Arcadium Lithium Releases Second Quarter 2024 Results

¹ Reconciliation of Adjusted EBITDA, a non-GAAP measure, to net income attributable to Arcadium Lithium plc, the most directly comparable financial measure presented in accordance with GAAP, is set forth in the reconciliation table accompanying this release.

² Corresponds to Diluted adjusted after-tax earnings per share in the accompanying financial tables.  Reconciliation of Diluted adjusted after-tax earnings per share, a non-GAAP measure, to Diluted earnings per ordinary share (GAAP), the most directly comparable financial measure presented in accordance with GAAP, is set forth in the reconciliation table accompanying this release.

Second Half 2024

Average Market Price⁴

Full Year 2024

Units

$12/kg

$15/kg

Revenue

$ million

~1,100

~1,200

Adjusted EBITDA⁵

$ million

~380

~470

Adjusted EBITDA Margin ⁵

35 %

39 %

Units

Full Year 2024

Selling, general and administrative expenses⁶

$ million

~115

Depreciation & amortization

$ million

~100

Adjusted tax rate ⁵

25 %

30 %

Full-year weighted average diluted shares outstanding ⁷

million

~1,150

Capital spending

$ million

550

700

³ Reflects 100% consolidation of Olaroz and Nemaska Lithium, in which Arcadium Lithium has current economic interests of 66.5% and 50%, respectively.

⁴ Reference market prices meant to reflect multiple lithium products on an LCE equivalent basis.

⁵ Although Arcadium Lithium provides an outlook for Adjusted EBITDA, Adjusted EBITDA margin and adjusted tax rate, each of these a non-GAAP measure, the Company is not able to do so for the most directly comparable measures calculated and presented in accordance with GAAP.  Certain elements of the composition of the GAAP amounts are not predictable, making it impractical for the Company to provide an outlook for such GAAP measures or to reconcile corresponding non-GAAP financial measures to such GAAP measures without unreasonable efforts.  For the same reason, the Company is unable to address the probable significance of the unavailable information.  Such elements include, but are not limited to, restructuring and transaction related charges.  As a result, no GAAP equivalent outlook is provided for these metrics.

⁶ Includes Research and development expenses.

⁷ Inclusive of 67.7 million dilutive share equivalents attributable to 2025 Notes.

ARCADIUM LITHIUM PLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in millions, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023 ⁽¹⁾

2024

2023 ⁽¹⁾

Revenue

$      254.5

$      235.8

$    515.7

$      489.3

Costs of sales

174.1

88.5

328.9

174.8

Gross margin

80.4

147.3

186.8

314.5

Selling, general and administrative expenses

15.5

17.6

55.4

33.9

Research and development expenses

1.5

1.0

2.6

2.0

Restructuring and other charges

21.9

24.3

101.7

26.3

Total costs and expenses

213.0

131.4

488.6

237.0

Income from operations before equity in net loss of unconsolidated affiliate, interest income, net, loss on debt extinguishment and other gains

41.5

104.4

27.1

252.3

Equity in net loss of unconsolidated affiliate

—

7.2

—

15.3

Interest income, net

(9.3)

—

(20.3)

—

Loss on debt extinguishment

0.9

—

1.1

—

Other gains

(79.9)

(7.6)

(157.2)

(6.5)

Income from operations before income taxes

129.8

104.8

203.5

243.5

Income tax expense

35.3

14.6

89.1

38.5

Net income

$         94.5

$         90.2

$    114.4

$      205.0

Net income attributable to noncontrolling interests

8.8

—

13.1

—

Net income attributable to Arcadium Lithium plc

$         85.7

$         90.2

$    101.3

$      205.0

Basic earnings per ordinary share

$         0.08

$         0.21

$       0.10

$         0.47

Diluted earnings per ordinary share

$         0.07

$         0.18

$       0.09

$         0.41

Weighted average ordinary shares outstanding - basic

1,074.9

432.3

1,064.2

432.2

Weighted average ordinary shares outstanding - diluted

1,143.5

503.9

1,132.9

503.7

1.

