ALBEMARLE DONATES $1 MILLION TO CLEVELAND COMMUNITY COLLEGE TO FURTHER SUPPORT WORKFORCE DEVELOPMENT PROGRAMS

Donation to support training and apprenticeship programs for growing regional industries

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, announced a $1 million donation to Cleveland Community College (CCC) for the purchase of equipment, supplies and facility improvements to benefit workforce training programs. The Shelby, NC -based college's programs are designed to strengthen the region's pipeline of skilled and diverse workers to support the growth of businesses and projects, such as the redevelopment of the Kings Mountain Mine.

Albemarle Corp. Logo. (PRNewsFoto/Albemarle Corporation)

The equipment and facility improvements are expected to be an integral part of CCC's Heavy Equipment Operator Program and support apprenticeship programs Albemarle is developing for several electrical and process operations roles. In addition, Albemarle employees are expected to benefit from customized training programs for the mine's mineral processing facility. These programs are designed to allow both students and incoming Albemarle employees to learn and train on state-of-the-art equipment and simulators.

"A skilled and capable workforce is one of the most critical ingredients needed as we work to strengthen our U.S. supply chain of lithium," said Ellen Lenny-Pessagno , Global Vice President, External Affairs and Sustainability. "We are fortunate to have Cleveland Community College's experienced faculty and resources right here in the community that can be leveraged to build a pipeline of talent."

"We are grateful to Albemarle for this significant investment," said Dr. Jason Hurst , President of Cleveland Community College . "Not only does it benefit the delivery of workforce training programs, but it also provides Cleveland Community College with the means to develop new and innovative training programs and apprenticeships that support local and regional businesses. Cleveland Community College has high-quality, professional instructors that are eager to deliver training with the proposed new equipment. Albemarle's commitment to this community, and its community college, is unique and much appreciated."

The donation builds upon $5 million of announced funding to CCC as a subrecipient of the U.S. Department of Energy's $150 million grant to the Kings Mountain Mine project. The overall grant is anticipated to support part of the construction cost for the mine's mineral processing facility and CCC's portion of the grant is expected to fund the development of a customized operator training program for the planned facility.

The Kings Mountain site is one of the few known hard-rock lithium deposits in the U.S. Currently, Albemarle is preparing permits for submittal to regulatory agencies and undergoing studies and social impact assessments to determine the feasibility of reopening the mine. Albemarle expects the proposed mine and mineral processing facility to require a workforce of more than 1,000 construction jobs and an additional 300 full-time, skilled roles. The current Kings Mountain site has more than 300 employees.

Since 2016, Albemarle has committed more than $2 million dollars to community initiatives in the region with a focus on health, social services, educational and cultural initiatives intended to strengthen Kings Mountain and surrounding communities.

About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers.

Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, including, without limitation, information related to the use of and benefits derived from the donation to CCC, the funds from the DOE grant, the planes related to the Kings Mountain mine, and including all information relating to matters that are not historical facts, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend," "may," "outlook," "should," "would," and "will". Forward-looking statements may include statements regarding Albemarle's and BMW Group's performance under their strategic agreement, future collaboration and development projects by Albemarle and BMW Group regarding lithium battery innovations, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in lithium market prices; production volume shortfalls; increased competition; changes in product demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; political unrest; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects and collaborations; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website at www.sec.gov . These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Media Contact:
Jennifer Zajac , +1 (980) 308-6259, Jennifer.Zajac@albemarle.com

Investor Relations Contact:
Meredith Bandy , +1 (980) 999-5768, Meredith.Bandy@albemarle.com

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SOURCE Albemarle Corporation

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SQM REPORTS EARNINGS FOR THE THREE MONTHS ENDED MARCH 31, 2024|

Highlights

SQM reported total revenues for the three months ended March 31, 2024 of US$1,084.5 million compared to total revenues of  US$2,263.9 million for the same period last year.

Net loss (1) for the three months ended March 31, 2024 of (US$869.5) million or (US$3.04) per share, compared to net income of  US$749.9 million, US$2.63 per share for the same period last year.

Over 30% year-on-year higher sales volumes in lithium business, surpassing 43,000 metric tons in 1Q2024.

Revised and increased FY2024 lithium sales volumes guidance.

Record-high quarterly sales volumes in iodine business, over 3,700 metric tons in 1Q2024.

Concluded the acquisition of Andover lithium project in Western Australia.

Successfully completed the ramp-up of the Dixin lithium hydroxide conversion facility in Sichuan, China, with a nominal capacity of 20,000 metric tons.


