LAR.TO · 2026-03-11 12:00:00

Lithium Argentina Expands Cauchari-Olaroz Resource Estimate; Supports Stage 2 Development Plan

Resource Estimates

Lithium Argentina Expands Cauchari-Olaroz Resource Estimate; Supports

Stage 2 Development Plan

ZUG, Switzerland, March 11, 2026 -- Lithium Argentina AG (“ Lithium Argentina ” or the “Company”) (TSX: LAR ) (NYSE:

LAR) announced today an updated mineral resource and reserve estimate (“Updated Estimate”) on the Cauchari-Olaroz brine

operation (“Cauchari-Olaroz ”) in Jujuy Province, Argentina.

The Updated Estimate was completed by Aquatec and Groundwater Insight, Inc. with an effective date of December 31, 2025,

focused on expanding the resource footprint, incorporating production data and utilizing a basin-wide hydrological model

designed to support the Cauchari-Olaroz Stage 2 development plans. Expanding on the Stage 1 operating capacity of 40,000

tonnes per annum (“ tpa”) of lithium carbonate equivalent (“ LCE”), Stage 2 targets an additional 45,000 tpa of LCE. The

Company plans to file a technical report (“Technical Report ”) including the Updated Estimate during March 2026.

Highlights:

◾ Increased Measured and Indicated (“M&I”) resource estimate by 42% to 28.1 Mt of LCE

◦ Updated M&I resource with an average grade of 562 mg/L lithium (up from 19.9 Mt LCE at 592 mg/L previously)

◦ Inferred resource increased to 9.6 Mt LCE at an average grade of 567 mg/L lithium (up from 4.7 Mt LCE at 592

mg/L previously)

◾ Updated Estimate incorporates additional drilling and basin wide hydrological model

◦ Expanded resource footprint with new drilling, extending the resource area by approximately 20 km south of

previous resource footprint

◦ Incorporates production well sampling data and results of a basin-wide hydrological model to support the Stage 2

development plan

◾ Reserve model aligns with Stage 1 production and reaffirms project life

◦ Reserves updated to align with Stage 1 production of 40,000 tpa over a 35-year operating period (2026–2060),

consistent with the original 40-year project life after accounting for brine inventory and production to date

◾ Advancing Stage 2 development plan targeting additional capacity of 45,000 tpa LCE

◦ The Incentive Regime for Large Investments (“RIGI”) application for Stage 2 and environmental permits to support

additional production capacity were both filed in December 2025

◦ Results of an updated Stage 2 development plan are expected in mid-2026

Sam Pigott, CEO of Lithium Argentina, commented:

“With Cauchari-Olaroz Stage 1 continuing to perform exceptionally well - operating near capacity with costs under $6,000 per

tonne - we are increasing our focus on our next phase of growth. The Updated Estimate at Cauchari-Olaroz, combined with

Pozuelos-Pastos Grandes, provides one of the largest scale and highest-quality lithium brine portfolios globally. Having the

right resource base is the first step; moving forward, our priority is to de-risk our growth pipeline by securing the RIGI, obtaining

necessary permits and finalizing the Stage 2 development plan that leverages Stage 1 while incorporating new technologies to

drive further operational efficiencies.

“Our vision is to build on this strong operational foundation targeting a combined capacity of over 200,000 tpa LCE across

northern Argentina. As we work toward this goal, we remain firmly committed to a disciplined approach to capital allocation,

ensuring that every step in our growth pipeline is directly tied to creating tangible, long-term shareholder value.”

Mineral Resource Estimate

The Updated Estimate supports Cauchari-Olaroz’ large-scale and high-quality lithium brine resource. Total M&I resources

increased LCE estimates by 42% compared to the 2019 estimate, including a significant increase in Measured resources

reflecting additional drilling, incorporation of operating data, increased resource area and basin-wide hydrogeological modeling.

The improved geological and aquifer understanding strengthens confidence in the resource base and supports the ongoing

development planning for Stage 2.

The Updated 2026 Mineral Resource and the 2019 Mineral Resource for Cauchari-Olaroz, on a 100% basis, are summarized in

the table below. Please see Appendix for the 2016 and 2019 Mineral Resource Estimate.