For the three and six months ended June 30, 2023, basic and diluted earnings per ordinary share and weighted average ordinary shares outstanding - basic and diluted amounts represent predecessor Livent and have been adjusted to reflect the 2.406 Exchange Ratio. Represents the results of predecessor Livent's operations for three and six months ended June 30, 2023 which do not include the operations of Allkem.

ARCADIUM LITHIUM PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO ARCADIUM LITHIUM PLC (GAAP) TO ADJUSTED EBITDA (NON-GAAP)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(in Millions)

2024

2023 ⁽¹⁾

2024

2023 ⁽¹⁾

Net income attributable to Arcadium Lithium plc

$               85.7

$              90.2

$            101.3

$           205.0

Add back:

Net income attributable to noncontrolling interests 

8.8

—

13.1

—

Interest income, net

(9.3)

—

(20.3)

—

Income tax expense

35.3

14.6

89.1

38.5

Depreciation and amortization

24.3

7.0

41.5

13.8

EBITDA (Non-GAAP) ⁽²⁾

144.8

111.8

224.7

257.3

Add back:

Argentina remeasurement (gains)/losses ^(a)

(57.6)

4.8

(96.2)

8.9

Restructuring and other charges ^(b)

21.9

24.3

101.7

26.3

Loss on debt extinguishment ^(c)

0.9

—

1.1

—

Inventory step-up, Allkem Livent Merger ^(d)

4.7

—

20.5

—

Other losses/(gains) ^(e)

1.2

5.0

(7.4)

10.8

Subtract:

Blue Chip Swap gain ^(f)

(16.8)

(11.4)

(36.5)

(11.4)

Adjusted EBITDA (Non-GAAP) ⁽²⁾

$               99.1

$           134.5

$            207.9

$           291.9

1.

Represents the results of predecessor Livent's operations for three and six months ended June 30, 2023 which do not include the operations of Allkem.

2.

We evaluate operating performance using certain Non-GAAP measures such as EBITDA, which we define as net income attributable to Arcadium Lithium plc plus noncontrolling interests, interest income, net, income tax expense and depreciation and amortization; and Adjusted EBITDA, which we define as EBITDA adjusted for Argentina remeasurement (gains)/losses, restructuring and other charges, Merger-related inventory step-up, certain Blue Chip Swap gains and other losses/(gains). Management believes the use of these Non-GAAP measures allows management and investors to compare more easily the financial performance of its underlying business from period to period. The Non-GAAP information provided may not be comparable to similar measures disclosed by other companies because of differing methods used by other companies in calculating EBITDA and Adjusted EBITDA. This measure should not be considered as a substitute for net income or other measures of performance or liquidity reported in accordance with U.S. GAAP. The above table reconciles EBITDA and Adjusted EBITDA from net income.

a. 

Represents impact of currency fluctuations primarily on deferred income tax assets and liabilities. Also includes impact of currency fluctuations on other tax assets and liabilities and on long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within Other gains in our condensed consolidated statements of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country.

b. 

We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The three months ended June 30, 2024 and 2023 include costs related to the combination of Livent and Allkem in a stock-for-stock transaction (the "Transaction") of $19.8 million and $18.8 million, respectively. The six months ended June 30, 2024 and 2023 include costs related to the Transaction of $86.8 million and $18.8 million, respectively. The six months ended June 30, 2024 and 2023 include severance-related costs of $14.1 million and $2.4 million, respectively.

c. 

The three months ended June 30, 2024 represents a prepayment fee incurred when the Sal de Vida Project Financing Facility was repaid in its entirety by SDJ SA on May 30, 2024. The six months ended June 30, 2024 also includes $0.2 million for the partial write-off of deferred financing costs for amendments to the Revolving Credit Facility. The debt extinguishment losses are excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring.

d.

 Relates to the step-up in inventory recorded for Allkem Livent Merger for the three and six months ended June 30, 2024 as a result of purchase accounting, excluded from Adjusted EBITDA as the step-up is considered a one-time, non-recurring cost.

e.

