Ladies and gentlemen, welcome to the Arcadium Lithium Investor Day. The program is about to begin. Please silence your cell phones. Thank you. The clean energy transition is happening. It's the key to a more sustainable future. At Arcadium Lithium, we're providing the lithium helping to power this global transformation. Not only are we a leader in every major type of lithium extraction, we're also a vertically integrated end-to-end business that transforms this vital mineral into a wide range of products essential to modern life. We do this quickly, efficiently, economically, and on a significant global scale. Our network of strategically located extraction sites, processing facilities, and world-class development assets makes us the long-term partner of choice for many of the leading innovators in electrification and beyond. This is complemented by our own passion for innovation as we develop new processing techniques and the next generation of lithium compounds, and an impressive portfolio of development projects that mean we're positioned for growth. We're committed to quality, collaboration, and responsible production, embracing a future of boundless possibilities, enabling a brighter, better, cleaner tomorrow. We are Arcadium Lithium. All right. Welcome, everyone, to Arcadium Lithium's inaugural Investor Day. My name is Dan Rosen. I help to lead investor relation efforts here at Arcadium. Thanks, everyone, for joining, both here in New York City as well as virtually. Before getting into the agenda today, I just want to briefly refer you to the disclaimers we've laid out in our presentation. We'll be making some forward-looking statements today, subject to various risks and uncertainties. We'll also include references to non-GAAP financial metrics, to which we provide definitions. A copy of the presentation, as well as a replay of the event, will be made available on our website. Just as a quick safety share, please just make note of the emergency exits located within the event space. One is located just through the center panel here, and the other can be accessed via the main lobby, just past the elevators this way. There's also emergency phones in multiple locations, right by the elevators, as well as outside the emergency staircases. Between today's presenters, we'll provide two different time blocks for Q&A. We'll have a microphone going around for those in the audience that want to ask questions, and we'll also provide an option for people listening on the webcast to submit their questions as well. We'll try to get to as many as we can, but obviously, of course, happy to follow up as needed. And with that said, I will ask our CEO, Paul Graves, to come up and kick things off with an introduction. Thank you, Dan. So we've broken our presentation today into four main pieces. You don't get away with not having me speak first, though, so I apologize. You're going to have to hear me go first, then we have Barbara Fochtman. Barbara has been... she runs our operations globally. She's been in this space for about thirty years, including the last eight years with either Arcadium or a predecessor company and she'll talk about our operations, and particularly explain what we mean by an integrated network and why we think it adds so much value to what we do here. She'll be followed by Walter Zanacchi. He's our Chief Commercial Officer. He's got a history in the battery industry. He's based in Singapore, and then he covers, you know, a very large Asian customer base from there. He'll talk about the market, the market conditions, what we see out there, but also our commercial footprint today, and also what our commercial strategy will be in the future as well. Then we'll move on to Neil Robertson. He joined us earlier this year. He's our Chief Projects Officer. He spent the last decades executing some of the largest projects in the oil and gas industry around the world, and he'll walk you through the capital projects that we're executing, as well as give you some context on the actual underlying resources that we have themselves as well. And then Gilberto Antoniazzi, our Chief Financial Officer. I think most of you here today know Gilberto pretty well. He'll wrap things up with a review of the financial aspects of our strategic plan, including our potential earnings profile, cash flow generation, and some key balance sheet metrics as well. So, what can you all expect to see and hear today? We know it's important to get into the details of our business and of our operations, and our presenters will do that today, so you can actually understand what we do and validate what Arcadium Lithium actually is today. But there are also some, I think, important messages that I really hope you take away from today. First, it's critical that you all leave here with a good understanding of how large, how diverse, and how cost competitive our resource footprint is. We currently operate two separate resources in Argentina. We're also developing a third one down there in Argentina right now, and we're also looking to develop, in the future, a fourth one, starting later this decade, and we'll talk about all of those. These are very large brine resources. In fact, if we operate at our post-expansion targeted production rates, each of these resources still has at least 100 years of life ahead of them. At Fenix, we, for example, have 12 million tons of measured lithium as resource today, but that only reflects drilling down to a 200-meter depth at that resource, and we know the salar is at least 800 meters deep in places. And just for a reference, today, we're extracting brine there from a depth of just around 40 meters. And in the 25 years of our operations there, we've not experienced any reduction in lithium concentration or any reduction in flow rates that would have required us to go any deeper. And in addition, we have two hard rock resources in Quebec, Canada, which together have over 150 million tons of resource, and each of those has a mine life just for open-pit mining of around 20 years on the current development plans. And these either are or will be low-cost operating assets. Our brine operations produce lithium carbonate on a fully costed, delivered basis of between $5.5 and $7 per kilo. And our hard rock assets are expected to produce spodumene concentrate at around $600-$650 a ton. The integrated Quebec lithium hydroxide plant we're building at Bécancour, that I know some of you will see this weekend, is expected to produce lithium hydroxide at under $10 per kilo as well. Next, we're growing. We're growing quickly. Our existing expansion plans, which comprise four projects that we collectively call Wave One, they'll more than double our current production within four years, and the large, low-cost resources that we have allow us to plan for a second wave of expansions, meaning that we expect our production to continue to grow well beyond this four-year horizon, giving us a decade or more of volume growth ahead of us. We also expect to grow profitably and in a way that does not take excessive financial risk. So assuming a future lithium price that's consistent with current consensus forecasts, and Gilberto will go through that in more detail, we have a clear pathway to Adjusted EBITDA from around $525 million in 2025 to $1.3 billion by 2028. And we're poised to benefit in this period from continued volume growth with our Wave One expansions. But we can also improve our margins by leveraging these low-cost assets, reducing our overall costs, and being well positioned to benefit from any improvement in market pricing conditions. And this improvement is consistent with consensus as we return to market price levels that are maybe more reflective of the reinvestment economics that are needed to deliver future volume. But most importantly, we're able to do all of this while maintaining a flexible and a healthy balance sheet, with leverage that doesn't exceed two point one times over this period. Now, to deliver on these targets, it's really important that we execute on our expansions. It's important that we continue to build and expand upon our close relationships with our key customers, and that we operate our network of assets in a way that ensures we're optimizing the value of every unit of lithium that we produce. And you'll hear today exactly how we are doing each of these things. So let me move on just to give a reminder of who Arcadium Lithium is. We were formed from the merger of Allkem and Livent, and closed on January the fourth of this year. This merger created a unique, global, vertically integrated lithium chemical producer with the widest offering of lithium chemical products. A world-class resources and manufacturing network is backed by a broad technology portfolio, with expertise in all major forms of lithium extraction and processing. The enhanced scale and diversity resulting from the merger allows us to maintain a strong and flexible balance sheet while continuing to focus on maximizing the value we realize for every LCE we produce. And finally, we're delivering significant near-term volume growth through the expansions that have already been completed and through multiple, highly attractive ongoing expansion projects. And beyond the near term, as I mentioned, the scale and the quality of these assets allows us to pursue a program of growth that really can be measured in decades. We generated approximately $1.4 billion in revenue in the twelve months to the thirtieth of June 2024. We employ 2,400 people across 10 operating sites, 9 different countries, and 5 development assets. Approximately 75% of our revenue is in either lithium hydroxide or lithium carbonate, and approximately 85% of our revenue is generated in the Asia-Pacific region, which reflects today's energy storage supply chains, although we do expect this to be more geographically diverse over time. Today, you'll get the chance to meet a broad group of leaders from Arcadium Lithium. You may have seen some of the... If you haven't, you'll see the show-and-tell stands that we have set up outside today. We encourage you to spend some time there to ask questions of any of the executive leadership team that you see on screen today. But also we have other technical experts with us that, that'll be introduced at the end of today's presentation. Why are we unique? I guess everybody thinks they're unique, right? Look, I think, first of all, we do believe we are a unique investment opportunity in this sector. Let me explain why we're so well positioned to take advantage of what we all acknowledge is long-term growth for the industry as a whole. You'll hear a lot today about the quality of our brine and spodumene resources, and also about our downstream flexible manufacturing network. We don't believe the portfolio that we operate can be found anywhere else in the industry today. We have unmatched technical expertise, and this has been developed over multiple decades of experience. That's a key point. Extracting lithium and producing battery-qualified lithium chemicals, it requires significant know-how, significant experience. The long history that we have collectively in areas such as evaporation ponds, direct lithium extraction technologies, lithium hydroxide production, and even lithium metal-based chemistry gives us a differentiated position with respect to what we can offer our customers. We produce a broad range of lithium-based products in a network that's designed to be, and is operated as, a flexible manufacturing system. We'll talk more about what this means and how it creates additional value for us. Another part of what makes Arcadium Lithium different in our view is our focus on customers, and particularly our focus on creating true partnerships with some of the most important users of lithium in the world today and in the future. Supporting this customer focus is a strategy of investing in innovation, where we can add value to our customers and improve the efficiency, the sustainability, or the cost effectiveness of our processes. And ultimately, in an industry such as lithium, which is experiencing long-term, year-over-year demand growth around 20% a year, it's critical that we also grow our own volumes, and we will spend a significant amount of time today discussing our investments in growing volumes to support our customers. And finally, we believe the financial performance we've achieved demonstrates the value of our strategy. Not only have we demonstrated an ability to achieve premium pricing for lithium across our portfolio, we're also showing that we invest and we grow in a financially responsible manner using our balance sheet wisely. Let me move on to this portfolio of resources and the operating assets, which, and you can see from this chart, it really shows the global and the integrated nature of our assets. We operate multiple facilities around the world, with capabilities inside and outside of China. Our primary operating network today starts in Argentina, where our low-cost lithium brine extraction operations reside. These are supported by downstream chemical processing plants in the United States, China, the U.K., Argentina, and Japan. In addition, we have brine resources under development at two new locations in Argentina, and hard rock resources under development at two new locations in Quebec, Canada. We'll talk further about all of these assets and this manufacturing network, which we believe differentiates our business. We operate two Argentina brine extraction facilities, one at Fenix, and one at Olaroz. Today, these two operations have a production capacity of almost seventy thousand tons per year of lithium carbonate, plus a further nine thousand tons of lithium chloride product capacity. We've been working on expanding Fenix by another ten thousand tons of carbonate in its next phase. And in addition to these operating sites, we're developing a new operating site at Sal de Vida, which sits right next to Fenix, as well as the two hard rock mines in Quebec, Canada. These Canadian mines, by the way, are IRA compliant and are some of the largest and most advanced spodumene projects in the region, providing us with a first-mover advantage for the growing demand and the domestic supply chains that are being developed. We'll walk you through our progress on these assets and what you should expect in the coming years with regard to these projects. Now, in addition, we do have a fourth resource in Argentina, located adjacent to our Olaroz operations, called Cauchari, which falls into our portfolio of wave two opportunities, and we have a robust operational base, which we have proven can be expanded. As I mentioned, we have almost 75,000 tons of lithium carbonate production capacity today, all in Argentina, but by 2028, the completion of our four existing projects, which collectively fall under the wave one expansion plans, will increase that capacity to 170,000 tons per year on an LCE basis. This is made up of a combination of attractive brownfield and greenfield projects, and will more than double our production capability in the next three years. The significant scale and quality of our resources provides visibility into the second wave of expansions. These expansions will commence as we're completing wave one and will add at least a further hundred and twenty-five thousand tons of production capacity. I think you can see pretty clearly we're not constrained in our ability to grow organically with the portfolio of assets that we have today. And we expect this to allow Arcadium Lithium to grow faster than the market as a whole and allow us to continue to be a supplier of choice to the most important lithium consumers in the world. I think it's important that we reinforce that Arcadium Lithium is more than just a collection of resources. We are a fully vertically integrated lithium company, and we are a specialty chemical manufacturer of a variety of different products. There are a number of well-known examples of upstream lithium miners who've talked at length about their ambitions to become further integrated downstream to capture more value in the lithium chain. But to be fair, most of them have struggled to achieve this. We've been doing this for a long time, and the merger only further strengthened our position in this respect. If you were to simply start with a single resource today, our global operating footprint would be extremely difficult and expensive to replicate. In a moment, Barbara will walk you through our manufacturing network, which comprises plants that produce four main product groups that are qualified into leading global supply chains. The largest of these is our lithium hydroxide network, with four locations globally and seven individual operating lines. As part of our wave one expansion, we will add two more lines at a fifth location in Quebec for Nemaska. In