1、Li+Li+Li+Li+Li+Li+Li+Li+Li+Li+Li+Li+Li+Goldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report

2、 as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.Hugo Nicolaci+6

3、1(2)9321-8323 hugo.nicol Gol dman Sachs Austr al ia Pty LtdEQUITYRESEARCH|April 27,2023|9:31PM AESTPaul Young+61(2)9321-8302 Gol dman Sachs Austr al ia Pty LtdElise Bailey+61(3)9679-1344 el ise.bail Gol dman Sachs Austr al ia Pty LtdThe implementation of Direct Lithium Extraction(DLE)technologies ha

4、s the potential to significantly increase the supply of lithium from brine projects(much like shale did for oil),nearly doubling lithium production on higher recoveries and improving project returns,though with the added bonus of offering ESG/sustainability benefits,while also widening rather than s

5、teepening the lithium cost curve.We explore the progress,economics,and implications of DLE being implemented at scale,with increasing relevance in the context of Chiles recent National Lithium Policy.Potential game changing technology:A number of proven DLE technologies are emerging and being tested

6、 at scale,with a handful of projects already in commercial construction.While there may still be challenges around scalability and water consumption/brine reinjection,with the ongoing efforts,DLE could be implemented between 2025-2030 in both Chile and Argentina,in our view(compared with market skep