The three and six months ended June 30, 2024 primarily represents foreign currency remeasurement gains related to U.S. dollar-denominated cash balances temporarily held at a foreign currency-functional subsidiary. The three and six months ended June 30, 2023, prior to consolidation of Nemaska Lithium Inc. ("NLI") on October 18, 2023, represents our 50% ownership interest in costs incurred for certain project-related costs to align NLI's reported results with Arcadium's capitalization policies and interest expense incurred by NLI, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statements of operations. The Company consolidates NLI on a one-quarter lag basis and prior to October 18, 2023, accounted for its equity method investment in NLI on a one-quarter lag basis.

f.

Represents non-recurring gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds due to the divergence of Argentina's Blue Chip Swap market exchange rate from the official rate. 

RECONCILIATION OF NET INCOME ATTRIBUTABLE TO ARCADIUM LITHIUM PLC (GAAP) TO

ADJUSTED AFTER-TAX EARNINGS (NON-GAAP)

(Unaudited) 

(in Millions, Except Per Share Data)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023 ⁽¹⁾

2024

2023 ⁽¹⁾

Net income attributable to Arcadium Lithium plc

$           85.7

$           90.2

$         101.3

$         205.0

Add back:

Net income attributable to noncontrolling interests

8.8

—

13.1

—

Special charges:

Argentina remeasurement (gains)/losses ^(a)

(57.6)

4.8

(96.2)

8.9

Restructuring and other charges ^(b)

21.9

24.3

101.7

26.3

Loss on debt extinguishment ^(c)

0.9

—

1.1

—

Inventory step-up, Allkem Livent Merger ^(d)

4.7

—

20.5

—

Other losses/(gains) ^(e)

1.2

5.0

(7.4)

10.8

Blue Chip Swap gain ^(f)

(16.8)

(11.4)

(36.5)

(11.4)

Non-GAAP tax adjustments ^(g)

10.1

(5.6)

38.3

(6.3)

Adjusted after-tax earnings (Non-GAAP) ⁽²⁾

$           58.9

$         107.3

$         135.9

$         233.3

Diluted earnings per ordinary share (GAAP)

$           0.07

$           0.18

$           0.09

$           0.41

Special charges per diluted share, before tax:

Argentina remeasurement (gains)/losses, per diluted share

(0.05)

0.01

(0.08)

0.02

Restructuring and other charges, per diluted share

0.02

0.05

0.09

0.05

Inventory step-up, Allkem Livent Merger, per diluted share

—

—

0.02

—

Other losses/(gains), per diluted share

—

0.01

(0.01)

0.02

Blue Chip Swap gain, per diluted share

(0.01)

(0.03)

(0.02)

(0.03)

Non-GAAP tax adjustments, per diluted share

0.02

(0.01)

0.03

(0.01)

Diluted adjusted after-tax earnings per share (Non-GAAP) ⁽²⁾

$           0.05

$           0.21

$           0.12

$           0.46

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

1,143.5

503.9

1,132.9

503.7

1.

For the three and six months ended June 30, 2023, diluted earnings per ordinary share (GAAP), weighted average ordinary shares outstanding - diluted (Non-GAAP) and all per diluted share amounts represent predecessor Livent and have been adjusted to reflect the 2.406 Exchange Ratio. Represents the results of predecessor Livent's operations for three and six months ended June 30, 2023 which do not include the operations of Allkem.

2.

The Company believes that the Non-GAAP financial measures Adjusted after-tax earnings and Diluted adjusted after-tax earnings per share provide useful information about the Company's operating results to management, investors and securities analysts. Adjusted after-tax earnings excludes the effects of, nonrecurring charges/(income) and tax-related adjustments. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. Diluted adjusted after-tax earnings per share (Non-GAAP) is calculated using weighted average common shares outstanding - diluted.                 

a. 

Represents impact of currency fluctuations primarily on deferred income tax assets and liabilities. Also includes impact of currency fluctuations on other tax assets and liabilities and on long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement losses are included within Other gains in our condensed consolidated statements of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country.

b.

