TSX Venture Exchange Stock Maintenance Bulletins

TSX VENTURE COMPANIES

DESERT MOUNTAIN ENERGY CORP. ("DME") ("DME .WT")
BULLETIN TYPE: Additional Listing-Warrants
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

Effective at the opening Thursday, April 6, 2023 , 545,000 common share purchase warrants of the Company will commence trading on TSX Venture Exchange (the "Exchange"). The Company is classified as a 'Mineral Exploration/Development' company.

Corporate Jurisdiction:	British Columbia

Capitalization:	11,845,000 warrants authorized by a warrant indenture dated
	March 24, 2023, of which 11,300,000 warrants are issued and
	outstanding for trading. 545,000 additional warrants will be listed
	for trading on April 6, 2023.

Warrant Exercise Price/Term:	$2.70 per common share to March 24, 2025, subject to acceleration, as described below.

Transfer Agent:	TSX Trust Company
Trading Symbol:	DME.WT ( Unchanged )
CUSIP Number:	25043D123 ( Unchanged )

Further to the Exchange's bulletin dated March 29, 2023 , the additional 545,000 warrants were issued pursuant to the Agent's over-allotment option from the Company's Final Short Form Prospectus Offering dated March 20, 2023 .

In the event the volume weighted average trading price of the common shares in the capital of the Company for any ten (10) consecutive trading days on the TSX Venture Exchange exceeds $4.50 , the Company will have the right to accelerate the expiry date of the Warrants by providing written notice to each registered holder of Warrants, Warrant Agent, and distributing a press release (collectively, the "Acceleration Notice") within ten (10) business days of the occurrence of such event. If an Acceleration Notice is provided by the Company, the expiry of the Warrants will be accelerated to 5:00 p.m. ( Vancouver time) on the date that is not less than thirty (30) days following the provision of such Acceleration Notice (the "Accelerated Expiry Date"); provided, however, that if the Accelerated Expiry Date falls on a day that is not a business day, the Accelerated Expiry Date shall be deemed to be the next business day.

For further details, please refer to the Company's news releases dated March 24, 2023 , and April 4, 2023 , and the Short Form Prospectus dated March 20, 2023 , which have been filed on SEDAR.

________________________________________

IMPERIAL EQUITIES INC. ("IEI ")
BULLETIN TYPE: Declaration of Dividend
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

The Issuer has declared the following dividend:

Dividend per Class A Common Share: $0.02
Payable Date: May 3, 2023
Record Date: April 20, 2023
Ex-dividend Date: April 19, 2023

________________________________________

NEWRANGE GOLD CORP. ("NRG ")
BULLETIN TYPE: Consolidation " Remain Halted"
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

Pursuant to the directors' resolution passed on March 06, 2023 , the Company has consolidated its capital on a (6) old for (1) new basis. The name of the Company has not been changed.

Effective at the opening of Thursday, April 06, 2023 , the shares of Newrange Gold Corp. will commence trading on TSX Venture Exchange on a consolidated basis. The Company is classified as a 'Mining' company.

Post – Consolidation
Capitalization:	Unlimited shares with no par value of which
	32,848,707 shares are issued and outstanding
Escrow	Nil shares are subject to escrow

Transfer Agent:	Computershare Investor Services Inc.
Trading Symbol:	NRG (UNCHANGED)
CUSIP Number:	65250B303 (new)

Trading will remain halted

___________________________________________

PINE TRAIL REAL ESTATE INVESTMENT TRUST ("PINE.U ") ("PINE.UN ")
BULLETIN TYPE: Notice of Distribution
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

The Issuer has declared the following distributions:

Distribution per CDN unit: $0.0003
Distribution per US unit: $0.0003
Payable Date: April 17, 2023
Record Date: April 10, 2023
Ex-distribution Date: April 6, 2023

________________________________________

23/04/04 - TSX Venture Exchange Bulletins

TSX VENTURE COMPANIES

AFFINITY METALS CORP. ("AFF ")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on March 15, 2023 :

Number of Shares:	6,000,000 shares

Purchase Price:	$0.035 per share

Warrants:	6,000,000 share purchase warrants to 6,000,000 purchase shares

Warrant Exercise Price:	$0.05 for a two-year period

Number of Placees:	11 placees

Insider / Pro Group Participation:

Placees	# of Placee (s)	Aggregate # of Shares

Aggregate Existing Insider Involvement:	N/A	N/A
Aggregate Pro Group Involvement:	N/A	N/A

Aggregate Cash Amount

Aggregate #

of Shares

Aggregate #

of Warrants

Finder's Fee:

N/A

The Company issued a news release on March 30, 2023, confirming the closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants if they are less than the maximum permitted term.

________________________________________

Allied Copper Corp. ("CPR")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on January 30, 2023 and February 10, 2023 :

Number of Shares:	20,000,000 common shares

Purchase Price:	$0.20 per common share

Warrants:	10,000,000 warrants to purchase 10,000,000 common shares

Warrant Exercise Price:	$0.30 for or a two-year period

Number of Placees:	107 placees

Insider / Pro Group Participation:

Placees	# of Placee (s)	Aggregate # of Shares

Aggregate Existing Insider Involvement:	5	1,647,755
Aggregate Pro Group Involvement:	6	565,834

Aggregate Cash Amount

Aggregate #

of Shares

Aggregate #

of Warrants

Finder's Fee:

$100,202

N/A

501,008

Each Finder's Warrant is exercisable to acquire one common share of the Company at a price of $0.30 per common share for a period of 24 months following the closing of the offering.