Category

Cauchari-Olaroz 2026

Production

Period (Yr)

Brine Pumped

(m3)

Average Li

Concentration

(mg/L)

Lithium Metal

(tonnes) LCE (Mt)

Proven 0 through 10 227,782,565 588 75,315 0.4

Probable 11 through 35 526,320,091 572 190,463 1.0

Total P&P 35 754,102,655 580 265,779 1.4

Notes:

1. The 2026 Mineral Reserve Estimate has an effective date of January 1, 2026.

2. The 2026 Mineral Reserves were estimated using 63.0 % of process efficiency.

3. The independent Qualified Person for the 2026 Mineral Reserves Estimate is Mark King, PhD PGeo., FGC.

4. Long-term lithium carbonate price assumed for the evaluation of the 2026 Mineral Reserves is $18,000/tonne.

Operating costs are estimated at $5,411/tonne.

5. LCE is calculated using mass of LCE = 5.322785 multiplied by the mass of Lithium Metal.

6. The values in the columns for “Lithium Metal” and “LCE” above are expressed as total contained metals.

7. The Production Period is inclusive of the start of the Year 0 (January 1, 2026).

8. The average lithium concentration is weighted by per well simulated extraction rates.

9. Values may not sum exactly, due to rounding of numbers and the differences caused by use of averaging methods. A

lithium grade cutoff of 300 mg/L is used to define the Mineral Reserve Estimates in 2026.The estimate of Mineral

Reserves may be materially affected by legal, political, environmental, or other risks.

________________________________

1 See NI 43-101 technical report titled “NI 43-101 Technical Report – Operational Technical Report at the Cauchari-Olaroz

Salars, Jujuy Province, Argentina” with an effective date of February 27, 2026 available under the Company’s SEDAR+ profile.

Next Steps

◾ Stage 2 Permitting: Environmental permits have been submitted to support an expansion targeting 45,000 tpa of

lithium carbonate capacity, providing additional flexibility as the Company advances development planning.

◾ RIGI Application for Stage 2: Submitted in December 2025, with approval expected in the first half of 2026, which

would enhance the fiscal and economic conditions of Stage 2.

◾ Stage 2 Development Plan : A Stage 2 Scoping Study is expected to be completed by mid-2026, incorporating the

Updated Estimate into future expansion plans.

◾ Ongoing Technical Optimization: The Company continues to advance hydrogeological modeling, wellfield

optimization and processing improvements to further support long-term production planning and potential expansion

scenarios.

Scientific & Technical Information and Qualified Persons

Dr. Mark King was engaged as qualified person to prepare the 2026 Mineral Resource Estimate and 2026 Mineral Reserve

Estimate, including the mineral resource and reserve estimation in brine for Cauchari-Olaroz in accordance with the guidelines

for lithium brines set forth by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM 2012), National Instrument 43-

101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and SK-1300.

The scientific and technical information in this news release has been reviewed and approved by the independent qualified

persons (“QPs”) listed below, each of whom is a “qualified person” as defined in NI 43-101.

◾ David Burga, P.Geo.

◾ Mark King, PhD. PGeo., FGC

Report Filing

The Company will file a technical report prepared in accordance with NI 43-101 with respect to the foregoing resource and

reserve estimate on SEDAR+ ( http://www.sedarplus.ca and on the Company's website ( http://www.lithium-argentina.com)

within 45 days of this news release.

For U.S. reporting purposes, the Company intends to furnish this news release on Form 6-K and to file a Technical Report

Summary (TRS) prepared in accordance with Subpart 1300 of Regulation S-K. The TRS will be prepared by, or under the

supervision of, a qualified person as defined in S-K 1300 and will summarize the material scientific and technical information

supporting the mineral resource estimate.