SQM will hold a conference call to discuss these results on Thursday, May 23, 2024 at 12:00pm ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=qmUdFzpU

SANTIAGO, Chile , May 22, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ) for the three months ended March 31, 2024 , of (US$869.5) million , (US$3.04) per share. Excluding the net effect of accounting adjustments for the payments of the specific tax on mining activities for the exploitation of lithium, the net income for the three months ended March 31, 2024 , totaled US$228.1 million ( US$0.80 per share), representing a decrease of approximately 69.6% compared to US$749.9 million ( US$2.63 per share).

Gross profit reached US$368.5 million (34.0% of revenues) for the three months ended March 31, 2024 , lower than US$1,065.6 million (47.1% of revenues) recorded for the three months ended March 31, 2023 . Revenues totaled US$1,084.5 million for the three months ended March 31, 2024 , representing a decrease of approximately 52.1% compared to US$2,263.9 million reported for the three months ended March 31, 2023 .

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are pleased with the positive year-on-year growth in sales volumes across all of our major businesses. During the first quarter of 2024, we delivered record-high quarterly sales volumes in the iodine business, almost 9% higher when compared to the same period last year. Sales volumes in our specialty nutrition and potassium business lines were approximately 20% higher year-on-year, while lithium sales volumes were over 30% higher during the first quarter of 2024 compared to the same period last year. This growth was offset by lower year-on-year realized average sales prices in these business lines as a result of lower market prices during the first quarter of 2024."

He continued by saying, "We believe that the strong demand growth in lithium market seen since the beginning of the year could continue for the remainder of the year, with total lithium demand surpassing 1.1 million metric tons during 2024. Given this positive trend in demand growth, especially in China which accounts for almost 75% of global lithium demand, and our updated sales volumes outlook for the year, we believe that our sales volumes could reach 200,000 metric tons in 2024."

Mr. Ramos added, "We continue with our growth plans in Chile and abroad. Our iodine and nitrates expansion project in Pampa Blanca is progressing successfully and we expect to deliver 1,300 metric tons of iodine from this new operation in 2024. In the recent months, we began the construction of a seawater pipeline which will deliver seawater to our operations, allowing us to expand our production capacity and supply freshwater to our neighboring communities.

In lithium business, as detailed below, we have completed the new expansion of our lithium carbonate facility in Chile , reaching 210,000 metric tons per year, and continued to work on a series of initiatives related to efficiency, quality and process improvements to expand this production capacity to 240,000 metric tons per year in 2025, thus adding incremental 30,000 metric tons per year of lithium carbonate capacity. Our lithium hydroxide capacity (conversion from lithium carbonate) has reached 40,000 metric tons per year and we remain on track to increase our total lithium hydroxide capacity in Chile to 100,000 metric tons per year in 2025.

After signing a non-binding Memorandum of Understanding with Codelco at the end of last year, we continued with the negotiations to define the definitive conditions and documents for a joint operation in the Salar de Atacama, which we expect to deliver by the end of this month."

He closed by saying, "In China, after several years of developing lithium sulfate refinery project, which consisted of redesigning and modifying of the Dixin chemical plant to convert lithium sulfate product from the Salar de Atacama into battery grade lithium hydroxide, we are proud to announce that this process concluded this month by SQM acquiring 100% of the plant. With a design capacity of 20,000 metric tons per year and the first production archived at the end of last year, Dixin plant is fundamental to our strategy to at least double our lithium hydroxide production from lithium sulfate in the coming years.

Finally, in Australia , through a 50/50 joint venture with Hancock Prospecting Pty (Hancock), we completed the acquisition of 60% of the Andover lithium project by acquiring 100% of the shares of Azure Minerals Limited for a total amount of approximately US$350 million (SQM's share). We look forward to working with Hancock on what we believe will be a  significant lithium project on a global scale. By combining our mining and lithium expertise with Hancock's experience in project development and mining operations in Australia , we expect to build a strong and mutually beneficial partnership."

The total capex for 2024 is expected to reach US$1.3 billion , including the capex associated with the abovementioned initiatives for our lithium carbonate capacity expansions of approximately US$70 million , Dixin plant acquisition of approximately US$140 million , and maintenance of approximately US$150 million . The total capex amount does not include the amount of approximately US$350 million paid for the acquisition of Andover lithium project.

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Irina Axenova  / irina.axenova@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:
Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the implementation of the MoU and potential partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

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