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e 22 October 2021 SEPTEMBER 2021 QUARTERLY REPORT Orocobre Limited ( ASX : ORE , TSX : ORL ) ( Orocobre ) is pleased to provide its September Quarterly Activities Report and financial position as at 30 September 2021¹ . KEY HIGHLIGHTS OPERATIONS ● OROCOBRE ● 89,640 dmt of product was shipped in the quarter with a realised average price of US $ 779 / tonne generating revenue of US $ 69.8 million Contracting arrangements are well advanced for further shipments of ~ 38.5kt in the December quarter and ~ 25kt in early January 2022 with a target grade of 5.7 % Li₂O Average pricing for these shipments is approximately US $ 1,650 / tonne CIF for 6 % Li₂O , almost double that of the September quarter At Olaroz² , 2,802 tonnes of lithium carbonate were produced , 58 % of which was battery grade and exceeded the budgeted target of 50 % Sales were 2,622 tonnes at a price of US $ 9,341 / tonne FOB³ generating revenue of US $ 24.5 million ● Expansion works at Olaroz have reached 60 % completion The lithium carbonate sales price has increased by over 200 % in the last year and guidance for the December quarter has been revised upwards to ~ US $ 12,000 / tonne FOB³ ● ● ASX / TSX ANNOUNCEMENT ● Another record quarter at Mt Cattlin with 67,931 dry metric tonnes ( dmt ) of spodumene concentrate produced in line with customer requirements at a unit cash cost of US $ 351 / tonne DEVELOPMENT PROJECTS Construction is virtually complete at the Naraha Plant and pre - commissioning works are well underway Early construction and procurement at Sal de Vida advances with the completion of the wellfield drilling program and mobilisation of the earthworks and liner installation contractors to site in anticipation of receiving final permits by year end Feasibility study works and basic engineering at James Bay are in the final stages with results and a maiden reserve scheduled for release during the December quarter CORPORATE & FINANCIALS Merger with Galaxy Resources Limited ( Galaxy ) successfully implemented via a scheme of arrangement At 30 September , the merged entity held cash of US $ 423.6 million , of which US $ 140.1 million is being held as collateral until practical completion for the Naraha and Olaroz Expansion debt facilities ¹ All figures presented in this report are unaudited ² All figures 100 % Olaroz Project basis 3 " FOB " ( Free On Board ) excludes insurance and freight charges included in " CIF " ( Cost , Insurance , Freight ) pricing . Therefore , the Company's reported prices are net of freight ( shipping ) , insurance and sales commission . FOB prices are reported by the Company to provide clarity on the sales revenue that is recognised by SDJ , the joint venture company in Argentina