Lithium Argentina AG

NYSE:LAR

Operations: Cauchari-Olaroz produced over 34,000 tonnes in 2025, finished the year near capacity with Q4 at ~97% (≈9,700 t).

Costs: Q4 operating cash cost was around $5,600/tonne; management now forecasts long-term full-capacity costs of ≈$5,400/tonne (down from $6,500).

Financials: Cauchari-Olaroz generated $56 million in adjusted EBITDA in 2025; company received $42 million of an $85 million operation distribution and completed a $130 million, 6‑year loan facility.

2026 outlook: Production guidance of 35,000–40,000 tonnes; at a $20,000/t market price the midpoint implies ~ $460 million EBITDA for Cauchari-Olaroz in 2026.

Growth strategy: Advancing Stage 2 (45,000 t) and PPG (targeted to 150,000 t phased) with RIGI applications submitted for both; mid‑2026 targeted development plan for Stage 2.

Financing stance: Management expects Stage 2 to be funded using Stage 1 cash flow and debt options; PPG financing to involve Ganfeng and potential minority partners, aiming to avoid shareholder equity dilution.

Market and risks: Management sees strengthening demand—notably energy storage systems—supporting prices but warns pricing will remain volatile; minimal near‑term operational exposure to recent Middle East events or fuel costs.