Lithium

-- Record Financial Performance Achieved in Second Quarter --

-- Entered into Long-Term Supply Agreement with General Motors --

-- Raises 2022 Full Year Revenue and Adjusted EBITDA Guidance --

Livent Corporation (NYSE: LTHM) today reported results for the second quarter of 2022.

Livent Corporation (PRNewsfoto/Livent Corporation)

Revenue was $218.7 million , up 52% and 114% from the first quarter of 2022 and the prior year, respectively.  Reported GAAP net income was $60.0 million , 13% higher than the previous quarter, and 31 cents per diluted share.  Adjusted EBITDA was $95.0 million , 78% higher than the previous quarter and roughly six times higher than the prior year, and adjusted earnings per share were 37 cents per diluted share.  Continued improvement in lithium market conditions and strong customer demand in the second quarter supported higher realized prices.

"Lithium demand was exceptionally strong through the first half of 2022.  Published lithium prices in all forms moved higher in the second quarter amid tight market conditions," said Paul Graves , president and chief executive officer of Livent.  "We continue to achieve higher realized prices across our entire product portfolio."

Agreement with General Motors

As announced in a joint press release last week, Livent entered into a long-term supply agreement with General Motors (GM).  This six-year agreement, which will deliver lithium hydroxide beginning in 2025, will also come with a $198 million advance payment from GM to be made in 2022.  The upfront payment strengthens the binding commitments being made by both parties and establishes a foundation for expanding the relationship over time.  This structure increases flexibility and certainty for Livent as it funds and executes its capacity expansion plans.

"The challenges are increasing for the lithium industry to grow battery-grade lithium hydroxide and carbonate supply enough to keep up with significant annual demand increases," continued Graves.  "As a result, auto OEMs are becoming more focused on securing reliable lithium supply to support their own aggressive electrification plans.  We remain focused on executing our expansion plans to meet the growing needs of our customers and look forward to the beginning of a long-term relationship with GM, given our shared commitment to sustainability and strengthening electric vehicle supply chains in North America ."

Capacity Expansion

Livent remains on schedule to deliver on all of its previously announced capacity expansions.  The first 10,000 metric tons expansion of lithium carbonate in Argentina will be mechanically complete by year-end 2022 and in commercial production by the first quarter of 2023.  The Company's 5,000 metric ton expansion of lithium hydroxide in Bessemer City will be mechanically complete by the end of Q3 2022 and in commercial production the following quarter.

Livent is on track to add another 10,000 metric tons of lithium carbonate capacity in Argentina by the end of 2023.  This will nearly double Livent's total available LCEs (1) from 2021 levels.  The Company also expects to add another 15,000 metric tons of lithium hydroxide capacity at a new location in China by the end of 2023.

Nemaska , a joint venture in which Livent is a 50% partner, is concluding all remaining work on its construction plan, which is expected to be finalized by the end of the third quarter of this year. Nemaska will be a fully integrated asset located in Quebec, Canada , with an expected 34,000 metric tons of nameplate capacity of battery-grade lithium hydroxide and first production in the second half of 2025.

Sustainability

Livent published its 2021 Sustainability Report in early July, reflecting the company's commitment to responsible production and expansion through its ongoing focus on environmental protection, social responsibility and transparency.  The report underscores Livent's view that lithium will continue to play a critical role in global decarbonization efforts and the shift to electrification.  Among the highlights of the report are an update on Livent's progress against its 2030 and 2040 ESG goals, data points from recent Life Cycle Assessments of key lithium products and an overview of the company's initiatives around the world for responsible operations and growth.  Key ESG metrics in the report were reviewed and assured by a third-party.  Livent's 2021 Sustainability Report, with the theme of Growing Responsibly, is available at https://livent.com/sustainability .

Guidance and Outlook (2)

Livent has further improved its guidance for 2022 financial performance.  This is underpinned by expectations for higher realized pricing across all lithium products, with no change to underlying volume assumptions.  For the full year, Livent now projects revenue to be in the range of $800 million to $860 million and Adjusted EBITDA to be in the range of $325 million to $375 million .

