What have been the major developments for Lithium Chile over the past 12 months?

In Argentina, our focus was on advancing the Arizaro project. We completed our PFS in July, which confirmed the strong economic potential of the asset. Shortly after, we received a letter of intent from an Asian party interested in acquiring the project.

In Chile, our most significant milestone has been the completion of a JV with Eramet on our Molle Verde project. During this time, we also introduced Eramet to the local communities where we have long-standing relationships. Eramet has committed to continuing that engagement as part of its operational philosophy, which emphasizes local collaboration. Their strong financial capacity and technical expertise will help us significantly as we advance Molle Verde. What is the status and significance of the CEOL granted to Lithium Chile?

The CEOL awarded to us in March is a landmark event not just for Lithium Chile but also for Chile’s lithium sector. Our JV with Grupo Errázuriz was key. They controlled about 36% of the Coipasa Basin, while we held 62%. Together, we controlled more than 97% of the claims in the salar. That level of basin control was a prerequisite for applying under the fast-track CEOL framework under the National Lithium Strategy.

Coipasa was identified as one of the first six salars eligible for private development, so we saw an opportunity and positioned ourselves accordingly. This approval validates the extensive technical, community, and regulatory work our team has done over the years. We are now in a position to begin detailed exploration and development at Coipasa. What is your approach to Direct Lithium Extraction technologies?

Direct lithium Extraction (DLE) offers a more environmentally responsible alternative to traditional evaporation ponds. We have reviewed more than 30 DLE technologies. Each brine chemistry requires a tailored solution, so we are careful about selecting the right partner for each project. Our partner Eramet is also advancing a DLE pilot plant in Copiapó, which looks promising and may offer an in-country solution. We believe DLE will become the standard across the industry, and we intend to be at the forefront of its adoption. How do you view the current global dynamic, especially with China?

China is the world’s largest consumer of lithium and is advancing rapidly in EVs and related technologies. From our perspective, building constructive relationships with China is pragmatic and necessary. China’s technological expertise, particularly in lithium processing and manufacturing, cannot be overlooked. What factors led to Lithium Chile's successful CEOL application?

The most important factor was basin control. By forming a joint venture with Grupo Errázuriz, we controlled 97% of the Coipasa claims. The government was able to work with a single, coordinated group, which simplified the regulatory process. Our operational track record also helped. We demonstrated the ability to take a grassroots exploration property in Argentina and advance it to a PFS valued at US$2.8 billion. That experience gave the Chilean government confidence in our technical and financial capability. What was the rationale behind spinning off Kairos Gold?

Our gold assets were not being properly valued within Lithium Chile. We had five promising gold projects, but investors were only focused on our lithium portfolio. We spun out Kairos Gold in December with shareholder and TSX approval. We raised US$1.4 million to fund exploration and launched a second drill program at Las Garillas. How do you view the trend of increased collaboration in the mining industry?

The junior mining sector plays a crucial role in identifying and advancing early-stage assets. Majors typically come in once a resource has been defined. This division of risk and capital has always underpinned the mining ecosystem. These collaborations enable us to progress more projects without overstretching our resources. They also bring technical expertise and financial support, which is especially important in a sector as capital-intensive as lithium. What are your goals for the remainder of 2025 in Chile?

Our primary objective is to advance the Coipasa CEOL. We are in discussions with the Ministry to finalize the terms and are also re-engaging with local communities to ensure continued support. Chile’s CEOL framework has given us a production pathway ahead of confirming the full resource, which is unique. In parallel, we will continue to progress negotiations around the potential sale of the Arizaro project in Argentina.