Lithium Americas : DFS October 19, 2020

NI 43 - 101 TECHNICAL REPORT

Updated Feasibility Study and Mineral Reserve Estimation

to Support 40,000 tpa

Lithium Carbonate Production

at the Cauchari-Olaroz Salars,

Jujuy Province, Argentina

Prepared by:

Ernest Burga, P.Eng.

David Burga, P.Geo.

Daniel Weber, P.G., RM-SME

Anthony Sanford, Pr.Sci.Nat.

Marek Dworzanowski, CEng, PrEng.

Effective Date: September 30, 2020

Filing Date:

October 19, 2020

		TABLE OF CONTENTS
1.0 SUMMARY	.........................................................................................................................	1
1.1	INTRODUCTION ...................................................................................................	1
1.2	LOCATION AND OWNERSHIP ...........................................................................	1
1.3	GEOLOGY ..............................................................................................................	3
1.4	MINERALIZATION ...............................................................................................	4
1.5	EXPLORATION AND DRILLING ........................................................................	4
1.6	MINERAL RESOURCES AND MINERAL RESERVES .....................................	5
1.7	BRINE PROCESSING ............................................................................................	8
	1.7.1	Lithium Carbonate Production.....................................................................	9
1.8	SITE INFRASTRUCTURE AND BUILDINGS.....................................................	9
	1.8.1	Wells ............................................................................................................	9
	1.8.2	Evaporation Ponds .......................................................................................	9
	1.8.3	Salt Harvest Equipment .............................................................................	10
	1.8.4 Site Infrastructure and Support Systems....................................................	10
1.9	MARKET STUDIES AND CONTRACTS...........................................................	12

1.10 PERMITTING, ENVIRONMENTAL STUDIES AND SOCIAL OR

	COMMUNITY IMPACT ......................................................................................	13
	1.10.1	Permits and Authorities..............................................................................	13
	1.10.2	Minera Exar's Environmental and Social Policy.......................................	14
	1.10.3	Environmental Baseline Studies ................................................................	15
	1.10.4	Evaluation of Impacts ................................................................................	15
	1.10.5 Community Relations Program..................................................................	16
1.11	CAPITAL AND OPERATING COST ESTIMATE .............................................	16
	1.11.1	Capital Cost Estimate.................................................................................	16
	1.11.2 Estimate Confidence Range .......................................................................	18
	1.11.3	Exclusions ..................................................................................................	18
	1.11.4	Currency.....................................................................................................	18
	1.11.5	Operating Cost Estimate ............................................................................	18
1.12	ECONOMIC ANALYSIS .....................................................................................	19
	1.12.1 Capital Expenditures (CAPEX) .................................................................	20
	1.12.2	Production Revenues Schedule..................................................................	20
	1.12.3 Other Expenses ..........................................................................................	21
1.13	CONCLUSIONS AND RECOMMENDATIONS ................................................	22
	1.13.1	Conclusions................................................................................................	22
	1.13.2 Recommendations......................................................................................	23
2.0 INTRODUCTION AND TERMS OF REFERENCE .......................................................	26
2.1	TERMS OF REFERENCE ....................................................................................	26
2.2	QUALIFIED PERSONS SITE VISITS.................................................................	26
2.3	SOURCES OF INFORMATION ..........................................................................	26
2.4	UNITS AND CURRENCY ...................................................................................	27
3.0 RELIANCE ON OTHER EXPERTS ................................................................................	32
4.0 PROPERTY DESCRIPTION AND LOCATION .............................................................	33
4.1	PROPERTY DESCRIPTION ................................................................................	33
4.2	PROPERTY AREA ...............................................................................................	35
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4.3	SQM JOINT VENTURE .......................................................................................	43
4.4	GANFENG JOINT VENTURE.............................................................................	43
	4.4.1 Los Boros Option Agreement ....................................................................	43
	4.4.2 Borax Argentina S.A. Agreement ..............................................................	44
	4.4.3 JEMSE Arrangement .................................................................................	44
4.5	TYPE OF MINERAL TENURE ...........................................................................	45
4.6	PROPERTY BOUNDARIES ................................................................................	45
4.7	ENVIRONMENTAL LIABILITIES .....................................................................	45
4.8	PERMITS...............................................................................................................	46
4.9	ABORIGINAL COMMUNITIES .........................................................................	50

