Strong Market Conditions Drove Higher Pricing and Demand -- -- Logistics Disruptions Continue to Impact Lithium Supply Chains -- -- Carbonate and Hydroxide Expansions Remain on Track -- -- Increasing Full Year Guidance -- Livent Corporation today reported results for the third quarter of 2021. Revenue was $103.6 million up 1% from the second quarter of 2021 and 43% higher versus the prior year.  Reported GAAP net ...

-

-- Strong Market Conditions Drove Higher Pricing and Demand --
-- Logistics Disruptions Continue to Impact Lithium Supply Chains --
-- Carbonate and Hydroxide Expansions Remain on Track --
-- Increasing Full Year Guidance --

Livent Corporation (NYSE: LTHM) today reported results for the third quarter of 2021.

Revenue was $103.6 million , up 1% from the second quarter of 2021 and 43% higher versus the prior year.  Reported GAAP net loss was $12.6 million , or a loss of 8 cents per diluted share.  Adjusted EBITDA was $14.9 million and adjusted earnings per share were 3 cents per diluted share.

Third quarter performance was in line with the second quarter.  Continued improvement in market conditions supported higher pricing and demand.  Higher realized prices were offset by higher costs and the impact of global supply chain disruptions.  By the end of the third quarter, a large portion of Livent's 2021 volume commitments to customers, where pricing was set in 2020 or earlier, had been fulfilled, increasing Livent's ability to take advantage of higher prices in the remainder of the year.

"The strong growth in lithium demand that we saw in the first half of 2021 shows no signs of abating.  Published and contracted prices for lithium in all forms pushed even higher in the third quarter, driven by multiple factors," said Paul Graves , president and chief executive officer of Livent.

Key Recent Developments

Livent remains on track to deliver its near-term capacity expansions, with the 5,000 metric ton hydroxide addition in Bessemer City and initial lithium carbonate expansion of 10,000 metric tons in Argentina expected to reach commercial production by the third quarter of 2022 and the first quarter of 2023, respectively.  The phase 2 carbonate expansion for an additional 10,000 metric tons is scheduled to be in commercial production by the end of 2023.

Livent also continued to make progress on important sustainability initiatives that will help to achieve its 2030 and 2040 sustainability goals.  This includes work on process efficiency and renewable energy opportunities; a TCFD-based analysis of the company's risks and opportunities related to climate change; and various projects to advance responsible lithium extraction in South America.  In addition, prior to the United Nations conference on climate change (COP 26) , Livent committed to the UN's Race to Zero initiative and the Business Ambition for 1.5°C campaign.

Guidance and Outlook (1)

Livent is increasing its full year 2021 guidance ranges for Revenue and Adjusted EBITDA.  This increase is driven by a stronger fourth quarter, with higher anticipated realized pricing and a more favorable mix.  At the midpoints, the new revenue guidance implies nearly 40% growth and Adjusted EBITDA would be roughly three times higher than last year's results.  Livent's 2021 total capital spending estimate of $125 million remains unchanged, with the expected increase in fourth quarter spending related to the timing of cash outflows on work already completed.

($ million)

Revised Full Year 2021E

Prior Full Year 2021E

Revenue

390 - 410

370 – 390

Adjusted EBITDA

62 - 72

55 - 70

"We expect current market conditions to persist, and possibly strengthen further, through the end of 2022," continued Graves.  "While we are still concluding our 2022 contracting processes, we expect realized price improvement versus 2021.  Given the supply-demand tightness that is a major factor behind rising prices, we are seeing an increased focus from customers on securing reliable lithium volumes to support their own growth plans."

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 employs more than 900 people throughout the world 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," "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 adverse effect of the current coronavirus ("COVID-19") pandemic on our business. The ultimate extent to which COVID-19 impacts us will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. 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; supply chain disruptions in the electric vehicle manufacturing industry, such as in the availability and price of semiconductors; volatility in the price for performance lithium compounds; adverse global economic 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; liquidity and access to credit; reduced customer demand, or delays in growth of customer demand, for higher performance lithium compounds; the success of Livent's research and development efforts; 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; customer concentration and the delay or loss of, or significant reduction in orders from, large customers; failure to satisfy customer quality standards; fluctuations in the price of energy and certain raw materials; employee attraction and retention; union relations; cybersecurity breaches; our ability to protect our intellectual property rights; the lack of proven reserves; legal and regulatory proceedings; including any shareholder lawsuits; compliance with environmental, health and safety laws; changes in tax laws; risks related to our separation from FMC Corporation; risks related to ownership of our common stock, including price fluctuations and lack of dividends; 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 2020 Form 10-K filed with the Securities and Exchange Commission on February 26, 2021 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. Although we provide a forecast for Adjusted EBITDA and adjusted cash from operations, 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
September 30,