($ million)

Revised FY 2022
Guidance

Prior FY 2022
Guidance

Actual

FY 2021

Revised

YoY Growth
(midpoint)

Revenue

800 – 860

755 – 835

420

Up 97%

Adj. EBITDA

325 – 375

290 – 350

70

Up 404%

Supplemental Information

In this press release, Livent uses the financial measures Adjusted EBITDA and adjusted earnings per diluted share.  These terms are not calculated in accordance with generally accepted accounting principles (GAAP).  Definitions of these terms, as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, are provided on our website: ir.livent.com.  Such reconciliations are also set forth in the financial tables that accompany this press release.

About Livent

For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,100 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States , England , India , China and Argentina . For more information, visit Livent.com.

S afe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "will continue to," "will likely result," "is on track," "should," "expect," "expects," "intends," "plans," "anticipates," "believe," "believes," "estimates," "predicts," "potential," "continue," "could," "forecast," "future," "is confident that," "plans," or "projects," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about Livent, may include projections of Livent's future financial performance, Livent's anticipated growth strategies and anticipated trends in Livent's business, including without limitation, our capital expansion plans and development of the Nemaska project. These statements are only predictions based on Livent's current expectations and projections about future events. There are important factors that could cause Livent's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Currently, one of the most significant factors is the continuing effects of the COVID-19 global pandemic. Additional factors that could cause Livent's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements include a decline in the growth in demand for electric vehicles using high performance lithium compounds; increased supply chain disruptions in the electric vehicle manufacturing industry; volatility in the price for performance lithium compounds (as the principal driver of our higher guidance range is higher expected realized pricing); adverse global economic and weather conditions; competition; quarterly and annual fluctuations of our operating results; risks relating to Livent's planned production expansion and related capital expenditures, including any further suspension of our expansion efforts; the potential development and adoption of battery technologies that do not rely on performance lithium compounds as an input or that require a lesser amount of performance lithium compounds; liquidity and access to credit; the conditional conversion feature of the 2025 Notes; reduced customer demand, or delays in growth of customer demand, for higher performance lithium compounds; the success of Livent's research and development efforts; difficulty integrating future acquisitions; risks inherent in international operations and sales, including political, financial and operational risks specific to Argentina , China and other countries where Livent has active operations; the effects of war, such as the conflict in Ukraine ; customer concentration and the delay or loss of, or significant reduction in orders from, large customers; failure to satisfy customer quality standards; increases in the price of energy and raw materials or broader global inflationary pressures; employee attraction and retention; union relations; cybersecurity breaches; our ability to protect our intellectual property rights; not having established proven or probable mineral reserves, as defined by the SEC; legal and regulatory proceedings; including any shareholder lawsuits; compliance with environmental, health and safety laws; changes in tax laws; risks related to ownership of our common stock, including price fluctuations and lack of dividends; ESG risks, including events outside our control that could prevent us from achieving our sustainability goals; as well as the other factors described under the caption entitled "Risk Factors" in Livent's 2021 Form 10-K filed with the Securities and Exchange Commission on February 28, 2022 and our subsequent Forms 10-Q filed with the Securities and Exchange Commission. Although Livent believes the expectations reflected in the forward-looking statements are reasonable, Livent cannot guarantee future results, level of activity, performance or achievements. Moreover, neither Livent nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Livent is under no duty to update any of these forward-looking statements after the date of this news release to conform its prior statements to actual results or revised expectations.

  1. Lithium Carbonate Equivalents.
  2. Although we provide a forecast for Adjusted EBITDA, we are not able to forecast the most directly comparable measure calculated and presented in accordance with GAAP.  Certain elements of the composition of the GAAP amount are not predictable, making it impractical for us to forecast such GAAP measure or to reconcile corresponding non-GAAP financial measure to such GAAP measure without unreasonable efforts.  For the same reason, we are unable to address the probable significance of the unavailable information.  Such elements include, but are not limited to, restructuring, transaction related charges, and related cash activity.  As a result, no GAAP outlook is provided for these metrics.