addition, we operate a lithium chloride processing plant in Argentina, a high-purity metal production facility in the United States, and three butyllithium plants, one each in the U.K., the United States, and China. And it's this network of manufacturing facilities that allows us to participate in a much wider range of value-adding lithium applications than really almost anybody else in our industry. We are not fully dependent on lithium carbonate or on electric vehicle applications. Our products are used in a much more diverse set of applications than almost any other lithium company, and this ability to serve multiple end markets that allows us to maximize our value per unit of lithium that we produce and provide more balance across our portfolio. Our deeply embedded customer relationships in many of these markets have been built over many years, and in fact, there are a number of customers that we sell multiple different lithium products to and have done so for many, many years. And it's this diversity of product range and our proven reputation for producing high-quality product and the fact that we have a more diverse and therefore more robust supply network, that we believe has made us a partner of choice for major lithium consumers globally. And it is these relationships that has allowed us to develop the long-term customer contracts, which have helped us to outperform in challenging markets like today. And Walter will go into these commercial relationships in more detail. One of the strengths our customers value in Arcadium Lithium is that we look to develop processes and products that are aligned with their own strategic plans. We are investing in next-generation process and application technologies to stay close to customers and maintain market leadership. We strive to improve the efficiency, the cost, the flexibility, and the sustainability of our existing and future operations while creating new applications and market opportunities for lithium. Good examples of this work include our continued investment in Liovix printable lithium and the Li-Metal lithium metal technology, both of which are focused on the future trend of increasing lithium metal content in lithium-ion batteries and ultimately the move towards solid-state lithium batteries. We're also investing in next-generation DLE technologies through ILiAD, which allows us to build on our legacy as the first developer of a commercial DLE process at our multi-decade operation at Fenix in Argentina. Deploying ILiAD technology in the future will allow us to improve our sustainability footprint using less energy, less water, and less land, while recovering a significantly higher proportion of lithium than conventional technologies, supporting our customers' desire for the most responsibly sourced lithium possible. Sustainability is essential to our mission and a key part of our decision-making process. We are a recognized sustainability leader in the lithium industry, building on the strong independent legacies of both Allkem and Livent. We recently released our first annual sustainability report as a combined company, aggregating the 2023 data from the two legacy companies. We will continue to seek to lead our industry forward as we integrate our sustainability programs and set new sustainability goals to be announced early next year. We adhere to high standards for operations with safety, health, environmental, and quality certifications for all sites. We're also participating in industry and especially customer-driven initiatives for responsible production, supply chains, transparency, and traceability. We have robust programs for local engagement, including collaboration with indigenous peoples in the communities we were part of. We've been in many of the areas that we operate for decades, establishing trust and cultivating strong relationships with many stakeholders in these regions, and we will continue to do so. Let me come back to the merger which created Arcadium Lithium. You know, recent market sentiment certainly overshadowed the extremely compelling benefits of our merger and the unique growth potential that lies in front of us. Since we closed the merger in January of this year, we've made significant progress towards delivering on our stated commitments from the merger. We're on track to deliver up to $80 million in run rate cost savings this year. We also believe we can come close to reaching our initial run rate savings target of $125 million by the end of next year. That's roughly two years ahead of our original plan. To help achieve this, we've successfully standardized the operating model across both businesses, consolidating industry-leading technical capabilities and know-how across both businesses, and centralizing the management of our global asset network. And of critical importance, we're building stronger project delivery capabilities, which continues to be a major challenge for everyone in our industry. Recognizing the criticality of successfully delivering on our expansion projects, we've recently hired a very experienced leader in Neil Robertson. He's standardizing our processes and procedures and bringing best practices into our project delivery function, as well as bringing greater efficiency and effectiveness across our multiple projects. We believe that we're building a world-class project delivery system, which will allow us to continue to deliver on our growth commitments. I would also add that we're in a much stronger position as a combined company to navigate through the current market cycle than either predecessor company would have been alone. We have a more resilient business, with greater diversification and a stronger balance sheet. Let me spend a moment on what actions we're taking that are specific to the market environment we're in right now. Much of our conversations today will be focused on the long-term future of Arcadium Lithium, but we have to adapt to the conditions that we're operating in today in order to ensure that we are appropriately managing our business. We've accelerated cost savings, and we now believe that we will be able to exceed our initial $125 million target. We've also elected to change the sequence of our four wave one projects, such that we will be completing two projects first, followed by the second two projects, which will spread out our volume increases, but also our capital deployment over the coming years, and these actions allow us to improve our available free cash flow by over $500 million over the next twenty-four months. We're also accelerating the pace at which we're optimizing our operating network, which is a critical source of additional value, especially in periods of low prices, where the pricing discount for low-grade material is much higher than it is in stronger market conditions. One of the key steps to fully unlocking this value is working with our long-term partners at Toyota Tsusho to provide greater network flexibility involving both Olaroz and Naraha. We've made great progress on this front already and have signed an MOU with Toyota Tsusho, and Barbara will highlight the significant operational benefits arising from the changes we expect to make as a result of this agreement, and finally, we will look to use our balance sheet responsibly and are willing to operate with a sustainable amount of leverage to ensure that we can deliver our growth projects. But we will also maintain financial flexibility to react quickly to available opportunities. Let me conclude my opening comments just by repeating the key message that I started with. We believe Arcadium Lithium is a unique investment opportunity. I believe you'll be challenged to find a company that has such an attractive group of characteristics, whether that is quality of assets, technology capabilities, proven success in producing and being paid for higher-value products, future growth profile or financial profile. And I'm not understating it when I say that I, I personally have never been more excited about the opportunities that are in front of us today. So I look forward to spending some more time with you today. You get to listen to other people speak for a while now. I'm sure most of you are tired of hearing me on earnings calls and the rest of the time as well. We're gonna move over to a discussion of our operations and our operating network, and with that, I'll now hand over to Barbara Fochtman. Thank you, Paul, and welcome. Today, you will get an overview of our assets and our capacities, but more importantly, I hope that you walk away with a better understanding of our capabilities as a vertically integrated, best-in-class operating company. Our operational strategy, at its core, is to maximize the value of each lithium unit that we sell to customers. We leverage our vertical integration that we produce lithium carbonate or spodumene concentrate, and our downstream assets, where we produce higher-value lithium chemicals. One of the key strategic reasons for the merger is to increase scale and vertical integration from resource to chemicals. We are capturing greater value and increasing customer connectivity. We are in a much better position today with flexibility and diversification, and we are able to do this more quickly and cost-effectively than if either company had tried to build full capability organically. We flex our network assets by working closely with the commercial team, who highlight opportunities in the market. We aim to produce what we have sold and not sell what we have produced. Furthermore, we work closely with our customers as they grow and refine product demands to meet their own application requirements. We have been producing a broad portfolio of lithium chemicals for fifty years. As a trailblazer in the early 2000s, we became one of the first suppliers into batteries and ultimately into EV markets. There is a lot of experience and know-how that has been developed throughout this organization over time. We have demonstrated a deep expertise across a broad range of lithium technologies, including specialty chemicals, hard rock mining, and brine processing in both conventional ponds and direct lithium extraction. Our DLE has been the first and most reputable commercial scale process to date. We drive operational discipline to improve quality and cost through a combination of regional operational know-how and center-led technical functions. We are leveraging this knowledge and exploring opportunities for further improvement, including investment in new technologies. We do this with sustainability in mind and continue to improve our global footprint. Over the next three slides, I will take you through each of the supply chains, and you will be able to see how we leverage our integrated assets to better serve our strategy. This slide is of our brine assets located in Argentina. We start with extracting brine and converting it into lithium carbonate, both battery and technical grade, at very low costs. I will talk about process technology in later slides. The lithium carbonate then goes either direct to global customers for battery or non-battery applications, or to feed our downstream hydroxide network in the U.S., Japan, and China to serve global customers. If converting carbonate into hydroxide no longer made economic or strategic sense, we would simply choose to sell carbonate. Next is our metal or lithium chloride chain. Here, we take low-cost lithium chloride brine, which is the starting point for all our production, including carbonate, and we process this into powdered form at Güemes in Argentina. The reason we do this is because it's much more efficient to move it into our network to produce technical metal. This metal can be processed into Butyllithium and other specialty organics in the U.S., China, and U.K. It can also be used to produce either purified metal for non-rechargeable battery applications or for printable lithium applications. We are also working on a technology that has the potential to use various grades of lithium carbonate. This would add further operational flexibility to our network. The final chain involves spodumene concentrate. Today, all our spodumene concentrate is produced at Mt. Cattlin in Australia and sold directly to our customers in China. However, in the near future, we plan to produce spodumene concentrate in Canada, which will be converted into lithium hydroxide at a dedicated facility in Quebec. We also expect, in the future, to look at ways of taking spodumene produced by our Galaxy mine and converting it into either hydroxide or carbonate, depending on customer needs. This table gives an overview of our assets and their respective capacities, both upstream and downstream. Our sellable capacity today is a hundred thousand tons of LCEs per year. Keep in mind that the upstream assets feed some of the downstream operations, and therefore, you cannot just add capacity across all products. As you can see from this chart, we can provide flexibility to customers as they develop their own supply chains and determine their demand profile. Our core upstream resource portfolio consists of two operating assets, Fenix and Olaroz in Argentina. The two sites are brine-based and produce battery-grade or technical-grade carbonate. As typical in brine operations, the cost position is very favorable. First, Fenix is in the Salar de Hombre Muerto in the province of Catamarca. It has a total capacity of 32,000 tons per year of LCEs, of which 28,000 is carbonate and the balance is chloride. It produces battery-grade carbonate, but has historically been used to feed our downstream hydroxide units. The cost position of this site is quite favorable, at less than $6.5 a kilo. As you can see, there is a large difference in the resource definition at Fenix and Olaroz. Historically, Fenix has been focused on confirming production and not exploration of the entire resource, but we believe it is big. In our long history of the production, our operating wells have not extended below 40 meters. We have defined the resource to 200 meters and believe it reaches depths of 800 meters. Still, our life of mine is currently defined at 40 years. Neil will talk later about the ongoing expansions at the Hombre Muerto complex, but we are already implementing synergies between Fenix and Sal de Vida, and see more opportunities as Sal de Vida moves into operation. Our second resource is Olaroz in the province of Jujuy. This consists of two lines, the first of which has a capacity of 17,500 tons per year of technical-grade carbonate. This asset can also produce 6,000 tons of battery grade, but when you do, there is an adverse impact on annual throughput. The operating cost is between $6.5 and $7.5 per kilo, with battery grade material costs on the high end of the range due to additional processing. This is why it is so important to ensure we are optimizing our carbonate network. The second line is a 25,000-ton facility, which is currently in startup phase and was designed to produce technical grade carbonate to feed downstream hydroxide. Let me spend a little more time on Fenix, where we have been operating for over 25 years. The operation uses a proprietary DLE-based technology to extract high-purity lithium chloride directly from the brine, which can then be converted into either anhydrous lithium chloride at Güemes or lithium carbonate on-site. In our DLE process, the well brine is passed through a proprietary sorbent that selectively adsorbs lithium while allowing the other components of the brine to pass through. The sorbent is then unloaded to produce a purified, concentrated lithium stream. Our DLE process is shown to have significant advantages over conventional pond systems with regards to processing time, yield, product quality, and lower land use required to operate. This process works so well in large part due to the nature of the resource, which is high grade in lithium concentration and low impurities. We recently ramped up a 10,000 metric ton expansion to nameplate capacity within six months, which has demonstrated an additional advantage of the DLE process over pond-based systems in ramp-up timing. Olaroz is a conventional pond-based system. Compared to DLE, conventional pond-based systems use less energy since they rely on solar evaporation and use less water in their process. However, they require more land for ponds and generate higher amounts of solid byproducts, including sodium chloride and other salts, which need to be frequently harvested from the ponds. Line one has been operating effectively for many years, and line two is currently going through the ramp-up process typical of evaporation pond systems. We expect to achieve full operating rates by the end of 2025. You will often hear us talk about optimizing our operating network. As part of the merger, one of the benefits we communicated was the ability to optimize