9.1.7 Infrastructure and Energy	516
21.9.1.8 Salts Stockpile Area	516
21.9.1.9 Sustaining Capital	517
21.9.1.10 Owner's and Indirect Costs	518
21.9.1.11 Engineering, Procurement and Construction Services	518
21.9.1.12 Contingency	518
21.9.1.13 CAPEX Summary	518
21.9.2 Operating Costs Estimate	520
21.9.2.1 Basis of Estimate	520
21.9.2.2 Manpower	521
21.9.2.3 General and Admin Costs	521
21.9.2.4 Electric Power	522
21.9.2.5 Reagents, Fuel and Consumables	522
21.9.2.6 Ponds Harvesting and Salts Stockpile Area	523
21.9.2.7 Water	523
21.9.2.8 Camp	523
21.9.2.9 Product Transportation	524
21.9.2.10 Other Costs (General and Maintenance Supplies)	524
21.9.2.11 OPEX Summary	524
21.10 ECONOMIC ANALYSIS	525
21.10.1 Main Assumptions	526
21.10.2 Evaluation Criteria	526
21.10.3 Tax	527
21.10.3.1 Provincial Royalty	527
21.10.3.2 Export Refund	527
21.10.3.3 Tax on Debits and Credits Accounts	527
21.10.3.4 Aboriginal Programs	528
21.10.3.5 Capital Allowance	528
21.10.3.6 Corporate Taxes and VAT	528
21.10.4 Capital Expenditures	528
21.10.5 Operating Costs	529
21.10.6 Production Revenues	529
21.10.7 Cash Flow Projection	529
21.10.8 Economic Evaluation Results	531
21.10.9 Payback Analysis	531
21.10.10 Sensitivity Analysis	531
21.10.11 Discussion and Conclusions	534

21.11 OTHER RELEVANT INFORMATION	534
21.11.1 Project Schedule	534
21.12 CONCLUSION AND RECOMMENDATIONS	537
21.12.1 Mining (Well field)	537
21.12.2 Process Information and Design	537
21.12.3 Economic Analysis	537
22.0 INTERPRETATION AND CONCLUSIONS	540
22.1 GEOLOGY AND RESOURCES	540
22.2 BRINE PRODUCTION	542
22.3 PROCESS INFORMATION AND DESIGN	542
22.4 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT	543
22.5 ECONOMIC ANALYSIS	543
22.6 OTHER RELEVANT DATA AND INFORMATION	543
22.6.1 Mining (Well Field)	543
22.6.2 Process Information and Design	544
22.6.3 Economic Analysis	544
22.7 PROJECT RISKS	544
23.0 RECOMMENDATIONS	546
23.1 RECOMMENDATIONS	546
24.0 REFERENCES	547
25.0 RELIANCE ON INFORMATION PROVIDED BY THE REGISTRANT	555
APPENDIX 1. SUMMARY TABLES OF PUMPING TEST RESULTS FOR EXPLORATION AND PRODUCTION WELLS	556

List of Tables

Table 1.1 Summary of 2026 Lithium Mineral Resource Estimate - Exclusive of Mineral Reserves (1-12)	20
Table 1.2 Summary of 2026 Mineral Reserve Estimate (1-12)	21
Table 1.3 Lithium Carbonate Plant Design Criteria	26
Table 1.4 Capital Costs Summary	32
Table 1.5 Operating Costs Summary	33
Table 1.6 Sustaining CAPEX Expenditure Schedule	34
Table 1.7 LCE Production Schedule for Both Stages	37
Table 1.8 Operating Criteria	38
Table 1.9 Five-Year Average Spot Price of Battery Grade LCE	41
Table 1.10 Capital Costs Summar	45
Table 1.11 Operating Costs Summary	46
Table 1.12 The Key Inputs to Economic Analysis	47
Table 1.13 Recommendations Budget	50
Table 2.1 Abbreviations Table	52
Table 3.1 Exar Mineral Claims	62
Table 3.2 Annual Royalties and Payments	70
Table 3.3 Exploration Permits for Cauchari-Olaroz Exploration Work	72
Table 3.4 Exploitation Permits for Cauchari-Olaroz	74
Table 4.1 Location Coordinates of the Meteorological Stations of Cauchari-Olaroz	79
Table 4.2 Distribution of Wind Frequencies by Direction and Speed from 2023 to 2025 - Davis Weather Station	87
Table 4.3 Average Monthly and Average Annual Wind Speed (km/h) from 2023 to 2025 - Davis Weather Station	90
Table 4.4 Distribution of Wind Frequencies by Direction and Speed from 2024 to 2025 - Campbell North Weather Station	91
Table 4.5 Average Monthly and Average Annual Wind Speed (km/h) Period 2024 to 2025, EM Campbell Norte	93
Table 4.6 Air Quality Guideline Levels	98
Table 4.7 Air Quality Sampling Points	99
Table 4.8 Historical Air Quality Results	101
Table 4.9 Comparison Standards for Noise Quality	103
Table 4.10 Location of Noise Quality Sampling Points	105
Table 4.11 Historical Noise Quality Results and the Thresholds Established by International Standards	105
Table 5.1 Summary of 2012 Lithium Mineral Resource for Lithium (1-4)	107
Table 5.2 Summary of 2019 Mineral Resource Estimate for Lithium (1-5)	108
Table 5.3 Summary of 2019 Estimated Proven and Probable Mineral Reserves (Without Processing Efficiency) (1-9)	108
Table 6.1 Comparative Chemical Composition of Andean Salt Pans	130
Table 7.1 Test Pit Transect Results for TDS and Lithium	168
Table 7.2 Test Pit Transect Results for TDS and Lithium with Depths	169
Table 7.3 Average Surface Water Flow Rates	172
Table 7.4 Static Water Level Measurements for the Period from January 2010 to February 2019	180
Table 7.5 Borehole Drilling Summary for the RC Borehole Program Conducted in 2009 and 2010	191
Table 7.6 Summary of Brine Samples Collected and Submitted for Laboratory Analysis from the RC and DDH Borehole Programs	192