Nine Months Ended September
30,


2021


2020


2021


2020

Revenue

$

103.6



$

72.6



$

297.5



$

206.0


Costs of sales

85.3



69.8



245.5



178.4


Gross margin

18.3



2.8



52.0



27.6


Selling, general and administrative expenses

11.8



10.0



34.2



31.1


Research and development expenses

0.8



1.0



2.2



2.8


Restructuring and other charges

1.1



4.4



3.4



10.1


Separation-related costs

0.8



0.6



1.3



0.8


Total costs and expenses

99.8



85.8



286.6



223.2


Income/(loss) from operations before loss on debt extinguishment, equity in net loss of unconsolidated affiliates and interest expense, net

3.8



(13.2)



10.9



(17.2)


Loss on debt extinguishment







0.1


Equity in net loss of unconsolidated affiliates

1.0



0.1



3.7



0.4


Interest expense, net



0.3



0.3



0.3


Income/(loss) from operations before income taxes

2.8



(13.6)



6.9



(18.0)


Income tax expense/(benefit)

15.4



(3.1)



13.8



(5.4)


Net loss

$

(12.6)



$

(10.5)



$

(6.9)



$

(12.6)


Net loss per weighted average share - basic and diluted

$

(0.08)



$

(0.07)



$

(0.05)



$

(0.09)


Weighted average common shares outstanding - basic and diluted

161.6



146.3



152.3



146.2


LIVENT CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES


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

(Unaudited)


The table below provides a reconciliation of Net loss to Adjusted EBITDA.



Three Months Ended September 30,


Nine Months Ended September 30,

(in Millions)

2021


2020


2021


2020

Net loss (GAAP)

$

(12.6)



$

(10.5)



$

(6.9)



$

(12.6)


Add back:








Interest expense, net



0.3



0.3



0.3


Income tax expense/(benefit)

15.4



(3.1)



13.8



(5.4)


Depreciation and amortization

6.2



6.1



18.7



17.7


EBITDA (Non-GAAP) (1)

9.0



(7.2)



25.9




Add back:








Certain Argentina remeasurement losses (a)

0.9



1.5



4.2



4.4


Restructuring and other charges (b)

1.1



4.4



3.4



10.1


Separation-related costs (c)

0.8



0.6



1.3



0.8


COVID-19 related costs (d)

1.9



1.7



4.2



1.7


Loss on debt extinguishment (e)







0.1


Other gain/(loss) (f)

1.2



(0.1)



3.0



(0.4)


Adjusted EBITDA (Non-GAAP) (1)

$

14.9



$

0.9



$

42.0



$

16.7


___________________

1.

In addition to net income/(loss), as determined in accordance with U.S. GAAP, we evaluate operating performance using certain non-GAAP measures such as EBITDA, which we define as net income/(loss) plus interest expense, net, income tax expense/(benefit), depreciation, and amortization, and Adjusted EBITDA, which we define as EBITDA adjusted for restructuring and other charges/(income), 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/(loss) 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/(loss).



a.

Represents impact of currency fluctuations on tax assets and liabilities and on long-term monetary assets associated with our capital expansion as well as significant currency devaluations. The remeasurement gains/(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 devaluation 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. Also includes transaction related legal fees and miscellaneous nonrecurring transactions. Three and nine months ended September 30, 2020 includes legal fees related to IPO securities litigation including a settlement accrual, net of insurance reimbursement, of $2.5 million in the third quarter. The IPO litigation settlement was finalized in the second quarter of 2021.



c.

Represents legal, professional, transaction-related 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.

Represents the partial write off of deferred financing costs for the temporary reduction in borrowing capacity related to the First Amendment excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring.



f.