different grades of lithium carbonate into our hydroxide network. Currently, we have higher value battery-grade carbonate from Fenix being used to produce hydroxide, while lower value technical grade Olaroz material is being sold to customers. We would like to sell battery-grade carbonate to the market while diverting technical grade carbonate to our hydroxide network. Taking advantage of this optimization can generate approximately $60 million per year. We are working with our partners at Toyota Tsusho to make this happen. As Paul said earlier, we recently signed an MOU. We are well on our way with respect to testing our technical grade carbonate into the hydroxide network. We will move into actual customer qualifications into 2025 before we believe we can see its synergies in 2026. Once we achieve this capability, we expect to sell virtually no technical grade carbonate and instead use it as feedstock for our hydroxide operations. Based on our expectations for technical grade carbonate and our 55,000 tons of global hydroxide capacity fed by carbonate, we would retain some optionality as to whether we continue to convert battery-grade carbonate to hydroxide or sell it directly to customers. Concluding our upstream resources and operation is Mt Cattlin, which we consider to be non-core due to its limited remaining life of mine. Mt Cattlin has been in operation since 2010. Current reserves support open-pit mining in three stages: Stage three, four A, and four B. The weaker market conditions resulted in operating the mine at reduced rates this year, and more recently, we have decided to stop waste stripping for stage four A. This means that we will increase our expected net cash flow in 2024 and 2025 by roughly $100 million. We will continue mining and processing stage three into early 2025 and place the mine under care and maintenance by mid-2025. Based on this schedule, we expect available volumes for sale in 2025 to be roughly similar to 2024 levels. We are nearing completion of an underground mining study, which has the potential to extend the life of mine, and we are evaluating the number of available options for the future of this asset. Now, shifting to downstream operations. This slide provides an overview of all our downstream capabilities and capacities. All of our downstream network is already in place and operational. The Nemaska Lithium Quebec conversion plant is still in construction, and therefore, not part of the operating network. Our lithium hydroxide network offers some unique features. First, we have seven independent production lines across three countries, which allows us to provide product according to customer specifications. Since we have built six of the seven in the last decade, the plants have been adapted to handle a range of lithium carbonate from different sources. We have a strong reputation in the market for producing consistent, high-quality hydroxide. Our established hydroxide network, inside and outside of China, provides flexibility to our customers, who we often serve out of both regions, and when needed, can supply IRA-compliant material. Hydroxide continues to be one of the most challenging parts of the lithium market and where we have a clear and proven competitive advantage. Lithium hydroxide is a specialty chemical with challenging qualification standards to deliver into supply chains of leading Western OEMs and battery producers. Most of the hydroxide we produce goes into high-nickel battery applications. This means that our material goes through rigorous qualification processes, which can often take as much as 6-12 months, depending on our customers. Once a customer qualifies a source of hydroxide, they are interested in ensuring the supplier can, in fact, repeatedly and consistently produce that material, and will do so over multiple years. It is this qualification process and the demand placed on lithium hydroxide by high-nickel battery supply chains that positions us as a key base supplier for our core customers and allows our commercial team to negotiate multi-year take-or-pay contracts that you will hear Walter discuss later. As an additional point, the market for non-battery applications is relatively small, with most of the material going into high-performance greases. This is an additional barrier to entry for new producers. Between the limited markets and the short product shelf life, it is difficult to sell when qualification efforts fail. As we said before, lithium chloride serves as a feedstock for our other specialties network. Our ability to do this is a function of the high purity and high concentration of lithium chloride in our DLE process. It allows us to produce chloride feedstock at an attractive cost that is similar to our brine-based carbonate production, and to produce lithium metal via electrolysis at high enough quality for downstream use. This integrated route to metal is highly strategic, and it's not something many other companies can offer, especially outside of China. Since we have historically operated Güemes at half of its capacity, we have a potential for further opportunities to maximize LCE value and improve our costs in the network over time. We are one of the largest producers of butyllithium and other specialty organic products, and have been in the business for 40 years. About 75% of the material goes into polymers for a wide range of industrial end markets, such as high-performance tires, while 25% goes into synthesis processes for agrochemicals and pharmaceuticals. There are unique characteristics of this process that lead to a high entry barrier. We can also use a distillation process on our technical-grade metal to make a high-purity metal for specialized applications, such as primary batteries and lightweight alloys. We see high-purity metal as an important capability to have, and will continue to develop it as a part of Liovix for the next-generation batteries, in which... The process to make butyllithium is not highly complex, but there are challenges. First, the materials we use are highly reactive with water and air, but more importantly, is that we customize every order of butyllithium to customer specifications. We produce it in different solvents, different concentrations, typically batch processing into different packaging, such as isotank containers and cylinders of varying sizes. Our customers look to us not only for the high-quality products, but deep technical expertise. We provide technical service around storage design and safe handling of this product. We also perform customer audits, and if we do not believe a customer is equipped to handle our product, we will not sell it to them. Because this product is typically made to exact specifications for each customer across applications, they have a high expectation on customer service in quality, technical service, and responsiveness. We pride ourselves in meeting that level of service, and it is also why our customer relationships in this business can be measured in decades.... Before I end my presentation, I want to show our commitment to continuing innovation in process technologies. We are always looking at how we can improve our processes and ensuring we are focused on safety, quality, and cost efficiency. I will share two exciting developments today. The first is what might be considered our second-generation DLE technology. As a minority owner in ILiAD Technologies with licensing rights, we believe this technology is very promising. It uses less water and has lower carbon emissions than any other DLE solution in the market. It's important to understand that DLE technology is only part of a lithium extraction process or flow sheet, and must be specifically tailored to the brine chemistry and the operating conditions at the resource in which you operate. This technology readily fits into our existing plant designs and flow sheets, and we will look to utilize it into future expansions in Argentina. We have some of my colleagues here today who can give you more information on our proprietary DLE technology and encourage you to seek them out. The recent Li-Metal acquisition is the second process innovation we have been working on recently. As discussed, we have our current lithium chloride to metal route, but this innovation brings ability to further optimize our network by utilizing varying grades of technical carbonate. This could continue to improve our network integration and flexibility as our costs of specialty lithium chemicals, such as Butyllithium. Furthermore, we believe the capital intensity for the process to be lower and the permitting faster than the traditional route when it comes to future expansions. This process could be much more sustainable to feed the next generation of batteries. I hope this has given you an understanding of our operating assets as well as our capabilities. Now, I will hand it over to Walter to discuss the commercial strategy in more detail. Good afternoon. I will go through our commercial strategy today, and as we think about the dynamic growing markets we serve, one of the most important challenges we face is volatility in price. And so a key message I want to leave with you today is how, over the years, we have designed a commercial strategy to thrive across all market cycles. The design I mentioned focuses on differentiation, and these five factors are key. First, close customer relationships. It all starts here. Our approach to choosing and partnering with customers involves working with those who value our key differentiators and those we believe are the right fit for us, those who we trust and respect, those we believe are likely to succeed. This approach has resulted in strong, profitable, and long-term relationships that have sustained both good and challenging market conditions. As we look across the other factors, we have a multi-product offering, which provides unique value to our customers in that we are able to offer both product and commercial flexibility at scale across the portfolio with a differentiated cost base and high-quality performance. As Paul noted, we have several multi-product customers. In addition to that unique capability, customers value our diversified manufacturing footprint, especially our ability to produce inside and outside of China. There are a number of Western customers to whom we deliver volumes in both capacities. It gives customers comfort knowing we can seamlessly supply them, irrespective of how and when regional supply chains develop outside of Asia. And finally, our strong commitment to sustainability is critical for customers. As one example, BMW noted publicly how this was a key factor for them in deciding to work with us. Collaboration with our customers goes beyond just a traditional supply agreement, whether that be working with them on sustainability, R&D, or multiple products. All of that serves to further strengthen the relationship. So that's a bit about how we've designed our strategy to be differentiated. Next, I wanna talk about how our commercial strategy is designed to drive value for shareholders. As we think about targeting customers, we want to partner with those that can enable us to achieve three key objectives. First, as Barbara noted, we want to maximize the value of each unit of lithium we produce from our network. We don't want to sell downstream products for the sake of it. We need to make sure we are financially rewarded for the value we are adding to base lithium products. Second, we help increase the financial predictability of our business, given the multi-year investment cycles this industry requires. Ours is an industry where pricing is volatile, and yet, when we want to invest for growth, we need to make sure we have as much predictability over financial performance as possible. So factors like pricing structures and volume commitments, these all help us operate efficiently and invest with confidence. And finally, in an industry growing as fast as ours is, with the high-quality resources we own, we need to make sure we are generating attractive returns from our investments. It's our responsibility to have commercial partnerships that deliver that level of return. As we think about market trends across products, our commercial strategy is very different for hydroxide, metal, and butyllithium, the more specialized products, as it is compared to carbonate and spodumene. In hydroxide, we are focused on the most demanding applications, where Western OEM supply chains deliver, require a high level of performance. We see incentives created by the IRA as an opportunity for us, as well as the broader trend of supply chain diversification as Western OEMs look to build out more robust networks of suppliers. In this regard, the fact that we have multiple hydroxide locations and are fully integrated, this is a significant differentiator for us with our target customers. In carbonate, we see the largest, deepest market, albeit with some degrees of differentiation. And although there is a substantial difference between battery-grade and technical-grade carbonate, the lack of the same performance characteristics in carbonate use as there is in hydroxide tends to limit our ability to achieve above-market pricing or favorable contract structures. In spodumene, we are realistic to the fact that what we are selling is very much a commodity, and there is more limited value we can add as compared to market pricing or auction outcomes. As such, our long-term focus for any spodumene we produce is how best to integrate it into our network. I'll now review our lithium market outlook. Based upon our analysis, which involves both conversations with our customers as well as looking at independent market consultation forecasts, we continue to have a high degree of confidence in both medium- and long-term demand growth for lithium chemicals. While electric vehicles, including commercial vehicles, remain the largest source of demand, we also see meaningful growth in other areas, particularly stationary energy storage. Between now and the end of this decade, we continue to see year-over-year growth of just over 20% per year. Perhaps as interesting is the absolute level of growth needed over this period, with total demand on an LCE basis increasing from 1.2 million to 3.5 million tons in the next six years. Let me say that a different way. Our industry needs to produce another two million tons of lithium chemicals over and above today's demand within six years. However you look at it, that is a significant supply challenge, particularly with where market pricing is today. A key question is how that demand will look between lithium carbonate and lithium hydroxide. This has perhaps been the biggest shift we have seen in demand over the last 12 months, and it underscores the value of our product flexibility. The shift is related to LFP usage predominantly in China. However, this does not mean that lithium hydroxide is no longer a very attractive segment to the market. Barbara has reviewed the challenges in producing lithium hydroxide consistently and at the quality needed by our customers as we continue to be well-placed for this growing market. For those of us that already have experience and know-how, there are significant opportunities in the lithium hydroxide market. We believe that most of the hydroxide demand will be in premium vehicles and in Western markets, where we are heavily embedded today. Perhaps the biggest surprise to many of us over the last eighteen months has been the nature and the scale of the supply reaction to the extremely high price we saw in 2022 and 2023. China and Africa contributed a significantly greater proportion of lithium into the market, and we expect that trend to continue, albeit not at the same pace we've seen over the last year. You will notice that by 2030, there is a significant expected supply deficit based on what we know today. We also believe that a large portion of the future additional supply will come from higher-cost resources. Given the large, low-cost resources we have available to develop, we don't need to see another spike in prices to realize attractive returns on our investment plans. Now, if we turn to our target markets, our commercial focus includes four main segments. The largest by far is energy storage, whether that be in all-electric or hybrid vehicles, consumer applications, or grid storage. This is the largest and the fastest-growing market, and it gives us the greatest ability to deliver long-term growth from our main products of carbonate and hydroxide. While EVs get most of the attention today, we see grid storage as a very interesting high-growth application in the longer term. Grid storage is essential to the energy transition, and we increasingly see AI and the associated energy consumption playing an important role in this market with respect to grid planning and storage