The Company issued a news release on February 24 , 2023, confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

________________________________________

C3 METALS INC. ("CCCM ")
BULLETIN TYPE: Halt
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

Effective at 5:41 a.m. PST, April 4, 2023 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.

________________________________________

C3 METALS INC. ("CCCM ")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

Effective at 6:45 a.m. PST, April 4, 2023 , shares of the Company resumed trading, an announcement having been made.

________________________________________

EMERGE COMMERCE LTD. ("ECOM ")
BULLETIN TYPE: Shares for Services
BULLETIN DATE: April 4, 2023
TSX Venture Tier 1 Company

TSX Venture Exchange has accepted for filing the Company's proposal to issue 375,000 shares at a deemed price of $0.08 , in consideration of certain services provided to the company pursuant to an agreement dated February 02, 2022 .

Insider / Pro Group Participation: N/A

The Company issued a press release dated March 31, 2023 , in connection with that transaction. The Company shall issue a news release when the shares are issued.

________________________________________

OMINECA MINING AND METALS LTD. ("OMM")
BULLETIN TYPE: Private Placement – Brokered
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Brokered Private Placement announced March 8, 2023 and March 29, 2023 :

Number of Shares:	29,272,675 Flow-Through Units ("FT Units"). Each FT Unit consists of one flow-through common share and one common share purchase warrant.

Purchase Price:	$0.11 per FT Unit

Warrants:	29,272,675 share purchase warrants to purchase 29,272,675 shares

Warrant Price:	$0.14 exercisable for a period of three years from the date of issuance

Number of Placees:	31 placees

Insider / Pro Group Participation:

Placees	# of Placee (s)	Aggregate # of Units

Aggregate Existing Insider Involvement:	N/A	N/A
Aggregate Pro Group Involvement:	3	1,192,211

Aggregate Cash Amount

Aggregate #

of Shares

Aggregate #

of Units

Finder's Fee:

$193,940.12

N/A

1,763,092

Finder's Warrants Terms: Each Finder's Warrant entitles the holder to purchase one FT Unit at $0.11 . Each FT unit consists of one flow-through common share and one common share purchase warrant exercisable at $0.14 for a period of 3 years from the date of issuance.

The Company issued a news release on March 23, 2023 confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

__________________________________

PATHWAY HEALTH CORP. ("PHC")
BULLETIN TYPE: Private Placement-Non-Brokered, Convertible Debentures
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced February 3, 2023 :

Convertible Debenture	$1,250,000 in outstanding principal amount of secured convertible debentures.

Conversion Price:	Convertible into 25,000,000 common shares of the Company at $0.05 per share of principal outstanding.

Maturity Date:	June 30, 2023.

Interest rate:	15% per annum.

Detachable Warrants:	25,000,000 detachable warrants. Each detachable warrant entitles the holder to purchase 1 common share.

Detachable Warrant Price:	$0.05 exercisable for a period of one year from the date of issuance.

Number of Placees:	1 placee

Insider / Pro Group Participation:

Placees	# of Placee (s)	Aggregate Convertible Debenture

Aggregate Existing Insider Involvement:	1	$1,250,000
Aggregate Pro Group Involvement:	N/A	N/A

Aggregate Cash Amount

Aggregate #

of Shares

Aggregate #

of Warrants

Finder's Fee:

N/A

Finder's Warrants Terms: N/A

The Company issued the news releases on February 9, 2023 , February 17, 2023 and March 28 , 2023 confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

________________________________________

PETRO-VICTORY ENERGY CORP. ("VRY")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on March 16, 2023 and March 21, 2023 :

Number of Shares:	1,851,960 units

Purchase Price:	$3.00 per unit

Warrants:	1,851,960 share purchase warrants to purchase 1,851,960 shares

Warrant Exercise Price:	$4.00 for a one year period

Number of Placees:	13 placees

Insider / Pro Group Participation:

Placees	# of Placee (s)	Aggregate # of Units

Aggregate Existing Insider Involvement:	N/A	N/A
Aggregate Pro Group Involvement:	N/A	N/A

Aggregate Cash Amount

Aggregate #

of Shares

Aggregate #

of Warrants

Finder's Fee:

N/A

Finder's Warrants Terms: N/A

The Company issued a news release on March 28 , 2023 confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.

________________________________________

SURGE BATTERY METALS INC. ("NILI ")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on March 17, 2023 :

Number of Shares:	3,632,328 shares

Purchase Price:	$0.25 per share

Warrants:	3,632,328 share purchase warrants to purchase 3,632,328 shares

Warrant Exercise Price:	$0.30 for a five-year period

Number of Placees:	9 placees

Insider / Pro Group Participation:

Placees	# of Placee (s)	Aggregate # of Shares

Aggregate Existing Insider Involvement:	N/A	N/A
Aggregate Pro Group Involvement:	2	240,000

Aggregate Cash Amount

Aggregate #

of Shares

Aggregate #

of Warrants

Finder's Fee:

$11,500.00

317,232

N/A

The Company issued news releases on March 17, 2023 , March 27, 2023 and April 3, 2023 , confirming closing the private placement.

