SQM backs Mt Holland lithium mine expansion

Sociedad Química y Minera de Chile (SQM), together with partner Wesfarmers, has approved the final investment decision to expand the Mt Holland lithium project, adding mine, concentrator and integrated ore-sorting capacity.

Rhea-AI Filing Summary

Sociedad Química y Minera de Chile (SQM), together with partner Wesfarmers, has approved the final investment decision to expand the Mt Holland lithium project, adding mine, concentrator and integrated ore-sorting capacity. The plan will double nameplate spodumene concentrate production from approximately 380,000 tonnes per year to 760,000 tonnes of lithium concentrate at 5.5% Li₂O per year on a 100 per cent basis.

Construction of a second concentrator is expected to begin in the second half of 2027, with first spodumene concentrate volumes from the expansion expected in the first half of 2030. SQM’s share of capital expenditure is estimated between US$450 million and US$500 million in nominal terms. Required government and regulatory approvals have either been secured or are underway.

Positive

• Mt Holland lithium expansion doubles capacity, increasing nameplate spodumene concentrate output from about 380,000 to 760,000 tonnes per year, with SQM committing US$450–500 million alongside partner Wesfarmers.

Negative

• None.

Filing Explained

SQM’s stated expansion capital share excludes life-of-mine spending, and expanded output has no single disclosed downstream destination.

The approved expansion is still pre-construction, and SQM's disclosed US$450 million to US$500 million capital share is not a full project-life figure because it excludes life-of-mine capital expenditure.

The filing also leaves the expanded production route open: it describes supply to any future potential Kwinana refinery expansion or sale as spodumene concentrate, rather than a committed allocation.

Key Figures

SQM capex share (low end): US$450 million SQM capex share (high end): US$500 million Current nameplate production: 380,000 tonnes per year +4 more

7 metrics

SQM capex share (low end) US$450 million Estimated share of capital expenditure for the Mt Holland expansion in nominal terms

SQM capex share (high end) US$500 million Upper end of estimated capital expenditure range for the expansion

Current nameplate production 380,000 tonnes per year Approximate existing spodumene concentrate nameplate output before expansion

Post-expansion nameplate production 760,000 tonnes per year Target lithium concentrate capacity at 5.5% Li₂O on a 100 per cent basis

Lithium concentrate grade 5.5% Li₂O Grade of spodumene concentrate for the expanded nameplate capacity

Construction start Second half of 2027 Expected commencement of construction of the second concentrator

First expansion production First half of 2030 Expected timing of first spodumene concentrate volumes from the expansion

Key Terms

spodumene concentrate, definitive feasibility study, nameplate spodumene concentrate production, downstream processing, +1 more

5 terms

spodumene concentrate technical

"will double spodumene concentrate production and lower unit operating costs"

A processed rock product that concentrates spodumene, a mineral rich in lithium, which is then refined into lithium chemicals used to make rechargeable batteries. Think of it as the crude oil equivalent for lithium batteries: an early-stage raw material whose availability and price influence the cost and supply of battery-grade lithium. Investors watch spodumene concentrate as an indicator of future battery material supply, production costs, and the health of electric-vehicle and energy-storage supply chains.

definitive feasibility study financial

"Covalent Lithium ... has completed a definitive feasibility study for the expansion"

A definitive feasibility study is a detailed, near-final assessment that shows whether a proposed project—often a mine, infrastructure or major industrial venture—can be built and operated profitably. It combines precise engineering plans, realistic cost estimates, production schedules and risk analysis to give lenders and investors a clear picture of expected returns and potential pitfalls, like a full blueprint and budget that helps decide whether to greenlight financing and construction.

nameplate spodumene concentrate production technical

"increase nameplate spodumene concentrate production from approximately 380,000 tonnes"

downstream processing technical

"optionalitiy to supply any future potential expansion of downstream processing at Covalent"

Downstream processing is the set of manufacturing steps that take place after a biological product is made, where the target molecule is separated, cleaned and turned into a stable, usable drug or vaccine form. It matters to investors because these steps determine how much usable product is recovered, how quickly regulators will accept it, and how costly manufacturing will be—like turning raw crops into packaged food, small losses or contamination can sharply affect supply, timelines and profits.

lithium concentrate at 5.5% Li₂O technical

"760,000 tonnes of lithium concentrate at 5.5% Li₂O per year"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What expansion decision did SQM (SQM) and Wesfarmers make for the Mt Holland lithium project?

They jointly approved a final investment decision to expand the Mt Holland lithium project. The plan adds mine, concentrator and ore-sorting capacity and will double nameplate spodumene concentrate production to 760,000 tonnes per year at 5.5% Li₂O on a 100 per cent basis.