Three and nine months ended September 30, 2021 represents our 25% indirect interest in transaction costs incurred for the Nemaska Transaction, certain project-related costs and interest expense, all included in Equity in net loss of unconsolidated affiliates in our condensed consolidated statement of operations. Three and nine months ended September 30, 2020 represents a portion of our nonrefundable prepaid research and development costs advanced to an unconsolidated affiliate in the fourth quarter 2019 and excluded from our calculation of Adjusted EBITDA in the same period because the costs represent research and development activities of the affiliate that had not occurred as of December 31, 2019. These costs were included with our calculation of Adjusted EBITDA for the three and nine months ended September 30, 2020 when the costs were incurred at the unconsolidated affiliate.

RECONCILIATION OF NET LOSS (GAAP) TO

ADJUSTED AFTER-TAX EARNINGS/(LOSS) (NON-GAAP)

(Unaudited)


(in Millions, Except Per Share Data)

Three Months Ended September 30,


Nine Months Ended September 30,

2021


2020


2021


2020

Net loss (GAAP)

$

(12.6)



$

(10.5)



$

(6.9)



$

(12.6)


Special charges:








Certain Argentina remeasurement losses (a)

0.9



1.5



4.2



4.4


Restructuring and other charges (b)

1.1



4.4



3.4



10.1


Separation-related costs (c)

0.8



0.6



1.3



0.8


COVID-19 related costs (d)

1.9



1.7



4.2



1.7


Loss on debt extinguishment (e)







0.1


Other gain/(loss) (f)

1.2



(0.1)



3.0



(0.4)


Non-GAAP tax adjustments (h)

13.4



(3.7)



8.7



(7.4)


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





0.2




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

$

6.7



$

(6.1)



$

18.1



$

(3.3)










Diluted loss per common share (GAAP)

$

(0.08)



$

(0.07)



$

(0.05)



$

(0.09)


Special charges per diluted share, before tax:








Certain Argentina remeasurement losses, per diluted share



0.01



0.02



0.03


Restructuring and other charges, per diluted share

0.02



0.03



0.02



0.07


Separation-related costs, per diluted share





0.01



0.01


COVID-19 related costs, per diluted share

0.01



0.01



0.02



0.01


Other gain, per diluted share

0.02





0.02




Non-GAAP tax adjustments, per diluted share

0.06



(0.02)



0.05



(0.05)


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

$

0.03



$

(0.04)



$

0.09



$

(0.02)


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

208.4



146.3



197.7



146.2


____________________

1.

The Company believes that the Non-GAAP financial measures "Adjusted after-tax earnings/(loss)" and "Diluted adjusted after-tax earnings/(loss) 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.



a.

Represents impact of currency fluctuations on tax assets and liabilities and on long-term monetary assets associated with our capital expansion as well as significant currency devaluations. The remeasurement gains/(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. Also includes transaction related legal fees and miscellaneous nonrecurring transactions. Three and nine months ended September 30, 2020 includes legal fees related to IPO securities litigation including a settlement accrual, net of insurance reimbursement, of $2.5 million in the third quarter. The IPO litigation settlement was finalized in the second quarter of 2021.



c.

Represents legal, professional, transaction-related 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.

Represents the partial write off of deferred financing costs for the temporary reduction in borrowing capacity related to the First Amendment excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring.



f.

Three and nine months ended September 30, 2021 represents our 25% indirect interest in transaction costs incurred for the Nemaska Transaction, certain project-related costs and interest expense, all included in Equity in net loss of unconsolidated affiliates in our condensed consolidated statement of operations. Three and nine months ended September 30, 2020 represents a portion of our nonrefundable prepaid research and development costs advanced to an unconsolidated affiliate in the fourth quarter 2019 and excluded from our calculation of Adjusted EBITDA in the same period because the costs represent research and development activities of the affiliate that had not occurred as of December 31, 2019. These costs were included with our calculation of Adjusted EBITDA for the three and nine months ended September 30, 2020 when the costs were incurred at the unconsolidated affiliate.



g.

For the three and nine months ended September 30, 2021, $2.9 million and $8.5 million of the interest on the 2025 Notes was capitalized, respectively.



h.

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 September 30,


Nine Months Ended September 30,

(in Millions)

2021


2020


2021


2020

Non-GAAP tax adjustments:








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

$

(0.9)



$

(1.5)



$

(2.0)



$

(2.8)


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



(0.2)



0.4



0.4


Foreign currency remeasurement and other discrete items (1)

12.9



(2.0)



11.7



(5.7)


Other discrete items

1.4





(1.4)



0.7


Total Non-GAAP tax adjustments

$

13.4



$

(3.7)



$

8.7



$

(7.4)


___________________

1.