asset validation. We see consumer products offering pockets of higher pricing, given the high-performance standards demanded. We also have a long history in the non-energy storage applications, especially in industrial areas, including high-performance grease and specialty glass. We will continue to focus on maintaining our market share in these applications. Our specialty products serve a very diverse range of high-value applications, and we will continue to position ourselves in these markets as a leading supplier of high-quality lithium products. We estimate to have approximately a 50% market share in both North America and in Europe. And finally, we are investing to make sure we are well-placed to serve next-generation batteries, especially solid state, with our lithium metal-based product portfolio. Regarding our multi-year customer agreements, they are at the core of how we have built our highly successful hydroxide business. These agreements provide our customers with their top priority, which is certainty of long-term supply from a proven, reliable partner. In fact, customers are increasingly looking for longer-duration contracts, often going out beyond five years. However, we don't foresee contracts beyond ten years. We also provide customers with product flexibility, which they have told us is increasingly more valuable in today's dynamic market. For us, the agreements provide certainty of revenue throughout the year, multi-year volume certainty, and that greater financial predictability I referenced earlier in the form of multi-year price floor certainty, and in some cases, even prepayments. It also allows our operations team to run much more efficiently. In addition, these agreements enable our continued presence and qualification with leading cathode producers, as well as emerging and leading supply chains. Finally, it provides us with valuable market intelligence, allowing us to better understand how the market is evolving. We are able to achieve greater certainty across many aspects of our business with these contracts. Of course, we give up some upside and some discount to market pricing through these contracts in very high-price environments, but we understand that what is important to our customers, as it is for ourselves, is certainty, commitment, and worst-case pricing protection. Our aim is largely to operate these contracts at prevailing market prices under a wide range of market scenarios, except in periods of extremely high or extremely low pricing. To give a better sense of just how wide these ranges are, market prices would need to roughly quadruple from current levels to approach some agreed ceilings. You can see the benefit of our price floors in the current market environment as we continue to deliver average realized pricing above market reference prices. I would add that conversations around these floors are not driven by prevailing market prices, rather, they are based on a long-term view, setting a price level that will continue to incentivize us to grow and provide additional volumes we know our customers need. So as we look across our entire product portfolio, what exactly are we trying to achieve when we look at targeting new contracts with customers? For hydroxide, as discussed, we are looking for long-term mutual agreements, as we have today, where customers commit to volumes and minimum prices, and in return, we commit to long-term supply of qualified material, usually with increasing volume commitments over the life of the contract. Our objective is to have at least 75% of our hydroxide volumes under these contracts, consistent with the roughly 80% of our hydroxide volumes under these structures in 2024. For carbonate, our first target is to maximize the amount of battery-grade material we have to sell, as Barbara walked through earlier. This is a larger, deeper, and higher-value market than technical-grade product, which we intend to minimize over time. For battery-grade carbonate, we plan to focus on select strategic contracts connected to hydroxide contracts for energy storage customers. There, the interest is the flexibility to take carbonate as long as it meets the quality customers need for their battery supply chains. We will also continue to target our relationships with industrial customers, since these customers are a valuable source of additional demand. For carbonate, we're targeting to have at least 50% of our volumes under contract, including multi-product agreements. In specialties, which is a very different market dynamic, we will look to maintain our position with long-standing customers, many of whom we have been supplying for decades. The reality is that our products have a very high value and stickiness in our customers' processes, and we are increasingly looking to make sure we capture a portion of that value in our pricing structures. Because of the nature of these customers and end markets, we also look to maintain structures that have reduced swings in pricing, thereby reducing the volatility of our overall portfolio. We plan to have approximately 90% of our specialties volume under contract or planned with long-term customers, similar to our position today. And finally, in spodumene, while we are selling merchant product today, we are focused on using the latest digital auction technologies to ensure we reach the widest possible audience with our material. Looking forward, we will plan how to best integrate our spodumene-based assets to maximize value and maintain close connectivity with our customers. We also remain on the cutting edge of new and evolving technologies. Our patented Liovix technology is a printable lithium formulation we've been developing over the past twenty-plus years. This product is safe and scalable, and the entire process uses standard manufacturing equipment. Liovix has three key value drivers: First, it has improved battery performance, specifically improved energy density and increased battery life. Secondly, it's a safe product, and third, it's a scalable product with the potential to reduce capital expenditures in the cell manufacturing process. We are currently working with customers globally across the supply chain and generating revenue today. Given our high-purity lithium metal production at Bessemer City, our recent acquisition of Li-Metal's metal technology that enables operational flexibility to use carbonate as a feedstock, and our new product development of Liovix, we are uniquely positioned for the next wave of growth via solid-state and next-generation battery technologies, particularly in North America. We are the only fully integrated Western Hemisphere resource to metal producer, which is critical when you consider the geopolitical context. Multiple customers have told us Arcadium is the only producer they are qualified to partner with for high-purity lithium metal. As you can see, Arcadium Lithium is uniquely positioned in a large and rapidly growing market, and through a combination of our world-class assets, our continuous innovation, and our deeply embedded customer relationships. Thank you for your time today, and I will now ask Paul and Barbara to join me on stage for our first Q&A session. All right. We'll be coming around with mics to start to take some questions. Just before we do that, I know people want to see the presentation. We'll be making that available as soon as our remarks end, so just please stay if you want. Do you want to start? Thank you. Thank you, Kevin McCarthy with Vertical Research Partners. Two questions from me. The first one would relate to Barbara's presentation. I think you mentioned a $60 million opportunity whereby you'd sell more technical, or use rather more technical-grade carbonate for hydroxide production and sell the battery-grade carbonate into the market. What's your level of confidence that you'll be able to do that? And what kind of approvals may be required? And if you can do it, how quickly can you make that transition and extract the $60 million? My second question is: Is the second-generation DLE a cost benefit, or is it more to do with water and carbon emissions? Okay. Can you hear me? Okay. So, as far as the technical and battery-grade carbonate, as far as the optimization of it, through the years, we've tested a lot of different carbonate that's been in industry, where we've been doing testing of the material. We're confident that we can make the changes. We're actually running a trial now, and what takes a long time is essentially the qualifications of the customers. So that goes into twenty twenty-five, and we'll be able to have the qualifications and then see the synergies in twenty twenty-six. But that's kind of the long pole in the tent there. I would say it's not the first time we've done this. We've changed carbonate and qualified previously. Yeah. So we've been through this process with customers before. We know the extent of our processes, so we're confident in it. As far as the second generation DLE, it's actually more about the sustainability portion of it, both water and energy. Yeah. It uses less energy, so we basically, the brine has to be heated to a lower temperature, so there's some cost saving, but it is predominantly sustainability driven. Thank you. Right over here. Thank you, Paul and the team. Austin from Macquarie. Just the extension on the DLE question. Given that there's a sustainability benefit, does that mean that your Fenix 2A and 2B will be contingent on this new technology? Is that the right way to think about it? Yes. So, one, so we have 1A already up to nameplate capacity. 1B has... And Neil will talk a little bit about it. It has our traditional DLE process. The second expansion we would consider, and that's in wave two, I believe, that would consider the new DLE process. It doesn't require it, but we will look to use it- Yeah because of the opportunity. Good point. Yeah. Okay, cool. How should I think about the timeline in terms of the deployment? For wave, wave two, you know, you'll hear Neil talk a little bit more about that, so maybe we can talk about that question with the second Q&A session once we've been through the capital projects. But as far as ILiAD is concerned, you know, piloting and ILiAD, I think it's important to understand it. This is not the reason we like ILiAD so much is that it's not a massive difference from what we do today. It, it really is sort of our DLE two point oh. So technology-wise and kind of plug and play into our process, which is key. I think, I think you maybe heard the comment, DLE is only part of a process, and so we know we can take the Fenix process that works with that brine in that location and pull out our existing DLE step and replace it with an ILiAD step. That doesn't mean we don't want to do some testing around this. Right And make sure there's, you know, nothing unforeseen in there. But it's not a long timeframe to do it. The DLE is not a constraint on the expansions in the future. It's an opportunity in the expansions in the future. Thank you. Chris, right over here. Thank you. Chris Parkinson, Wolfe Research. You mentioned in your demand estimates that you had done like a bottom-up analysis from all of your customers. What do they say? Just given the current spot price, it's not enough for the industry to be continuously investing to basically meet the demand needs through the end of the decade. If the people feeding that estimate are the ones who are eventually going to be needing additional supply, I mean, what's the response by saying, "Hey, the current pricing dynamics, given the current spot market, isn't sustainable?" Like, what's the response there, especially if they're the ones giving you the numbers and the confidence in those bars? Thank you. Make sure I'm clear on that. You're asking, when customers give us their demand numbers, are they impacted by current prices? Is that what It's simplistically, if they're the ones giving you the demand estimates, the current spot market shouldn't be conducive to investing enough capital to meet those demand needs. So what's the response if they're the ones giving you the numbers in the first place? So look, I think it's important to understand. And Multi should give some color on specific customers. Customers don't buy lithium, right? They buy a very specific product, for us at least. In carbonate and spod, that's different, but certainly in hydroxide. And look, to an extent, it is true with some carbonate. They're looking at their battery technology roadmaps and their vehicle roadmaps, and they're looking for security of supply. They're looking for a more diverse supply network, geographically more diverse and more robust network. And they're looking around, and they're realizing, like, there just needs to be more of that stuff. So they tend to be less with us, I don't know whether it was everybody, they tend to be less focused on spot prices. They're trying to figure out how do they get predictability into their supply chain, that volume and price. They really did not like the 2022 and 2023 price spikes, as you can imagine. And it isn't necessarily that it really hit them that hard because if you go look at most lithium producers' average realized price in that time, we weren't getting $70 a kilo. Nobody was. But they didn't like what it meant in terms of predictability. They also don't like these really big drops that they see today 'cause they know what's coming, right? They've seen commodities before, you know, cure to low prices and all the rest of it. And so they're very much focused on how can they build a sustainable supply chain and who's willing to work with them, who's more focused on long-term returns rather than just playing cycles. Look, in spodumene, no one's willing to do that. In carbonate, you know, there's places, but in hydroxide, it's a very specific conversation around that topic. It is less about the price and more about what prices are needed to make this work for both of us, especially when you get into changing technology roadmaps. We have a team here who can talk to you at length about where the roadmaps are going for many of our customers, and it isn't that clear to many of them, and they want to make sure they have that choice in the future. I would just add that if you look at our existing strategic customers and our potential customers that we're targeting, they generally have a good understanding of what reinvestment economics look like in terms of pricing, and they recognize that today's environment doesn't support either their plans or just the industry overall. They don't want to put capital into our industry. What they realize is if pricing stays where it is, they're gonna have to. And so we've been here before. We were here in twenty twenty when the same conversations were happening, and they're happening again now. They want to make sure that there isn't a shortfall that requires a big Western OEM to suddenly provide multi-billion-dollar commitments into the lithium space. They don't want to go that, that path. I better get down there. Let's ask one in the interest of time. David Deckelbaum from TD Cowen. You talked explicitly about growth opportunities in the energy storage business. I'm curious how distinct that opportunity is right now in the supply chain relative to just selling into mobility as it relates to the customers that you're talking to. Yeah. So I would say that most of what we're doing right now is on mobility, but we are increasingly, over the past several months, having more conversations with customers about grid storage now and into the future. That's certainly a longer term application and longer term demand, but we've been seeing more of those conversations starting now. The conversations come from different places, right? Some of them come from existing cathode producers that we're supplying into the EV space, who are also building a business in the stationary storage. So a lot of the intelligence comes down that path and what their plans are and what they're looking for. Is it gonna be mid-nickel? Is it gonna be LFP? What are they gonna use? Some of them are using high nickel still, so we're seeing some hydroxide-based LFP for grid storage. So these conversations all come at us largely through existing customer relationships. And that ties back to the comment I made about the market, the value of the market intelligence through these partnerships, in that we get a better understanding of what the demand plan is for the product that we're currently selling to them, but also as they think about future plans and other applications and other geographies. That's important for us to plan multiple years in advance. Paul. Sorry, Pavel Molchanov from Raymond James. Can I ask a macro questions? The fact that spot pricing has been below 100,000 RMB per ton for the last 100 days, can we just pinpoint, like, what are the culprits for