Appendix

Summary of 2019 Lithium Mineral Resource Estimate for Lithium

Classification

Aquifer

Volume

(m3)

Drainable

Brine Volume

(m3)

Average

Lithium

Concentration

(mg/L)

Lithium

(tonnes)

LCE

(tonnes)

Measured Resource 1.07E+ 10 1.13E+ 09 591 667,800 3,554,700

Indicated Resource 4.66E+ 10 5.17E+ 09 592 3,061,900 16,298,000

Measured + Indicate 5.73E+ 10 6.30E+ 09 592 3,729,700 19,852,700

Inferred 1.33E+ 10 1.50 E+ 09 592 887,300 4,722,700

Notes:

1. The 2019 Mineral Resource Estimate has an effective date of May 7, 2019, and includes the 2019 HSU model. The

Resource Evaluation Area, initial lithium concentrations, and a lithium grade cut-off of greater than or equal to 300 mg/L

parameters remained the same as the 2019 Mineral Resource Estimate given in LAC (2019).

2. The independent Qualified Person for the 2025 Mineral Reserves Estimate was Mr. Daniel S. Weber, P.G., RM-SME.

3. The Mineral Resource Estimate is not a Mineral Reserve Estimate and does not have demonstrated economic viability.

There is no certainty that all or any part of the Mineral Resources will be converted to Mineral Reserves.

4. The independent Qualified Person for the 2019 Mineral Resource Estimate has been prepared by Mr. Daniel S. Weber,

P.G., RM-SME.

5. Calculated brine volumes only include Measured, Indicated, and Inferred Mineral Resource volumes above cut-off

grade.

6. The Mineral Resource Estimate has been classified in accordance with CIM Mineral Resource definitions and best

practice guidelines (2012 and 2014).

7. Comparisons of values may not add due to rounding of numbers and the differences caused by use of averaging

methods.

8. Lithium carbonate equivalent (“LCE”) is calculated using mass of LCE = 5.322785 multiplied by the mass of Lithium

reported.

Summary of 2026 Lithium Mineral Resource Estimate (1-9)

Resource

Classification

Aquifer volume

(m3)

Brine

Drainable

Volume (m3)

Average

Lithium

concentration

(mg/L)

(tonnes)

LCE

(tonnes)

Measured 5.94E+ 10 5.89E+ 09 557 3,164,540 16,844,844

Indicated 3.87E+ 10 3.82E+ 09 571 2,122,708 11,299,172

Measured +

Indicated 9.81E+ 10 9.71E+ 09 562 5,287,247 28,144,016

Inferred 2.77E+ 10 3.24E+ 09 567 1,806,125 9,614,004

Notes:

1. A lithium grade cutoff of 300 mg/L is used to define the Mineral Resource.

2. Mineral Resources are also expressed in the industry standard Lithium Carbonate Equivalent (LCE = Lithium × 5.323).

3. The mass of lithium produced from 2018–2025 period (52,786 t = 280,982 t LCE) has been removed from the Mineral

Resource.

4. The independent Qualified Person for the 2026 Mineral Resource Estimate is Mark King, PhD PGeo, FGC.

5. The Effective Date of the Mineral Resource Estimate is December 31, 2025.

6. The Mineral Resource Estimate is not a Mineral Reserve Estimate and does not have demonstrated economic viability.

There is no certainty that all or any part of the Mineral Resources will be converted to Mineral Reserves.

7. Calculated brine volumes only include Measured, Indicated, and Inferred Mineral Resource volumes above cut-off

grade.

8. The Mineral Resource Estimate has been classified in accordance with CIM Mineral Resource definitions and best

practice guidelines (2012 and 2014).

9. Comparisons of values may not add due to rounding of numbers and the differences caused by use of averaging

methods.

10. The Mineral Resources are presented on a 100% basis.

11. Mineral Resources reported are inclusive of Mineral Reserves.

12. The estimate of Mineral Resources may be materially affected by legal, political, environmental, or other risks.

ABOUT LITHIUM ARGENTINA

Lithium Argentina is an emerging producer of lithium carbonate for use primarily in lithium-ion batteries and electric vehicles.

The Company, in partnership with Ganfeng operates the Cauchari-Olaroz lithium brine operation in the Jujuy province of

Argentina and is advancing PPG in the Salta province of Argentina. Lithium Argentina currently trades on the TSX and on the

NYSE under the ticker “LAR”.

Cauchari-Olaroz is 44.8% owned by the Company, 46.7% by Ganfeng and 8.5% by JEMSE, a mining investment company

owned by the government of Jujuy Province in Argentina.