Three and nine months ended September 30, 2021 includes $14.8 million income tax expense relating to an adjustment for inflation in Argentina.

RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES (GAAP) TO

ADJUSTED CASH PROVIDED BY OPERATIONS (NON-GAAP)

(Unaudited)



Nine Months Ended September 30,

(in Millions)

2021


2020

Cash provided by operating activities (GAAP)

$

41.0



$

1.5


Restructuring and other charges

4.2



5.8


Separation-related activities

1.4



0.7


COVID-19 related costs (a)

4.2



1.7


Other (b)



(0.8)


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

$

50.8



$

8.9


_____________________

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 "Equity in net loss of unconsolidated affiliates" and the portion of our nonrefundable prepaid research and development costs advanced to an unconsolidated affiliate in the fourth quarter of 2019 included in "Cash used in investing activities" (GAAP) in our condensed consolidated statement of cash flows but excluded from our calculation "Adjusted cash provided by operations" in the same period because the costs represented future research and development expenditures related to the unconsolidated affiliate.

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

NET DEBT (NON-GAAP)

(Unaudited)


(in Millions)

September 30, 2021


December 31, 2020

Long-term debt (GAAP) (a)

$

240.1



$

274.6


Less: Cash and cash equivalents (GAAP)

(195.3)



(11.6)


Net debt (Non-GAAP) (1)

$

44.8



$

263.0


_____________________

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.

As of  September 30, 2021 and December 31, 2020, the Company had no debt maturing within one year.

LIVENT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in Millions)

September 30, 2021


December 31, 2020

Cash and cash equivalents

$

195.3



$

11.6


Trade receivables, net of allowance of $0.3 and $0.4, respectively

83.0



76.3


Inventories, net

110.2



105.6


Prepaid and other current assets

43.8



56.3


Total current assets

432.3



249.8


Property, plant and equipment, net of accumulated depreciation of $238.3 and $222.4, respectively

605.3



545.3


Investments

23.2



23.8


Right of use assets - operating leases, net

6.4



16.1


Deferred income taxes

2.2



13.4


Other assets

81.6



88.4


Total assets

$

1,151.0



$

936.8






Accounts payable, trade and other

$

49.7



$

43.9


Accrued customer rebates



0.3


Accrued and other current liabilities

36.7



38.1


Income taxes

2.3




Total current liabilities

88.7



82.3


Long-term debt, less current portion

240.1



274.6


Operating lease liabilities - long-term

5.5



14.8


Long-term liabilities

32.2



28.9


Total equity

784.5



536.2


Total liabilities and equity

$

1,151.0



$

936.8


LIVENT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



Nine Months Ended September 30,

(in Millions)

2021


2020

Cash provided by operating activities

$

41.0



$

1.5


Cash used in investing activities

(74.3)



(111.8)


Cash provided by financing activities

216.9



108.2


Effect of exchange rate changes on cash

0.1



0.1


Increase/(decrease) in cash and cash equivalents

183.7



(2.0)


Cash and cash equivalents, beginning of period

11.6



16.8


Cash and cash equivalents, end of period

$

195.3



$

14.8


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

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/livent-releases-third-quarter-2021-results-301416910.html

SOURCE Livent Corporation

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NE PAS DISTRIBUER AUX AGENCES DE TRANSMISSION AMÉRICAINES NI DIFFUSER AUX ÉTATS-UNIS. CE COMMUNIQUÉ NE CONSTITUE PAS UNE OFFRE DE VENTRE DE TITRE AUX ÉTATS-UNIS

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Critical Elements Closes $30 Million Bought Deal Public Offering of Units

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Critical Elements Lithium Corporation (TSXV:CRE)(FSE:F12) ("Critical Elements" or the "Corporation") announces that it has closed today its previously announced bought deal financing (the "Offering"). Pursuant to the Offering, Critical Elements issued 17,152,250 units of the Corporation (the "Units") at a price of $1.75 per Unit (the "Offering Price") for gross proceeds of $30,016,437.50. This includes 2,237,250 Units issued in connection with the exercise in full of the over-allotment option granted to the Underwriters (as defined below) under the Offering

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Metals & Mining Live Virtual Investor Conference December 8th & 9th

Metals & Mining Live Virtual Investor Conference December 8th & 9th

- Virtual Investor Conferences, the leading proprietary investor conference series, today announced the agenda for the upcoming Metals & Mining Investor Conference on December 8 th & 9 th .