that? Yeah. Not enough demand and too much supply. Look, I think the challenge is disruptive supply chains, and it really is. It's disrupted in multiple directions, which has caused, I think, less predictability, and I think you're finding all sorts of new behaviors. I think certainly a lot more Chinese production, for sure, whether it's lepidolite-based or African spodumene feeding into semi or totally captive supply chains. We're seeing more people holding inventory, especially traders in China. We're seeing a shift away from certain grades of lithium, whether it's certain grades of hydroxide or others, driven by LFP trades. We certainly haven't seen, as you know, massive pullback of supply, and in fact, because of the nature of bringing supply on, you know, decisions made two years ago, you don't stop them quickly, and so more supply keeps coming on. And so these are all sort of part of the, you know, turning a super tanker of supply around. It doesn't happen quickly. So I think the oversupply is just a really difficult to pull the handbrakes on while some new supply came on. And the demand issue has really been uncertainty and changing technology roadmaps, particularly changing technology roadmaps. Some of it is weaker EV demand than people expect in the West, for sure. But you know, multiple factors have really been driving it. Thank you. Hi, good afternoon. Thank you, Paul and Barbara. Kate McCutcheon at Citi. May 2023, I was at Olaroz, mid-deal. The ramp-up of stage two was conservatively gonna take 12 to 18 months. Fast-forward to today, we're talking about that being ramped up 18 months behind what was envisaged then. And then the second piece of that question was my understanding was all of that technical grade product from stage two was going to Naraha, and today we're talking about a slightly different strategy with that product. Can you just talk to the challenges at stage two? Are they fixed going forward? And then the Naraha piece as well. I think part of it is, Olaroz two was really not fully commissioned until end of Q1 of this year. I mean, it was, there's completion, but then you have to, and that's when we hand it over to operations, who then need to start commissioning them. And so it really is about eighteen months from the end of the commissioning period at the end of Q1 of this year to the end of 2025, when we expect to hit full production capacity. It's at the longer end of that time frame. I think it's a learning process. It's a different process than Olaroz one. It's a different flow sheet, and it's always gonna cause you a slower ramp-up than just doing what you already do. I mean, Barbara mentioned at Fenix, from completion, mechanical completion through commissioning to production was only six months, but it's a copy-paste of exactly what we do. Olaroz two is not. I think the strategy in Olaroz two was always to go, part of it, to go to Naraha. Naraha only needs about 8,000-9,000 tons a year of carbonate, and we're making 25 at Olaroz two. So that will still go, some of it will still go to Naraha, and part of the MOU we've signed with Toyota Tsusho is to take that idea of how we transfer product through the network, and instead of it just being Naraha that's part of it, it will be the entire hydroxide network. So it opens up that same strategy that was in place for Olaroz to Naraha, to also include the two China locations, the U.S. locations, the Bessemer City as well. Okay, so no fundamental issues at stage two, it's No. Okay, thanks. Maybe Jeff in the back. Thanks. Jeff Zekauskas from JPMorgan. At the beginning of the presentation, you said that your costs in Canada, as you estimated, might be $10 a kilogram. I take it that's exclusive of interest costs, that is, those are the operating costs or Right. Yes. Mm-hmm. So in order to have an adequate return on capital, maybe you have to sell those tons at $17,000 a ton or something like that. So how does that work in the world that we're in today, in your ability or your conviction about putting more capital in, and then being able to get the number that you need in order to make that a good project for shareholders? How does that whole system work? Yeah. Look, I think there's two aspects to that question, which is: how confident are we that we will get an economic return on the Nemaska investment? Sure. A follow-up question is: Can you do it again, maybe with James Bay feed, to build a second downstream? I'm good with the first one. Okay. It's okay. The, the We can let the second one go. The first one we have a high degree of confidence with. There's an interesting aspect to Nemaska. One of them is, as many of you know, we already have a customer contract in place for about half of the volume there. The terms of it are customer confidential, so I won't share them, but we are confident in generating appropriate economic returns. It's also, it's an overused word, but it is a unique asset. It's a fully integrated, entirely domestic lithium hydroxide production facility and, you know, we only have a few thousand tons still to contract out into the market. And even with the worst will in the world, you look at all the cathode plants, high nickel cathode plants that have been built in the U.S., while there are not as many as there were, there's more than enough to absorb that material. You add to that, cathode plants in Japan, cathode plants in South Korea, which also will be IRA compliant and are looking for IRA compliant feedstock. I have no concerns about the numbers you just were throwing around with Nemaska as being economically achievable. No concerns at all. But I will answer my second question, which is: does that mean you're confident in doing it again with a second one? The answer to that is not as confident at all. No, it's a very different market today than when we contracted that business, when we made those decisions. Capital costs would likely be higher. The ability to get low-cost hydroelectric power in Quebec is probably not there today like it was for the Bécancour expansion. The roadmaps of OEMs means they're not ready to make the same level of commitment around hydroxide today than they were a few years ago. So I think it's absolutely fair to say that decision to build another downstream hydroxide plant of that nature is, at a minimum, on hold today while we get more clarity and visibility around some of those factors. When would you need to get those kinds of volume and price commitments in order to move forward on your current plant in Canada? You mean for a second expansion or with Nemaska? For Nemaska. Yeah, look, I think we have plenty of time. That plant won't be selling material once... We've got to get Whabouchi up and running, get the plant finished, get it commissioned, start the qualification process. It's really gonna be we're selling material in 2027, right? And so we've got a few years to decide who the other customers would be. I could very confidently state we could contract that material today. Would we choose to do it today in this market environment? We might wanna wait a little bit longer, but not two years. I think you should expect that within the next six to 12 months, we'll be looking to finish the contracting process around the remaining volumes at Nemaska. If I understood what you said to me, if you wished to contract the remainder of the tons at a price that would give you an adequate return on capital, you believe you could do that today? Today, we absolutely believe we could do that today. Okay, great. Very confident. Thank you. I'm just going to turn to two quick ones on the virtual. Obviously, Chinese lepidolite has been a big source of filling the supply in the market, and there's a lot of debate around the future growth there. We've also just heard the recent news around CATL taking some supply out of the market. Where do we see the trend around Chinese lepidolite going? Walter, I can throw that to you. It's too hard a question for me. Yeah, I mean, in terms of what is happening with supply and what pauses or stops we may see in the future, it's, you know, CATL's decision was one data point, but we would need to see a lot more data points to get a sense of what the demand balance is gonna look like over the next twelve months. So it's something that we see as a developing piece, and we're gonna have to keep watching in the months ahead. I kind of have an answer in my way. Look, I think lepidolite, Chinese Lepidolit is part of a broader strategy of China Inc. to make sure there's sufficiency of supply of lithium, to make sure that their broader strategic objectives of, having a dominant position in the, in the energy storage supply chain, whether it's EVs, batteries, et cetera. I think it's a piece of that, just as African spodumene is. And I think the way lepidolite reacts and the way African spodumene supply reacts is gonna be a little bit of a reaction to how the rest of the world reacts. If the rest of the world doesn't supply enough material, I think we may get a big push from China again to push more lepidolite, more African spodumene supply into the market. I think if that does happen, what it does is it certainly means that the supply and demand stays more in balance than you would think, but it also pushes the marginal cost producer up a little bit and a little bit and a little bit. So it's not easy to predict exactly how it goes, but I do think it's a tool that China has decided to use to prevent another runaway set of pricing happening like we saw in 2022 and 2023. And if you have any doubts about that, just cast your mind back to, I think it was late 2022 when CATL came out and started to guarantee maximum carbonate prices to their Chinese battery customers. It really showed what the concern was in China about having lithium prices run away. That price was $30, by the way, they were guara nteeing. They weren't guaranteeing 15. I think it gives you a sense of how China feels about the need to make sure that China that carbonate pricing doesn't spike over $30 again. I think it makes them. I think they're probably comfortable being in the high teens, low twenties. It's not I don't think that will create that reaction on their part. Maybe just another quick one on China. What is the general business environment in China right now? Are you still seeing strong demand there? Yes, absolutely. We continue in China and other parts of the world. We continue to have inbound requests for contracts, proposals that we're just not in a position to answer, so. Okay. There's a couple in here that are financial related. I think they'll be better served after we get through the afternoon session. So maybe we'll take one or two more in the audience. Good afternoon, from RBC. Just a few questions, maybe building out on the last question around Nemaska. It seems like it's a more capital constrained approach to development. So just wondering how the return profile for Nemaska is relative to other greenfield expansions such as Sal de Vida, but seems to be lower given the higher cost of money nowadays. Yeah, you didn't hear the return on Nemaska relative to something like a Sal de Vida expansion. The returns on Nemaska are going to be more predictable and lower. It's not as low cost as Sal de Vida, and it does take more capital. But bluntly, you know, it's an easier environment to be operating in. In Canada, it's got more security of supply, and so we tend to have a lower hurdle rate for investments in developed economies, serving developed markets than we do investments in Argentina. So yeah, look, in absolute terms, it's gonna be lower returns. It's still a highly positive NPV, highly positive return relative to the cost of capital for that project. Sure. And the second one for Walter. Just interesting to hear that you mentioned that spodumene is just a commodity. Given that technical and battery-grade carbonate is more homogeneous, wouldn't you want to be more exposed to spodumene, or does that go to the quality of the assets that are currently in the portfolio? I think, you know, following what Paul and Barbara have said about and myself, that, you know, our key thesis for us is to maximize the value of each unit of lithium. And so that, we believe, is achieved through putting it in the network. And so, yes, you know, if you want to get more exposure to spodumene pricing, you know, that would be a bit of a different tack. But, you know, we believe we can maximize the value by keeping it in the network. But I think we've shown we don't mind being exposed to the full range of products. We don't want to be a pure anything. We like being in hydroxide, in specialties, carbonate, and in spodumene. If you look at history, I don't know whether it's the best predictor of the future, but whenever prices are high, you make more money being integrated, right? The converters start to make money, and having an integrated play definitely works to your advantage. When prices are low, you tend to find it's the converter that pays the price, and you'll see that the spodumene producer captures most of the margin. In between, the question really then comes about how much capital do you have to put in for the conversion margin that you capture? Our historical model converts carbonate to hydroxide, incredibly low capital cost. We build a 15,000-ton plant in China for $20 million. I mean, the capital cost is very low. If you say, "Look, you're gonna make the same margin, but now you're spending $1 billion on a converter," we're not gonna do that. We'll sell the spodumene. All right. It looks like we're actually up on time for this Q&A session. We'll obviously have another one after the second half of presentations. We're just gonna take a quick fifteen-minute break here, and then we'll restart again with Neil walking you through our projects. All right, if you guys could return to your seats, we're gonna get going again. All right. We're gonna pick it back up, and to get us going again, I'm gonna welcome on stage Neil Robertson, our Chief Projects Officer, who is going to run us through our expansion plans. Thanks, Dan. Good afternoon. Let me introduce myself and my background. I graduated from Heriot-Watt University in Scotland with an honors degree in civil engineering in 1983, and became a chartered structural engineer six years later. In a forty-year career, I've been fortunate enough to lead some of the largest non-routine complex projects in the world and bring a deep understanding of what is needed to deliver large capital projects in remote locations. I joined Arcadium Lithium in March this year, taking responsibility for all CapEx expenditure, with the objective of executing projects efficiently and with predictable outcomes. I decided to join, as it's one of the most interesting companies in the battery material space, with a deep inventory of advanced and early-stage projects that will deliver a step change for the company. Arcadium has expansion opportunities available at five of its six core resources across brine and hard rock, and this reflects the high quality and strategic optionality of our resource base. These opportunities are at various stages of development, from advanced studies to ongoing construction. I'm going to spend time talking through each of these projects today with a focus on our wave one projects, those currently in execution, and put some color on our future wave two objectives at each location. In addition to our resource projects, we also have the significant downstream project underway at Bécancour in Quebec to build a spodumene to hydroxide conversion operation, which will produce 32,000 tons of hydroxide per annum, completing the integration of the Whabouchi mine into downstream processing. I believe some of you will be joining us on a visit to Bécancour this weekend, and I think you'll agree with me when you see it, that this is a very impressive project that really shows the capabilities of Arcadium to deliver on its expansion plans. At the heart of our expansion plans are two critical success factors. The first is the quality of the resources themselves. Some of the key features of our resource base are the scale of each individual resource, the geographic diversification of our resource portfolio, and the mix of different types of lithium extraction processes we are undertaking. We believe that our resource portfolio is unique in the industry.... Our combined lithium resource base ranks among the largest in the world, and our top-tier assets show promising future low-cost operating positions. Their scale gives us the ability to deliver multi-year volume growth across both brownfield and greenfield opportunities, while our existing deep knowledge and experience in the lithium industry gives us confidence in our ability to extract significant value from these resources. The second critical success factor is our ability to deliver the