LIVENT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in millions, except per share data)



Three Months Ended June 30,


Six Months Ended June 30,


2022


2021


2022


2021

Revenue

$               218.7


$               102.2


$               362.2


$               193.9

Costs of sales

116.2


81.8


199.8


160.2

Gross margin

102.5


20.4


162.4


33.7

Selling, general and administrative expenses

13.8


11.7


25.6


22.4

Research and development expenses

0.8


0.7


1.7


1.4

Restructuring and other charges

2.9


2.0


3.9


2.3

Separation-related costs

0.3


0.6


0.4


0.5

Total costs and expenses

134.0


96.8


231.4


186.8

Income from operations before equity in net loss of unconsolidated affiliate, interest expense, net and other gain

84.7


5.4


130.8


7.1

Equity in net loss of unconsolidated affiliate

2.7


1.4


4.9


2.7

Interest expense, net




0.3

Other gain

(8.2)



(22.2)


Income from operations before income taxes

90.2


4.0


148.1


4.1

Income tax expense/(benefit)

30.2


(2.5)


34.9


(1.6)

Net income

$                 60.0


$                   6.5


$               113.2


$                   5.7

Net income per weighted average share - basic

$                 0.36


$                 0.04


$                 0.69


$                 0.04

Net income per weighted average share - diluted

$                 0.31


$                 0.04


$                 0.58


$                 0.03

Weighted average common shares outstanding - basic

166.6


148.7


164.2


147.6

Weighted average common shares outstanding - diluted

196.5


178.0


194.0


177.0

LIVENT CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


RECONCILIATION OF NET INCOME (GAAP) TO ADJUSTED EBITDA (NON-GAAP)

(Unaudited)



Three Months Ended June 30,


Six Months Ended June 30,

(in Millions)

2022


2021


2022


2021

Net income

$                 60.0


$                   6.5


$               113.2


$                   5.7

Add back:








Interest expense, net




0.3

Income tax expense/(benefit)

30.2


(2.5)


34.9


(1.6)

Depreciation and amortization

6.4


6.3


12.8


12.5

EBITDA (Non-GAAP) (1)

96.6


10.3


160.9


16.9

Add back:








Argentina remeasurement losses (a)

0.8


1.0


1.8


3.3

Restructuring and other charges (b)

2.9


2.0


3.9


2.3

Separation-related costs (c)

0.3


0.6


0.4


0.5

COVID-19 related costs (d)

0.7


1.4


1.5


2.3

Other loss (e)

1.9


0.7


3.5


1.8

Subtract:








Blue Chip Swap gain (f)

(8.2)



(22.2)


Argentina interest income (g)



(1.5)


Adjusted EBITDA (Non-GAAP) (1)

$                 95.0


$                 16.0


$               148.3


$                 27.1

__________________

1.

We evaluate operating performance using certain Non-GAAP measures such as EBITDA, which we define as net income plus interest expense, net, income tax expense and depreciation and amortization; and Adjusted EBITDA, which we define as EBITDA adjusted for restructuring and other charges, separation-related costs and certain other losses/(gains). Management believes the use of these Non-GAAP measures allows management and investors to compare more easily the financial performance of its underlying business from period to period. The Non-GAAP information provided may not be comparable to similar measures disclosed by other companies because of differing methods used by other companies in calculating EBITDA and Adjusted EBITDA. This measure should not be considered as a substitute for net income or other measures of performance or liquidity reported in accordance with U.S. GAAP. The above table reconciles EBITDA and Adjusted EBITDA from net income.

a.

Represents impact of currency fluctuations on tax assets and liabilities and long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within "Cost of sales" in our condensed consolidated statement of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country.

b.

We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The six months ended June 30, 2022 includes $0.5 million of severance costs for management changes at certain administrative facilities and $0.4 million for miscellaneous nonrecurring costs. The three and six months ended June 30, 2022 and 2021 includes transaction-related legal fees.

c.

Represents legal and professional fees and other separation-related activity.

d.

Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the condensed consolidated statement of operations, including but not limited to, incremental quarantine-related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic-related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments.

e.

The three and six months ended June 30, 2022 and 2021 represents our ownership interest (which was 25% prior to June 6, 2022) in certain project-related costs, interest expense and transaction costs incurred for the Nemaska Project, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statement of operations. The Company accounts for its equity method investment in the Nemaska Project on a one-quarter lag basis.

f.