________________________________________

VICINITY MOTOR CORP. ("VMC")
BULLETIN TYPE: Private Placement – Non-Brokered
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on March 22, 2023 :

Convertible Debenture	$4,000,000 in increments of $1,000 per Debenture.

Conversion Price:	Convertible into units consisting of one common share in the capital of the Company ("Share") and 0.2 of one Share purchase warrant ("Warrant") at a conversion price of $1.45 of principal per Debenture.

Maturity date:	18 months from the date of issuance.

Warrants	Each Warrant shall have a term of 36 months from the date of issuance of the Debentures, and shall entitle the holder to purchase one Share. The Warrants are exercisable at the price of $1.45 per Share.

Interest rate:	15% per annum, payable at the 12-month anniversary and/or upon maturity.

Number of Placees:	21 placees.

Insider / Pro Group Participation:
	Insider= Y /
Name	Pro Group= P	Number of Securities
Aggregate Insider/Pro Group Involvement
[1 Existing Insider]	Y	$150,000 of principal amount
[1 Pro Group Member]	P	$461,000 of principal amount

Aggregate Cash Amount

Aggregate #

of Shares

Aggregate #

of Finder Warrants

Finder's Fee:

[2 Finders]

$73,500

N/A

The Company issued a news release on March 28 , 2023, confirming the closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the Warrants if they are less than the maximum permitted term.

__________________________________

WEST VAULT MINING INC. ("WVM")
BULLETIN TYPE: Normal Course Issuer Bid
BULLETIN DATE: April 4, 2023
TSX Venture Tier 2 Company

TSX Venture Exchange has been advised by the Company that pursuant to a Notice of Intention to make a Normal Course Issuer Bid dated April 3, 2023 , it may repurchase for cancellation, up to 58,138,670 common shares in its own capital stock. The purchases are to be made through the facilities of TSX Venture Exchange or other recognized marketplaces during the period of April 11, 2023 to April 10 , 2024. Purchases pursuant to the bid will be made by PI Financial Corp. ( Calvin Buchanan ) on behalf of the Company.

________________________________________

NEX COMPANY:

NURCAPITAL CORPORATION LTD. ("NCL.H ")
BULLETIN TYPE: Halt
BULLETIN DATE: April 4, 2023
NEX Company

Effective at 1:10 p.m. PST, April 3, 2023 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.

________________________________________

SOURCE TSX Venture Exchange

View original content: https://www.newswire.ca/en/releases/archive/April2023/04/c3124.html

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Allied Copper CPR:CC TSXV:CPR Lithium Investing

CPR:CC

NEWS RELEASE FOR EARLY WARNING REPORT REGARDING ALLIED COPPER CORP.

James Alexander Wylie, of 3237 7 Street SW, Calgary, Alberta, T2T 2X8, announced that on December 9, 2022, he acquired 11,136,000 common shares (" Shares ") in the capital of Allied Copper Corp. (the " Company "), a company with a head office at Suite 520, 999 West Hastings Street, Box 55, Vancouver, British Columbia, V6C 2W2 (the " Acquisition "), pursuant to a share purchase agreement dated October 31, 2022, among each of the shareholders of Volt Lithium Corp. (" Volt ") and the Company, whereby the Company acquired all of the issued and outstanding shares of Volt (" Volt Shares ").

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VOLT LITHIUM ANNOUNCES TECHNICAL BREAKTHROUGH WITH NEXT-GENERATION IES-300 PROPRIETARY DIRECT LITHIUM EXTRACTION PROCESS

Allied Copper Corp. (TSX-V: CPR, OTCQB: CPRRF, FSE: S9G) (" Allied "), is pleased to announce that its lithium-focused division, Volt Lithium Corp (" Volt " or the " Company ") has achieved a technical breakthrough with its proprietary, next-generation IES-300 Direct Lithium Extraction (" DLE ") technology, which is expected to support continued step-change improvements in Volt's process and project economics upon commercialization.

This next-level IES-300 technology builds on the previously announced success of Volt's original IES-200 DLE process, which achieved 93% lithium recoveries from oilfield brines. With IES-300, the Company has continued to realize up to 93% lithium extraction, while also reducing the amount of re-agent required to treat oilfield brine as it enters the extraction process. The combination of continued high lithium extraction levels, a streamlined process and ongoing efficiency improvements has resulted in lower operating costs for Volt, which is expected to enhance project economics.

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ALLIED COPPER ANNOUNCES RENEWED AGREEMENT WITH EMERGING MARKETS CONSULTING, LLC

Allied Copper Corp. (TSX-V: CPR, OTCQB: CPRRF) (the " Company " or " Allied "), is pleased to announce that it has entered into an addendum (the " Addendum ") to the agreement previously announced on March 14, 2022, between Emerging Markets Consulting, LLC (" EMC ") and Allied (the " EMC Agreement "), subject to the approval of the TSX Venture Exchange (" TSX-V ").

The addendum serves to re-establish the EMC Agreement for a three-month term, following which, the Company has the option to renew the EMC Agreement for a further three-month term on substantially the same terms. Under the EMC Agreement, EMC will provide investor and public relations services to Allied, including arrangement for and provision of electronic media and webcast services, as well as the drafting of corporate information and dissemination of such information through email and trade shows. In consideration for these services, EMC will be paid a cash fee of $150,000 USD at the beginning of the three-month term and has the option to extended for a further period of three months on the same terms.