projects, which itself has two main success factors. The first, availability of capital, will be discussed later by Gilberto. The second is the area that is at the core of my mandate, which is to build upon the work started at Allkem and Livent to create a world-class capital delivery function with leading processes and the technical and project execution skills necessary to deliver on our growth plans. To that end, we are implementing a gated process approach to projects, along with new processes based on leading capital delivery organizations' proven systems, and have hired a team of very experienced professionals who have delivered on similar or even more complex projects in their careers. We are currently setting up an office located in Houston, Texas, as the base for all our capital expansion plans. Our core process control framework, which we call ALLCAPS, Arcadium Lithium Capital Project System, is already starting to be deployed across our entire project portfolio. For my presentation today, I'm going to focus on the projects themselves. We think about our expansions across the following matrix. We have two waves of expansion, the first wave in the active delivery phase today, and the second wave still in the development and planning phases. We group the projects into three distinct complexes based on geographic proximity: Canada, or more specifically, Quebec, where our two hard rock projects and our integrated hydroxide plant are based, Hombre Muerto in the Catamarca province of Argentina, where our Fenix operations and our in-construction Sal de Vida project are located, and Cauchari-Olaroz in the Jujuy province of Argentina, where we are currently operating and where our Wave Two Cauchari project is located. Taken together, you can see that we have detailed plans to expand from today's seventy-five thousand tons LCE of capacity to a hundred and seventy thousand tons by two thousand and twenty-eight, and a high degree of optionality to get to two hundred and ninety-five thousand tons in the years following. Our Quebec hub consists of Nemaska Lithium and Galaxy. Both are hard rock resources producing spodumene concentrate. The Bécancour hydroxide plant is being built to be fed by 100% of the output of the Whabouchi mine. The Galaxy mine is a spodumene-only project based in James Bay and has the potential to be integrated into Bécancour or elsewhere over time. The total remaining CapEx for these projects is just under $1 billion for Wave One, with the potential second-phase expansion at Galaxy, including our Wave Two, estimate to require a further $500 million. Our hard rock resources are both very attractive in terms of size and future operating cost when compared to industry generally. Both have a relatively high grade at 1.3% lithium oxide content, very low strip ratios given their near-surface ore bodies, simple process flow sheets, and very good expected recovery rates. Both mines have almost 20 years or more of life ahead of them. Nemaska Lithium is the more advanced of the two Canada projects today in terms of stage of construction, and it is supported by our fifty percent co-owner, IQ, the investment arm of the Quebec government, and customer commitments where we have received support in the form of prepayments. Both the upstream and downstream construction progress is around 20-25% complete, with most of the engineering work finished and critical long-lead equipment ordered or already delivered. We'll spend most of our capital needs on Whabouchi and Bécancour in the next two years, with the expectation that we will have the first commercial production in 2027. With Whabouchi operating at $650 per ton OpEx, and Bécancour in the 4-5 per kilogram operating cost range, we expect the total lithium hydroxide cost of production to be in the high single digits per kilogram. In other words, very competitive. The Whabouchi project is moving along well. The concentrator building has all its main equipment installed and is ready to commence piping and electrical works next year. The crusher circuit has been undergoing some modification to bring the system in compliance with Canadian code and is close to being ready. Bécancour has the main building complete, except for the north wall, which will be completed before the winter. The Bécancour project utilized 4D planning, allowing a just-in-time approach to equipment delivery and installation. Work is progressing well on the railway receiving yard. The mechanical equipment placement inside the main hall is progressing, and we have reached the point where we are currently placing the last of the mechanical, piping, electrical, and instrumentation contracts. Galaxy is the name we give to the legacy Allkem James Bay resource. This project is very advanced in terms of engineering work, with all engineering work now complete and the majority of equipment is procured. This year, we received permits and environmental approvals to commence construction, comprising of earthworks, foundations, installation of the substation, and the permanent camp. This allows us to connect to the Hydro-Québec power line in the early spring. All this gives us a very strong confidence in the remaining capital costs and future operating costs. Our decision to delay construction until after Whabouchi is complete allows us to defer capital spending, such that we will not start material spending until 2027, but we would expect to reach mechanical completion approximately 12 months from that point. With an operating cost of $600 a ton, we're confident that Galaxy will be a highly cost-competitive in the global spodumene market. While an initial 40,000 ton LCE at Galaxy is part of our Wave One projects, we also have the possibility for a second expansion after completing the first. This Wave Two project would essentially replicate the first phase, utilizing much of the same engineering and same people as Wave One, with around $500 million of capital spending for another 310,000 dry metric tons of production and a similar operating cost as phase one. In other words, by the end of this decade, Galaxy could be producing over six hundred thousand tons of spodumene concentrate, or approximately eighty thousand tons on an LCE basis. We are in the process of completing a preliminary assessment that we believe will shift significant portion of the resource into reserves, supporting our second phase expansion plans. Our second expansion hub is the Salar de Hombre Muerto in the province of Catamarca in Argentina. We have the legacy Livent Fenix location and operation and the Greenfield Sal de Vida development project, which are located very close to each other on the Salar. The total remaining CapEx for these projects is $620 million. Both locations are part of Wave One and Wave Two expansions, which is due to the large size of the resources themselves and the proven quality and success of our operations in the Salar, where we have a history of operating for over 25 years. There are also meaningful synergy opportunities for co-development, cooperation of the resources over time. The first project we intend to complete will be Sal de Vida, stage one. This project is almost two-thirds complete. The train one, two, and three ponds are complete, and the main production facilities are well underway. We will start the process of ramping up production through 2026, such that we will be producing commercial quantities of carbonate by the end of that year. This project is designed to produce 80% battery-grade carbonate, and we would expect to use the technical grade product as feedstock for battery-grade hydroxide while we sell the battery-grade carbonate direct to customers. As you can see, the operating expense for this location will be very competitive with any other route to carbonate globally. We recently completed our 10,000-ton phase one A carbonate expansion at Fenix, and it is already successfully operating at nameplate capacity. Phase one B is largely a replication of that expansion, but we have elected to pause this expansion while we complete the Sal de Vida stage one project, and we will recommence it in the latter part of our phase one project. With both projects at similar stages of progress and with similar levels of remaining capital, the decision to do this was driven by a project structure at Sal de Vida that would have made it costlier and more disruptive to pause. Additionally, the Sal de Vida expansion has slightly higher capacity at 15,000 tons versus 10. When complete, the Fenix expansion is expected to produce 100% battery-grade carbonate, with again, very low OpEx relative to the rest of the industry. The wave two expansions are largely repeats of the existing operations at Fenix or for the first stage at Sal de Vida, providing greater confidence in our ability to deliver. We have already completed a FEED for the Fenix expansion, and we're very confident that the resource is able to handle the increased production, given the 40-plus years of currently defined mine life. The area that we are focused on in my group is ensuring the infrastructure, such as access to water and energy, is optimized and available. We're working on the studies needed to address some of these infrastructure needs, and we expect to have more clarity on these matters as we complete those studies. However, we are confident that we will be able to commence these expansions once we have successfully completed our wave one projects. Finally, the Olaroz-Cauchari network. This network holds a combined resource of 28.6 million tons, with similar brine chemistry that enables compatible and efficient development and processing between the two sites. While we do not currently plan to expand Olaroz any further, Cauchari does fall into our second wave of growth and is located on the southern boundary of Olaroz. The base case has been done on a standalone basis for Cauchari, utilizing a similar conventional pond-based process. We do see opportunities to utilize some of the existing Olaroz infrastructure, reducing the future capital intensity and providing some brownfield elements of the expansion. We would also explore the use of the ILiAD DLE technology as an option to reduce the future land footprint. We expect to refine these plans and provide further details over time. I'm very excited to be putting together the capabilities needed to deliver these projects, and I'm very confident that Arcadium will be able to deliver on these growth projects through the rest of this decade and beyond. I will now pass the presentation over to Gilberto to discuss our financial outlook. Thank you. Good afternoon. It's good to see a lot of familiar faces, but for those of you that doesn't know me, my name is Gilberto Antoniazzi. I'm the Chief Financial Officer for Arcadium Lithium. In my presentation today, I will show you how the strategic initiatives and targets you have been presented today translate into potential financial performance for Arcadium into the coming years. I will also address how we are positioning the company financially to invest in our growth while maintaining appropriate liquidity and a flexible balance sheet without the need for shareholder dilution. Let me start by walk you through our key financial priorities. First, we are focused on driving cost reductions and greater spending efficiency, particularly as we just merged the two companies. While both legacy companies are leading low-cost operators, we still have opportunities to further reduce cost as a combined company. For example, by moving to a centralized operating model versus running independent assets, we have increased spending efficiency and accountability across the organization. The benefits of these actions can already be seen on our targeted post-merger cost savings, coming in higher and quicker than originally anticipated. Second, ensure financial flexibility. As highlighted by Barbara and Walter, we look to position the company to maximize profitability through all lithium market cycles. The benefits of our commercial strategy and our integrated production network become most visible in challenging markets like we find ourselves in today. Through the first half of this year, due to our commercial arrangements, Arcadium average realized prices continued to be above market, resulting in an Adjusted EBITDA margin of 40%, inclusive of corporate costs. Third, continue to invest in our growth. Arcadium has an incredible portfolio of lithium assets, which we're committed to developing and bringing to production, and we are focused on keeping a healthy balance sheet that allows us to execute on the expansion timelines just presented by Neil. We will also take advantage of having co-located assets, both in Argentina and Canada, to drive higher cost and capital efficiencies. Also, as I will discuss, we have compelling non-equity sources of funding to help us advance those projects. In 2024, we're expecting a total cost savings up to $80 million, and in 2025, we believe we can increase this number by 50% to $120 million. This not only puts us well ahead of our initial target of $125 million by 2027 announced at the merger, but we now believe that the total savings opportunity is actually bigger. Let me come into more details on how we're achieving these savings. In the first quarter, Arcadium underwent a meaningful global workforce reduction while downsizing our regional office footprint. As I said, we are already starting to see the benefits of our more centralized operating model. From a supply chain perspective, combining the two largest Argentine lithium producers have provided meaningful cost efficiency opportunities. With our overlapping footprint and procurement needs, which are now larger and growing, we have already amended several key supply agreements with immediate benefit. Having multiple producing sites also adds flexibility to supply chain, allowing us to reduce freight costs. Finally, we have reduced third-party and consultant costs very aggressively. We continue to have a very strong balance sheet, with a number of sources of current and future liquidity. We also have internal and external funding alternatives that provide flexibility to quickly adapt to evolving market conditions. At the end of June, Arcadium had just over $300 million cash on the balance sheet, and, as well as a $500 million undrawn revolver facility. We also have a number of positive levers ahead of us, driving higher cash flow generation. For example, we're expecting 25% higher combined carbonate and hydroxide volumes in both 2024 and 2025, coming from our expansion projects at Fenix and Olaroz. Both projects that have already been completed, are in operation, and have no further capital requirements. This volume benefit will be coming in the second half of twenty-four and twenty-five as Olaroz continues its ramp-up. We will also no longer be impacted by large one-off costs that impacted us in the first half of this year. Namely, price adjustment reimbursement related to spodumene exports out of Mt Cattlin and expenses related to the merger transaction and integration activities. We project the EBITDA margins remaining at near 40%. We continue to use our strong profitability and free cash flow generation as the primary source of funding to advance our attractive expansion projects. Additionally, there are other sources of non-equity funding available to us, all at various levels of progression. With respect to Nemaska, which is our largest CapEx requirement over the next 30 months, we have another hundred and twenty-five million $125 million in customer prepayment due in January next year. On multiple Canadian government funding options, we're most advanced with the Federal Strategic Innovation Fund, where we have already submitted an application and continued progressing on diligence. We hope to receive further clarity around this process in the coming months. If successful, the Strategic Innovation Fund could potentially bring in up to CAD 250 million in low-cost funding. Finally, we have taken initial actions towards maximizing the value of some of our assets. This includes a formal process we're running for a Galaxy asset in Quebec, where we're seeking a minority investment partner to help finance the development of the project. We're also evaluating options for the future of Mt Cattlin. This includes potential underground mining, where we are in the final stages of completing a technical study, as well as assessing the value of the above-ground equipment and infrastructure on-site. I want to provide further commentary on the Galaxy process and what can be expected from us in the coming months. This process is not being conducted because we're missing any set of skills or expertise, or because we have any concerns about the attractiveness of this project. It is one of the largest hard rock lithium resources in North America that