For further information contact:

Investor Relations

Telephone: +1 778-653-8092

Email: [email protected]

Website: http://www.lithium-argentina.com

FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” and “forward-looking statements” (which we refer to collectively as

forward-looking information) under the provisions of applicable securities legislation. Forward-looking information can be

identified by the use of words such as seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”,

“predict”, “propose”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe”, “scheduled”, “implement” and similar

words or expressions. All statements, other than statements of historical fact, are forward-looking information. Forward-looking

information in this news release include, without limitation, information with respect to the following matters or the Company’s

expectations relating to such matters: the timing of the filing of the Technical Report; mineral resource and reserve estimates;

the impacts of the increase in resources and reserves on the Company’s growth strategy and for staged capacity expansions

at Cauchari-Olaroz; the timing and amount of future production, capacity and anticipated costs; expectations with respect to

Stage 2 and the timing for a scoping study thereof; global production estimates; and permitting and expectations related to the

Company’s RIGI application.

Forward-looking information may involve known and unknown risks, assumptions and uncertainties which may cause the

Company’s actual results or performance to differ materially. This information reflects the Company’s current views with

respect to future events and is necessarily based upon a number of assumptions that, while considered reasonable by the

Company today, are inherently subject to significant uncertainties and contingences, and accordingly, the Company can give

no assurance that these assumptions and expectations will prove to be correct. With respect to forward-looking information

included in this news release, the Company has made assumptions regarding, among other things: current technological

trends; the business relationship between the Company and Ganfeng Lithium Group Co. Ltd.; ability to fund its operations; the

ability to operate in a safe and effective manner; uncertainties relating to obtaining and/or maintaining mining, exploration,

development, environmental and other permits or approvals in Argentina including the Company’s RIGI application; demand for

lithium; impact of increasing competition in the lithium business, including the Company’s competitive position in the industry;

general economic conditions; stability and support of legislative, regulatory and community environment in the jurisdiction

where it operates; estimates of and changes to market prices for lithium and commodities; estimates costs for the project or

operation; estimates of mineral resources and mineral reserves, including whether mineral resources will ever be developed

into mineral reserves; reliability of technical data; and the ability to achieve full production; and accuracy of budget and

estimates. Forward-looking information also involves known and unknown risks that may cause actual results to differ

materially, these risks include, among others: the operations may not operate and produce as planned; cost overruns; market

prices affecting development of the operation; risks associated with co-ownership arrangements; risks with ability to

successfully secure adequate financing if necessary; risks to the growth of the lithium markets; lithium prices; inability to

obtain any future required governmental permits and that operations may be limited by government-imposed limitations;

technology, cyber security and artificial intelligence risk; inability to achieve and manage expected growth; political risk

associated with foreign operations, including co-ownership arrangements with foreign domiciled partners; emerging and

developing market risks; operational risks; changes in government regulations; changes in environmental requirements; failure

to obtain or maintain necessary licenses, permits or approvals; insurance risk; receipt and security of mineral property titles

and mineral tenure risk; changes in project or operation parameters; uncertainties associated with estimating mineral

resources and mineral reserves, including uncertainties regarding assumptions underlying such estimates; whether mineral

resources will ever be converted into mineral reserves; opposition to the Company’s projects; geological or technical or

processing problems; liabilities and risks; health and safety risks; unanticipated results; unpredictable weather; unanticipated

delays; reduction in demand for lithium; inability to generate profitable operations; restrictive covenants in debt instruments;

intellectual property risks; dependency on key personnel; currency and interest rate fluctuations; and volatility in general

market and industry conditions. Additional risks, assumptions and other factors are set out in the Company’s management

discussion analysis and most recent Annual Report on Form 20-F, copies of which are available on SEDAR+ at

www.sedarplus.ca

Although the Company has attempted to identify important risks and assumptions, given the inherent uncertainties in such

forward-looking information, there may be other factors that cause results to differ materially. Forward-looking information is

made as of the date hereof and the Company does not intend, and expressly disclaims any obligation to, update or revise the

forward-looking information contained in this news release, except as required by law. Accordingly, readers are cautioned not

to place undue reliance on forward-looking information.

A photo accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/f63b43d3-5f67-4eb8-af5b-863bc0d0bd11

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