Livent Releases Third Quarter 2023 Results

-- Reports Higher Adjusted EBITDA Versus Prior Year --

-- Merger of Equals with Allkem Remains on Track to Close Around Year End --

-- Releases Feasibility Study for Nemaska Lithium Project --

-- Provides Update on the Progress of Capacity Expansions --

Livent Corporation (NYSE: LTHM) today reported results for the third quarter of 2023.

Third quarter revenue was $211.4 million , 10% lower than the second quarter of 2023 and 9% lower than the third quarter of 2022. Reported GAAP net income was $87.4 million , or 42 cents per diluted share, compared to $90.2 million in the previous quarter and $77.6 million in the prior year's quarter. Adjusted EBITDA was $119.7 million , 11% lower than the previous quarter but 8% higher than the prior year's quarter, and adjusted earnings per diluted share ⁽¹⁾ were 44 cents . Volumes sold were roughly flat and lower average realized prices were partially offset by lower overall costs versus the second quarter of 2023 and the third quarter of 2022.

"We are working closely with our customers to meet their growing lithium demand needs as we prepare to meaningfully increase production volumes from our capacity expansions beginning in 2024," said Paul Graves , president and chief executive officer of Livent. "Additionally, we remain on track to close our transformational merger with Allkem by around the end of this year and look forward to combining our teams, assets and collective strengths to create a leading integrated global lithium company."

Proposed Merger of Livent and Allkem

Livent and Allkem (ASX: AKE) have received all required pre-closing regulatory approvals in connection with the proposed merger of equals with the exception of foreign investment screening by the Australian Foreign Investment Review Board (FIRB). Approvals received thus far include antitrust approvals in Canada , China , Japan , South Korea and the U.S., as well as completion of investment screenings in the U.K. and the U.S.

Arcadium Lithium plc will be the name of the combined new company. Arcadium Lithium's ordinary shares are expected to trade on the NYSE under the ticker "ALTM" and CDIs are expected to be quoted on the ASX under the ticker "LTM" upon closing. Dates for the upcoming shareholder votes for both Livent and Allkem shareholders are expected to be announced in the coming weeks and the transaction is still expected to close around the end of calendar year 2023.

Nemaska Lithium Feasibility Study

The company released a feasibility study in the third quarter for the upstream Whabouchi mine portion of the Nemaska Lithium project located in Québec, Canada , in accordance with Subpart 1300 of Regulation S-K issued by the U.S. Securities and Exchange Commission. Livent has a 50% equity interest in Nemaska Lithium and provides operational support to the project. The feasibility study is a comprehensive technical report supporting the viability and appeal of the Nemaska Lithium project due to its scale, with an asset operating life of over thirty years, strong relative cost position, strategic location in North America and favorable sustainability profile, including access to low-carbon hydroelectric energy.

The study supports previously outlined expectations for the project. Total capital requirement for the development of the Whabouchi spodumene mine and the integrated lithium hydroxide facility in Bécancour is projected at approximately US$1.6 billion , with Whabouchi comprising roughly US$400 million of the total amount. Commercial sales of spodumene concentrate are expected to begin in 2025 and continue until the lithium hydroxide facility comes into full production. First production of lithium hydroxide is expected in late 2026.

Capacity Expansion Update

In Argentina , work is advancing on Livent's 20,000 metric ton lithium carbonate expansion. Construction for the first 10,000 metric ton phase is complete, with first commercial volumes expected in the first quarter of 2024. For the second 10,000 metric ton expansion phase, first commercial volumes are now expected in the second half of 2024.

The lithium hydroxide expansions in the U.S. and China are advancing as expected. The company's new 5,000 metric ton hydroxide unit in Bessemer City has been producing material while getting qualified with relevant customers and will ramp up alongside the first Argentina carbonate expansion phase. Construction is also progressing on the 15,000 metric ton hydroxide facility at a new location in the province of Zhejiang, China and completion remains expected for year-end 2023. This will double Livent's production capacity in China while taking its total global lithium hydroxide capacity to 45,000 metric tons.