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EMP Metals


Overview

The number of electric vehicles on the road is expected to increase from 10 million today to 100 million by 2030, and up to an estimated 400 million by 2040. This staggering growth has put the spotlight on lithium, which is an essential mineral in manufacturing most consumer devices, electric vehicles (EVs), battery technology and renewable energy technologies. However, experts predict that we may experience a lithium shortage by 2022 if we fail to ramp up production and availability of this essential battery metal.

In reality, mining lithium is challenging for a variety of reasons. Many existing extraction methods are both costly and ripe with environmental issues. As a result, Direct Lithium Extraction (DLE) is rapidly being recognized as an innovative and more environmentallyfriendly lithium extraction technology — one that is less expensive than the more dominant mining methods currently being used. This has encouraged many mining companies and even government agencies to explore how DLE can further capitalize on known lithium deposits.

EMP Metals (CSE:EMPS) is an early-entry lithium exploration and development company planning on utilizing Direct Lithium Extraction on a large scale in Canada. A strong management team and skilled technical team form the foundation for this promising organization. Additionally, EMP Metals plans to develop its project portfolio by continually focusing on low-cost yet promising land parcels located in Saskatchewan.

EMP Metals Direct Lithium Extraction

The DLE method calls for using a specialized absorbent to extract lithium from brine and actively rejects impurities, creating high-quality lithium carbonate and lithium hydroxide. DLE is both more cost-effective and environmentally responsible than evaporation and hard-rock mining and has shown a superior recovery rate relative to traditional extraction methods.

Currently, EMP Metals has a strategic land base in Saskatchewan that comprises three projects totaling an impressive 119,739 acres. Saskatchewan is an ideal province for lithium extraction due to multiple appealing factors: existing infrastructure, a skilled local workforce and a mining-friendly government. Additionally, Saskatchewan’s Duperow Formation is supportive for using DLE recovery technology, making the project area extremely appealing as a location to build a large-scale DLE mine. The land package also contains 15 wellbores from historical surveying and natural resource recovery, potentially greatly reducing exploration and development costs.

EMP Metals Saskatchewan Lithium

EMP Metals boasts a strong technical and management team with relevant industry experience. The technical team has extensive experience in building large scale brine lifting and disposal infrastructure as well as drilling wells to all depths within Saskatchewan’s Williston Basin. Rob Gamley, President and CEO, brings over a decade of experience in corporate finance and consulting with publicly traded companies. Natashia Tsai, CFO, specializes in managing financial operations with a focus on overall business performance. Dr. Peter Pollard, Chief Geologist, has over 30 years of experience as a researcher and mineral exploration expertise. Greg Bronson, Director, also possesses over 30 years of experience in mineral exploration companies and oil and gas exploration and development. The combined team has what it takes to potentially lead EMP Metals to successfully build a large-scale DLE-based lithium mine.

Company Highlights

  • Saskatchewan is an attractive region for mining companies due to the available workforce, mining-friendly governmental policies, and the presence of existing infrastructure.
  • Focused on potential DLE amenable assets to mine lithium in Saskatchewan, Canada.
  • DLE is an innovative lithium extraction technology that has shown a higher recovery rate, costs less to operate and has a less severe environmental impact than other methods.
  • EMP Metals has ring-fenced 119,739 acres of highly prospective lithium properties in four main distinct geological locations in Saskatchewan, which includes 21 lithium-brine focused permits.

Key Projects

Saskatchewan Project

EMP Metals Saskatchewan Duperow Formation

The Saskatchewan land package is a collection of prospective lithium properties that covers 119,739 acres. EMP Metals is continuously looking to expand its project’s area by participating in land auctions and pursuing acquisition opportunities.

EMP Metals is focused on project areas in Saskatchewan due to the presence of the Duperow Formation, aregionally extensive reservoir with aquifer support. DLE aims to be an ideal recovery technology to leverage for this this geological feature and due to the presence of a high amount of lithium-rich brine.