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VOLT LITHIUM MEETS KEY MILESTONE WITH START-UP OF PILOT PROJECT

Allied Copper Corp. (TSX-V: CPR, OTCQB: CPRRF, FSE: S9G) (" Allied "), is pleased to announce that its lithium-focused division, Volt Lithium Corp (" Volt " or the " Company ") confirms the commencement of the pilot project to test its proprietary DLE process in a simulated commercial environment (the " Pilot Project "). Volt intends to demonstrate its ability to extract lithium from oilfield brine in scale by processing up to 250,000 litres of brine from its Rainbow Lake project in Northwest Alberta through the second quarter of 2023. Results from this Pilot Project are expected to be released by the Company before the end of June, 2023.

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Albemarle Reports First Quarter 2024 Results

Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity and health, today announced its results for the first quarter ended March 31, 2024 .

First-Quarter 2024 and Recent Highlights
(Unless otherwise stated, all percentage changes represent year-over-year comparisons)

Net sales of $1.4 billion , driven by Energy Storage volume growth as projects ramp
Net income of $2 million , or ($0.08) ^(a) per diluted share attributable to common shareholders
Adjusted diluted EPS attributable to common shareholders of $0.26
Adjusted EBITDA ^(b) of $291 million
On track to deliver more than $280 million target in productivity benefits in 2024; in Q1, delivered over $90 million in productivity and restructuring cost savings
Conducted successful bidding events for spodumene concentrate and lithium carbonate, designed to promote price transparency and discovery
Achieved 50% operating rate milestone at Kemerton I; commissioning at Meishan and ramp of the Salar Yield Improvement Project continue to progress well
Reaffirmed FY 2024 corporate outlook considerations, including ranges based on lithium market price scenarios

(a)	After mandatory convertible preferred stock dividends
(b)	Beginning in 2024, Adjusted EBITDA definition includes Albemarle's share of the pre-tax earnings of the Talison joint venture

"In the first quarter, our team demonstrated agility in dynamic market conditions by continuing to deliver solid volumetric growth, ramping new conversion facilities, and executing cost reduction and productivity improvements," said Kent Masters, Albemarle's chairman and CEO. "We have strengthened our competitive position, enhanced our financial flexibility, and started to increase lithium market price transparency. Our actions best position us to serve our core end-markets today and for the future." Masters added, "We remain focused on disciplined capital allocation to deliver profitable organic growth and value for all stakeholders."

2024 Total Corporate Outlook Considerations
The company maintains its prior full-year outlook, which is based on three lithium market price scenarios.

	Total Corporate FY 2024E Including Energy Storage Scenarios
Observed market price case ^(a)	YE 2023	Q4 2023 average	H2 2023 average
Average lithium market price ($/kg LCE) ^(a)	~$15	~$20	~$25
Net sales	$5.5 - $6.2 billion	$6.1 - $6.8 billion	$6.9 - $7.6 billion
Adjusted EBITDA ^(b)(c)	$0.9 - $1.2 billion	$1.6 - $1.8 billion	$2.3 - $2.6 billion


(a)	Price represents blend of relevant Asia and China market indices for the periods referenced.
(b)	The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. See "Additional Information regarding Non-GAAP Measures" for more information.
(c)	Presented under updated adjusted EBITDA definition as of 2024. FY23 adjusted EBITDA under updated definition would be $3.5B. See Non-GAAP Reconciliations for further details.

2024 Other Corporate Outlook Considerations
Following the company's public offering of depository shares representing an interest in its mandatory convertible preferred stock, interest and financing expenses are expected to be at the low end of the previous range of $180 to $220 million . The change in weighted-average common shares outstanding (diluted) reflects the recently issued shares of mandatory convertible preferred stock on an as-converted basis. The change to the adjusted effective tax rate range is related to geographic income mix and is dependent on the assumption of lithium market price. All other corporate outlook considerations are unchanged.

	Other Corporate FY 2024E
Capital expenditures	$1.6 - $1.8 billion
Depreciation and amortization	$580 - $660 million
Adjusted effective tax rate	(5%) - 27%
Corporate costs	$120 - $150 million
Interest and financing expenses	$180 - $210 million
Weighted-average common shares outstanding (diluted) ^(d)	135 - 139 million


(d)	Each quarter, Albemarle will report the more dilutive of either: 1) adding the underlying shares in the mandatory to the share count or 2) reducing Albemarle's net income to common shareholders by the mandatory dividend. The 20-day volume-weighted average common share price will be used in determining the underlying shares to be added to the share count.

First Quarter 2024 Results

In millions, except per share amounts	Q1 2024	Q1 2023	$ Change	% Change
Net sales	$ 1,360.7	$ 2,580.3	$ (1,219.5)	(47.3) %
Net income attributable to Albemarle Corporation	$ 2.4	$ 1,238.6	$ (1,236.1)	(99.8) %
Adjusted EBITDA ^(a)(b)	$ 291.2	$ 1,761.7	$ (1,470.5)	(83.5) %
Diluted (loss) earnings per share attributable to common shareholders	$ (0.08)	$ 10.51	$ (10.59)	(100.8) %
Non-recurring and other unusual items ^(a)	0.34	(0.19)
Adjusted diluted earnings per share attributable to common shareholders ^(a)(c)	$ 0.26	$ 10.32	$ (10.06)	(97.5) %


(a)	See Non-GAAP Reconciliations for further details.
(b)	For comparability, 2023 figures presented under adjusted EBITDA definition that the company adopted beginning in 2024.
(c)	Totals may not add due to rounding.