will produce IRA-compliant material and will position our company with strategic first-mover advantage in the growing North American supply chain. We're looking for funding support to potentially bring this asset into production more quickly. It could also provide a useful data point for the underlying value of this asset, which we do not feel is appropriately reflected in our share price today. We are flexible what this partnership structure ultimately looks like, provided we retain majority ownership and operational oversight. We expect to complete this process by first half of next year. These next slides summarize the key assumptions underlying our 2025 through 2028 financial projections. Let me start with CapEx. Putting together our Wave One capacity expansion plans presented by Neil, you will see that what this implies for CapEx requirements over the next four years. Important to highlight that since the merger, we aligned the capital methodology between the two legacy companies. As a result, these figures are now inclusive of all capital requirements associated with each project, including owner's cost, pre-production charges, and local community agreements in the case of Galaxy. The primary use of capital in the next two years will be towards Sal de Vida and the Nemaska Lithium projects, which are slated to come online first, followed by Fenix and Galaxy in 2027 and 2028. It's important to note that this CapEx schedule is not inclusive of any Wave Two projects. It's quite likely that we will begin spending on a couple of these projects prior to the completion of Wave One in twenty twenty-eight. We will be dynamic with our spending plans on both Wave One and Wave Two to either accelerate or slow down as the market or our customer dictate. Next, we show the associated production expectations by asset and product line on these expansion plans. We anticipate having initial carbonate production from our third brine asset, Sal de Vida, in twenty twenty-six. We also expect to have a short gap in spodumene production between Mount Cattlin stops producing on its Stage Three and our Canadian spodumene base projects comes online. Regardless, you will see we expect significantly increase our production annually in the coming years. The next, and likely most relevant assumption impacting our twenty twenty-five through twenty-eight financial outlook, is pricing. Considering that, I will discuss our price assumptions in more detail. To start, we have used the latest analyst consensus, reflecting the pricing views from many of you in this room. On the top of this, we then layer in our long-term commercial arrangements, and we also incorporate any discount warranted for lower-grade material, although we expect to be selling very little technical grade to customers by twenty twenty-seven, as we intend to process it into battery-grade hydroxide. Starting with carbonate, you can see the estimates building to the median price that we're using through twenty-eight. While individual forecasts vary significantly, it's clear analysts view pricing direction as a skew to the upside from current levels, with a move over time to what most view to be more appropriate for reinvestment economics in the industry. This makes sense, given we continue to need meaningful supply growth in the coming years. With respect to hydroxide price assumptions, it's helpful to provide some historical context. Going back to 2015, we show the historical market pricing relationship between carbonate and hydroxide. As you can see, while the two products do not move with perfect correlation, hydroxide has consistently sold at a premium versus carbonate. We're open to assume a flat $2 per kilo premium to the prevailing carbonate price in our projections. We have confidence doing this based not only on the historical relationship, but also on the fact that our hydroxide commercial arrangements have consistently resulted in higher realized prices than the spot market. We also provide the consensus build for spodumene pricing, where we use the medium forecast in our analysis. Like carbonate, expectations are clearly for spodumene price to trend higher over time towards levels that will incentivize continued investment in expansion. Based on the expected production volumes and price assumptions just discussed, we summarize the resulting sales volumes and average price by product in our financial projections. For carbonate, I want to start by emphasizing our intentional effort to minimize sales of technical-grade carbonate, which can typically be sold with a discount of a few dollars per kilo compared to battery grade.... As highlighted earlier, our recent MOU agreement with our partner TTC will provide Arcadium the flexibility to use all our technical-grade carbonate as a feedstock into our hydroxide conversion plants, releasing greater volume of battery-grade carbonate to be sold directly to customers and driving improving profitability. With Olaroz Two ramp-up and Fenix and Sal de Vida expansions, carbonate sales volumes are expected to nearly double from 2025 to 2028. For hydroxide, we will continue pursuing commercial strategy, aiming to secure roughly 75% of our sales volumes through long-term contracts. Led by Nemaska Lithium, we also expect to double hydroxide sales volumes from 2025 to 2028. As highlighted by Walter, multi-year customer agreements are the core of our hydroxide commercial strategy. The visibility of take-or-pay contract volume agreements offers great financial predictability and will continue to represent a significant portion of total revenue for Arcadium over the coming years. Outside of our contractual commitments, we will continue to seek the highest value opportunities available between hydroxide and carbonate, and the flexibility of our operating network gives us the opportunity to do this. Putting all together, you can see what these inputs imply with respect to financial performance. Due to pricing inputs, this is not meant to be viewed as a financial guidance for the company through to 2028, but it clearly shows the strong potential growth ahead of us. There are a few key points I would like to note. Arcadium is poised to deliver significant growth over the next four years and has a pathway to generate $1.3 billion in Adjusted EBITDA by 2028. You will also see margins continue to be highly resilient, driven by our assets' low-cost position, particularly in brine. Free cash flow is negative in 2025 due to higher CapEx spending and lower market pricing, before improving in the following years. However, even in the 2025 to 2026 timeframe, before free cash flow turns positive, the company continues to operate at a net, net leverage levels that are well within our view of our financial discipline. Additionally, we would view this leverage calculation as conservative, given it assumes no funding coming from the Galaxy process, no Canadian government funding, and no additional customer prepayment beyond the $125 million that is due to us next January, and we are in active discussions on all of those. Finally, it also assumes that we'll be settling our $246 million convertible bond in cash in the middle of next year. As a result, we feel confident in our ability to fund our current expansions under the planning scenario shown, as well under a range of different market scenarios, and we're very comfortable in our ability to do this without the need to raise equity. As an example, even assuming a more challenging lithium scenario, in which prices stay at the 2025 analyst consensus level until 2028, Arcadium would not expect to exceed a net debt to EBITDA ratio above 2.7 times. This is not to say we would not reevaluate our speed or cadence, but it shows the level of flexibility we believe we have. I wanted to conclude by leaving you with a few key numbers that help demonstrate the future earnings potential of this business. Our multiple expansion projects, some of them already in an advanced stage of completion, put Arcadium on course to steadily increase production and ultimately double volumes sold on an LCE basis from 2025 to 2028. We have the ability to meaningfully increase our EBITDA to $1.3 billion by 2028 at a 34% CAGR. We expect to maintain strong EBITDA margins by leveraging our low-cost assets, continue to reduce overall cost, and being well positioned to benefit from future price improvements in the market. And finally, we expect to maintain a healthy balance sheet over this period, achieving peak net leverage of only 2.1 times, providing us continued flexibility to adjust as the market evolves. The opportunities for Arcadium certainly do not conclude in 2028, as we have multi-decade growth story ahead of us. Thank you. I would now ask Paul and Neil to join me on stage for another Q&A session. Start it back up again with any questions from the audience. In the back. Lexi Ferro. Hi, everyone, Jesse Ferro, UBS. Roberto, what would you follow up on the free cash flow projections, I guess, that you just showed us twice? Sum up 2025, 2026 and 2027 free cash flow, I think is about $425 million outflow, and you probably have some negative free cash flow in the second half of this year. I'm guessing at least a couple hundred million. So in my math, like it's about $600 million plus of negative free cash flow versus your $500 million revolver. Does this sort of make sense, and how do you solve for that balance over the revolver? No, it does make sense. It does make sense if you look at the debt that we're projecting. We will not be able to rely on the revolver to fund the projects. The revolver was not designed ever to be the only source of funding for our CapEx program. You should expect that we're gonna have another type of financing established and put in place in the next few months to support that. It will be in the size of what you just described, about $500-$700 million. To be clear, that's a debt financing. Debt financing. So it'll be more long-term, more permanent debt than a revolver, so. Yep. Edwin? Edwin Rodriguez, Mizuho. A quick question. So despite the current challenges in the industry, like the long-term outlook is still very favorable, you know, which is great. Like, any concerns that other players, such as the big energy or mining companies, could use that challenge as an opportunity to enter the market? And how does that change the dynamics of the industry going forward? Just so I'm clear, you're saying enter the market as a new entrant? Yes. Greenfield entrant. You know, I think you've seen a number of companies out there talk about dipping their toes into the lithium industry. Exxon, for example, with some of their looking to invest in some deep wells in Arkansas. You've got Equinor doing the same, making some investments. I think it's the same challenge that anybody has. I mean, it's great to have a large, deep balance sheet. There are still technology challenges. They're not in this industry today, so they have to solve that challenge, and it's hard to make a massive difference coming in in that scale. I mean, if you're coming in and entering and producing ten or fifteen or twenty thousand tons of lithium carbonate from your first project, in each of those cases by twenty thirty, it's a three million ton market by then. So it's difficult to know exactly what their intent is. Certainly, today's pricing, I can't imagine, is encouraging them too much to come in in that way, but they're obviously capable of taking very long-term views. And so, you know, the few of them have announced it. We've also seen the opposite, by the way. I think in Argentina, we've seen one of the larger, oil gas companies down there, YPF, talk about pulling out of lithium and focusing on other areas as well. So I think it's kind of a bit of give and take. I don't see a massive supply side disruption from new entrants, if I'm completely honest. Okay. Go back again. Hi, Pavel, from Raymond James. What kind of credit for Section 45X or any other, you know, per unit subsidies in the United States are assumed in those EBITDA numbers? If I understand your question correctly, you're talking about some of the tax benefit driven by the IRA. So we do have the tax benefit reflected in our numbers. I don't know exactly, I cannot tell you the amount precisely, but they are reflected. And we actually have received that and materialized them throughout this year, so they're for real. Okay. Chris Perrella, UBS. For the $1.6 billion in growth CapEx for wave one, going back to the slide there, how much flexibility and timing can you spread that out, or does it have to come pretty much on that schedule? And then wave two spending, would that kick in earlier, or how does the timing work around that? Look, the one point six, which, you know, coincides with how Neil made the presentation, this is our plan today. So we plan to follow the need. We feel comfortable that we can fund that. And again, I think there is other alternatives we're looking for that we hopefully we're gonna get some other good news in the next coming months. And regarding Wave Two, as I said. It's very likely we're gonna spend some spending on Wave Two in 2028, prior to that, to 2028. But again, this has to see, make sure that everything is evolving as we're seeing today, right? But to be clear, if it doesn't make sense to, we talked about these four Wave One projects, two followed by two. If we're clearly finishing the first two, and the economic incentive or returns are not there at that time for the second two, we'll revisit those, and we'll see if it makes sense to start them on the schedule we currently have planned. Um, Hugo. Good afternoon, guys. Just a follow-up on some of the comments earlier. You made a comment that you expect the market to grow 20% per annum, per year, and that you'd expect to stay ahead of that from your production and sales perspective. We obviously had the resequencing of Fenix 1B and Sal de Vida in Wave One, but I guess, how do we think about the resulting flow-on impacts to Wave Two projects? I mean, if Fenix 1B is now gonna come after Sal de Vida, how do we think about the timing of Fenix 2? Is Fenix 3 now a Wave Three out with Cauchari, maybe in the mid-2030s? And as a follow-up, just to be able to touch on where you're at with permitting across some of those expansions. Yeah, look, I mean, it's the similar question or answer that I just made. You know, we will start the early stage work for Wave Two. We have a very clear view of what we're trying to do. We are much earlier in those processes in terms of developing the spending. The challenge you have with these is that, you know, you're kind of unconstrained theoretically, 'cause the resources are so large. But you're not unconstrained practically, because all of them have permitting requirements, infrastructure requirements. So figuring out what is the right order and the best order in to do things is frankly why we hired Neil. I think the entire group that he's building, their entire job is to answer those questions. One of the biggest areas that Neil's organization is focused on today is answering that question around infrastructure at places like Hombre Muerto, and even to an extent up at Cauchari-Olaroz, 'cause they are what unlock the subsequent phases of expansion. I think once the investments in infrastructure are resolved, I mean, the ability to bring them on reasonably quickly is pretty high because the... We will, as much as we can, do the classic copy-paste. If this works, copy it and do it again. There's enough scope to do that there. Neil, anything to add to that? No, I think you covered it, Paul. I mean, you know, the big advantage, I think, in the second wave of projects is that the technology is already proved out in the first wave. And so that's a real benefit for us. Just on the permitting, are any of those Wave Two projects permitted yet? No. Okay. No, you couldn't permit them today. It's too soon, too early to permit them. Yeah. And then just while I got the microphone, Gilberto, you touched on needing additional debt above the current revolver you have in place to fund the pipeline. From the conversations that you're having with lenders at the moment, how have you seen terms for that debt change, just given the current pricing environment? I mean, the convertible's at about a 4.1% interest rate, the rest of your book's closer to 10%. I mean, where do you expect new debt to fall out? It will certainly be higher than the convertible, no question about it. And so if you see rates today, think about being at 9%, 8%, depends. It pretty will be higher than the convertible. But again, we have in the $500 million revolver, we have eight banks supporting us, and they will continue supporting us in the other alternatives we have. Uh, David? Thank you. I just wanted to clarify a couple points on what's happening in Mt Cattlin right now. So I assume that