2023 Guidance and Outlook ⁽²⁾

Livent has revised its guidance for full year 2023 financial performance and still expects significant year-over-year growth following record 2022 results. The company projects full year 2023 revenue to be in the range of $890 million to $940 million and Adjusted EBITDA to be in the range of $500 million to $530 million . This represents growth of 13% and 40%, respectively, at the midpoints versus the prior year. Compared to prior guidance the majority of the reduction is driven by lower volumes sold in 2023, which are now expected to be roughly flat versus 2022, due to expansion start-up delay. With minimal change in volumes, the company expects significantly higher year-over-year average realized pricing per LCE ⁽³⁾ and lower overall costs to drive significantly improved performance versus 2022.

($ million)

Revised FY 2023
Guidance

Prior FY 2023
Guidance

Actual

FY 2022

Revised

YoY Growth

Revenue

890 – 940

1,025 – 1,125

813

Up 9% – 16%

Adj. EBITDA

500 – 530

530 – 600

367

Up 36% – 45%

Supplemental Information

In this press release, Livent uses the financial measures Adjusted EBITDA and Diluted adjusted after-tax earnings per 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 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States , England , China and Argentina . For more information, visit Livent.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, we have identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. 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, including expectations around production timelines, and the anticipated timing for, and outcome and effects of, the proposed merger with Allkem. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for the Company based on currently available information. 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, including the factors described under the caption entitled "Risk Factors" in Livent's 2022 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 24, 2023 as well as other SEC filings and public communications. 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.

Corresponds to Diluted adjusted after-tax earnings per share in the accompanying financial tables.
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 this metric.
Lithium Carbonate Equivalent.

LIVENT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in millions, except per share data)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Revenue	$ 211.4	$ 231.6	$ 700.7	$ 593.8
Costs of sales	94.9	112.2	274.8	312.0
Gross margin	116.5	119.4	425.9	281.8
Selling, general and administrative expenses	13.2	15.0	47.1	40.6
Research and development expenses	1.3	0.9	3.3	2.6
Restructuring and other charges	8.6	0.7	34.7	4.6
Separation-related costs	—	0.1	—	0.5
Total costs and expenses	118.0	128.9	359.9	360.3
Income from operations before equity in net loss of unconsolidated affiliate, loss on debt extinguishment and other gain	93.4	102.7	340.8	233.5
Equity in net loss of unconsolidated affiliate	6.7	3.5	22.0	8.4
Loss on debt extinguishment	—	0.1	—	0.1
Other gain	(10.0)	—	(21.4)	(22.2)
Income from operations before income taxes	96.7	99.1	340.2	247.2
Income tax expense	9.3	21.5	47.8	56.4
Net income	$ 87.4	$ 77.6	$ 292.4	$ 190.8
Net income per weighted average share - basic	$ 0.49	$ 0.43	$ 1.63	$ 1.13
Net income per weighted average share - diluted	$ 0.42	$ 0.37	$ 1.40	$ 0.96
Weighted average common shares outstanding - basic	179.7	179.3	179.7	169.3
Weighted average common shares outstanding - diluted	209.3	209.4	209.3	199.2

LIVENT CORPORATION RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

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

	Three Months Ended September 30,		Nine Months Ended September 30,
(in Millions)	2023	2022	2023	2022
Net income	$ 87.4	$ 77.6	$ 292.4	$ 190.8
Add back:
Income tax expense	9.3	21.5	47.8	56.4
Depreciation and amortization	7.7	6.6	21.5	19.4
EBITDA (Non-GAAP) ⁽¹⁾	104.4	105.7	361.7	266.6
Add back:
Argentina remeasurement losses ^(a)	11.6	1.2	20.5	3.0
Restructuring and other charges ^(b)	8.6	0.7	34.7	4.6
Separation-related costs ^(c)	—	0.1	—	0.5
COVID-19 related costs ^(d)	—	0.6	—	2.1
Loss on debt extinguishment ^(e)	—	0.1	—	0.1
Other loss ^(f)	5.1	2.4	16.1	5.9
Subtract:
Blue Chip Swap gain ^(g)	(10.0)	—	(21.4)	(22.2)
Argentina interest income ^(h)	—	—	—	(1.5)
Adjusted EBITDA (Non-GAAP) ⁽¹⁾	$ 119.7	$ 110.8	$ 411.6	$ 259.1

