Lithium Argentina AG: 1Q26 Results: Great Cost Execution Continues & Pricing Strength Further

Research evidence excerpt

Lithium Argentina AG: 1Q26 Results: Great Cost Execution Continues & Pricing Strength Further

Deutsche Bank

Research

Rating Company Date

Buy Lithium Argentina AG 12 May 2026

North America Reuters Bloomberg Rating Buy

Canada LAR.N LAR US Price target (USD) 12.00 Price at 11 May 26 11.79

52-week range 11.79 – 1.73

Industrials

Metals & Mining Valuation & Risks

1Q26 Results: Great Cost Execution

Continues & Pricing Strength Further CorinneResearchBlanchardAnalyst

+1-904-645-2360

Our view of the results: LAR reported a solid 1Q26 performance with strong cost

David Begleiter execution again this Q, down 4% sequentially to $5,391/t and Lithium pricing Research Analyst

showing an inflection point at ~$16.8/kg. Expansion plans continue to progress +1-212-250-5473

with Stage II.

Mike McNulty

We do expect further upside momentum for Lithium pricing going into 2Q and the Research Associate

rest of the year, and we forecast Adj. EBITDA (at the project level, 100% basis) to +1-904-887-0349

reach $133m in 2Q26 and $484m for 2026e.

Key takeaways

• Further costs execution: Yet again, LAR delivered another quarter of Key changes

strong cost execution, with C1 OpEx just below $5.4/kg, 4% below DBe Price target (USD) 11 12 9%

and down 4% QoQ. Source: Deutsche Bank

• Strong pricing flowing through: While not a surprise, 1Q26 showed

meaningful pricing improvement to $16.8/kg, up 86% QoQ. Based on

recent spot trends, we believe there is further room for improvement into

2Q26e to ~$20/kg. Management mentioned a 6-7% discount to spot for

product quality in 1Q.

• 2026 guidance reaffirmed: LAR maintained its 2026 production guidance

of 35-40kt for 2026 (DBe 37.5kt).

• Stage II expansion: Development plan and scoping study for Stage II are

further progressing, with results expected mid-2026.