We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The three months ended June 30, 2024 and 2023 include costs related to the Transaction of $19.8 million and $18.8 million, respectively. The six months ended June 30, 2024 and 2023 include costs related to the Transaction of $86.8 million and $18.8 million, respectively. The six months ended June 30, 2024 and 2023 include severance-related costs of $14.1 million and $2.4 million, respectively.

c.

The three months ended June 30, 2024 represents a prepayment fee incurred when the Sal de Vida Project Financing Facility was repaid in its entirety by SDJ SA on May 30, 2024. The six months ended June 30, 2024 also includes $0.2 million for the partial write-off of deferred financing costs for amendments to the Revolving Credit Facility. The debt extinguishment losses are excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring.

d.

Relates to the step-up in inventory recorded for Allkem Livent Merger for the three and six months ended June 30, 2024 as a result of purchase accounting, excluded from Adjusted EBITDA as the step-up is considered a one-time, non-recurring cost.

e.

The three and six months ended June 30, 2024 primarily represents foreign currency remeasurement gains related to U.S. dollar-denominated cash balances temporarily held at a foreign currency-functional subsidiary. The three and six months ended June 30, 2023, prior to consolidation of Nemaska Lithium Inc. ("NLI") on October 18, 2023, represents our 50% ownership interest in costs incurred for certain project-related costs to align NLI's reported results with Arcadium's capitalization policies and interest expense incurred by NLI, all included in Equity in net loss of unconsolidated affiliate in our condensed consolidated statements of operations. The Company consolidates NLI on a one-quarter lag basis and prior to October 18, 2023, accounted for its equity method investment in NLI on a one-quarter lag basis.

f. 

Represents non-recurring gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds due to the divergence of Argentina's Blue Chip Swap market exchange rate from the official rate. 

g.

The company excludes the GAAP tax provision, including discrete items, from the Non-GAAP measure Diluted adjusted after-tax earnings per share, and instead includes a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to operating results thereby providing investors with useful supplemental information about the company's operational performance. The income tax expense/(benefit) on special charges/(income) is determined using the applicable rates in the taxing jurisdictions in which the special charge or income occurred and includes both current and deferred income tax expense/(benefit) based on the nature of the Non-GAAP performance measure.

Three Months Ended June 30,

Six Months Ended June 30,

(in Millions)

2024

2023

2024

2023

Non-GAAP tax adjustments:

Income tax benefit on restructuring and other charges and other corporate costs

$        (5.9)

$        (2.3)

$      (23.4)

$        (2.8)

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

0.2

(0.1)

1.2

(0.1)

Foreign currency remeasurement (net of valuation allowance) and other discrete items

9.6

(4.3)

47.9

(3.1)

Blue Chip Swap gain

4.6

1.2

9.2

1.2

Other discrete items

1.6

(0.1)

3.4

(1.5)

Total Non-GAAP tax adjustments

$        10.1

$        (5.6)

$        38.3

$        (6.3)

RECONCILIATION OF CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (GAAP) TO

ADJUSTED CASH PROVIDED BY OPERATIONS (NON-GAAP)

(Unaudited)

Six Months Ended June 30,

(in Millions)

2024

2023 ⁽¹⁾

Cash (used in)/provided by operating activities (GAAP)

$                  (119.7)

$                    181.6

Restructuring and other charges

145.1

10.4

Adjusted cash provided by operations (Non-GAAP) ⁽²⁾

$                       25.4

$                    192.0

1.

Represents the results of predecessor Livent's operations for six months ended June 30, 2023 which do not include the operations of Allkem.

2.

The Company believes that the Non-GAAP financial measure Adjusted cash provided by operations provides useful information about the Company's cash flows to investors and securities analysts. Adjusted cash provided by operations excludes the effects of transaction-related cash flows. The Company also believes that excluding the effects of these items from cash (used in)/provided by operating activities allows management and investors to compare more easily the cash flows from period to period.