Table 7.7 Brine Concentrations (mg/L) and Ratios Averaged Across Selected Depth Intervals for RC Program Boreholes	193
Table 7.8 Borehole Drilling Summary for the DDH Program Conducted in 2009 and 2010	195
Table 7.9 Brine Concentrations (mg/L) Averaged Across Selected Depth Intervals for DDH Program Boreholes	196
Table 7.10 Borehole Drilling Summary for the DDH Program Conducted in 2017 and 2019	198
Table 7.11 Brine Concentrations (mg/L) Averaged Across Selected Depth Intervals for DDH Program Boreholes 2017-2019	202
Table 7.12 Production Well Drilling and Construction Details	206
Table 7.13 Borehole Drilling Summary for the DDH and Production Well Drilling Program Conducted in 2022 and 2024	214
Table 8.1 Summary Pumping Test Measurement Frequency	224
Table 8.2 Summary of Geotechnical Property Analyses	227
Table 9.1 Results of Due Diligence Sampling - February 2019	230
Table 9.2 Results of Due Diligence Sampling - June 2019	232
Table 9.3 QA/QC Sampling	233
Table 9.4 Results of Due Diligence Sampling	235
Table 9.5 Check Assay Sampling	242
Table 10.1 Monthly Evaporation Ratio	251
Table 10.2 Composition of the Brine Used for Testing SX	253
Table 10.3 Reagent Optimization in Primary Purification	260
Table 11.1 Hydrostratigraphic Units Assigned in Previous and Current Studies	273
Table 11.2 Specific Yield values assigned to the Hydrogeological Units (Mean)	275
Table 11.3 ID Interpolation Parameters	282
Table 11.4 Key Statics of Datasets Used	282
Table 11.5 Drill Platform Density and Preliminary Classification by Elevation Interval	286
Table 11.6 Summary of 2026 Lithium Mineral Resource Estimate - Exclusive of Mineral Reserves (1-12)	288
Table 11.7 Comparison Between the Current and Previous (Burga et al., 2025) Mineral Resource Estimates	290
Table 12.1 Summary of Mountain Front Recharge	301
Table 12.2 Definition Points for the Numerical Model Segments	303
Table 12.3 Summary of Assigned Aquifer Parameter Estimates	307
Table 12.4 Summary of Model Boundary Fluxes	313
Table 12.5 Projected Annual Results from 2026 Mineral Reserve Estimate Model	322
Table 12.6 Summary of 2026 Mineral Reserve Estimate (1-13)	324
Table 12.7 Comparison of Mineral Reserve Estimates - Current and Previous (Burga et al. 2025)	327
Table 13.1 Borehole Drilling Summary for Infill Producing Wells Program Conducted in 2024	332
Table 13.2 Volume Pumped per Production Well per Year and Average Flow per Year - Cauchari-Olaroz	333
Table 15.1 Production Wells Estimate	361
Table 16.1 Average Pricing Scenarios Adopted for the Economic Analysis of the Project	382
Table 17.1 Compliance with Regulations and Standards	390
Table 17.2 Summary of Key Permitting Milestones	392
Table 17.3 Key Aspects of Decree No. 7751-DEyP-2023	394
Table 17.4 Exploration Permits	395
Table 17.5 Exploitation Permits	397
Table 17.6 Industrial Water Permits and Concessions for Cauchari-Olaroz	398
Table 18.1 Lithium Carbonate Plant Capital Costs Summary	408

Table 18.2 Production Wells Capital Cost	408
Table 18.3 Evaporation and Concentration Ponds Capital Cost	408
Table 18.4 Lithium Carbonate Plant Capital Cost Summary	409
Table 18.5 Reagent Costs	409
Table 18.6 Offsite Infrastructure Costs	410
Table 18.7 Onsite Infrastructure and General Capital Cost Summary	410
Table 18.8 Project Indirect Costs	411
Table 18.9 Operating Costs Summary	412
Table 20.1 Production From Rio Tinto's Olaroz Project - 2021 - 2023*	419
Table 20.2 Mineral Resource Estimate for Arcadium's Olaroz JV Project In Tonnes of Lithium Metal (1-10)	419
Table 20.3 Mineral Resource Estimate for Arcadium's Cauchari JV Project in Tonnes of Lithium Metal (1-7)	422
Table 20.4 Mineral Reserve Estimate for Arcadium's Cauchari JV Project in Tonnes of Lithium Metal (1-7)	423
Table 21.1 Analysis of Five-Stage Simulated Extraction Experiment	443
Table 21.2 Analysis of Five-Stage Simulated Extraction Experiment Data	443
Table 21.3 Experimental Data of PPG Li-Rich Brine Tank Extraction Operation	445
Table 21.4 Summary of Experimental Data	448
Table 21.5 Analysis of PPG Brine Feed for Extraction Batch Operation Data	449
Table 21.6 Analysis of Raffinate from Extraction Batch Operation	449
Table 21.7 Analysis Data of Stripping Solution	450
Table 21.8 LCE Production Schedule for Both Stages	452
Table 21.9 Cauchari Wells Location	456
Table 21.10 Summary of Well Management Risks and Remedies	457
Table 21.11 Operating Criteria	459
Table 21.12 Brine Chemistry Example	461
Table 21.13 Salt Quantity for the 45,000 tpa Production	466
Table 21.14 Preconcentrated Brine	467
Table 21.15 Basic Parameters of Solvent Extraction	467
Table 21.16 Material Name Basic Parameters of Solvent Extraction	469
Table 21.17 Analyses of Main Solvent Extraction Streams	469
Table 21.18 Material Balance of the Raffinate Resin Organic Removal Process	470
Table 21.19 Boron Removal Mass Balance	471
Table 21.20 Mass Balance for Ca Removal	472
Table 21.21 Material Balance of Removal CO32-	473
Table 21.22 Neutralization Process Material Balance	474
Table 21.23 Secondary Purification TOC Removal Mass Balance	474
Table 21.24 Brine Specification and Mass Balance for Ca Ion Exchange	475
Table 21.25 Secondary Purification - Boron Ion Exchange	475
Table 21.26 Lithium Carbonate Plant Mass Balance	476
Table 21.27 Power Consumption for 45,000 tpa Production	481
Table 21.28 Heat and Steam Consumption	482
Table 21.29 Raw Water Consumption for 45,000 tpa of Production	487
Table 21.30 Annual Consumptions of Reagents	488
Table 21.31 Average Pricing Scenarios Adopted for the Economic Analysis of the Project Pricing Scenarios	496
Table 21.32 5-year Average Spot Price of Battery Grade LCE	496
Table 21.33 Exploitation Permits for the Expansion	498
Table 21.34 Exploitation Permits for the Expansion	499
Table 21.35 Industrial Water Permits and Concessions for Cauchari-Olaroz Expansion	499