__________________
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 Argentina remeasurement losses, Argentina interest income, restructuring and other charges, Separation-related costs, COVID-19 related costs and 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 statements 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 three and nine months ended September 30, 2023 includes costs related to the Transaction of $13.6 million and $32.3 million, respectively, and the Bessemer City plant fire gain, net of insurance recoveries, of $5.0 million and zero million, respectively. The three and nine months ended September 30, 2022 includes costs related to the Transaction of $0.1 million and $2.3 million, respectively.
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 statements 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.	Represents the partial write-off of deferred financing costs for amendments to the Revolving Credit Facility excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring.
f.	Represents our ownership interest (which is 50% and was 25% prior to June 6, 2022) in costs incurred for certain project-related costs to align Nemaska Lithium Inc.'s ("NLI's") reported results with Livent's capitalization policies and interest expense incurred by NLI, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statements of operations. The Company accounts for its equity method investment in the NLI on a one-quarter lag basis.
g.	Represents the gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds.
h.	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 September 30,		Nine Months Ended September 30,
(in Millions, Except Per Share Data)	2023	2022	2023	2022
Net income	$ 87.4	$ 77.6	$ 292.4	$ 190.8
Special charges:
Argentina remeasurement losses ^(a)	11.6	1.2	20.5	3.0
Restructuring and other charges ^(b)	8.6	0.7	34.7	4.6
Separation-related costs ^(c)	—	0.1	—	0.5
COVID-19 related costs ^(d)	—	0.6	—	2.1
Loss on debt extinguishment ^(e)	—	0.1	—	0.1
Other loss ^(f)	5.1	2.4	16.1	5.9
Blue Chip Swap gain ^(g)	(10.0)	—	(21.4)	(22.2)
Argentina interest income ^(h)	—	—	—	(1.5)
Non-GAAP tax adjustments ⁽ⁱ⁾	(10.8)	2.4	(17.1)	15.1
Adjusted after-tax earnings (Non-GAAP) ⁽¹⁾	$ 91.9	$ 85.1	$ 325.2	$ 198.4

Diluted earnings per common share (GAAP)	$ 0.42	$ 0.37	$ 1.40	$ 0.96
Special charges per diluted share, before tax:
Argentina remeasurement losses, per diluted share	0.06	0.01	0.10	0.02
Restructuring and other charges, per diluted share	0.04	—	0.16	0.02
COVID-19 related costs, per diluted share	—	—	—	0.01
Other loss, per diluted share	0.02	0.01	0.08	0.03
Blue Chip Swap gain, per diluted share	(0.05)	—	(0.11)	(0.12)
Non-GAAP tax adjustments, per diluted share	(0.05)	0.02	(0.08)	0.08
Diluted adjusted after-tax earnings per share (Non-GAAP) ⁽¹⁾	$ 0.44	$ 0.41	$ 1.55	$ 1.00
Weighted average common shares outstanding - diluted (Non- GAAP) used in diluted adjusted after-tax earnings per share computations	209.3	209.4	209.3	199.2

