Lithium Royalty Corp.

Ladies and gentlemen, thank you for joining us and welcome to Lithium Royalty Corp's third quarter 2025 results conference call. This call is being recorded on Tuesday, November 4th, 2025. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you've dialed in to today's call, please press star nine to raise your hand and star six to unmute. I would now like to turn the conference over to Yunita Zaganori, Vice President of Investor Relations at Lithium Royalty Corp. Please go ahead.

Good morning and welcome to Lithium Royalty Corp's third quarter 2025 results call. Please note that our complete financial results are available on our website, lithiumroyaltycorp.com, under the Investors tab, and on CDAR+. This event is being webcast live. A replay of this call will be available on our website. Joining us today are Ernie Ortiz, President and CEO of Lithium Royalty Corp., and Dominique Barker, Chief Financial Officer at LRC. Ernie will begin with introductory remarks, followed by Dominique, who will provide an overview of our financial results. After the presentations, we will transition to a Q&A session where our executive team will respond to your questions. We would like to remind participants that today's commentaries may contain forward-looking information. For more details and other important notices, please refer to our press release dated November 3, 2025, available on our website and on CDART+. Please note that all figures referred to on today's call are in U.S. dollars unless otherwise noted. I will now turn the call over to Ernie.

Thank you, Anita, and good morning, everyone. Revenue in the quarter was $417,000. This figure increased by 86% compared to the year-ago figure. The increase in revenue was driven by the tailwind from positive quotational pricing adjustments that had previously been subtractions to revenue. Similarly, the quarter benefited from easier year-over-year comparisons, as core lithium's last shipment occurred in the second quarter of 2024 and are no longer factored in the year-over-year figure. Pricing was a headwind with SMM reporting a year-on-year price decline of 6% despite a 14% sequential increase for spodumene concentrate. Spodumene prices were volatile in the quarter, with a range of $620 per ton at the lows to a peak of $1,000 per ton. The quarter exited with prices at approximately $850 per ton and are currently trading near $950 per ton. In a sign of the magnitude of the recent downturn, If stock prices hold at the current levels for the remainder of the year, then the fourth quarter of 2025 would be the first quarter in which the sector sees year-on-year price increases since the first quarter of 2023, or since LRC became a public company. LRC has witnessed portfolio maturation that positions the company well to deliver revenue growth in the years ahead, irrespective of the pricing environment. In this vein, LRC is pleased to congratulate Zijin Mining on their startup of the Tres Cabradas lithium project in Argentina during the third quarter of 2025. Zijin started production of this large-scale asset and is actively ramping up production that should see more meaningful contribution in 2026. The company was able to complete one small shipment during the quarter that translated into LRC recording its first-ever revenue from the Tres Cabradas project. Zigen is actively working to increase output as it revs to nameplate capacity for its Phase 1 project of 20,000 tons per year. As part of Zigen's startup commentary, Zigen also disclosed that its Phase 2 production profile is now 40,000 tons per year compared to the prior guidance of 30,000 tons per year. This startup complements the inauguration of Gangfang Lithium's Mariana Lithium project in Salta, Argentina earlier this year, which continues to de-risk, with first revenue expected for LRC in the near term. Also in the quarter, Sanova Global started production at its Horse Creek mine in British Columbia. Sanova Global started production mainly to test the capabilities of the mine, and near-term production could be sporadic, although we expect first revenue from the Horse Creek mine in 2026 from the recent production. Atlas Lithium continues to advance the Das Neves asset in Brazil. Atlas has a DMS facility in Belo Horizonte and is awaiting additional environmental permitting to progress to put construction. The company is well advanced in its development and could be one of the earliest greenfield mines to enter production in the next cycle. Core Lithium remains a high quality asset for LRC. The company completed a $50 million equity raise to accelerate the restart of the finished lithium project and to expedite the BP-33 box cut and decline development. LRC visited this site in October and can attest to the high-quality VMS plant on site, the solid infrastructure it has with proximity to port, and the unencumbered material it has from its 205,000 tons SC-6 main plate capacity. ORE is advancing the project towards a final investment decision to restart the mine. In the quarter, we were active on our NCIB program. We acquired 4,400 shares at an average price of $590 per share. This brings our buybacks for the year to almost 716,000 shares at a price of $563. In addition, we were able to acquire our 36th royalty of the quarter on the Fox Tungsten asset that is owned by Happy Creek Minerals. LRC acquired a 1.25% net melted return royalty for approximately $260,000. The Fox Tungsten asset holds a mineral resource of 1.15 million tons and 1.231% tungsten trioxide. The company announced a 100-hole, 10,000-meter drill campaign in September to enlarge the resource. Tungsten is a critical mineral in several countries including Canada, the United States, and the European Union. Approximately 85% of global production emanates from China, Russia, and North Korea, high in the strategic nature of the Fox tungsten asset given its high-grade ore body located in British Columbia. Tungsten has a high melting point and extreme variability with applications in the defense industry, semiconductors, robotics, and electric vehicles. This is a very complementary acquisition for LRC in that it is a small cash outlay and leverages a strong intellectual property the LRC team holds in critical minerals as an extension of our very strong position in the lithium sector. With this acquisition, LRC's portfolio is mainly exposed to lithium, but now benefits from other key exposures including silica quartz, cesium, and tungsten. Our focus remains to grow the acquisitions of additional lithium royalties, but to the extent there are tactical opportunities in critical minerals that are relatively small in capital outlay, yet benefit from our IP within the sectors of electric vehicles, energy storage, robotics, and eVTOL, we will continue to evaluate opportunities as they arise. In this vein, our pipeline continues to grow and improve. Our preference remains to acquire royalties on cash flowing or near-term cash flowing assets. and we feel that we can be selective given the stage of the cycle. Our pipeline is robust, and we are optimistic about potential royalty acquisitions in the quarters ahead. As we've mentioned previously, given that we have royalties in some of the best assets globally, we will remain prudent on when to deploy additional capital. I will now pass to Dominique who will discuss our financial results.