On April 20, 2023, the Company completed the acquisition of Arena Minerals that owns 65% of Sal de la Puna through a joint venture interest in Sal de la Puna Holdings S.a.r.l, the 100% owner of Argentine entity, Puna Argentina S.A.U. (“PASA”), the owner of the claims forming part of the Sal del la Puna Project.

The remaining 35% of Sal de la Puna Holdings S.a.r.l. is owned by joint venture partner Ganfeng New Energy Technology Development (Suzhou) Co., Ltd. Therefore, after the acquisition of Arena Minerals, the Company holds a 65% ownership interest in the Sal de la Puna Project covering approximately 13,852 hectares of the Pastos Grandes Basin.

The Company’s 65% ownership interest in Sal de la Puna is a joint venture and is accounted for using the equity method of accounting. Changes in the investment balance are summarized below:


	$
Investment in Sal de la Puna, as at December 31, 2023		181,270
Contribution to investment in Sal de la Puna		2,113
Share of loss of Sal de la Puna		(176	)
Investment in Sal de la Puna, as at December 31, 2024		183,207
Contribution to investment in Sal de la Puna		419
Share of loss of Sal de la Puna		(256	)
Investment in Sal de la Puna, as at December 31, 2025		183,370

The following is the condensed financial information of Sal de la Puna Holdings S.a.r.l. on a 100% basis.


	December 31, 2025			December 31, 2024
	$			$
Current assets		1,562			1,589
Non-current assets (including PPA adjustments)		280,551			280,470
Current liabilities		(6	)		(202	)
Net assets		282,107			281,857

LAR's share of Sal de la Puna's net assets		183,370			183,207


	Years Ended December 31,
	2025			2024			2023
	$			$			$
EXPENSES
Exploration and evaluation expenditures		72			479			1,772
General and administrative		518			522			231
		590			1,001			2,003

Foreign exchange and other (income)/loss		(198	)		(730	)		762
Net loss		392			271			2,765