Brine sampling of a well within EMP’s project area revealed 85.0 to 96.3 mg/L. The presence of existing deep wellbores on its permits lowers the capital costs on drilling . Additionally, it’s worth noting that an offsetting well in the area has tested up to 190 mg/l in the Duperow.. The shallower depth of the Duperow further decreases operating costs.

The next step for the project is to conduct a resource evaluation and PEA, which is slated for Q1 2022. EMP Metals aims to continually acquire land to expand its land package with the intent of creating a high-producing lithium mine.

Management Team

Rob Gamley - President and CEO

Over 10 years of corporate finance and capital markets experience, consulting to public companies across a variety of industries. VP Contact Financial Corp. – strategic communications and consulting firm.

Natasha Tsai - CFO

Managing Director of Malaspina Consultants; specializing in areas of financial operations and business performance. Was CFO with companies in a broad range of industries including mining and energy.

Dr. Peter Pollard - Chief Geologist

Over 30 years global research and mineral exploration consulting experience. Recognized expert in intrusion-related mineralized systems including Cu-Au porphyry, Sn-W-Mo-Bi-Au, Fe-oxide Cu-Au-U and Au-Ag systems.

Argentina Lithium & Energy

Argentina Lithium & Energy


Overview

Argentina is poised to become a growing leader in lithium production. The country’s government is actively encouraging foreign investment and renewable energy initiatives. Recently, the country’s administration announced an intention to increase Argentina’s production of lithium from 40,000 metric tons to 230,000 metric tons by the end of 2022. Today, Argentina is one of the top five global producers of lithium and hosts approximately 60 percent of known lithium reserves.

Argentina is home to a sizable share of the prolific Lithium Triangle, the largest resource of lithium in the world. Approximately half of the world’s lithium supply comes from the Lithium Triangle that spans Chile, Bolivia and Argentina. Some believe that the Triangle could host additional discoveries, specifically in Argentina. With the demand for lithium is expected to grow at a CAGR of 14.8 to reach a market size worth $8.2 billion by 2028, opportunities in Argentina’s Lithium Triangle may present an exciting opportunity for investors.

Argentina Lithium and Energy (TSXV:LIT, OTC:PNXLF, FWB:OAY3) is a mineral exploration company focused on developing a portfolio of highly prospective lithium projects in Argentina. The company is a member of Grosso Group Management which is a resource management group that has pioneered exploration in Argentina since 1993.

Argentina Lithium & Energy Lithium Triangle

Argentina Lithium and Energy has a strong land position in Argentina with nearly 58,000 hectares of claims on four salars in the pro-mining provinces of Salta and Catamarca. The company’s properties are strategically located near key infrastructure, towns, rail, water and power. Argentina Lithium’s projects are also accessible year-round through an existing road network.

The company’s project portfolio includes Rincon West, Pocitos, Antofalla North and Incahuasi. In October 2021, the company announced that it signed a definitive agreement to acquire 100 percent interest in the highly prospective Rincon West and Pocitos properties in the Salta Province in Argentina. The agreement is pending approval on the TSX Venture Exchange. The projects are located in the most underexplored area of the Lithium Triangle with the potential to host the discovery of high-grade lithium brines.

Argentina Lithium & Energy Rincon West Aerial View

The company’s Rincon West project is located adjacent to two significant resource development projects with proven resources owned by Rincon Resources (ASX:RCR) and Argosy Minerals (ASX:AGY). The company believes that the Rincon West project may have the potential to host high-grade lithium brines.

The company’s fully-owned Antofalla North project is located in the Salta province less than 20 kilometres from Argentina’s largest lithium-producing operation at Salar de Hombre Muerto. The Antofallo North project is also located north of Albemarle Corporation’s (NYSE:ALB) Salar de Antofalla project which has grades of 350 mg/L of lithium and 6,400 mg/L of potassium.

Argentina Lithium and Energy’s fully-owned Incahuasi project is located in the Incahuasi Salar and basin. The project is north of Lake Resources’ (ASX:LKE) Kachi project. Incahuasi features maximum lithium values of 409 mg/L lithium and 1.56 percent potassium recovered in near-surface sampling to an 8-metre depth.


