Santiago, July 1, 2025.- New progress in the implementation of the agreement between Codelco and SQM was made this week, after the Chilean Nuclear Energy Commission (CChEN) approved the request of Minera Tarar SpA, a Codelco subsidiary, setting an initial maximum extraction of 2,500,000 tons of lithium metal equivalent (LME) between January 1, 2031, and December 31, 2060, which may increase to 3,018,507 tons of LME, once Minera Tarar SpA presents an updated report on the "Evaluation of Lithium and Potassium Resources and Reserves in the Salar de Atacama" and has the corresponding Environmental Qualification Resolution for it. This last quota allows the production and commercialization of up to 330,000 tons of lithium carbonate equivalent per year for a period of 30 years.

The authorization granted by CChEN will allow the future joint venture (formed by Codelco and SQM) to operate continuously, from the end of the current SQM Salar contract in 2030, without generating interruptions in the production and commercialization of lithium starting in 2031. To make this process operationally viable, the CChEN also approved the advancement of the extraction of a part of this quota from January 1, 2029, which will avoid a decrease in production due to the natural lag between brine extraction and the production of marketable lithium.

“The approval of this request by the CChEN is excellent news for Chile. It represents a key step forward in ensuring the operational continuity of the new public-private partnership we are promoting with SQM. I want to thank and highlight the professional and rigorous work of the commission, which, through its highly specialized technical teams, has thoroughly evaluated every technical and environmental aspect of the request,” said Máximo Pacheco, Chairman of the Board of Codelco.

This milestone builds on other recent advances, such as regulatory approvals in Chile and abroad, and marks a new step toward fulfilling the preconditions established for the implementation of the partnership agreement.