Table 21.37 Capital Estimate for Evaporation Ponds and Wells	514
Table 21.38 Cost Summary of Process Plants	514
Table 21.39 Other Capital Investments	516
Table 21.40 CAPEX for The Salts Stockpile Area and Process Waste	517
Table 21.41 Sustaining CAPEX 45,000 tpa LCE	517
Table 21.42 Capital Cost Summary	519
Table 21.43 Personnel and Cost	521
Table 21.44 Electricity Consumption	522
Table 21.45 Reagents Cost Summary	523
Table 21.46 Water Use	523
Table 21.47 Annual Operating Cost Summary	524
Table 21.48 The Key Inputs to Economic Analysis	527
Table 21.49 Capital Expenditures Spend Schedule	528
Table 21.50 Discounted Cash Flow Summary	530
Table 21.51 Economic Evaluation - Case 1 (Base Case Summary)	531
Table 21.52 Sensitivity Analysis	532
Table 21.53 Discount Rate Variation	533
Table 23.1 Recommendations Budget	546

List of Figures

Figure 1.1 Ownership Structure	16
Figure 1.2 Overall Process Block Diagram	25
Figure 1.3 Simplified Overall Process Flowsheet	38
Figure 3.1 Location of Cauchari-Olaroz	59
Figure 3.2 Exar Property Claims at Cauchari-Olaroz	61
Figure 4.1 Regional Topography and Population Centres Near Cauchari-Olaroz	78
Figure 4.2 Location of Local Meteorological Stations	80
Figure 4.3 Record of Average Monthly Rainfall for the Study Area	81
Figure 4.4 Monthly Evapotranspiration	82
Figure 4.5 Record of Average Monthly Temperatures - Davis Station	83
Figure 4.6 Record of Average Monthly Temperatures - Campbell North Station	83
Figure 4.7 Annual Maximum and Minimum Temperatures - Davis Weather Station	84
Figure 4.8 Annual Maximum and Minimum Temperatures - Campbell North Weather Station	85
Figure 4.9 Average Monthly Relative Humidity for the Study Area	86
Figure 4.10 Average Monthly Atmospheric Pressure for the Study Area	86
Figure 4.11 Wind Rose Plot - Davis Weather Station	89
Figure 4.12 Wind Speeds (km/h) 2023-2025 - Davis Weather Station	90
Figure 4.13 Average Wind Speed Records (km/h) - Davis Weather Station	91
Figure 4.14 Wind Rose Plot - Campbell North Weather Station	92
Figure 4.15 Wind Speeds (km/h) Period 2024 to 2025 - Campbell North Weather Station	93
Figure 4.16 Average Wind Speed Records (km/h) - Campbell North Weather Station	94
Figure 4.17 Monthly Solar Irradiance (MJ/m²) for the Study Area	94
Figure 4.18 Average Annual Daily Solar Irradiance (W/m2) - 2023 - 2025 - Davis Weather Station	95
Figure 4.19 Maximum Solar Radiation Recorded (W/m2) - Period 2023 - 2025 - Davis Weather Station	96
Figure 4.20 Average Annual Daily Solar Irradiance (W/m2) - Period 2024 to 2025 - Campbell North Weather Station	97
Figure 4.21 Maximum Solar Radiation Recorded (W/m²) - 2024 to 2025 - Campbell North Weather Station	98
Figure 4.22 Air Quality Sampling Points	100
Figure 4.23 Ambient Noise Sampling Points	104
Figure 4.24 Historical Noise Quality Results and the Threshold Values Established by International Regulations	106
Figure 6.1 Regional Geology in the Vicinity of the Exar Project	111
Figure 6.2 Structural Features in the Central Area of the Cauchari Basin	112
Figure 6.3 Surficial Geology in the Central Area of the Cauchari Basin	115
Figure 6.4 Facies Map of the Lower Salt Cycle Showing Line 1 Crossing a Thick Salt Succession	118
Figure 6.5 Isopleth Curves of Salt Percent in the Facies Triangle	119
Figure 6.6 Main Salt Sources of the Lower Cycle	120
Figure 6.7 Facies Map of the Upper Cycle	122
Figure 6.8 Salt Percent Isopleths of the Upper Cycle	123
Figure 6.9 Isopleth Map of Sand Percents of the Upper Cycle Sedimentation Stage	124
Figure 6.10 Caucharri-Olaroz Watershed	126
Figure 6.11 Janecke Classification of Brines	128
Figure 7.1 Seismic Tomography Lines - 2009 and 2010	134
Figure 7.2 Seismic Tomography Results for the 12 Survey Lines in Figure 7.1	135