Net sales for the first quarter of 2024 were $1.4 billion compared to $2.6 billion for the prior-year quarter, a year-over-year decline of 47% that was driven primarily by lower pricing in Energy Storage. Net income attributable to Albemarle of $2 million decreased by $1.2 billion and adjusted EBITDA of $291 million declined by $1.5 billion from the prior-year quarter. The decline in earnings was primarily due to lower lithium market pricing, as well as additional margin compression due to inventory timing and reduced equity earnings at the Talison joint venture, which more than offset favorable volumes.

The effective income tax rate for the first quarter of 2024 was 2.2% compared to 23.9% in the same period of 2023. On an adjusted basis, the effective income tax rates were (12.4)% and 23.6% for the first quarter of 2024 and 2023, respectively, with the decrease primarily due to changes in the geographic income mix.

Energy Storage Results

In millions	Q1 2024	Q1 2023	$ Change	% Change
Net Sales	$ 800.9	$ 1,943.7	$ (1,142.8)	(58.8) %
Adjusted EBITDA	$ 198.0	$ 1,567.7	$ (1,369.7)	(87.4) %

Energy Storage net sales for the first quarter of 2024 were $801 million , a decrease of $1.1 billion , or 59%, due to lower pricing (-89%), which more than offset higher volumes (+31%) related to the ramp of lithium projects, including the La Negra III/IV expansion in Chile and the processing plant in Qinzhou, China , and sales of chemical-grade spodumene. Adjusted EBITDA of $198 million decreased $1.4 billion , driven by lower lithium market pricing, as well as margin compression due to inventory timing and reduced equity earnings at the Talison joint venture, which more than offset favorable volumes.

Specialties Results

In millions	Q1 2024	Q1 2023	$ Change	% Change
Net Sales	$ 316.1	$ 418.8	$ (102.7)	(24.5) %
Adjusted EBITDA	$ 45.2	$ 162.2	$ (117.0)	(72.1) %

Specialties net sales for the first quarter of 2024 were $316 million , a decrease of $103 million , or 25%, primarily due to lower prices (-19%) and lower volumes (-6%). Adjusted EBITDA of $45 million decreased $117 million . Both volumes and prices were impacted by weaker demand, particularly for consumer electronics.

Ketjen Results

In millions	Q1 2024	Q1 2023	$ Change	% Change
Net Sales	$ 243.8	$ 217.8	$ 26.0	11.9 %
Adjusted EBITDA	$ 22.0	$ 14.5	$ 7.4	51.1 %

Ketjen net sales of $244 million for the first quarter of 2024 were up 12% compared to the previous year due to higher volumes (+10%) and higher prices (+2%), primarily from clean fuel technologies. Adjusted EBITDA of $22 million increased $7 million largely due to higher sales and lower input costs.

Cash Flow and Capital Deployment
Cash from operations of $98 million for the first quarter of 2024 decreased $623 million versus the prior year period. The year-over-year decrease was driven by lower adjusted EBITDA and reduced dividends received from equity investments, partially offset by lower investment in working capital. Capital expenditures of $579 million increased by $164 million versus the prior-year period due to the timing of project spend.

On March 8, 2024 , Albemarle completed a $2.3 billion public mandatory convertible preferred stock offering to fortify the balance sheet, enhance financial flexibility, and fund in-flight growth investments. Albemarle's capital allocation priorities continue to focus on investing in its organic opportunities to drive profitable growth, maintaining its investment grade credit rating, and funding its dividends.

Balance Sheet and Liquidity
As of March 31, 2024 , Albemarle had estimated liquidity of approximately $3.7 billion , including $2.1 billion of cash and equivalents, $1.5 billion available under its revolver and $124 million available under other credit lines. Total debt was $3.5 billion , representing a debt covenant net debt to adjusted EBITDA of approximately 0.9 times.

Earnings Call

Date:	Thursday, May 2, 2024
Time:	9:00 AM Eastern time
Dial-in (U.S.):	1-800-590-8290
Dial-in (International):	1-240-690-8800
Conference ID:	ALBQ1

The company's earnings presentation and supporting material are available on Albemarle's website at https://investors.albemarle.com .

About Albemarle
Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allow us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on X (formerly Twitter) @AlbemarleCorp.

Albemarle regularly posts information to www.albemarle.com , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves.

Forward-Looking Statements
This press release contains statements concerning our expectations, anticipations and beliefs regarding the future, which constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties, often contain words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend," "may," "outlook," "scenario," "should," "would," and "will". Forward-looking statements may include statements regarding: our 2024 company and segment outlooks, including expected market pricing of lithium and spodumene and other underlying assumptions and outlook considerations; expected capital expenditure amounts and the corresponding impact on cash flow; market pricing of lithium carbonate equivalent and spodumene; anticipated timing of the commissioning of the Meishan China lithium conversion facility; plans and expectations regarding other projects and activities, cost reductions and accounting charges, and all other information relating to matters that are not historical facts. Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include: changes in economic and business conditions; financial and operating performance of customers; timing and magnitude of customer orders; fluctuations in lithium market prices; production volume shortfalls; increased competition; changes in product demand; availability and cost of raw materials and energy; technological change and development; fluctuations in foreign currencies; changes in laws and government regulation; regulatory actions, proceedings, claims or litigation; cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; political unrest; changes in inflation or interest rates; volatility in the debt and equity markets; acquisition and divestiture transactions; timing and success of projects; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q, which are filed with the SEC and available on the investor section of Albemarle's website (investors.albemarle.com) and on the SEC's website at www.sec.gov . These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