The company is led by Grosso Group’s management team which has a history of major mineral discoveries in Argentina, including the Mineros S.A. (TSX:MSA) Gualcamayo Gold mine, SSR Mining’s (TSX:SSRM) Chinchillas Silver Gold Zinc deposit, Pan American Silver’s (TSX:PAAS) Navidad Silver Lead project and Blue Sky Uranium’s (CVE:BSK) Amarillo Grande Uranium and Vanadium project.

Company Highlights

  • Focused on developing nearly 58,000 hectares of highly prospective lithium projects in the prolific Lithium Triangle.
  • The company’s projects include Rincon West, Pocitos, Antofalla North and Incahuasi which are strategically located near high-grade lithium projects.
    • The Rincon West and Pocitos projects are located in the most underexplored area of the Lithium Triangle with the potential to host the discovery of high-grade lithium brines.
    • The Incahuasi project features maximum lithium values of 409 mg/L lithium and 1.56 percent potassium recovered in near-surface sampling to an 8-metre depth.
  • The company has signed a definitive agreement to acquire a 100 percent interest in the Rincon West and Pocitos properties, pending approval on the TSX Venture Exchange.
  • The company is a member of Grosso Group Management Ltd. which has a successful track record in making major discoveries in Argentina.

Key Projects

Rincon West

Argentina Lithium & Energy Rincon West Photo

The Rincon West project is a prospective 2,370-hectare lithium project located in the Salta province in Argentina. The project is located west of the Rincon Salar which hosts two significant resource development projects with proven reserves. These projects are owned by Rincon Resources Ltd. (ASX:RCR) and Argosy Minerals Ltd. (ASX:AGY) which Rincon West is adjacent to.

The property is situated in the Lithium Triangle with access to an international highway, pacific ports and a major electrical power corridor.

Argentina Lithium and Energy plans to begin a work program in 2022 consisting of 40 line kilometre transient electromagnetic soundings to delineate lithium brines and test the bottom of the basin. Argentina Lithium and Energy believes that the Rincon West project may have the potential to host high-grade lithium brines. The company has the option to acquire up to 100 percent in the Rincon West project, subject to TSXV approval.

Pocitos

The Pocitos project is a prospective 15,857-hectare lithium project located in the Salta province in Argentina. The property is situated in the Lithium Triangle with access to an international railway, pacific ports, provincial highway and a major gas pipeline.

Argentina Lithium & Energy Pocitos Project Argentina

The Pocitos project features limited historic exploration, including geophysics, surface sampling and limited drilling.

The company plans to conduct a 50 line kilometre line of transient electromagnetic soundings to detect and delineate brine concentrations for testing in 2022. The company has the option to acquire up to 100 percent in the Pocitos project, subject to TSXV approval.

Antofalla North

The Antofalla North project is a prospective 9,080-hectare lithium project located in the Salta province in Argentina. The company owns a 100 percent interest in the property and has an additional 5,380 hectares under option.

The property is situated in the Puna region with access to a provincial highway and unpaved roads. The Antofalla North project is located less than 20 kilometres from Argentina’s largest lithium-producing operation at Salar de Hombre Muerto. The Antofallo North project is also located north of Albemarle Corporation’s (NYSE:ALB) Salar de Antofalla project which has grades of 350 mg/L of lithium and 6,400 mg/L of potassium.

Argentina Lithium & Energy Antofalia North Map

Argentina Lithium and Energy has conducted a CSAMT geophysical survey that identified high-conductivity targets in the upper 100 metres and additional targets at depth.

The company plans to obtain permits, conduct a 35 line kilometre of transient electromagnetic soundings to delineate brine deposits and drill up to three diamond holes in 2022.

Incahuasi

The 100 percent owned Incahuasi project is a high-grade 25,000-hectare lithium project located in the Incahuasi Salar and basin in the Catamarca province of Argentina. The project is north of Lake Resources’ Kachi project.

In 2017, the company completed its first exploration program consisting of initial geophysical, surface sampling and drilling programs on the property. Argentina Lithium and Energy found maximum lithium values of 409 mg/L lithium and 1.56 percent potassium recovered in near-surface sampling to an 8-metre depth. Argentina Lithium also conducted four drill holes which confirmed lithium-bearing brines with average grades of 109 mg/L of lithium and 6,718 mg/L of potassium.

The company plans to conduct a 50 line kilometre of transient electromagnetic soundings to detect and delineate new brine concentrations for testing. Argentina Lithium and Energy believes that the project is underexplored and may have the potential to host a quality lithium brine at depth.

