Sociedad Quimica Y Minera de Chile S.A. - ADR

Lithium: strong demand + higher volumes + improved pricing bias - Q1 2026 lithium sales volumes increased ~25% YoY to ~69,000 kt LCE (across operations). - Company raised full-year guidance: expects ~+15% YoY lithium sales volumes vs 2025. - Outlook suggests tight supply-demand and the average realized price in Q2 could be higher than Q1, because pricing follows indices and Q1 pricing was already strong. - Management cited Q1 average ~$18/kg (vs ~$10/kg in Q4 2025), but emphasized price remains highly volatile and visibility is limited beyond Q2.

Novandino / Chile: operating at full capacity + major fiscal contribution - Milestone: the first full quarter of operations with Codelco via Novandino Lithium. - Operating at full capacity, delivering strong operational/financial results. - In Q1 alone, Novandino generated > $530m contributions to the Chilean state through CORFO payments, taxes, and local government transfers—a key “value creation for Chile” narrative.

International Lithium (Australia): operational strength, refinery ramp is the key timeline - Mount Holland + concentrator operating at full capacity. - Kwinana refinery ramp-up continues; expected to be fully operational during 2027. - Expansion/ramp timeline is a medium-term opportunity but also a dependency on execution and commissioning.