Represents the gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds and is excluded from Adjusted EBITDA because it is nonrecurring.

g.

Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods.

RECONCILIATION OF NET INCOME (GAAP) TO

ADJUSTED AFTER-TAX EARNINGS (NON-GAAP)

(Unaudited)


(in Millions, Except Per Share Data)

Three Months Ended June 30,


Six Months Ended June 30,

2022


2021


2022


2021

Net income

$                 60.0


$                   6.5


$               113.2


$                  5.7

Special charges:








Argentina remeasurement losses (a)

0.8


1.0


1.8


3.3

Restructuring and other charges (b)

2.9


2.0


3.9


2.3

Separation-related costs (c)

0.3


0.6


0.4


0.5

COVID-19 related costs (d)

0.7


1.4


1.5


2.3

Other loss (e)

1.9


0.7


3.5


1.8

Blue Chip Swap gain (f)

(8.2)



(22.2)


Argentina interest income (g)



(1.5)


Non-GAAP tax adjustments (i)

14.9


(4.4)


12.7


(4.7)

Adjustment for interest, net of tax, on 2025 Notes assumed converted (Non-GAAP) (h)




0.2

Adjusted after-tax earnings (Non-GAAP) (1)

$                 73.3


$                   7.8


$               113.3


$                11.4









Diluted earnings per common share (GAAP)

$                 0.31


$                 0.04


$                 0.58


$                0.03

Special charges per diluted share, before tax:








Argentina remeasurement losses, per diluted share



0.01


0.03

Restructuring and other charges, per diluted share

0.01


0.01


0.02


0.01

COVID-19 related costs, per diluted share


0.01


0.01


0.01

Other loss, per diluted share

0.01



0.01


Blue Chip Swap gain, per diluted share

(0.04)



(0.12)


Non-GAAP tax adjustments, per diluted share

0.08


(0.02)


0.07


(0.02)

Diluted adjusted after-tax earnings per share (Non-GAAP) (1)

$                 0.37


$                 0.04


$                 0.58


$                0.06

Weighted average common shares outstanding - diluted
(Non-GAAP) used in diluted adjusted after-tax earnings per share computations

196.5


178.0


194.0


177.0

___________________

1.

The Company believes that the Non-GAAP financial measures "Adjusted after-tax earnings" and "Diluted adjusted after-tax earnings per share" provide useful information about the Company's operating results to management, investors and securities analysts. Adjusted after-tax earnings excludes the effects of special charges and tax-related adjustments. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. Diluted adjusted after-tax earnings per share (Non-GAAP) is calculated using weighted average common shares outstanding - diluted.

a.

Represents impact of currency fluctuations on tax assets and liabilities and long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within "Cost of sales" in our condensed consolidated statement of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country.

b.

We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The six months ended June 30, 2022 includes $0.5 million of severance costs for management changes at certain administrative facilities and $0.4 million for miscellaneous nonrecurring costs. The three and six months ended June 30, 2022 and 2021 includes transaction-related legal fees.

c.

Represents legal and professional fees and other separation-related activity.

d.

Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the condensed consolidated statement of operations, including but not limited to, incremental quarantine-related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments.

e.

The three and six months ended June 30, 2022 and 2021 represents our ownership interest (which was 25% prior to June 6, 2022) in certain project-related costs, interest expense and transaction costs incurred for the Nemaska Project, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statement of operations. The Company accounts for its equity method investment in the Nemaska Project on a one-quarter lag basis.

f.

Represents the gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds and is excluded from Adjusted EBITDA because it is nonrecurring.

g.

Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods.

h.

For the three and six months ended June 30, 2022 and the three months ended June 30, 2021, all of the interest was capitalized on the 2025 Notes. For the six months ended June 30, 2021, $5.8 million of the interest on the 2025 Notes was capitalized.

i.

The Company excludes the GAAP tax provision, including discrete items, from the Non-GAAP measure of income, and instead includes a Non-GAAP tax provision based upon the projected annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related interim accounting impacts; and, changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to operating results thereby providing investors with useful supplemental information about the Company's operational performance. The income tax expense/(benefit) on special charges/(income) is determined using the applicable rates in the taxing jurisdictions in which the special charge or income occurred and includes both current and deferred income tax expense/(benefit) based on the nature of the Non-GAAP performance measure.