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND

	PHYSIOGRAPHY.............................................................................................................	52
	5.1	TOPOGRAPHY.....................................................................................................	52
	5.2	ACCESS ................................................................................................................	52
	5.3	POPULATION ......................................................................................................	52
	5.4	CLIMATE..............................................................................................................	54
		5.4.1	Vaisala Station ...........................................................................................	54
		5.4.2	Regional Meteorological Stations..............................................................	55
	5.5	TEMPERATURE ..................................................................................................	56
	5.6	PRECIPITATION..................................................................................................	58
	5.7	HUMIDITY ...........................................................................................................	60
	5.8	WINDS ..................................................................................................................	61
	5.9	EVAPORATION ...................................................................................................	63
		5.9.1	Evaporation Measurements........................................................................	63
		5.9.2 Calculated Evaporation Using Site-Collected Parameters.........................	63
	5.10	EXISTING INFRASTRUCTURE.........................................................................	66
6.0	HISTORY ..........................................................................................................................	67
7.0 GEOLOGICAL SETTING AND MINERALIZATION ...................................................	68
	7.1	REGIONAL STRUCTURAL FEATURES...........................................................	68
	7.2	REGIONAL GEOLOGY.......................................................................................	70
	7.3	GEOLOGY OF THE OLAROZ AND CAUCHARI SALARS ............................	70
		7.3.1	Salar Structural Setting ..............................................................................	70
	7.4	SALAR SURFACE SEDIMENTS AND MINERALIZATION ...........................	72
	7.5	SALAR LITHOSTRATIGRAPHIC UNITS .........................................................	74
		7.5.1 Unit 1 - Red Silts with Minor Clay and Sand ...........................................	74
		7.5.2 Unit 2 - Banded Halite Beds with Clay, Silt and Minor Sand ..................	74
		7.5.3 Unit 3 - Fine Sands with Minor Silt and Salt Beds ...................................	75
		7.5.4 Unit 4 - Banded and Massive Halite Beds with Minor Sandy Beds .........	75
		7.5.5 Unit 5 - Medium and Fine Sands ..............................................................	75
		7.5.6	Sedimentation Cycles.................................................................................	76
		7.5.7 Sedimentary Facies Analysis and In-filling History ..................................	76
	7.6	SURFACE WATER ..............................................................................................	84
	7.7	MINERALIZATION .............................................................................................	86
8.0	DEPOSIT TYPES ..............................................................................................................	88
9.0	EXPLORATION................................................................................................................	90
	9.1	OVERVIEW ..........................................................................................................	90
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9.2	SURFACE BRINE PROGRAM............................................................................	90
9.3	SEISMIC GEOPHYSICAL PROGRAM ..............................................................	91
9.4	GRAVITY SURVEY.............................................................................................	94
9.5	TEM SURVEY ......................................................................................................	98
9.6	VERTICAL ELECTRICAL SOUNDING SURVEY (VES) ..............................	105
9.7	BOUNDARY INVESTIGATION .......................................................................	112
9.8	SURFACE WATER MONITORING PROGRAM.............................................	115
9.9	BRINE LEVEL MONITORING PROGRAM ....................................................	126
9.10	PUMPING TEST PROGRAM ............................................................................	132
	9.10.1 Overview..................................................................................................	132
9.11	CHEMISTRY OF SAMPLES COLLECTED DURING PUMP TESTS............	134
10.0 DRILLING.......................................................................................................................	135
10.1	REVERSE CIRCULATION (RC) BOREHOLE PROGRAM 2009-2010 .........	135
10.2	DIAMOND DRILLING (DDH) BOREHOLE PROGRAM 2009-2010.............	139
10.3	DIAMOND DRILLING (DDH) BOREHOLE PROGRAM 2017-2019.............	140
10.4	PRODUCTION WELL DRILLING....................................................................	149
11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY ........................................	151
11.1	SAMPLING METHOD AND APPROACH .......................................................	151
11.2	ROTARY DRILLING SAMPLING METHODS ...............................................	151
11.3	DIAMOND DRILLING BOREHOLE SOLIDS SAMPLING METHODS .......	152
11.4	DIAMOND DRILLING BOREHOLE BRINE SAMPLING METHODS .........	154
11.5	SAMPLING PREPARATION, ANALYSIS AND SECURITY.........................	154
	11.5.1	Brine Samples from the Piezometers .......................................................	154
	11.5.2 Brine Samples from the Pumping Test Program .....................................	155
11.6	BRINE ANALYSIS.............................................................................................	157
	11.6.1	Analytical Methods ..................................................................................	157
	11.6.2	Sample Security .......................................................................................	157

11.7 SAMPLE PREPARATION ANALYSIS AND SECURITY CONCLUSIONS

	AND RECOMMENDATIONS ...........................................................................	157
11.8	GEOTECHNICAL ANALYSIS ..........................................................................	157
	11.8.1 Overview..................................................................................................	157
11.9	ANALYTICAL METHODS ...............................................................................	158
	11.9.1	Specific Gravity .......................................................................................	158
	11.9.2 Relative Brine Release Capacity (RBRC) ...............................................	158
	11.9.3	Particle Size Analysis ..............................................................................	159
	11.9.4	Exar Porosity Test Lab.............................................................................	159
12.0 DATA VERIFICATION .................................................................................................	160
12.1	OVERVIEW ........................................................................................................	160
12.2	SITE VISITS........................................................................................................	160
12.3	FEBRUARY 2019 SITE VISIT AND DUE DILIGENCE SAMPLING ............	160
12.4	JUNE 2019 SITE VISIT AND DUE DILIGENCE SAMPLING .......................	162
12.5	QUALITY ASSURANCE/QUALITY CONTROL PROGRAM .......................	164
12.6	PERFORMANCE OF BLANK SAMPLES ........................................................	165
12.7	CERTIFIED REFERENCE MATERIALS .........................................................	166
12.8	DUPLICATES .....................................................................................................	171
12.9	CHECK ASSAYS: EXAR VS. ALEX STEWART ............................................	171
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