Profit margins sensitivity to metal prices

Profits per ton of lithium carbonate equivalent (LCE) produced.

Notes:
1. DLE operating expenses per ton LCE based on estimates by Goldman Sachs .
2. Mining operating expenses based on cost estimates by Lithium Americas for the Thacker Pass project.
Chart: RMI Source: RMI Analysis, Lithium Americas, Goldman Sachs, expert interviews and Controlled Thermal Resources.
RMI