Three Months Ended June 30,


Six Months Ended June 30,

(in Millions)

2022


2021


2022


2021

Non-GAAP tax adjustments:








Income tax benefit on restructuring, separation-related and other corporate costs

$                 (1.0)


$                 (0.6)


$                 (0.9)


$                 (1.1)

Revisions to our tax liabilities due to finalization of prior year tax returns


0.4



0.4

Foreign currency remeasurement and other discrete items (1)

15.8


(0.1)


11.9


(1.2)

Blue Chip Swap gain

0.9



2.3


Other discrete items

(0.8)


(4.1)


(0.6)


(2.8)

Total Non-GAAP tax adjustments

$                14.9


$                 (4.4)


$                12.7


$                 (4.7)

__________________________

1.

Three and six months ended June 30, 2022 includes $11.8 million and $5.2 million income tax expense, respectively, relating to an adjustment for inflation and foreign currency remeasurements in Argentina.

RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) TO

ADJUSTED CASH PROVIDED BY OPERATIONS (NON-GAAP)

(Unaudited)



Six Months Ended June 30,

(in Millions)

2022


2021

Cash provided by operating activities (GAAP)

$                    61.2


$                    30.6

Restructuring and other (income)/charges

(0.4)


3.0

Separation-related costs

0.6


0.6

COVID-19 related costs (a)

1.5


2.3

Argentina interest income (b)

(1.5)


Adjusted cash provided by operations (Non-GAAP) (1)

$                    61.4


$                    36.5

___________________

1.

The Company believes that the Non-GAAP financial measure "Adjusted cash provided by operations" provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash provided by operations excludes the effects of transaction-related cash flows. The Company also believes that excluding the effects of these items from cash provided by operating activities allows management and investors to compare more easily the cash flows from period to period.

a.

Represents incremental costs associated with COVID-19 recorded in "Cost of sales" in the condensed consolidated statement of operations, including but not limited to, incremental quarantine-related absenteeism, incremental facility cleaning costs, COVID-19 testing, pandemic-related supplies and personal protective equipment for employees, among other costs; offset by economic relief provided by foreign governments.

b.

Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted cash provided by operations because of its association with long-term capital projects which will not be operational until future periods.

RECONCILIATION OF LONG-TERM DEBT (GAAP) AND CURRENT PORTION OF LONG-TERM DEBT (GAAP)
AND CASH AND CASH EQUIVALENTS (GAAP) TO

NET DEBT (NON-GAAP)

(Unaudited)


(in Millions)

June 30, 2022


December 31, 2021

Long-term debt (GAAP)

$                       241.2


$                    240.4

Current portion of long-term debt (GAAP)

13.5


Less: Cash and cash equivalents (GAAP)

(49.0)


(113.0)

Net debt (Non-GAAP) (1)

$                       205.7


$                    127.4

___________________

1.

The Company believes that the Non-GAAP financial measure "Net debt" provides useful information about the Company's cash flows and liquidity to investors and securities analysts.

LIVENT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in Millions)

June 30, 2022


December 31, 2021

Cash and cash equivalents

$                          49.0


$                      113.0

Trade receivables, net of allowance of approximately $0.3 in 2022 and $0.3 in 2021

132.8


96.4

Inventories

156.3


134.6

Other current assets

48.2


55.3

Total current assets

386.3


399.3

Investments

421.3


27.2

Property, plant and equipment, net of accumulated depreciation of $248.0 in 2022 and $243.0 in 2021

803.2


677.9

Right of use assets - operating leases, net

5.5


6.3

Deferred income taxes

0.6


0.9

Other assets

104.5


90.9

Total assets

$                     1,721.4


$                  1,202.5





Short-term debt and current portion of long-term debt

$                          13.5


$                           —

Accounts payable, trade and other

82.9


65.4

Other current liabilities

50.5


62.9

Income taxes

1.9


3.0

Total current liabilities

148.8


131.3

Long-term debt

241.2


240.4

Operating lease liabilities - long-term

4.5


5.4

Long-term liabilities

46.8


30.0

Equity

1,280.1


795.4

Total liabilities and equity

$                     1,721.4


$                  1,202.5

LIVENT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Six Months Ended June 30,