Albemarle Corporation and Subsidiaries Consolidated Statements of Income (In Thousands Except Per Share Amounts) (Unaudited)

	Three Months Ended
	March 31,
	2024	2023
Net sales	$ 1,360,736	$ 2,580,252
Cost of goods sold	1,321,798	1,303,712
Gross profit	38,938	1,276,540
Selling, general and administrative expenses	194,912	154,306
Research and development expenses	23,532	20,471
Operating (loss) profit	(179,506)	1,101,763
Interest and financing expenses	(37,969)	(26,777)
Other income, net	49,901	82,492
(Loss) income before income taxes and equity in net income of unconsolidated investments	(167,574)	1,157,478
Income tax (benefit) expense	(3,721)	276,963
(Loss) income before equity in net income of unconsolidated investments	(163,853)	880,515
Equity in net income of unconsolidated investments (net of tax)	180,500	396,188
Net income	16,647	1,276,703
Net income attributable to noncontrolling interests	(14,199)	(38,123)
Net income attributable to Albemarle Corporation	2,448	1,238,580
Mandatory convertible preferred stock dividends	(11,584)	—
Net (loss) income attributable to Albemarle Corporation common shareholders	$ (9,136)	$ 1,238,580
Basic (loss) earnings per share attributable to common shareholders	$ (0.08)	$ 10.57
Diluted (loss) earnings per share attributable to common shareholders	$ (0.08)	$ 10.51

Weighted-average common shares outstanding – basic	117,451	117,232
Weighted-average common shares outstanding – diluted	117,451	117,841

Albemarle Corporation and Subsidiaries Condensed Consolidated Balance Sheets (In Thousands) (Unaudited)

	March 31,	December 31,
	2024	2023
ASSETS
Current assets:
Cash and cash equivalents	$ 2,055,813	$ 889,900
Trade accounts receivable	874,038	1,213,160
Other accounts receivable	438,507	509,097
Inventories	1,904,827	2,161,287
Other current assets	549,540	443,475
Total current assets	5,822,725	5,216,919
Property, plant and equipment	12,587,763	12,233,757
Less accumulated depreciation and amortization	2,831,728	2,738,553
Net property, plant and equipment	9,756,035	9,495,204
Investments	1,259,001	1,369,855
Other assets	329,283	297,087
Goodwill	1,613,534	1,629,729
Other intangibles, net of amortization	251,755	261,858
Total assets	$ 19,032,333	$ 18,270,652
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable to third parties	$ 1,165,955	$ 1,537,859
Accounts payable to related parties	129,613	550,186
Accrued expenses	454,600	544,835
Current portion of long-term debt	5,076	625,761
Dividends payable	58,354	46,666
Income taxes payable	237,098	255,155
Total current liabilities	2,050,696	3,560,462
Long-term debt	3,519,453	3,541,002
Postretirement benefits	26,382	26,247
Pension benefits	145,067	150,312
Other noncurrent liabilities	833,548	769,100
Deferred income taxes	657,468	558,430
Commitments and contingencies
Equity:
Albemarle Corporation shareholders' equity:
Common stock	1,175	1,174
Mandatory convertible preferred stock	2,235,379	—
Additional paid-in capital	2,962,585	2,952,517
Accumulated other comprehensive loss	(597,205)	(528,526)
Retained earnings	6,930,868	6,987,015
Total Albemarle Corporation shareholders' equity	11,532,802	9,412,180
Noncontrolling interests	266,917	252,919
Total equity	11,799,719	9,665,099
Total liabilities and equity	$ 19,032,333	$ 18,270,652

Albemarle Corporation and Subsidiaries Selected Consolidated Cash Flow Data (In Thousands) (Unaudited)

	Three Months Ended March 31,
	2024	2023
Cash and cash equivalents at beginning of year	$ 889,900	$ 1,499,142
Cash flows from operating activities:
Net income	16,647	1,276,703
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	123,751	87,271
Stock-based compensation and other	9,317	10,540
Equity in net income of unconsolidated investments (net of tax)	(180,500)	(396,188)
Dividends received from unconsolidated investments and nonmarketable securities	50,756	547,552
Pension and postretirement expense	1,273	1,954
Pension and postretirement contributions	(4,824)	(2,825)
Realized loss on investments in marketable securities	33,746	—
Unrealized loss (gain) on investments in marketable securities	6,737	(45,732)
Deferred income taxes	116,447	14,098
Working capital changes	(52,320)	(764,071)
Other, net	(23,076)	(8,322)
Net cash provided by operating activities	97,954	720,980
Cash flows from investing activities:
Capital expenditures	(579,322)	(415,608)
Sales (purchases) of marketable securities, net	84,893	(122,267)
Investments in equity investments and nonmarketable securities	(74)	(1,133)
Net cash used in investing activities	(494,503)	(539,008)
Cash flows from financing activities:
Proceeds from issuance of mandatory convertible preferred stock	2,236,750	—
Repayments of long-term debt and credit agreements	(29,019)	—
Proceeds from borrowings of long-term debt and credit agreements	29,019	—
Other debt repayments, net	(620,753)	(713)
Dividends paid to shareholders	(46,908)	(46,282)
Dividends paid to noncontrolling interests	—	(53,145)
Proceeds from exercise of stock options	86	81
Withholding taxes paid on stock-based compensation award distributions	(10,619)	(18,617)
Other	(1,256)	—
Net cash provided by (used in) financing activities	1,557,300	(118,676)
Net effect of foreign exchange on cash and cash equivalents	5,162	24,296
Increase in cash and cash equivalents	1,165,913	87,592
Cash and cash equivalents at end of period	$ 2,055,813	$ 1,586,734

