Production from the Project will be divided between the partners of Minera Exar according to the their ownership (Ganfeng Lithium 51% and LAC 49%). Accordingly, LAC is entitled to 19,600 tpa of LCE based on a full production rate of 40,000 tpa. LAC has entered into lithium carbonate offtake agreements with two counterparties, Ganfeng Lithium and BCP Innovation Pte Ltd. (“Bangchak”). These offtake agreements are related to strategic investment agreements by the counterparties, which include both debt facilities for Project construction and equity investments. Assuming a 40,000 tpa production rate and LAC maintaining its 49% interest in the Project, the Ganfeng offtake agreement entitles Ganfeng to acquire 9,800 tpa of LCE (80% of 49% of the first 25,000 tpa of production) at prevailing market prices, while the Bangchak offtake agreement entitles Bangchak to acquire 6,000 tpa of LCE (20% of 49% of the first 25,000 tpa plus 46.67% of production above that rate) at prevailing market prices. The remaining 3,800 tpa is unallocated, subject to certain rights of Bangchak to top-up its offtake entiltement to 6,000 tpa from this unallocated amount in certain circumstances.

Thanks,

AXP