all the projections with CapEx include that $100 million of savings, but it also looked like you're still selling about 115,000 tons of spodumene next year, which is, I guess, more in line with what you've sold this year. I guess that's consistent with sort of the their curtailment of the waste stripping and everything like that, and what's being sold out of inventory? I just wanted to clarify that part. Exactly right. So Mt Cattlin, we're finalizing stage three. So all the volumes you see for this year and next year is purely the stage three. And as we start, the stripping for stage four A, you know, the cost of production is gonna be around $500. So that's exactly the plan, is just to finish stage three. Longer term, in 2028, you show more contracted volumes, I think, associated with Fenix one B for hydroxide, with expansion there. Do we assume that the contract's terms are more or less the same as what's on the existing 35 or so? What we assume are the existing contracts we have today. We don't speculate what future contracts will be. So all the pricing we show is based on the existing contracts we have today, and a lot of them will go through 2030 or 2028, in this case. But if you're asking about the pricing, the assumption, if you look at what the assumption for hydroxide pricing is by then, they're all market at that point. Yeah. You don't really not have to worry about the pricing in the contracts because, frankly, the assumption that we have in there for hydroxide pricing in those out years is above the floors on the contracts. Yeah, I mean, it seemed implied with the slides you put out there that you're still realizing a premium to what the analyst forecast would be, which I think is important, you know? It is. Yeah. Brock? Hi, Brock Hoffman from Bank of America. Just looking at the slide that you guys had kind of projecting out the EBITDA through the next few years, I just wondering, why does the twenty twenty-six EBITDA margin fall? Two major reasons for that. Number one is Mt Cattlin stops producing, so we're gonna lose the benefit of Mt Cattlin. And second, in our long-term contract agreements, as we always said, the contract agreements are a floor and a ceiling. At times, a customer comes to us and say: "Can I fix my price for the next two years?" We have done that with one specific customer, fixing prices from 2025 to 2026. From 2024 and 2025, I'm sorry. In 2026, this price is no longer fixed and flows back to be more market price. That impacts a little bit as well, because we have a very favorable fixed price in 2025. I see. And just regarding the OpEx, I appreciate the clarity on some of the upstream projects and their relevant OpExes. Just wondering on the downstream side, how could we think about comparing the costs of converting at Bessemer City, for example, versus kind of your various Chinese downstream assets? In Bessemer City is actually a little higher conversion cost compared to our operators in China. Not meaningfully higher, but because you have more fixed costs in the U.S. for operating the plant, and that drives a little bit higher cost of conversion. Well, I'm sorry, in China is a little lower cost. And as we move to Naraha, which because it's very important to highlight that, as the MOU that we signed with TTC, where Arcadium would take, you know, operational control of Naraha, the Naraha conversion cost will probably mirror a little more of Bessemer City in the future as well. Got it. Thank you. But just to be clear, the difference is small- Small per kilo. It's small. We're not talking $1, less than $1 difference, so. Chris. So Paul, you made an interesting remark about, you know, assessing. Chris Parkinson, Wolfe. You made an interesting remark about assessing the economics of the kind of the forward, you know, CapEx and thinking about that. Can you just give us a little bit more insight on how you would be thinking about that based on, is it I doubt it's a spot price at that given time. Is it, you know, a five-year outlook, ten-year outlook, what you're willing to get from customers in terms of a longer-term contract, the actions of others and how those could affect the forward-looking cost curve, kind of some of the things we're seeing right now? Just any framework or your algorithm and thought process would be very, very helpful. Yeah. Thank you. Yeah, look, I think there's a couple of things whenever we look at them. One of them is: What is the capital risk, right? I mean, technology risk, we do our best not to take technology risk, which is why we do our best to just keep doing what we're doing. But there's capital risk always, right? And there's gonna be operating risk on an asset, depending on where it is and what it is. So we like to think about what is the risk of it being what we think it's going to be in terms of operations and capital build and timing. The bigger question, though, is, generally speaking, what is gonna be the realized price of the product that comes out of there? And particularly if it's converting an existing product, like carbonate to hydroxide, or especially spodumene to either hydroxide or carbonate, are you getting paid for that capital? And that really requires you to have a lot of visibility, particularly for carbonate, about where the market price is likely to be. And in hydroxide, it's gonna be customer commitments. So you're not gonna commit that amount of capital, I don't think, without real customer commitments. I'm just gonna flip to two real quick in the virtual. In the current pricing environment, is there a critical price at which you'd reconsider some of the growth plans that you have in your current expectations? I don't think there's a single price. I think every single project has its own questions around price. I mean, clearly, carbonate drives the decision much more for the decision on future Argentina waves. It's clearly hydroxide price that's gonna drive the decision about whether we go downstream from Galaxy, and it's gonna be spodumene prices that drive decisions on James Bay directly. I think it's probably fair to say each of those has slightly different characteristics. If pricing stays where it is today, it's very difficult to imagine that you can continue with the expansion plans exactly as they are today. Now, that doesn't mean that two or three years of pricing where it is stops us, but if there's no sign of it recovering and improving, then it's gonna be very difficult to continue on that path. I think we've been relatively clear about where we see reinvestment pricing, and frankly, I think some of the longer-range numbers you see in there for each of carbonate, spodumene, and hydroxide are designed to reflect, and I think you research guys who are putting those numbers out tend to align on average with our views of what reinvestment economics need to look like for our industry. Great. And maybe if we can just comment a little bit about the current operating environment in Argentina and what sort of opportunities there are to take advantage some of the new regimes in place. Argentina, yeah. Look, I think Argentina's certainly an easier place to operate today. It's never really been terrible to operate. It's hard to predict, and that's why it's sometimes been hard to invest down there. I think this administration is doing a really good job of moving in the right direction. It's not been even a year yet, though, so we've got to be very cautious around it all. But we certainly, look, we wouldn't have four resources and so many expansion plans in Argentina if we weren't really confident about, A, our ability to invest down there, and, B, for them to be economically positive returns. We do have our GM of Argentina here today, so you can probably catch him afterwards and ask him his thoughts on what's going on down there in Argentina. Maybe just one more real quick. Is the company exploring any M&A opportunities, or will you just be focusing on your own internal growth pipeline? We're always looking at what's out there. You saw that with the Li-Metal investment and the ILiAD investment. We like the resources we have and the expandability they have, and we know them, right? So you don't have that unknown risk of an unknown resource in an unknown location. It's hard for us to think that in this environment, where we are being very careful around the amount and pacing of capital spending, that we do a big, splashy investment in M&A to drive more growth. I don't think that's very likely. Then just one more. Do you expect to eventually own all of Nemaska Lithium, and how would you plan to accomplish that? Yeah, certainly a majority. We're at 50% today. We want to be at a majority, and certainly the government of Quebec doesn't, at least in conversations with us, want to be a 50% owner in the long run. So the expectation over time is that either we will dilute them with further capital injections in the future, or we will make a decision at some point to make an offer to buy them down. I don't think we will ever be at 100% on Nemaska, frankly. I think there are advantages in having a partner there, whether it's IQ or somebody else, very similar to what we see as the advantages of having a financial partner in Galaxy. But we certainly expect to move to above 50%. Great. Glyn, Glyn, do you have a question? Hi. Thanks. It's Glyn Lawcock with Barrenjoey. I just had two questions. Firstly, we all remember, coming from Australia, James Bay asset, now called Galaxy, but we've had a 20% increase in what looks like CapEx and 60% in OpEx. This was a project that was almost pretty much ready to go. Why the big change? Let me touch on CapEx first. I think CapEx is relatively straightforward, which is, you know, one thing you learn very quickly in this industry, we all describe CapEx in very different ways, like when does capital spending stop, and when does it become non-capital spending? So we've standardized across the entire organization our definition of capital spending. The total spending on Galaxy that we put up here is no different to what the total spending on Galaxy was going to be before. We're just disclosing it in a manner consistent with how we've done this in the past. There's a whole bunch of things, whether it's capital on or capitalized spending during commissioning, during startup, payments to the Cree Nation, particularly in Galaxy, that frankly, were not included in those public disclosures that you're referring to, but they were always there. They were always in the forecast, and now they're in the capital number that we just disclosed. OpEx is a little bit more complicated one. I think we're probably... Bluntly, I think we're being a little conservative with some of the capital numbers around Galaxy. We're still trying to work out again, or at least standardize across Whabouchi and Galaxy, how you define what the total OpEx is. We've seen this across all of our resources, defining where OpEx ends. Again, everybody has a different definition. You know, we tend to say, look, the definition of OpEx to us that you can take is, if you were to sell spodumene at $1,000 a ton, you would report a gross profit of $1,000 less that OpEx. That would be your reported gross profit. That's consistent with how we talk about OpEx at the brine resources, et cetera. That is not how most of the industry talks about OpEx, frankly, where it's often cash cost at the mine gate. So it's really just about standardizing the statements of how we calculate it. I will tell you, I think our numbers that we have out there will give you more accurate modeling than maybe some of the numbers that have been out there in the past. Frankly, that was some of the purpose of doing that. Think about as a delivered cost. Just the second question, you've given this capacity of 170 by 2028, but you've talked about production at 120 in 2028. When do we actually... When can we fill the capacity? Like, how long do you think it'll take to get to 170,000 tons of production? Production? We'll be running it that way by the end of 2028. That's a big jump from the $120 you've put in the slides. I don't think it is. Did you count the spodumene LCEs in there as well? But that just gets converted, doesn't it? But I mean, that's another twenty, so that's one forty. So just bear in mind that we have ramp-ups coming from 2027 and 2028. So when I say we'll be there at the end of 2028, I don't think we'll be reporting 170 LCEs in 2028. But by the end of that year, we expect that we'll be running at those rates. So if you say, when do we actually produce at that level, it'll be 2029, actually reported LCEs. All right. Unfortunately, it looks like we're actually up on time here. But Paul has a few concluding remarks that he'll make, and then we'll see everybody in the reception. I promise not to keep you much longer. I promise. Oh, seriously. So thanks again, everybody, for joining us today. Before we head out and have whatever drink you wish to have out there and talk to us and talk to some of the team, I just wanna reiterate some of the key differentiators of Arcadium Lithium and why the strategic initiatives we've laid out for you today are the right ones for this business and in this industry. We have a best-in-class resource footprint, and it's highlighted by large scale, high quality and low cost. While we continue to drive costs lower across our business, it's clear that the quality of our asset base allows us to be competitive and profitable throughout all market cycles. Our vertically integrated operations and our broad range of lithium products allow us to maximize the value of what we sell and to be a full-service partner to our customers. And this can be seen in the quality of our customer base, our position in some of the most stringent global supply chains, and our long-standing relationships. We continue to have a project portfolio that we believe to be unparalleled in our industry in terms of its scale, its quality, and its ability to deliver volume growth for at least the next decade. We're not constrained in our ability to grow or our options to deploy capital into highly attractive opportunities. And despite current market conditions, our industry and our customers are going to continue to need this additional supply in the coming years. We have a commercial strategy that is proven to be successful, and this ensures we can take full advantage of our global operating footprint and gives us confidence to invest in growth over multi-year periods. And our balance sheet continues to afford us flexibility to quickly adapt to changes in the market. Now, before we go into the reception, I just wanna introduce you to a few members of the team that will be out there. It's a large, beautiful-looking group out there. There's a few extra faces on there compared to the first slide. I'll just draw your attention to a few of them. We have Liam Franklin here. Liam runs Mt Cattlin from Western Australia originally, so I'm sure he's happy about the cricket today, Liam. A little disappointing for some of us. And he's also pretty deeply versed in both Whabouchi and in the Galaxy Mine plans as well. We have Ashish Patki here, at the back. He's our director of market intelligence. Ashish has been with us, I don't know, twenty-odd years. So if you wanna ask questions about what's happening on the supply side, demand side, technology roadmaps out there, Ashish is the person to speak to. We have Dana Graves. Despite the close physical similarity between the two of us, we are not related. You can't miss him, he's the one in the leprechaun shoes. Dana is, all joking aside, one of, if not, the leading expert in the world in most lithium technologies, including DLE and other areas, so I'm sure many of you will have lots of questions for Dana. We have both Karen Vizental and George Thomas, who are responsible together for a lot of what we do in sustainability. So if you have sustainability questions, please come and find them. We have Ignacio Costa, our GM of Argentina, who's always happy to talk about all things Argentina and has all the answers to what's gonna happen politically in Argentina over the next few years. And then finally, Marina Yakovleva, been with us a long time, 30 years, I think she was telling me the other day. Marina is our head of research and development. Not only can talk about Liovix and lithium metal-based technologies, but probably more than anybody, has a really good understanding of what is happening with regard to technology roadmaps for customers, battery technologies, pros and cons of different applications of different batteries. So a great person to, to speak to in all of those areas as well. We'll all be outside here. There's some drinks available if you want a drink, and there's lots to look at and talk about. So again, thank you, everybody, for making the trip. I know a lot of you came a long way. Thank you again.