(in Millions)

2022


2021

Cash provided by operating activities

$                    61.2


$                    30.6

Cash used in investing activities

(124.1)


(42.7)

Cash provided by financing activities

0.2


216.9

Effect of exchange rate changes on cash

(1.3)


0.2

(Decrease)/increase in cash and cash equivalents

(64.0)


205.0

Cash and cash equivalents, beginning of period

113.0


11.6

Cash and cash equivalents, end of period

$                    49.0


$                  216.6

Media Contact:

Juan Carlos Cruz +1.215.299.6725


Juan.Carlos.Cruz@livent.com

Investor Contact:

Daniel Rosen +1.215.299.6208


Daniel.Rosen@livent.com

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SOURCE Livent Corporation

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LTHM

E3 Metals Announces New Addition to Technical Team and Participation in Upcoming Investment Conference

 E3 METALS CORP. (TSXV: ETMC) (FSE: OU7A) (OTC: EEMMF) (the "Company" or "E3 Metals"), an emerging lithium developer and leading lithium extraction technology innovator, today announced it has strengthened its technical team with the addition of Dr. Munish Sharma as Senior Engineer, Lithium Process.

Dr. Sharma is a chemical engineer with significant R&D and product commercialization experience. He obtained his MS and PhD in chemical engineering from State University of New York at Buffalo in 2013. He brings solid experience in material development at bench and pilot scale, including mixed metal oxides for use in adsorbent and catalyst development for oil and gas refining and lithium battery development as well as operating pilot and field demonstrations. He has driven projects from concept to commercialization at UOP Honeywell where he worked as a Senior R&D Engineer.

News Provided by Canada Newswire via QuoteMedia

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E3 Metals Achieves Improved Speed and Efficiency of Lithium Recovery

E3 Metals Achieves Improved Speed and Efficiency of Lithium Recovery

E3 Metals Corp. (TSXV:ETMC, FSE: OU7A, OTC:EEMMF) (The “Company” or “E3 Metals”) is pleased to provide an update on its proprietary Direct Lithium Extraction Process (“DLE Process”) that is being advanced in collaboration with Livent Corporation (NYSE: LTHM) (“Livent”).

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FWB:OU7A

E3 Metals Provides Technology Update, Company to Host Live Webinar

E3 Metals Corp. (TSXV:ETMC, FSE:OU7A, OTC:EEMMF) (the “Company” or “E3 Metals”) is pleased to provide an update on its 2020 plans and ongoing activities to advance E3 Metals’ proprietary Ion-Exchange Direct Lithium Extraction (DLE) process.

Figure 1: E3’s Large volume brine samples. Testing will use natural brine from the Leduc Formation in Alberta, Canada, collected in November 2019.

Following the announcement of the Joint Development Agreement between E3 Metals Corp and Livent Corporation (NYSE: LTHM) — see news release dated September 18, 2019 — the combined technical team is actively working on the Ion Exchange (IX) Project (the “Project”). The Project aims to test the commercial readiness of the DLE ion exchange sorbent to produce a high purity lithium concentrate from the Company’s Alberta brine. The Project test work involves a comprehensive program focused on optimizing the performance of E3’s DLE process through the refinement of all process steps, operating conditions and materials. Once the objectives and milestones of the planned testing are met, our focus will shift towards the Pilot Plant Project to test the IX Process and evaluate the production of concentrate at a larger scale. All brine tested for this program is sourced directly from the Leduc Reservoir (Figure 1).

In 2020, E3 Metals is also planning to conduct well testing, which will include brine sampling reservoir pressure testing. Our testing activities will focus on improving the reservoir model, collecting information about lithium concentrations outside of oil and gas accumulations and updating the brine delivery plan in E3’s resource area.

“I’m very pleased with the progression of E3’s work to finalize the material development portion of the project in collaboration with Livent this year,” commented E3’s CEO, Chris Doornbos. “The development work on E3’s proprietary DLE process is being advanced on multiple fronts, by both Livent and our team, including GreenCentre Canada. We are very encouraged by the pace with which the project is moving.”

