-- Reports Strong Q2 Financial Performance and Reaffirms 2023 Full Year Guidance Range --

-- Publishes 2022 Sustainability Report --

-- Highlights Nemaska Lithium Development Progress, Including Long-Term Supply Agreement with Ford --

-- Proposed Merger with Allkem Progresses Towards Targeted Year End Close --

Livent Corporation (NYSE: LTHM) today reported results for the second quarter of 2023.

Second quarter revenue was $235.8 million, 7% lower than the first quarter of 2023 and 8% higher than the second quarter of 2022. Reported GAAP net income was $90.2 million, or 43 cents per diluted share, compared to $114.8 million in the previous quarter and $60.0 million in the prior year's quarter. Adjusted EBITDA was $134.5 million, 15% lower than the previous quarter but 42% higher than the prior year's quarter, and adjusted earnings per diluted share (1) were 51 cents. Volumes sold were roughly flat versus the first quarter of 2023 while average realized prices were slightly lower and overall costs were higher.

"We continued to see healthy demand from our customers which helped to support strong financial results in the second quarter. As anticipated, we experienced the lagged impact of lower market prices in certain lithium products and end markets, as well as higher operating costs during the quarter," said Paul Graves, president and chief executive officer of Livent. "We expect 2023 second half financial performance to be broadly similar to the first half of the year, supported by
pricing visibility from our existing customer contracts and incremental volume available for sale in the second half of the year."

Sustainability

Earlier this week, Livent published its 2022 Sustainability Report, reflecting the Company's commitment to responsible production and expansion through an ongoing focus on environmental stewardship, social responsibility and transparency. The report underscores Livent's view that lithium will continue to play a critical role in supporting a low carbon future. Among the highlights of the report are an initial global Scope 3 screening of Livent's Greenhouse Gas (GHG) emissions, first disclosures on global air pollutants, and a summary of recent water and biodiversity studies at the Salar del Hombre Muerto in Argentina. The report follows leading disclosure frameworks, with key ESG metrics reviewed and assured by a third party. Livent's 2022 Sustainability Report, with the theme of Reimagining Possibilities, is available at https://livent.com/sustainability.

Nemaska Lithium Development

Livent is providing updated projections for Nemaska Lithium, an integrated 34,000 metric ton lithium hydroxide project located in Québec, Canada in which Livent is a 50% shareholder and operating partner. Total capital requirement for the development of the Whabouchi spodumene mine and the integrated lithium hydroxide facility in Bécancour is projected at approximately US$1.6 billion, with Whabouchi comprising roughly US$400 million of the total amount. The cadence of spending anticipates the majority of this capital will be spent in 2024 and 2025. Sources of funding for project development
are expected to include a combination of prepayments from customers, various sources of government funding, third-party debt financing and contributions from Nemaska Lithium's two current shareholders, Livent and Investissement Québec.

There are no changes with respect to the anticipated timeline. Commercial sales of spodumene concentrate are expected to begin in 2025 and continue until the lithium hydroxide facility comes into full production. First production of lithium hydroxide is expected in late 2026. The Nemaska Lithium project continues to be highly attractive due to its relative cost position, strategic location in North America and favorable sustainability profile, including access to low-carbon hydroelectric energy.

After Livent was appointed to engage in sales and marketing efforts on its behalf, Nemaska Lithium announced its first customer agreement with Ford Motor Company in May 2023. The agreement calls for the delivery of up to 13,000 metric tons of lithium hydroxide per year over an 11-year period, with the supply of spodumene concentrate to Ford from the Whabouchi mine prior to commencing delivery of lithium hydroxide produced in Bécancour. Both companies, and Livent, share a commitment to the development of a sustainable and socially responsible North American battery supply chain.

Proposed Merger of Livent and Allkem
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https://ir.livent.com/news/news-details/2023/Livent-Releases-Second-Quarter-2023-Results/default.aspx