___________________
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 nonrecurring charges/(income) 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 statements 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 three and nine months ended September 30, 2023 includes costs related to the Transaction of $13.6 million and $32.3 million, respectively, and the Bessemer City plant fire gain, net of insurance recoveries, of $5.0 million and zero million, respectively. The three and nine months ended September 30, 2022 includes costs related to the Transaction of $0.1 million and $2.3 million, respectively.
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 statements 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.	Represents the partial write-off of deferred financing costs for amendments to the Revolving Credit Facility excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring.
f.	Represents our ownership interest (which is 50% and was 25% prior to June 6, 2022) in costs incurred for certain project-related costs to align NLI's reported results with Livent's capitalization policies and interest expense incurred by NLI, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statements of operations. The Company accounts for its equity method investment in NLI on a one-quarter lag basis.
g.	Represents the gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds.
h.	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.
i.	The company excludes the GAAP tax provision, including discrete items, from the Non-GAAP measure "Diluted adjusted after-tax earnings per share", and instead includes a Non-GAAP tax provision based upon the 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 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 September 30,		Nine Months Ended September 30,
(in Millions)	2023	2022	2023	2022
Non-GAAP tax adjustments:
Income tax benefit on restructuring and other charges, Separation- related costs and other corporate costs	$ (0.8)	$ (0.4)	$ (3.6)	$ (1.3)
Revisions to our tax liabilities due to finalization of prior year tax returns	(0.3)	—	(0.4)	—
Foreign currency remeasurement and other discrete items	(12.0)	2.8	(15.1)	14.7
Blue Chip Swap gain	1.0	—	2.2	2.3
Other discrete items	1.3	—	(0.2)	(0.6)
Total Non-GAAP tax adjustments	$ (10.8)	$ 2.4	$ (17.1)	$ 15.1

RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED CASH PROVIDED BY OPERATIONS (NON-GAAP) (Unaudited)
	Nine Months Ended September 30,
(in Millions)	2023	2022
Cash provided by operating activities (GAAP)	$ 261.8	$ 328.2
Restructuring and other charges/(income)	12.2	(0.1)
Separation-related costs	—	0.9
COVID-19 related costs ^(a)	—	2.1
Argentina interest income ^(b)	—	(1.5)
Adjusted cash provided by operations (Non-GAAP) ⁽¹⁾	$ 274.0	$ 329.6

___________________
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 statements 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 CASH AND CASH EQUIVALENTS (GAAP) TO NET DEBT (NON-GAAP) (Unaudited)

(in Millions)	September 30, 2023	December 31, 2022
Long-term debt (GAAP) ^(a)	$ 243.1	$ 241.9
Less: Cash and cash equivalents (GAAP)	(112.6)	(189.0)
Net debt (Non-GAAP) ⁽¹⁾	$ 130.5	$ 52.9

___________________
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.
a.	Presented net of unamortized transaction costs of $2.7 million and $3.9 million as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, the Company had no debt maturing within one year.

LIVENT CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(in Millions)	September 30, 2023	December 31, 2022
Cash and cash equivalents	$ 112.6	$ 189.0
Trade receivables, net of allowance of approximately $0.3 in 2023 and 2022	110.1	141.6
Inventories	202.7	152.3
Other current assets	52.8	61.1
Total current assets	478.2	544.0
Investments	504.8	440.3
Property, plant and equipment, net of accumulated depreciation of $260.8 in 2023 and $253.1 in 2022	1,215.4	968.3
Right of use assets - operating leases, net	6.4	4.8
Deferred income taxes	0.4	0.4
Other assets	155.9	116.4
Total assets	$ 2,361.1	$ 2,074.2

Accounts payable, trade and other	$ 71.1	$ 81.7
Contract liabilities - short term	9.7	15.5
Other current liabilities	57.5	51.5
Total current liabilities	138.3	148.7
Long-term debt	243.1	241.9
Contract liability - long-term	198.0	198.0
Other long-term liabilities	41.1	42.6
Equity	1,740.6	1,443.0
Total liabilities and equity	$ 2,361.1	$ 2,074.2

LIVENT CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Nine Months Ended September 30,
(in Millions)	2023	2022
Cash provided by operating activities	$ 261.8	$ 328.2
Cash used in investing activities	(315.5)	(225.7)
Cash used in financing activities	(21.5)	(1.0)
Effect of exchange rate changes on cash	(1.2)	(2.9)
(Decrease)/increase in cash and cash equivalents	(76.4)	98.6
Cash and cash equivalents, beginning of period	189.0	113.0
Cash and cash equivalents, end of period	$ 112.6	$ 211.6

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

View original content to download multimedia: https://www.prnewswire.com/news-releases/livent-releases-third-quarter-2023-results-301973179.html

SOURCE Livent Corporation

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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.