Figure 7.3 Location of Gravity Survey Lines at the Cauchari Salar	137
Figure 7.4 Modeling Results for the Northeast Oriented Gravity Line (Grav 1) Over the Mineral Resource Estimate	138
Figure 7.5 Modeling Results for the North-South Gravity Line (Grav 2) Across the Southwest Portion of the Mineral Resource Estimate	139
Figure 7.6 Location of TEM Sounding Profiles Conducted at the Cauchari Salar	141
Figure 7.7 2010 Survey Results for Line TEM 1	142
Figure 7.8 2010 Survey Results for Line TEM 2	143
Figure 7.9 2010 Survey Results for Line TEM 3	144
Figure 7.10 2010 Survey Results for Line TEM 4	145
Figure 7.11 2010 Survey Results for Line TEM 5	146
Figure 7.12 2017 Survey Results for Line TEM 1	147
Figure 7.13 2017 Survey Results for Line TEM 2	147
Figure 7.14 2017 Survey Results for Line TEM 3	148
Figure 7.15 2010-2011 Map of VES Survey Area	149
Figure 7.16 2010-2011 VES Survey Interpretation on the Archibarca Fan, Along Line VI	151
Figure 7.17 2010-2011 VES Survey Interpretation Along Line 2	152
Figure 7.18 2010-2011 VES Survey Interpretation Along Line 8	153
Figure 7.19 2010-2011 VES Survey Interpretation Along Line 20	154
Figure 7.20 2019 VES Survey Area	155
Figure 7.21 2019 VES Survey Interpretation Along Line A	156
Figure 7.22 2019 VES Survey Interpretation Along Line B	156
Figure 7.23 2019 VES Survey Interpretation Along Line C	156
Figure 7.24 2019 VES Survey Interpretation Along Line D	157
Figure 7.25 2019 VES Survey Interpretation Along Line E	157
Figure 7.26 2019 VES Survey Interpretation Along Line F	157
Figure 7.27 2019 VES Survey Interpretation Along Line G	158
Figure 7.28 2019 VES Survey Interpretation Along Line H	158
Figure 7.29 2019 VES Survey Interpretation Along Line I	158
Figure 7.30 2019 VES Survey Interpretation Along Line J	159
Figure 7.31 2019 VES Survey Interpretation Along Line K	159
Figure 7.32 2020 VES Survey Area	160
Figure 7.33 2020 VES Survey Interpretation Along Line A-A'	160
Figure 7.34 2020 VES Survey Interpretation Along Line B-B'	160
Figure 7.35 2020 VES Survey Interpretation Along Line C-C'	161
Figure 7.36 2020 VES Survey Interpretation Along Line D-D'	161
Figure 7.37 2020 VES Survey Interpretation Along Line E-E'	161
Figure 7.38 2020 VES Survey Interpretation Along Line F-F'	162
Figure 7.39 2020 VES Survey Interpretation Along Line G-G'	162
Figure 7.40 2021 VES Survey Area	163
Figure 7.41 2021 VES Survey Interpretation Along Line A	163
Figure 7.42 2021 VES Survey Interpretation Along Line B	164
Figure 7.43 2024 VES Survey Area	165
Figure 7.44 2024 VES Survey Interpretation	166
Figure 7.45 Boundary Investigation Map Showing Test Pit Transects and Multi-level Monitoring Well Nests	167
Figure 7.46 Surface Water Flow Monitoring Sites	171
Figure 7.47 Average Depth to Static Water Levels in Shallow Wells (50 m)	183
Figure 7.48 Average Depth to Static Water Levels in Intermediate Depth Wells (250 - 300 m)	184
Figure 7.49 Average Depth to Static Water Levels in Deep Wells (450 - 600 m)	185

Figure 7.50 Production Wells	187
Figure 7.51 Lithium Concentrations in Samples Collected During Pump Tests	188
Figure 7.52 Lithium Concentrations in Pump Test Samples - Cauchari	189
Figure 7.53 Lithium Concentrations in Pump Test Samples - Olaroz	190
Figure 7.54 Black Sand in DD19D-001	200
Figure 7.55 Borehole Locations and Associated Drilling Platforms	201
Figure 7.56 Pumping Well W18-05	205
Figure 7.57 Pumping Well Locations	212
Figure 7.58 DD19D-05 Lithological Profile	215
Figure 7.59 DD19D-06 Lithological Profile	215
Figure 7.60 DD19D-07 Lithological Profile	216
Figure 7.61 DD19D-08 Lithological Profile	216
Figure 7.62 DD19D-11 Lithological Profile	217
Figure 7.63 DD19D-13 Lithological Profile	217
Figure 7.64 DD19D-15 Lithological Profile	218
Figure 7.65 DD19D-26 BIS Lithological Profile	218
Figure 7.66 2022-2024 Drill Hole Locations	219
Figure 8.1 Rock Chip Tray with Dry and Wet Samples	221
Figure 8.2 Collecting an Undisturbed Sample	222
Figure 8.3 Collecting an Undisturbed Sample from Core	222
Figure 8.4 Measuring Sediment in an Imhoff Cone	224
Figure 9.1 Due Diligence Sample Results for Lithium: February 2019	231
Figure 9.2 Due Diligence Sample Results for Lithium: June 2019	233
Figure 9.3 Performance of Lithium Blank Samples	234
Figure 9.4 Performance of Patron A	236
Figure 9.5 Performance of Patron B	236
Figure 9.6 Performance of Patron C	237
Figure 9.7 Performance of Standard A	237
Figure 9.8 Performance of Patron AA	238
Figure 9.9 Performance of Patron BB	238
Figure 9.10 Performance of Patron CC	239
Figure 9.11 Performance of Standard AA	239
Figure 9.12 Duplicate Samples - Exar Laboratory	240
Figure 9.13 Check Assays - Exar Laboratory Versus ASA Laboratories	241
Figure 9.14 Check Assays - Exar Laboratory Versus ASA Laboratories - November 2023	242
Figure 9.15 Lithium Values in Well PB-4 2020-2025	243
Figure 10.1 Evaporation Pans and Lamps	246
Figure 10.2 Dry Air Evaporation Tests	247
Figure 10.3 Li Concentration Changes in the Brine During the Evaporation Process	247
Figure 10.4 Pilot Ponds	249
Figure 10.5 Brine Evaporation	250
Figure 10.6 Water Evaporation	250
Figure 10.7 Sedimentation Rate of Limed Pulps with Different Amounts of Excess Lime	252
Figure 10.8 Extraction Isotherm at 20ºC Using Mixed Extractants	253
Figure 10.9 Re-extraction Isotherm at 20ºC Using Mixed Extractants	254
Figure 10.10 Pilot Plant (SX-Purification-Carbonation-Filtration-Washing Pulp)	255
Figure 10.11 SX Process Boron Extraction Efficiency	256
Figure 10.12 Ca and Mg Precipitation Efficiency	257
Figure 10.13 Li Precipitation Efficiency	258
Figure 10.14 Sulphate-Calcium Equilibrium Curve	259