To provide more details on the Company’s plans for 2020, the Company is pleased to announce a live Corporate Overview Webinar with Chris Doornbos, President & CEO on Tuesday, January 21 at 2 p.m. ET. Chris  Doornbos will be going through the Company’s updated investor presentation, providing an in-depth overview of the Company’s current activities and upcoming milestones. Management will be available to answer questions following the presentation on the webinar platform via live Q&A.

Webinar Details
Date: Tuesday, January 21st
Time: 2:00pm ET (11:00am PT)
Register: https://attendee.gotowebinar.com/register/8008133915045001483

Management will be available to answer questions following the presentation. To ask a question, please login to the GoToWebinar platform or email your question(s) beforehand to investor@e3metalscorp.com.

About E3 Metals Corp.

E3 Metals is a lithium development company with 6.7 million tonnes lithium carbonate equivalent (LCE) inferred mineral resources1 in Alberta.  E3 Metals is currently advancing its proprietary Ion Exchange Direct Lithium Extraction (DLE) process in partnership with Livent Corporation under a Joint Development Agreement.  Livent is the world’s largest pure-play lithium producer, well-known for being one of the lowest cost producers of lithium carbonate.  With facilities across the globe, Livent holds technical expertise in the extraction and production of various lithium products. E3 Metals also continues to work with partners at the University of Alberta and at GreenCentre Canada.

Through the successful scale up its DLE process towards commercialization, E3 Metals plans to quickly move towards the production of high purity, battery grade, lithium products.  With a significant lithium resource and innovative technology solutions, E3 Metals has the potential to deliver lithium to market from one of the best jurisdictions in the world.  The development of this lithium resource through brine production is a well-understood venture in Alberta, where this brine is currently being produced to surface through an extensive existing oil and gas infrastructure and development.  For more information about E3 Metals, visit www.e3metalscorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS,

Chris Doornbos, President & CEO

E3 METALS CORP.

Chris Doornbos (P.Geo), CEO and Director of E3 Metals Corp., is a Qualified Person as defined by NI 43-101 and has read and approved the technical information contained in this announcement.

1: E3 Metals has released information on three 43-101 Technical Reports totaling a resource of 6.7 Mt LCE. The Central Clearwater Resource Area (CCRA) Technical Report, identifying 1.9Mt LCE (inferred), is dated effective October 27, 2017, and the North Rocky Resource Area (NRRA) Technical Report was dated effective October 27, 2017, identifies 0.9Mt LCE (inferred). A third report for the Exshaw West Resource Area (EWRA), identifies 3.9Mt LCE (inferred) and was filed on June 15, 2018, effective June 4, 2018. All reports are available on SEDAR (www.sedar.com)

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain forward-looking statements concerning the potential of the Company’s projects and technology, as well as management’s objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the effectiveness and feasibility of emerging lithium extraction technologies which have not yet been tested or proven on a commercial scale or on the Company’s brine, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as required by applicable law.

Click here to connect with E3 Metals Corp. (TSXV:ETMC, FWB:OU7A, OTC:EEMMF) for an Investor Presentation.

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Piedmont Lithium: Low-Cost Lithium Hydroxide Project in North Carolina’s Lithium Hub

Piedmont Lithium Limited (ASX:PLL,NASDAQ:PLL) has launched its campaign on the Investing News Network’s resource channel.

Piedmont Lithium is a resource exploration and development company focused on developing domestic sources of lithium for the emerging US electric vehicle market. The company’s flagship lithium project is located in North Carolina, proving easy access to America’s “auto alley”. The Carolina Tin-Spodumene Belt (TSB) is home to the Kings Mountain district which is regarded as one of the three largest lithium-bearing pegmatite deposits in the world, attracting major mining companies including Livent Corporation (NYSE:LTHM) and Albemarle Corporation (NYSE:ALB).