Albemarle Corporation and Subsidiaries Consolidated Summary of Segment Results (In Thousands) (Unaudited)
	Three Months Ended
	March 31,
	2024	2023
Net sales:
Energy Storage	$ 800,898	$ 1,943,682
Specialties	316,065	418,778
Ketjen	243,773	217,792
Total net sales	$ 1,360,736	$ 2,580,252

Adjusted EBITDA:
Energy Storage	$ 197,996	$ 1,567,692
Specialties	45,181	162,158
Ketjen	21,979	14,543
Total segment adjusted EBITDA	265,156	1,744,393
Corporate	26,080	17,311
Total adjusted EBITDA	$ 291,236	$ 1,761,704

See accompanying non-GAAP reconciliations below.

Additional Information regarding Non-GAAP Measures

It should be noted that adjusted net income attributable to Albemarle Corporation, adjusted net income attributable to Albemarle Corporation common shareholders, adjusted diluted earnings per share attributable to common shareholders, non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA (on a consolidated basis), EBITDA margin and adjusted EBITDA margin are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States , or GAAP. These non-GAAP measures should not be considered as alternatives to Net income attributable to Albemarle Corporation ("earnings") or other comparable measures calculated and reported in accordance with GAAP. These measures are presented here to provide additional useful measurements to review the company's operations, provide transparency to investors and enable period-to-period comparability of financial performance. The company's chief operating decision maker uses these measures to assess the ongoing performance of the company and its segments, as well as for business and enterprise planning purposes.

A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle's website at https://investors.albemarle.com . The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company's results calculated in accordance with GAAP.

ALBEMARLE CORPORATION AND SUBSIDIARIES

Non-GAAP Reconciliations

(Unaudited)

See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, adjusted net income attributable to Albemarle Corporation common shareholders, EBITDA and adjusted EBITDA (on a consolidated basis), which are non-GAAP financial measures, to Net income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted net income attributable to Albemarle Corporation common shareholders is defined as net income after mandatory convertible preferred stock dividends, but before the non-recurring, other unusual and non-operating pension and other post-employment benefit (OPEB) items as listed below. The non-recurring and unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, and other significant non-recurring items. EBITDA is defined as net income attributable to Albemarle Corporation before interest and financing expenses, income tax expense, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus the proportionate share of Windfield Holdings income tax expense, non-recurring, other unusual and non-operating pension and OPEB items as listed below.

	Three Months Ended
	March 31,
	2024		2023
In thousands, except percentages and per share amounts	$	% of net sales	$	% of net sales
Net income attributable to Albemarle Corporation	$ 2,448		$ 1,238,580
Add back:
Non-operating pension and OPEB items (net of tax)	(351)		374
Non-recurring and other unusual items (net of tax)	40,044		(22,774)
Adjusted net income attributable to Albemarle Corporation	42,141		1,216,180
Mandatory convertible preferred stock dividends	(11,584)		—
Adjusted net income attributable to Albemarle Corporation common shareholders	$ 30,557		$ 1,216,180

Adjusted diluted earnings per share attributable to common shareholders	$ 0.26		$ 10.32

Adjusted weighted-average common shares outstanding – diluted	117,668		117,841

Net income attributable to Albemarle Corporation	$ 2,448	0.2 %	$ 1,238,580	48.0 %
Add back:
Interest and financing expenses	37,969	2.8 %	26,777	1.0 %
Income tax (benefit) expense	(3,721)	(0.3) %	276,963	10.7 %
Depreciation and amortization	123,751	9.1 %	87,271	3.4 %
EBITDA	160,447	11.8 %	1,629,591	63.2 %
Proportionate share of Windfield income tax expense	73,689	5.4 %	165,985	6.4 %
Non-operating pension and OPEB items	(325)	— %	601	— %
Non-recurring and other unusual items	57,425	4.2 %	(34,473)	(1.3) %
Adjusted EBITDA	$ 291,236	21.4 %	$ 1,761,704	68.3 %

Net sales	$ 1,360,736		$ 2,580,252

Non-operating pension and OPEB items, consisting of mark-to-market actuarial gains/losses, settlements/curtailments, interest cost and expected return on assets, are not allocated to Albemarle's operating segments and are included in the Corporate category. In addition, the company believes that these components of pension cost are mainly driven by market performance, and the company manages these separately from the operational performance of the company's businesses. In accordance with GAAP, these non-operating pension and OPEB items are included in Other income, net. Non-operating pension and OPEB items were as follows (in thousands):

	Three Months Ended
	March 31,
	2024	2023
Interest cost	$ 8,505	$ 9,010
Expected return on assets	(8,830)	(8,409)
Total	$ (325)	$ 601

In addition to the non-operating pension and OPEB items disclosed above, the company has identified certain other items and excluded them from Albemarle's adjusted net income calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):