Figure 10.15 Example of Economic Optimization Curve	261
Figure 10.16 Equilibrium Curve of Li2CO3 Versus Ca and CO3	262
Figure 10.17 Graph of Total Organic Carbon Versus Salinity	263
Figure 11.1 Location Map for Mineral Resource Estimate	267
Figure 11.2 Methodology for Evaluating Brine Mineral Resources and Mineral Reserves	269
Figure 11.3 Representative Plan and Section Views of the 2019 Measured, Indicated, and Inferred Mineral Resource Estimate	271
Figure 11.4 Vertical Cross Sections and Aerial View Showing the Distribution of the Hydrogeostratigraphic Units	274
Figure 11.5 Drill Hole Locations Where Porosity Analyses Were Conducted	276
Figure 11.6 Lithium Grade Interpolation for the Current Mineral Resource Estimate	279
Figure 11.7 Modelled Variogram for Li and 2-D Variogram and Directional Variograms for the Li-Domain	280
Figure 11.8 Swath Plot in X for Li Domain	283
Figure 11.9 Swath Plot in Y for Li Domain	284
Figure 11.10 Swath Plot in Z for Li Domain	285
Figure 11.11 Representative Cross Sections and Aerial View of the 2026 Measured, Indicated, and Inferred Mineral Resource Estimate	287
Figure 11.12 Comparison Between the Extension of the Current and Previous (Burga, 2025) Mineral Resource Estimates	291
Figure 12.1 Conceptual Model and Model Boundary Conditions	296
Figure 12.2 Numerical Model Grid with Inactive Cells	298
Figure 12.3 Vertical Discretization of the Geological Model in Leapfrog (top) Versus the Numerical Flow Model in GWV (bottom)	299
Figure 12.4 Direct and Lateral Precipitation Recharge Zone in the Numerical Model	302
Figure 12.5 Distribution of Evaporation Zones in the Numerical Model	304
Figure 12.6 Cells Defined with a Drain Boundary Condition to Represent the Saline Interface and Lagoon Outcrop Zone	306
Figure 12.7 Hydraulic Conductivity (m/d) for Each Model Layer	309
Figure 12.8 Piezometric Surface of the Pre-Development Model	311
Figure 12.9 Distribution of the Residuals	312
Figure 12.10 Observed Versus Calculated Residuals with Calibration Statistics for the Pre-development Model	313
Figure 12.11 Head Residuals Histogram	314
Figure 12.12 Hydraulic Conductivity Comparison Between the Pumping Test Analysis and the Model Calibrated Parameters	315
Figure 12.13 Observed Versus Calculated Piezometric Levels for the Transient Model at October 2023	316
Figure 12.14 Distribution of the Residuals for October 2023	317
Figure 12.15 Head Residuals Histogram	318
Figure 12.16 Average Lithium Grades from Production Wells Production Wells (2018-2025)	319
Figure 12.17 Maximum Drawdown Predicted at the Upper Part of the Aquifer for Year 2060	321
Figure 12.18 Temporal Evolution of the Averaged Lithium Concentration Extracted from the Wellfield	323
Figure 12.19 Annual Total LCE Production from the Wellfield	323
Figure 13.1 Production Wells - Pumped Volumes per Well per Year	334
Figure 13.2 Location of Production Wells	335
Figure 13.3 Location of Production Wells Showing 2019 Mineral Resource Area	336
Figure 14.1 Process Block Diagram	338

Figure 14.2 Evaporation Ponds at Cauchari Salar	340
Figure 14.3 Testing of Berm Material	341
Figure 14.4 Evaporation Ponds - Close Up	341
Figure 14.5 Evaporation Ponds	342
Figure 14.6 Evaporation Ponds - Transfer Pump Station	343
Figure 14.7 Lithium Plant Block Diagram	345
Figure 14.8 Boron Solvent Extraction	347
Figure 14.9 Brine Purification Processing Circuit Diagram	348
Figure 14.10 Primary Purification Processing Circuit Diagram	349
Figure 14.11 Secondary Purification Processing Circuit Diagram	350
Figure 14.12 Primary IX Circuit Diagram	351
Figure 14.13 Carbonate Removal Circuit Diagram	352
Figure 14.14 Evaporation and KCl Crystallization Diagram	353
Figure 14.15 Secondary IX Polishing Diagram	354
Figure 14.16 Lithium Carbonate Crystallization Diagram	355
Figure 14.17 Lithium Carbonation Reactor Diagram	356
Figure 14.18 Mother Liquor Diagram	356
Figure 14.19 Lithium Carbonate Drying, Micronization and Packaging Diagram	358
Figure 15.1 Aerial View - Main Facilities	363
Figure 15.2 Aerial View of Evaporation Ponds	364
Figure 15.3 Process Facility Flow Diagram	366
Figure 15.4 Project Infrastructure Camp General Layout	371
Figure 16.1 Lithium Demand in Batteries (2024)	376
Figure 16.2 EV Penetration Rate Forecast	377
Figure 16.3 BESS Global Demand Growth	378
Figure 16.4 Lithium Production (2024) by Country	379
Figure 16.5 Lithium Supply Forecast per Resource Type	380
Figure 16.6 Lithium Supply Forecast per Country	380
Figure 16.7 Projected Pricing for Battery-Quality Lithium Carbonate Used in Economic Model	381
Figure 18.1 Project Organization	416
Figure 20.1 Olaroz Project Production - 2016-2021	418
Figure 20.2 Olaroz Project - Evaporation Ponds and Facilities	420
Figure 20.3 Adjacent Properties Showing Boundary with the Exar Property	421
Figure 21.1 Structural Features in the Central Area of the Cauchari Basin	427
Figure 21.2 Regional Geology in the Vicinity of the Exar Project	428
Figure 21.3 Surficial Geology in the Central Area of the Cauchari Basin	431
Figure 21.4 Facies Map of the Lower Salt Cycle Showing Line 1 Crossing a Thick Salt Succession	434
Figure 21.5 Isopleth Curves of Salt Percent in the Facies Triangle	435
Figure 21.6 Main Salt Sources of the Lower Cycle	436
Figure 21.7 Caucharri-Olaroz Watershed	439
Figure 21.8 Lithium Yield of PPG Li-Rich Brine	446
Figure 21.9 Lithium Content in Raffinate and Organic Phase	446
Figure 21.10 Continuous Extraction Device Diagram	451
Figure 21.11 General Wells Layout	454
Figure 21.12 Well Design	455
Figure 21.13 Simplified Overall Process Flowsheet	460
Figure 21.14 Evaporation Ponds Process	461
Figure 21.15 Accumulation Ponds Schematics	462
Figure 21.16 Layout of Evaporation Ponds and Salt Stockpiles	464