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E3 Metals’ Joint Development Project Commences with Initial US $1.5 M Contribution from Livent Corporation

E3 Metals Corp. (TSXV:ETMC, FSE:OU7A, OTC:EEMMF) (the “Company” or “E3” or “E3 Metals”) is pleased to announce that Livent Corporation (NYSE: LTHM) has contributed the initial US $1.5 million dollars in relation to the Joint Development Agreement (the “Agreement”). This initial contribution marks the commencement of the Joint Development Project with Livent for the technical advancement of E3 Metals’ proprietary on exchange Direct Lithium Extraction (DLE) Process. The ultimate goal of the Agreement is to develop a process to produce battery quality lithium products from the lithium enriched brines located in the Leduc Formation in Alberta.

Joint Development Project Investment

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Positive Cyclone & Leach Results For Bitterwasser Lithium Clays

Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) (Arcadia or the Company), the diversified exploration company targeting a suite of projects aimed at Tantalum, Lithium, Nickel, Copper and Gold in Namibia, is pleased to announce positive mineralogical and processing results from Bitterwasser Lithium-in-Clay ores.

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Miner SQM's Profits Rise on Higher Lithium Prices

Soaring lithium prices supported earnings for Chile’s SQM (NYSE:SQM) during the second quarter, with the miner seeing its revenue increase more than 340 percent compared to the same period the previous year.

The top lithium producer saw its lithium sales revenue rise more than 1,000 percent year-on-year to hit US$1.84 billion. The company attributed the positive results to significantly higher prices during Q2.

“Our average prices surpassed US$54,000 per metric ton and our production volumes have grown in such a way that our exports from Chile during the second quarter reached record volumes, signaling that sales volumes in the upcoming quarters will continue to increase,” the company said in a statement.

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SQM REPORTS EARNINGS FOR THE SIX MONTHS ENDED JUNE 30, 2022

Highlights

  • SQM will hold a hybrid Investor Day virtually and at the New York Stock Exchange on September 15, 2022 . For more information or to register please visit https://sqm.connectid.cloud/ .
  • As a result of our operations during the first half of the year, over US$2.2 billion will go to public coffers.
  • SQM reported net income for the six months ended June 30, 2022 of US$1,655.4 million .
  • Earnings per share totaled US$5 .80 for the first half of 2022, higher than the US$0.55 reported for the first half of 2021.
  • Revenues for the first half of 2022 were US$4,618.6 million .

SQM will hold a conference call to discuss these results on Thursday, August 18 , at 12:00pm ET ( 12:00pm Chile time).

News Provided by PR Newswire via QuoteMedia

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Building Lithium Supply Chains: What Can the West Learn from Asia?

The green energy transition is well underway, with governments around the world stepping up their efforts to reduce carbon emissions and move away from fossil fuels.

Moves from the US Biden administration have seen millions of dollars committed to securing supply of key raw materials and strengthening its domestic supply chain. Europe is not far behind, with its own plans and investments also moving ahead.

As the urgency for reaching climate change goals increases, the West has been waking up to the dependence it has on Asia for its critical minerals supply chains and as a result the lack of control to meet its ambitious electrification objectives.

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RecycLiCo Battery Materials Commends Climate-Focused Critical Minerals Provisions in New U.S. Law

American Manganese Inc. (TSXV:AMY)(OTCQB:AMYZF)(FSE:2AM) ("Company"), doing business as RecycLiCo Battery Materials, a pioneer in advanced lithium-ion battery recycling and upcycling, offers the following comments on the climate-focused Critical Mineral provisions in a new bill signed into law by U.S. President Joe Biden this week.

The bill, formally known as the Inflation Reduction Act of 2022, includes a 10% advanced manufacturing production tax credit that spans the production of critical battery minerals to downstream production of cathode and anode materials used in lithium-ion batteries. In an extensive section on energy security and climate change, the bill also includes more than $60 billion to incentivize renewable and clean energy manufacturing in the U.S. Eligibility is open to companies operating in North America or from countries with which the U.S. has a formal trade agreement.

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Assays Confirm Further High-Grade Lithium Up To 2.15% Li2o At Mavis Lake

Critical Resources Limited (ASX:CRR) (“Critical Resources” or “the Company”) is pleased to announce further assay results from the drilling campaign at the Company’s 100%-owned Mavis Lake Lithium Project (“the Project”) in Ontario, Canada.

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