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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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Two people in suits shake hands, agreeing to a deal.

Sayona Mining and Piedmont Lithium to Merge, Form US$623 Million Lithium Miner

Australian lithium company Sayona Mining (ASX:SYA,OTCQB:SYAXF) and US-based Piedmont Lithium (ASX:PLL,NASDAQ:PLL) have announced a merger agreement that would create a consolidated entity valued at approximately US$623 million.

This move aims to strengthen their positions in the global lithium supply chain and enhance operations in North America and beyond.

The agreement involves an all-stock transaction, with Sayona acquiring Piedmont to become the parent company. Under the terms, existing Piedmont shareholders will receive Sayona American Depository Shares (ADS) or Sayona shares listed on the Australian Securities Exchange (ASX) in proportion to their holdings.

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Gina Rinehart, executive chairman of Hancock Prospecting, stands in front of cherry blossom trees.

Inside Billionaire Gina Rinehart's Key Mining Investments (Updated 2024)

Australian billionaire Gina Rinehart has become a formidable force in the global mining industry.

After taking the helm of her father’s iron ore mining firm Hancock Prospecting in 1993, Rinehart embarked upon a diversification strategy that has vastly expanded her resource empire. Today, Australia’s richest person has investments in many of the world’s most strategic commodities such as lithium, rare earths, copper, potash and natural gas.

One of those investments is Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), which even in a low price environment for rare earths has managed to secure nearly AU$1.5 billion in debt financing and is, as of November 2024, pursuing equity financing to advance its Nolans project in the Northern Territory. With a 10 percent equity stake, Rinehart’s Hancock Prospecting is Arafura's largest shareholder.

In addition to Arafura, entrepreneur Rinehart’s investment portfolio also contains other ex-China, green-transition-focused companies such as Australian lithium firm Liontown Resources (ASX:

LTR,OTC Pink:LINRF), as well as rare earths producers MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF). Rinehart’s role in the acquisition of Azure Minerals’ Andover lithium project in Western Australia alongside lithium giant SQM (NYSE:SQM) also made headlines in May of this year.

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SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Highlights

SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of US$6,155.9 million for the same period last year.

Net loss ^(1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income ⁽²⁾ of US$1,809.5 million or US$6.33 per share for the same period last year.

Solid sales volumes in lithium, iodine, and fertilizer businesses.

SPN and Potassium businesses posted healthy growth showing market recovery.

Slight increase in iodine prices, due to strong market demand and limited supply.

First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am 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=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 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] ),(2)} for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

Gross profit ⁽³⁾ reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

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
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 completion and implementation of the proposed 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 and sales prices, 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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For further information contact:
CleanTech Lithium PLC
Steve Kesler/Gordon Stein/Nick Baxter	Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222
	Or via Celicourt
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani	+44 (0) 20 7770 6424 cleantech@celicourt.uk
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak	+44 (0) 20 7628 3396
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies	+44 (0) 20 3884 8450 daniel@fox-davies.com
Canaccord Genuity (Joint Broker) James Asensio	+44 (0) 20 7523 4680

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In this article:

Who is Gina Rinehart?

How did Gina Rinehart get rich?

What mining companies does Gina Rinehart own?

Where does Hancock Prospecting mine iron?

Gina Rinehart’s iron ore investments

Gina Rinehart’s lithium investments

Gina Rinehart’s rare earths investments

Gina Rinehart’s copper investments

Gina Rinehart’s oil and gas investments

Gina Rinehart’s potash and agriculture investments

Investor takeaway

FAQs for Gina Rinehart

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Can I buy shares in Hancock Prospecting?

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