Figure 21.17 Evaporation Ponds Schematic and Detailed Designs	465
Figure 21.18 Location of the Expansion Solid Waste Deposit	472
Figure 21.19 Locations of Infrastructure for the Pre-existing Project and the Expansion Project	478
Figure 21.20 Location of Water System for Stage II Expansion	483
Figure 21.21 Reverse Osmosis Plant Scheme	485
Figure 21.22 Lithium Demand in Batteries	491
Figure 21.23 EV Penetration Rate Forecast	492
Figure 21.24 BESS Global Demand Growth	492
Figure 21.25 Lithium Supply Forecast per Resource Type	494
Figure 21.26 Lithium Supply Forecast per Country Type	494
Figure 21.27 Projected Pricing for Battery-Quality Lithium Carbonate Used in Economic Model	495
Figure 21.28 Capital Cost Distribution for Stage II Expansion	519
Figure 21.29 OPEX Distribution for Stage II Expansion	525
Figure 21.30 After-Tax NPV Sensitivity to CAPEX, OPEX and Price Variation	532
Figure 21.31 After-Tax IRR Sensitivity to CAPEX, OPEX and Price Variation	533
Figure 21.32 Project Schedule	536

CERTIFICATES

CERTIFICATE OF QUALIFIED PERSON

MARK KING, PHD, P.GEO., FGC

I, Mark King, P. Geo., do hereby certify that:

1. I am an independent geological consultant contracted by Lithium Argentina AG. I am President and Senior Hydrogeologist with Groundwater Insight Inc., 3 Melvin Road, Halifax, Nova Scotia, B3P 2H5, telephone 902 223 6743, email [email protected].

2. This certificate applies to the technical report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina," (the "Technical Report") with an effective date of September 15, 2026.

3. I have the following academic and professional qualifications and experience:

a. Academic

i. B.Sc. (Geology), Dalhousie University, Halifax, Nova Scotia, 1982

ii. M.A.Sc. (Civil Eng.), Technical University of Nova Scotia, 1987

iii. Ph.D. (Earth Science), University of Waterloo, Waterloo, Ontario, 1997

b. Professional

i. Registered Professional Geoscientist (PGeo) of Nova Scotia (membership #84); Serving on Admissions Board of the Association for 15+ years

ii. Member of Association of Groundwater Scientists and Engineers (membership #3002241)

iii. Member of Canadian Institute of Mining (CIM) (membership 758876)

c. Experience and Areas of Specialization Relevant to this Technical Report

i. Technical involvement in lithium brine projects for the past 15 years, ranging from NI43-101 Reporting to Due Diligence, 40+ brine projects in Chile, Argentina, Nevada, Utah, California, Mongolia, and Germany

ii. Co-author - CIM Leading Practice Guidelines for Salar-Hosted Lithium Brine MRMR Estimation (Draft, 2025)

iii. Numerical modelling of groundwater flow and solutes in groundwater

iv. Field delineation and monitoring of solutes in groundwater

v. 35 years of experience in groundwater quality and quantity projects.

I have read the definition of "qualified person set out in S-K 1300 and certify that, by reason of my education, affiliation with a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of S-K 1300.

4. I visited the Property that is the subject of this Technical Report on several occasions, the most recent being in 2012.

5. I am responsible for Sections 11 and 12, along with those sections of the Summary pertaining thereto.

6. I have had prior involvement with the Property that is the subject of this Technical Report. That involvement was as an author on the Technical Reports titled "Feasibility Study Reserve Estimation and Lithium Carbonate and Potash Production at the Cauchari-Olaroz Salars, Jujuy Province, Argentina," with an effective date of July 11, 2012; "Updated Feasibility Study and Reserve Estimation and Lithium Carbonate Production at the Cauchari-Olaroz Salars, Jujuy Province, Argentina", with an effective of March 29^th, 2017; "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina" and "2026 Cauchari-Olaroz NI 43-101 Technical Report, Jujuy Province, Argentina", both reports with an effective date of February 27, 2026.

7. As of the Effective Date of this technical report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Effective Date: September 15, 2026

Signing Date: November 6, 2026

{SIGNED AND SEALED} [Mark King]

_______________________________

Mark King, P.Geo.

CERTIFICATE OF QUALIFIED PERSON

DAVID BURGA, P.GEO.