Management Team

Nikolaos Cacos - M.I.M., President, CEO and Director

Nikolaos Cacos has over 25 years of management and advisory expertise in the mineral exploration industry. He has worked with Grosso Group since its inception and serves as a senior-level executive for all of its member companies. Cacos’ career includes administration and strategic planning for public companies. He currently serves as an officer and director of several TSX Venture Exchange-listed companies. He holds a Master’s degree in International Management from Heidelberg, Germany and a Bachelor of Science degree from the University of British Columbia.

Miles Rideout - Vice President of Exploration

Miles Rideout has 34 years of experience in advanced exploration practice, responsible business management, scientific team building and mining integration with local communities and indigenous peoples.

In recent positions, Rideout has directly managed the acquisition and exploration of dozens of lithium properties in northern Argentina. Previously, he served as CEO of Latin American Minerals Inc. (TSX:LAT) for 5 years in which he advanced gold and diamond projects in Paraguay. Rideout also spent 23 years with Quantec Geoscience Inc. where he initiated operations in South America and managed subsidiaries in several countries. He has experience in mine permitting, financing, construction and operations, including implementing the first operating mine in Paraguay. In addition, Rideout has deep expertise with all major geophysical technologies applied within the mining industry. He also has decades of experience working with many of the most successful exploration teams in South America. He participated in the discovery of several world-class deposits including the Collahuasi and Ujina copper-porphyry deposits, Veladero epithermal gold deposit and Navidad VMS/epithermal silver deposit. Rideout received a Bachelor of Science with Honors Certificate in Geophysics from the University of Western Ontario in 1987. Rideout is fluent in English and Spanish and has lived in Mendoza, Argentina for more than 20 years.

Connie Norman - Corporate Secretary

Connie Norman is a senior corporate officer with over 18 years of experience within the public company sector. Norman has provided corporate secretarial and regulatory compliance services. While her primary focus has been on TSX Venture-listed issuers, she has also worked with companies listed on the TSX and HKEx.

Darren C. Urquhart - CPA, CA, Chief Financial Officer

Darren Urquhart is a chartered professional accountant with 20 years of experience working in public practice and industry. Urquhart operates his public practise accounting firm in which he offers chief financial officer and accounting services to TSX Venture Exchange-listed companies in Vancouver, Canada. He has also served as director for some of his corporate clients. Urquhart began his career working as an audit accountant with Grant Thornton LLP. Later he worked as a senior tax accountant with Lohn Caulder Chartered Accountants. Urquhart obtained his chartered accountant designation in 2001 and is a member of the Chartered Professional Accountants of British Columbia. In 1995, Urquhart graduated from the University of British Columbia with a Bachelor of Applied Science in Electrical Engineering.

Joseph Grosso - Director

Joseph Grosso became one of the early pioneers of the mining sector in Argentina in 1993 when mining was opened to foreign investment. He was named Argentina's 'Mining Man of The Year' in 2005. His knowledge of Argentina was instrumental in attracting a premier team that led to the acquisition of key properties in Golden Arrow's portfolio. He has successfully formed strategic alliances and negotiated with mining industry majors such as Barrick, Teck, Newmont, Viceroy (now Yamana Gold) and Vale S.A. and government officials at all levels. Grosso's specialty is financing, negotiations, corporate and marketing strategy. He was an early and passionate adopter of best practices in environmental protection and socio-economic development through mineral exploration. He is the founder and president of Grosso Group Management Ltd.

John Gammon - Director

John Gammon has 40 years of experience in mineral exploration and management. His experience includes international positions with Falconbridge, assistant deputy minister mines and minerals with the Government of Ontario and, since his retirement, as ADM as a consultant working with industry, governments and universities. In addition to Dr. Gammon's mineral exploration experience, he has also spent a significant amount of time on aboriginal community and environmental issues. His knowledge of the Spanish language, South American culture and local societies coupled with his industry experience can assist the company with the advancement of its projects in Argentina.

Public Offer Closing – Solis Minerals

Latin Resources Limited (Latin Resources) (ASX:LRS) is pleased to report that the proposed ASX IPO of Solis Minerals Limited (Solis Minerals) is progressing towards an expected listing date on ASX of 24 December 2021, subject to approval of the listing by ASX and satisfaction of all listing criteria.

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