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

NET DEBT (NON-GAAP)

(Unaudited)

(in Millions)

June 30, 2024

December 31, 2023 ⁽¹⁾

Long-term debt (including current maturities) (GAAP) ^(a)

$                       634.0

$                        302.0

Less: Cash and cash equivalents (GAAP)

(380.4)

(237.6)

Net debt (Non-GAAP) ⁽²⁾

$                       253.6

$                          64.4

1.

Represents the financial position of predecessor Livent as of December 31, 2023, which does not include the financial position of Allkem.

2.

The Company believes that the Non-GAAP financial measure Net debt provides useful information about the Company's cash flows and liquidity to investors and securities analysts.

a.

Presented net of unamortized discounts of  $74.4 million and $22.2 million as of June 30, 2024 and December 31, 2023, respectively.

RECONCILIATION OF CASH AND CASH EQUIVALENTS (GAAP) TO ADJUSTED CASH AND DEPOSITS (NON-GAAP) 

The following table provides a reconciliation of Arcadium Lithium's Cash and cash equivalents (GAAP) to Adjusted cash and deposits (Non-GAAP), on an unaudited basis for illustrative purposes. We define Adjusted cash and deposits (Non-GAAP) as Cash and cash equivalents, plus restricted cash in Other non-current assets, less Nemaska Lithium Cash and cash equivalents consolidated by Arcadium on a one-quarter lag, plus Nemaska Lithium Cash and cash equivalents not on a one-quarter lag. Our management believes that this measure provides useful information about the Company's balances and liquidity to investors and securities analysts. Such measure may not be comparable to similar measures disclosed by other companies because of differing methods used by other companies in calculating Adjusted cash and deposits. These measures should not be considered as a substitute for Cash and cash equivalents or other measures of liquidity reported in accordance with U.S. GAAP.

June 30, 2024

December 31, 2023 ⁽¹⁾

(in Millions)

(unaudited) ¹

Arcadium Lithium Cash and cash equivalents (GAAP)

$                   380.4

$                         237.6

Allkem Cash and cash equivalents

—

681.4

Add:

Restricted cash in Other non-current assets:

Project Loan Facility guarantee - Stage 2 of Olaroz Plant (SDJ SA)

24.6

24.6

Project Financing Facility guarantee - Sal de Vida (SDV SA) ²

—

32.5

Other

5.0

5.0

Less:

Nemaska Lithium Cash and cash equivalents as of March 31, 2024 and October 18, 2023, respectively, consolidated by Arcadium on a one-quarter lag

(149.7)

(133.5)

Arcadium Lithium, excluding Nemaska Lithium ⁽³⁾

260.3

847.6

Nemaska Lithium Cash and cash equivalents not on a one-quarter lag ⁽⁴⁾

41.3

44.2

Adjusted cash and deposits (Non-GAAP) ³

$                   301.6

$                         891.8

1.

This unaudited information of the combined company as of December 31, 2023 is for illustrative purposes and was derived from the historical consolidated financial information of Livent, Allkem and Nemaska Lithium.

2.

On May 30, 2024, SDV SA paid the outstanding principal balance of $47.0 million, a prepayment fee of $0.9 million and accrued interest and commitment fees of $1.3 million to repay the Project Financing Facility in its entirety.

3.

$137.6 million and $176.9 million reserved or restricted at June 30, 2024 and December 31, 2023, respectively, to provide collateral or cash backing for guarantees primarily on Allkem debt facilities, including $29.6 million and $62.1 million at June 30, 2024 and December 31, 2023, respectively, in Other non-current assets in our condensed consolidated balance sheet.

4.

The presentation reflects NLI's actual balance at that date, not on a one-quarter lag. This differs from Nemaska Lithium Cash and cash equivalents included in Arcadium Lithium's condensed consolidated balance sheet as of June 30, 2024 of $149.7 million, representing NLI's balance as of March 31, 2024 as we consolidate NLI on a one-quarter lag. On March 28, 2024, Nemaska Lithium received cash of $150 million related to a second advance payment in connection with a customer supply agreement repayable in equal quarterly installments beginning in January 2027 and ending in October 2031.