I, David Burga, P. Geo., residing at 3884 Freeman Terrace, Mississauga, Ontario, do hereby certify that:

1. I am an independent geological consultant contracted by Lithium Argentina AG.

2. This certificate applies to the technical report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina," (the "Technical Report") with an effective date of September 15, 2026.

3. I am a graduate of the University of Toronto with a Bachelor of Science degree in Geological Sciences (1997). I have worked as a geologist for a total of 22 years since obtaining my B.Sc. degree. I am a geological consultant currently licensed by Professional Geoscientists Ontario (License No 1836). I have read the definition of "qualified person" set out in S-K 1300 and certify that, by reason of my education, affiliation with a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of S-K 1300. My relevant experience for the purpose of the Technical Report is:

4. I have visited the Property that is the subject of this Technical Report on January 24, 2017, February 19-21, 2019, June 10-12, 2019, and November 19-21, 2024.

5. I am responsible for Sections 2 to 9, 20, 22, 27, and co-author for Sections 1, and 21 to 24 of the Technical Report along with those sections of the Summary pertaining thereto.

6. I have had prior involvement with the Property that is the subject of this Technical Report. That involvement was as an author on the technical report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina" and "2026 Cauchari-Olaroz NI 43-101 Technical Report, Jujuy Province, Argentina", both reports with an effective date of February 27, 2026; "Operational Technical Report at the Cauchari-Olaroz Salars, Jujuy Province, Argentina," with an effective date of December 31, 2024; "Updated Feasibility Study and Mineral Reserve Estimation to Support 40,000 tpa Lithium Carbonate Production at the Cauchari-Olaroz Salars, Jujuy Province, Argentina", (the "Technical Report") with an effective of September 30^th, 2020; "Updated Mineral Resource Estimate for Cauchari-Olaroz, Jujuy Province, Argentina" (the "Technical Report") with an effective of March 1^st, 2019; and the technical report titled "Updated Feasibility Study and Reserve Estimation and Lithium Carbonate Production at the Cauchari-Olaroz Salars, Jujuy Province, Argentina", (the "Technical Report") with an effective of March 29^th, 2017.

7. As of the effective date of this technical report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Effective Date: September 15, 2026

Signing Date: November 6, 2026

{SIGNED AND SEALED} [David Burga]

_______________________________

David Burga, P.Geo.

CERTIFICATE OF QUALIFIED PERSON

MAREK DWORZANOWSKI, EUR ING CENG

I, Marek Dworzanowski, EUR ING, CEng, BSc(Hons), FIMMM, HonFSAIMM residing at 25 Rue Paul Doumer, 22950, Tregueux, France, do hereby certify that:

1. I am an independent process consultant contracted by Lithium Argentina AG.

2. This certificate applies to the technical report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina," (the "Technical Report") with an effective date of September 15, 2026.

3. I graduated from the University of Leeds, United Kingdom, with a BSc (Honours) in Mineral Processing in July 1980. In March 2016, I was appointed as a Visiting Adjunct Professor in Metallurgical Engineering, University of Witwatersrand, South Africa.

4. I became a Fellow of the Southern African Institute of Mining and Metallurgy (SAIMM) in 2006 and my membership number is 19594. I became a Fellow of the Institute of Materials, Minerals and Mining (IMMM) in 2020 and my membership number is 485805. I became a Chartered Engineer (CEng) with the Engineering Council of the United Kingdom in 2020, and my registration number is 357983. I became a European Engineer (EUR ING) in 2022, and my registration number is 34956.

5. I have read the definition of "qualified person" (QP) set out in S-K 1300 and by reason of my education, affiliation with a professional association and past relevant work experience, I fulfill the requirements to be a QP for the Technical Report.

6. I have over 40 years of experience in the mining industry during which time I gained a considerable amount of diverse experience in various senior roles within the areas of mineral processing and hydrometallurgy, production, project execution, project studies, technical consulting and research and development. My relevant experience in lithium brine projects for the purpose of the Technical Report includes operational reviews of producing lithium plants, process consulting support and acting as QP for a number of lithium brine projects including: Minera Salar Blanco Maricunga Project PEA and DFS (Chile), Millennial Lithium Pastos Grandes Project PEA and DFS (Argentina), Advantage Lithium Cauchari Project PEA and PFS (Argentina), NeoLithium 3Q Project DFS (Argentina), Standard Lithium Lanxess Smackover Project PEA (USA) and Standard Lithium SWA Project PFS (USA).

7. I have had prior involvement with the Property that is the subject of this Technical Report. That involvement was as an author on the technical report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina" and "2026 Cauchari-Olaroz NI 43-101 Technical Report, Jujuy Province, Argentina", both reports with an effective date of February 27, 2026; "Operational Technical Report at the Cauchari-Olaroz Salars, Jujuy Province, Argentina," with an effective date of December 31, 2024; and "Updated Feasibility Study and Mineral Reserve Estimation to Support 40,000 tpa Lithium Carbonate Production at the Cauchari-Olaroz Salars, Jujuy Province, Argentina", (the "Technical Report") with an effective date of September 30^th, 2020.

8. I visited the property that is the subject of the Technical Report on 10 September 2025.

9. I am responsible for Section 10 and Section 14 of the Technical Report along with those sections of the Summary pertaining thereto.

10. As of the effective date of this technical report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Effective Date: September 15, 2026

Signing Date: November 6, 2026

{SIGNED AND SEALED} [Marek Dwarzanowski]

_______________________________

Marek Dwarzanowski, EUR ING CEng

CERTIFICATE OF QUALIFIED PERSON

JONATHAN GIBSON P.ENG. - MINING ENGINEER/QP

I, Jonathan Gibson P.Eng., residing at 1343 Queenston Road, Cambridge, Ontario, do hereby certify that:

1. I am an mining and mineral processing engineering consultant contracted by Lithium Argentina AG.

2. This certificate applies to the technical report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina," (the "Technical Report") with an effective date of September 15, 2026.