	Three Months Ended
	March 31,
	2024	2023
Restructuring and other charges ⁽¹⁾	$ 0.23	$ —
Acquisition and integration related costs ⁽²⁾	0.01	0.03
Loss (gain) in fair value of public equity securities ⁽³⁾	0.35	(0.29)
Other ⁽⁴⁾	(0.15)	0.04
Tax related items ⁽⁵⁾	(0.10)	0.03
Total non-recurring and other unusual items	$ 0.34	$ (0.19)


(1)	In January 2024, the Company announced it was taking measures to unlock near term cash flow and generate long-term financial flexibility by re-phasing organic growth investments and optimizing its cost structure. As a result, the Company recorded severance costs for employees in Corporate and each of the businesses, and losses related to the cancellation of certain capital expenditure projects. During the three months ended March 31, 2024, $33.5 million of these expenses were recorded in Selling, general and administrative expenses and $2.8 million were recorded in Other income, net ($27.0 million after income taxes, or $0.23 per share). The severance has primarily been paid, with the remainder to be paid in 2024.

(2)	Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses for the three months ended March 31, 2024 and 2023 were $1.9 million and $5.1 million ($1.5 million and $4.0 million after income taxes, or $0.01 and $0.03 per share), respectively.

(3)	Loss of $33.7 million and $9.4 million recorded in Other income, net resulting from the sale of investments in public equity securities and the change in fair value of investments in public equity securities, respectively, for the three months ended March 31, 2024 ($41.1 million after income taxes, or $0.35 per share). Gain of $45.8 million ($34.4 million after income taxes, or $0.29 per share) recorded in Other income, net for the three months ended March 31, 2023, resulting from the increase in fair value of investments in public equity securities.

(4)	Other adjustments for the three months ended March 31, 2024 included amounts recorded in: Cost of goods sold - $1.4 million of expenses related to non-routine labor and compensation related costs that are outside normal compensation arrangements. Selling, general and administrative expenses - $0.1 million of expenses related to certain legal costs. Other income, net - $17.3 million gain primarily from the sale of assets at a site not part of our operations, an $8.7 million gain from PIK dividends of preferred equity in a Grace subsidiary and a $2.4 million gain primarily resulting from the adjustment of indemnification related to a previously disposed business, partially offset by $2.9 million of charges for asset retirement obligations at a site not part of our operations.
	After income taxes, these net gains totaled $17.3 million, or $0.15 per share.

	Other adjustments for the three months ended March 31, 2023 included amounts recorded in: Selling, general and administrative expenses - $1.9 million of charges primarily for environmental reserves at sites not part of our operations and $0.7 million of facility closure expenses related to offices in Germany. Other income, net - $3.6 million of asset retirement obligation charges primarily for a site not part of our operations.
	After income taxes, these net charges totaled $4.8 million, or $0.04 per share.

(5)	Included in Income tax benefit for the three months ended March 31, 2024 are discrete net tax benefits of $12.3 million, or $0.10 per share primarily related to the reduction in a foreign tax reserve and excess tax benefits realized from stock-based compensation arrangements.

	Included in Income tax expense for the three months ended March 31, 2023 are discrete net tax expenses of $2.9 million, or $0.03 per share primarily related to foreign return to provisions offset by excess tax benefits realized from stock-based compensation arrangements.

See below for a reconciliation of the adjusted effective income tax rate, the non-GAAP financial measure, to the effective income tax rate, the most directly comparable financial measure calculated and reported in accordance with GAAP (in thousands, except percentages).

	Income before income taxes and equity in net income of unconsolidated investments	Income tax expense	Effective income tax rate
Three months ended March 31, 2024
As reported	$ (167,574)	$ (3,721)	2.2 %
Non-recurring, other unusual and non-operating pension and OPEB items	57,100	17,407
As adjusted	$ (110,474)	$ 13,686	(12.4) %

Three months ended March 31, 2023
As reported	$ 1,157,478	$ 276,963	23.9 %
Non-recurring, other unusual and non-operating pension and OPEB items	(33,872)	(11,472)
As adjusted	$ 1,123,606	$ 265,491	23.6 %

As noted above, beginning in 2024, the company changed its definition of adjusted EBITDA for financial accounting purposes. The updated definition includes Albemarle's share of the pre-tax earnings of the Talison joint venture, whereas the prior definition included Albemarle's share of Talison earnings net of tax. See below for a reconciliation of adjusted EBITDA (on a consolidated basis), the non-GAAP financial measure, to Net income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and reported in accordance with GAAP, as if it were presented under the new definition for the year ended December 31, 2023 .

Net income attributable to Albemarle Corporation	$ 1,573,476
Depreciation and amortization	429,944
Interest and financing expenses	116,072
Income tax expense	430,277
Proportionate share of Windfield income tax expense	779,703
Gain on sale of business/interest in properties, net	(71,190)
Acquisition and integration related costs	26,767
Goodwill impairment	6,765
Non-operating pension and OPEB items	(7,971)
Mark-to-market gain on public equity securities	44,732
Legal accrual	218,510
Other	(1,097)
Total adjusted EBITDA	$ 3,545,988

Contact:
Meredith Bandy 1.980.999.5168

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SOURCE Albemarle Corporation

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Rio Grande Sur Lithium Project

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Aaron Revelle – Chief Executive Officer

Peter Wall - Chairman

Tom Eadie – Non-Executive Director

Vito Interlandi – Company Secretary

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