ARCADIUM LITHIUM PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in Millions)

June 30, 2024

December 31, 2023 ⁽¹⁾

Cash and cash equivalents

$                                380.4

$                           237.6

Trade receivables, net of allowance of approximately $0.1 in 2024 and $0.3 in 2023

94.1

106.7

Inventories

333.1

217.5

Other current assets

264.0

86.4

Total current assets

1,071.6

648.2

Investments

38.2

34.8

Property, plant and equipment, net of accumulated depreciation of $307.8 in 2024 and $269.1 in 2023

7,034.9

2,237.1

Right of use assets - operating leases, net

53.7

6.8

Goodwill

1,300.3

120.7

Other intangibles, net

56.6

53.4

Deferred income taxes

32.7

1.4

Other assets

342.3

127.7

Total assets

$                            9,930.3

$                        3,230.1

Total current liabilities

473.8

268.6

Long-term debt

590.6

299.6

Contract liabilities - long-term

253.8

217.8

Other long-term liabilities

1,522.5

160.3

Total Arcadium Lithium plc shareholders' equity

6,262.8

1,784.2

Noncontrolling interests

826.8

499.6

Total liabilities and equity

$                            9,930.3

$                        3,230.1

1.

Represents the financial position of predecessor Livent as of December 31, 2023, which does not include the financial position of Allkem.

ARCADIUM LITHIUM PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30,

(in Millions)

2024

2023 ⁽¹⁾

Cash (used in)/provided by operating activities

$                (119.7)

$                  181.6

Cash provided by/(used in) investing activities

158.4

(180.2)

Cash provided by/(used in) financing activities

119.6

(21.6)

Effect of exchange rate changes on cash

(15.5)

(1.0)

Increase/(decrease) in cash and cash equivalents

142.8

(21.2)

Cash and cash equivalents, beginning of period

237.6

189.0

Cash and cash equivalents, end of period

$                  380.4

$                  167.8

1.

Represents the results of predecessor Livent's operations for three months ended March 31, 2023 which do not include the operations of Allkem.

ARCADIUM LITHIUM PLC

LONG-TERM DEBT

(Unaudited)

Interest Rate Percentage

Maturity Date

June 30, 2024

December 31, 2023⁽¹⁾

(in Millions)

SOFR borrowings

Base rate borrowings

Revolving Credit Facility

7.19 %

9.25 %

2027

$             —

$                 —

4.125% Convertible Senior Notes due 2025

4.125 %

2025

245.8

245.8

Transaction costs - 2025 Notes

(1.6)

(2.4)

Nemaska - Prepayment agreement - tranche 1

8.9 %

75.0

75.0

Discount - Prepayment agreement

(19.4)

(19.8)

Nemaska - Prepayment agreement - tranche 2

9.4 %

150.0

—

Discount - Prepayment agreement

(53.4)

—

Nemaska - Other

0.5

3.4

Debt assumed in Allkem Livent Merger ⁽²⁾

Project Loan Facility - Stage 1 of Olaroz Plant

4.90 %

2024

9.1

—

Project Loan Facility - Stage 2 of Olaroz Plant

2.61 %

2029

144.0

—

Affiliate Loans with TTC

15.25 %

2030

81.5

—

Affiliate Loan with TLP

10.34 %

2026

2.5

—

Total debt assumed in Allkem Livent Merger

237.1

—

Subtotal long-term debt (including current maturities)

634.0

302.0

Less current maturities

(43.4)

(2.4)

Total long-term debt

$       590.6

$           299.6

1.

Represents the financial position of predecessor Livent as of December 31, 2023, which does not include the financial position of Allkem.

2.

On May 30, 2024, SDV SA paid the outstanding principal balance of $47.0 million, a prepayment fee of $0.9 million and accrued interest and commitment fees of $1.3 million to repay the Project Financing Facility in its entirety.