3. I am a graduate of Dalhousie University with a Bachelor of Engineering degree in Mining, Mineral Processing and Oil & Gas (2007). I have worked as a Mining and Mineral Processing Engineer for a total of 18 years since obtaining my B.Eng. degree. I am a professional mining engineer currently licensed by the Professional Engineers of Ontario as well as the Association of Professional Engineers of Nova Scotia (License No 100126726 and 20230175 respectively). I have read the definition of "qualified person set out in S-K 1300 and certify that, by reason of my education, affiliation with a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of S-K 1300. My relevant experience for the purpose of the Technical Report is:

I have participated in well over 2 dozen various technical reports (from prefeasibility to FEL 0-4, Multi-Discipline Engineering Reports, Trade-off studies, mineral processing flowsheet adaptations (including the supporting laboratory R&D), Backfill and mine ventilation capital projects to start-up/commissioning of material handling circuits and several mine closure plans) as well as being the QP of record and/or author of over half a dozen SEC reported technical reports (Vale, CSU Projects & BBA).

4. I have not visited the Property that is the subject of this Technical Report.

5. I am responsible for Sections 12, 13, 15, and 16, and co-author for Section 19 and of the Technical Report along with those sections of the Summary pertaining thereto.

I have had prior involvement with the Property that is the subject of this Technical Report. That involvement was as an author on the technical report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina" and "2026 Cauchari-Olaroz NI 43-101 Technical Report, Jujuy Province, Argentina", both reports with an effective date of February 27, 2026.

6. As of the effective date of this technical report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Effective Date: September 15, 2026

Signing Date: November 6, 2026

{SIGNED AND SEALED} [Jonathan Gibson]

_______________________________
Jonathan Gibson, P.Eng.

CERTIFICATE OF QUALIFIED PERSON

ALEXANDER M. L. CUSHING, P.ENG.

I, Alexander Cushing, P. Eng., residing at 243 Albright Road, Hamilton, Ontario, do hereby certify that:

1. I am an independent mineral processing, metallurgical and mineral economics consultant contracted by Lithium Americas (Argentina) Corp.

2. This certificate applies to the technical report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina," (the "Technical Report") with an effective date of September 15, 2026.

3. I am a graduate of McMaster University with a Bachelor of Engineering degree in Chemical Engineering (2011), Queen's University, Kingston with a Master of Applied Science (2014) and Doctorate of Philosophy (2018) in Mining Engineering, and the University of Toronto with a Master of Finance. I have worked as an engineer for over 10 years since obtaining my B.Eng degree. I am an engineering consultant currently licensed by Professional Engineers Ontario (License No 100555075). I have read the definition of "qualified person" set out in S-K 1300 and certify that, by reason of my education, affiliation with a professional association and past relevant work experience, I fulfill the requirements to be a "qualified person" for the purposes of S-K 1300. My relevant experience for the purpose of the Technical Report is:

4. I have not visited the Property that is the subject of this Technical Report.

5. I am responsible for Sections 16 and 18, and co-author for Sections 1, 21 to 24 of the Technical Report along with those sections of the Summary pertaining thereto.

6. I have had prior involvement with the Property that is the subject of this Technical Report. That involvement was as an author on the technical report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina" and "2026 Cauchari-Olaroz NI 43-101 Technical Report, Jujuy Province, Argentina", both reports with an effective date of February 27, 2026.

7. As of the effective date of this technical report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Effective Date: September 15, 2026

Signing Date: November 6, 2026

{SIGNED AND SEALED} [Alexander Cushing]

_______________________________

Alexander Cushing, P.Eng.

CERTIFICATE OF QUALIFIED PERSON

JAMES WANG, P.E.

As the co-author of the report titled "2026 Cauchari-Olaroz S-K 1300 Technical Report, Jujuy Province, Argentina," (the "Technical Report") with an effective date of September 15, 2026, I, James Wang, P.E., do hereby certify that:

1. I am a director and executive consultant with Golder Associates, a wholly owned division of WSP Global Inc. (local office address: 1111 Azia Center, Beijing, China; head office address: 1600 Rene Levesque Blvd. West, Montreal, QC H3H 1P9, Canada). My listed home address is 891 Miami Ridge Drive, Loveland, Ohio, U.S.A.

2. Since graduating with a Bachelor's degree in civil engineering in China in 1992 and a Master's degree in geotechnical engineering in the U.S. in 1994, I have practiced my profession continuously for 30 years. I have held positions with D'Appolonia Consultants, Terracon Consultants, Golder Associates, and WSP Golder in the U.S. and China. I have been a registered Professional Engineer (P.E.) with the State of Ohio (Registration #63824) since 1999 and a registered Professional Engineer (P.E.) with the State of West Virginia (Registration #15545) since 2002.

3. Over the past 31 years, I have completed over 90 projects in the mining sector in the Americas, Asia, and Africa. My areas of expertise include geotechnical/mining engineering, hydrogeology, process engineering, mining technical economics and valuation, and mine waste disposal. Over the past 12 years, I have served as the project director and Qualified Person for over 10 large size lithium brine projects in Argentina and Chile. I have also managed technical due diligence reviews on over 12 lithium projects (both brine projects and hard rock projects) in the Americas over the past 15 years for mining companies and investment funds.

4. I have read the definition of "qualified person" set out in S-K 1300 and certify that and by reason of my education, past relevant experience, professional registrations, and affiliation with professional associations I fulfill the requirements to be a "Qualified Person" for the purposes of S-K 1300.

4. I have not visited the Property that is the subject of this Technical Report.

5. As a qualified person (QP) for this project, I have been responsible for authoring or co-authoring Sections 17 and 21 of this Technical Report along with those sections of the Executive Summary pertaining thereto.

6. As for the effective date of this technical report, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Effective Date: September 15, 2026

Signing Date: November 6, 2026

{SIGNED AND SEALED} [James Wang]

__________________________________

Signature of James Wang, P.E.