Chilean Operational Plans

POSCO - develop plm for pilot plant at optimal location (Llanta or Pedernales)

• Construct / commission during calendar year 2012

Laguna Verde - Year 1

• Sampling and volumetric calculations of contained light metals in surface lake waters (completed)
• Inferred resource estimate (completed April 2010)
• Filed backup technical reports that support the inferred resources estimate (completed June 2010)
• Tenders for brine chemistry process design, scoping study on concentration methodology by University of Nevada Reno (July 2010)
• Pre-Scoping study (On Completion of Pre-Scoping)
• Commence scoping study (3-4 months anticipated)
• Update resource calculation through scoping study and additional analysis to indicated or measured resource category
• Select and engage consulting / engineering firm for pre-feasibility study

Laguna Verde - Year 2

• Complete pre-feasibility study
• Tenders for feasibility study for surface water exploitation facilities - target 10,000 tpy of Li₂CO₃
• Design/engineering of facilities to recover light metals from surface waters
• Commence permitting of facilities for production from surface lake⁽¹⁾
• Begin exploration program for deeper brines

Laguna Verde - Years 3 & 4

• Complete construction of and commercial production at surface water facility
• Complete scoping and pre-feasibility studies for deeper brines
• Begin feasibility and conceptual engineering based on the deeper resource base
• Commence permitting and construction process for full scale deep brine operation
• Design, construct, and commission deep brine recovery plant
• Commence operations from deeper brines

 Laguna Brava and Rio de la Sal / Pedernales

• Exploration programs planned followed by a similar strategy as above

⁽¹⁾ Subject to completion of satisfactory feasibility study and contingent on adequate financing