Lithium Argentina presented its results and positioned Cauchari-Olaroz, in Jujuy, as the operational core of its growth strategy. The company holds 44,8% of Exar, the operating company of the project, and participates in the joint control of its main decisions. The operating figures of Exar are reported on a 100% basis, a necessary distinction to avoid attributing all results to the shareholding of Lithium Argentina.
During the first quarter, Cauchari-Olaroz produced 9.660 tons of lithium carbonate. The average of the previous two quarters amounted to 97% of the design capacity. For 2026, the company maintained a guidance of between 35.000 and 40.000 tons. In the first quarter, the cash operating cost was US$5.391 per ton and revenues reached US$168 million, with an approximate realized price of US$16.818 per ton sold.
Exar recorded an adjusted EBITDA of US$105,8 million in the first quarter, compared to US$8,9 million in the same period of 2025. The comparison shows operational and financial improvement, but it corresponds to specific periods and does not guarantee that the performance will be repeated. Cauchari-Olaroz also distributed around US$100 million in the first months of 2026, of which approximately US$46 million corresponded to Lithium Argentina.
Stage 2 is projected to add 45.000 annual tons of lithium carbonate capacity. In March, the company reported an increase of 42% in measured and indicated resources, up to 28 million tons, with an average grade of 562 milligrams of lithium per liter. The project was approved to enter RIGI in May 2026, after the application and environmental permits were submitted in December 2025.
The company also works in Pozuelos-Pastos Grandes, in Salta, with an integrated scheme that could reach 150.000 tons per year in three stages. Ganfeng Lithium and Lithium Argentina are talking with clients and partners to structure financing, purchase agreements, and minority stakes. That volume is a potential capacity of the regional plan, not existing production or already agreed financing.
In March, Lithium Argentina closed a debt line of US$130 million with Ganfeng for six years at a rate of SOFR plus 2,5%, aimed at increasing flexibility and refinancing corporate obligations. The next step will be to turn the approval of RIGI, the resources, and the financing into effective execution of Stage 2. Meanwhile, the additional 45.000 tons should be read as projected capacity, not as completed expansion.
