# Lithium Argentina Announces Cauchari-Olaroz Stage 2 Scoping Study Results and Acceleration of Initial Phase of 10,000 tpa Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/lithium-argentina-announces-cauchari-olaroz-stage-2-scoping-study-results-and-ac--26af321e-a1d8-470b-8cde-c433c6b67aa2 Original source: https://www.juniorminingnetwork.com/junior-miner-news/press-releases/3295-tsx/lar/212085-lithium-argentina-announces-cauchari-olaroz-stage-2-scoping-study-results-and-acceleration-of-initial-phase-of-10-000-tpa.html Publisher: jmn Original announcement: 2026-09-30T22:20:05.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T20:18:29.240Z Atlas analysis updated: 2026-09-30T20:18:29.240Z - Company: Lithium Argentina AG - Ticker: LAR - Exchange: TSX - Region: Jujuy Province, Argentina - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-30 20:18:30 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Lithium Argentina announced positive results from a Scoping Study for its Cauchari-Olaroz Stage 2 Expansion Project in Jujuy Province, Argentina. The study outlines an additional 45,000 tpa lithium carbonate production, resulting in an after-tax NPV 8% of $3.1 billion and an IRR of 28.5% at a lithium carbonate price of $18,000/t. Concurrently, the company reported an updated Mineral Resource Estimate with a 42% increase in total Measured and Indicated LCE resources, now totaling 28.1 Mt LCE, and is accelerating an initial 10,000 tpa phase of the expansion. Reasoning: Lithium Argentina announced highly positive Scoping Study results for its Cauchari-Olaroz Stage 2 expansion, showing strong economics \(NPV $3.1B, IRR 28.5%\) and a significant 42% increase in M&I LCE resources, including a substantial boost in Measured category. The project benefits from RIGI approval and is compliant with NI 43-101 and S-K 1300, with QP sign-off. However, the resource estimate lacks a stated cut-off grade, and regulatory approvals for DLE technology transfer are pending, which introduces minor risks. - Positive factor: Strong Scoping Study economics with high NPV and IRR - Positive factor: Significant increase in total Measured and Indicated \(M&I\) LCE resources by 42% - Positive factor: Substantial increase in Measured resources, indicating higher confidence - Positive factor: RIGI approval secured, providing fiscal stability and investment incentives - Positive factor: Resource estimate prepared to NI 43-101 and S-K 1300 standards with QP sign-off - Positive factor: Flexible phased development approach for Stage 2 expansion - Negative factor: No cut-off values applied to the resource estimate, limiting comparability - Negative factor: Chinese regulatory authorization for DLE equipment not yet obtained for the initial phase - Negative factor: Scoping Study economics do not reflect the accelerated initial phase, introducing some uncertainty Facts used in scoring: 7 ## Classification and evidence **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Total M&I resources increased LCE estimates by 42% compared to the 2019 estimate. Evidence · text > Total M&I resources increased LCE estimates by 42% compared to the 2019 estimate **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: The resource update includes a significant increase in Measured resources, indicating improved confidence. Evidence · text > including a significant increase in Measured resources reflecting additional drilling, incorporation of operating data, increased resource area and basin-wide hydrogeological modeling. **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The scientific and technical information has been reviewed and approved by independent qualified persons \(QPs\) as defined in NI 43-101. Evidence · text > 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. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The technical report will be prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and Subpart 1300 of Regulation S-K. Evidence · text > A technical report, prepared by Golder Associates \(“ Golder ”\), in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects \(“ NI 43-101 ”\) and Subpart 1300 of Regulation S-K \(“ S-K 1300 ”\), will be filed within 45 days. **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report will be prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and Subpart 1300 of Regulation S-K. Evidence · text > A technical report, prepared by Golder Associates \(“ Golder ”\), in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects \(“ NI 43-101 ”\) and Subpart 1300 of Regulation S-K \(“ S-K 1300 ”\), will be filed within 45 days. **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: The resource estimate explicitly states that no cut-off values have been applied. Evidence · text > No cut-off values have been applied to the resource estimate. **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate is presented within the context of a Scoping Study, which is an early-stage economic assessment. Evidence · text > Lithium Argentina Announces Cauchari-Olaroz Stage 2 Scoping Study Results **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document presents an updated Mineral Resource Estimate for the Cauchari-Olaroz project. Evidence · text > The January 2026 resource update supports Cauchari-Olaroz’ large-scale and high-quality lithium brine Deposit. ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (7) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lithium-argentina-announces-cauchari-olaroz-stage-2-scoping-study-results-and-ac--26af321e-a1d8-470b-8cde-c433c6b67aa2#fact-resource-facts-0) Cauchari-Olaroz · lithium #### Identity - Project: Cauchari-Olaroz - Commodity: lithium - Region: argentina - Reported Region: Jujuy Province, Argentina - Ticker: LAR #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Mark King, James Wang, David Burga - Resource group id: resource:3d5460cb3e1c5f755418 #### Resource Data - Category: measured - Grade: 557 - Grade Unit: mg/L - Contained Metal: 16.8 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Measured resource of 16.8 Mt LCE at 557 mg/L Li represents a high-confidence portion of the overall resource, contributing significantly to the project's de-risking and supporting the Stage 2 expansion. The estimate is compliant with NI 43-101 and S-K 1300, with QP sign-off, though the lack of a cut-off grade is a minor negative. - Positive factor: Significant Measured resource, indicating high geological confidence - Positive factor: Part of a larger M&I resource increase, de-risking the project - Positive factor: Resource estimate prepared to NI 43-101 and S-K 1300 standards with QP sign-off - Negative factor: No cut-off values applied to the resource estimate Evidence · table > 16.8 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lithium-argentina-announces-cauchari-olaroz-stage-2-scoping-study-results-and-ac--26af321e-a1d8-470b-8cde-c433c6b67aa2#fact-resource-facts-1) Cauchari-Olaroz · lithium #### Identity - Project: Cauchari-Olaroz - Commodity: lithium - Region: argentina - Reported Region: Jujuy Province, Argentina - Ticker: LAR #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Mark King, James Wang, David Burga - Resource group id: resource:30ea49833fb73c272269 #### Resource Data - Category: indicated - Grade: 571 - Grade Unit: mg/L - Contained Metal: 11.3 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Indicated resource of 11.3 Mt LCE at 571 mg/L Li adds to the project's confidence, forming a key part of the overall M&I resource base that supports the Stage 2 expansion. The estimate is compliant with NI 43-101 and S-K 1300, with QP sign-off, though the lack of a cut-off grade is a minor negative. - Positive factor: Significant Indicated resource, providing reasonable geological confidence - Positive factor: Contributes to a substantial M&I resource increase, supporting project development - Positive factor: Resource estimate prepared to NI 43-101 and S-K 1300 standards with QP sign-off - Negative factor: No cut-off values applied to the resource estimate Evidence · table > 11.3 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lithium-argentina-announces-cauchari-olaroz-stage-2-scoping-study-results-and-ac--26af321e-a1d8-470b-8cde-c433c6b67aa2#fact-resource-facts-2) Cauchari-Olaroz · lithium #### Identity - Project: Cauchari-Olaroz - Commodity: lithium - Region: argentina - Reported Region: Jujuy Province, Argentina - Ticker: LAR #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Mark King, James Wang, David Burga - Resource group id: resource:431cb1ffcfbea4b95b54 #### Resource Data - Category: inferred - Grade: 567 - Grade Unit: mg/L - Contained Metal: 9.6 - Contained Unit: mt #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Inferred resource of 9.6 Mt LCE at 567 mg/L Li contributes to the overall potential of the Cauchari-Olaroz project. While compliant with reporting standards and QP signed, its lower confidence category and the absence of a cut-off grade mean it cannot directly support economic studies without further drilling. - Positive factor: Adds to the overall resource potential of the project - Positive factor: Resource estimate prepared to NI 43-101 and S-K 1300 standards with QP sign-off - Negative factor: Inferred category has lower geological confidence - Negative factor: No cut-off values applied to the resource estimate Evidence · table > 9.6 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/lithium-argentina-announces-cauchari-olaroz-stage-2-scoping-study-results-and-ac--26af321e-a1d8-470b-8cde-c433c6b67aa2#fact-resource-facts-3) Cauchari-Olaroz · lithium #### Identity - Project: Cauchari-Olaroz - Commodity: lithium - Region: argentina - Reported Region: Jujuy Province, Argentina - Ticker: LAR #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Mark King, James Wang, David Burga - Resource group id: resource:119c51e0c768779f0d49 #### Resource Data - Category: measured - Tonnes: 16800000 - Grade: 557 - Grade Unit: mg/l #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Measured resource of 16.8 Mt LCE at 557 mg/L Li represents a high-confidence portion of the overall resource, contributing significantly to the project's de-risking and supporting the Stage 2 expansion. The estimate is compliant with NI 43-101 and S-K 1300, with QP sign-off, though the lack of a cut-off grade is a minor negative. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant Measured resource, indicating high geological confidence - Positive factor: Part of a larger M&I resource increase, de-risking the project - Positive factor: Resource estimate prepared to NI 43-101 and S-K 1300 standards with QP sign-off - Negative factor: No cut-off values applied to the resource estimate Evidence · table > 557 Context: 16.8 #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lithium-argentina-announces-cauchari-olaroz-stage-2-scoping-study-results-and-ac--26af321e-a1d8-470b-8cde-c433c6b67aa2#fact-resource-facts-4) Cauchari-Olaroz · lithium #### Identity - Project: Cauchari-Olaroz - Commodity: lithium - Region: argentina - Reported Region: Jujuy Province, Argentina - Ticker: LAR #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Mark King, James Wang, David Burga - Resource group id: resource:82a216dedf55be001133 #### Resource Data - Category: indicated - Tonnes: 11300000 - Grade: 571 - Grade Unit: mg/l #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Indicated resource of 11.3 Mt LCE at 571 mg/L Li adds to the project's confidence, forming a key part of the overall M&I resource base that supports the Stage 2 expansion. The estimate is compliant with NI 43-101 and S-K 1300, with QP sign-off, though the lack of a cut-off grade is a minor negative. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant Indicated resource, providing reasonable geological confidence - Positive factor: Contributes to a substantial M&I resource increase, supporting project development - Positive factor: Resource estimate prepared to NI 43-101 and S-K 1300 standards with QP sign-off - Negative factor: No cut-off values applied to the resource estimate Evidence · table > 571 Context: 11.3 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/lithium-argentina-announces-cauchari-olaroz-stage-2-scoping-study-results-and-ac--26af321e-a1d8-470b-8cde-c433c6b67aa2#fact-resource-facts-5) Cauchari-Olaroz · lithium #### Identity - Project: Cauchari-Olaroz - Commodity: lithium - Region: argentina - Reported Region: Jujuy Province, Argentina - Ticker: LAR #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Mark King, James Wang, David Burga - Resource group id: resource:6a921561052f3e3e69d2 #### Resource Data - Category: indicated - Tonnes: 28100000 - Grade: 562 - Grade Unit: mg/l #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Indicated resource of 11.3 Mt LCE at 571 mg/L Li adds to the project's confidence, forming a key part of the overall M&I resource base that supports the Stage 2 expansion. The estimate is compliant with NI 43-101 and S-K 1300, with QP sign-off, though the lack of a cut-off grade is a minor negative. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Significant Indicated resource, providing reasonable geological confidence - Positive factor: Contributes to a substantial M&I resource increase, supporting project development - Positive factor: Resource estimate prepared to NI 43-101 and S-K 1300 standards with QP sign-off - Negative factor: No cut-off values applied to the resource estimate Evidence · table > 562 Context: 28.1 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/lithium-argentina-announces-cauchari-olaroz-stage-2-scoping-study-results-and-ac--26af321e-a1d8-470b-8cde-c433c6b67aa2#fact-resource-facts-6) Cauchari-Olaroz · lithium #### Identity - Project: Cauchari-Olaroz - Commodity: lithium - Region: argentina - Reported Region: Jujuy Province, Argentina - Ticker: LAR #### Resource scope - Estimate type: resource - Effective date: 2026-01-01T00:00:00.000Z - Reporting standards: ni\_43\_101, sec\_sk1300 - QP Signed: Yes - Qualified person names: Mark King, James Wang, David Burga - Resource group id: resource:c3853c0b5f711fd8f021 #### Resource Data - Category: inferred - Tonnes: 9600000 - Grade: 567 - Grade Unit: mg/l #### Prior Estimate - Resource Date: 2026-01-01 #### Metal Equivalent - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The Inferred resource of 9.6 Mt LCE at 567 mg/L Li contributes to the overall potential of the Cauchari-Olaroz project. While compliant with reporting standards and QP signed, its lower confidence category and the absence of a cut-off grade mean it cannot directly support economic studies without further drilling. \(Expanded from multi-commodity resource table for completeness.\) - Positive factor: Adds to the overall resource potential of the project - Positive factor: Resource estimate prepared to NI 43-101 and S-K 1300 standards with QP sign-off - Negative factor: Inferred category has lower geological confidence - Negative factor: No cut-off values applied to the resource estimate Evidence · table > 567 Context: 9.6 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.