How much new lithium production capacity will the Mt Holland expansion add for SQM (SQM)?

The expansion will increase nameplate spodumene concentrate production from approximately 380,000 to 760,000 tonnes per year. This represents a doubling of output for lithium concentrate at 5.5% Li₂O, on a 100 per cent project basis through Covalent Lithium.

What capital expenditure will SQM (SQM) commit to the Mt Holland expansion?

SQM estimates its share of capital expenditure for the Mt Holland expansion at US$450 million to US$500 million in nominal terms. This spending relates to the mine, concentrator, integrated ore-sorting facility and associated project expansion works at Mt Holland.

When does SQM (SQM) expect construction and first production from the Mt Holland expansion?

Construction of the second concentrator is expected to start in the second half of 2027. First spodumene concentrate production volumes from the expansion are expected in the first half of 2030, following completion and ramp-up of the new facilities.

What role does Covalent Lithium play in SQM’s (SQM) Mt Holland expansion?

Covalent Lithium, the joint venture owned by SQM and Wesfarmers, completed the definitive feasibility study for the expansion. It operates the integrated Mt Holland business, including the mine, concentrator and potential downstream processing via the Kwinana refinery.

How will the Mt Holland expansion support future downstream processing for SQM (SQM)?

The expansion provides optionality to supply future downstream processing at Covalent Lithium’s Kwinana refinery or to sell expanded volumes as spodumene concentrate. This gives flexibility in how increased production is commercialised as lithium demand grows.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/27/2026 - 02:13 PM Accepted by SEC EDGAR 07/27/2026 - 02:13 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of July 2026.

Commission File Number 33-65728

CHEMICAL AND MINING COMPANY OF CHILE INC.

(Translation of registrant’s name into English)

El Trovador 4285, Santiago, Chile (562) 2425-2000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F:_X_ Form 40-F

SQM AND WESFARMERS ANNOUNCE FINAL INVESTMENT DECISION FOR MT HOLLAND LITHIUM EXPANSION PROJECT

Santiago, Chile – July 21, 2026 – Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A), together with Wesfarmers Limited (ASX: WES), announces the joint approval of the final investment decision to expand the Mt Holland lithium project. The expansion encompasses the mine, concentrator and a new integrated ore sorting facility, and will double spodumene concentrate production and lower unit operating costs.

Covalent Lithium, the joint venture company owned by SQM and Wesfarmers, has completed a definitive feasibility study for the expansion project, which will increase nameplate spodumene concentrate production from approximately 380,000 tonnes per year to 760,000 tonnes of lithium concentrate at 5.5% Li₂O per year on a 100 per cent basis.

Construction of a second concentrator is expected to commence in the second half of year 2027, with the first spodumene concentrate production volumes from the expansion expected in the first half of year 2030. SQM's share of capital expenditure for the project is estimated to be between US$450 million and US$500 million[1] in nominal terms. The necessary government and regulatory approvals have either been secured or are underway.

The expansion provides optionality to supply any future potential expansion of downstream processing at Covalent Lithium's Kwinana refinery or selling the expanded production volumes as spodumene concentrate.

Ricardo Ramos, CEO of SQM commented, “We are very pleased with the board’s decision to expand the Mt. Holland project, and we look forward to continuing to grow this operation alongside our partner Wesfarmers. Over the past five years, Covalent Lithium has proven itself as a world-class, integrated lithium business — the mine and concentrator are operating at full capacity and delivering competitive costs, and this expansion is the natural next step to maximise the value of what we have built together.”

He added, “The long-term fundamentals for lithium demand remain very strong. We continue to see robust growth in demand for high-quality spodumene concentrate driven by the global energy transition, and Mt. Holland is ideally positioned to meet that demand at competitive costs. Doubling our production capacity will further strengthen our position on the global cost curve.”

[1] The project estimate excludes life of mine capital expenditure.

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, iodine, and potassium nitrate markets.

For further information, contact:

Gerardo Illanes: gerardo.illanes@sqm.com

Isabel Bendeck: isabel.bendeck@sqm.com

Megan Suitor: megan.suitor@sqm.com

Media contacts:

Lithium Division: Ignacia Lopez / ignacia.lopez@novandino.com

International Lithium Division: Gonzalo Colazo / gonzalo.colazo@sqm.com

Iodine - Plant Nutrition Division: Carolina Guzman / carolina.guzman@sqm.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			CHEMICAL AND MINING COMPANY OF CHILE INC.
			(Registrant)
Date: July 21, 2026			/s/ Gerardo Illanes
			By: Gerardo Illanes
			CFO

Persons who are to respond to the collection of information contained SEC 1815 (04-09) in this form are not required to respond unless the form displays currently valid OMB control number.