Exhibit 96.1

Technical Report Summary

operation Report

salar de atacama

Sociedad Química y Minera de Chile

April 2022

Technical Report Summary

operation Report

salar de atacama

Sociedad Química y Minera de Chile

WSP-SQM0011-TRS-Salar-Rev1

April 2022

WSP

Av. Las Condes 11.700, Vitacura.

Santiago, Chile

TELÉFONO:

+56 2 2653 8000

wsp.com

This report was prepared by WSP Ambiental S.A. for SQM in accordance with the Professional Services Contract. The disclosure of any information contained in this report is the sole responsibility of the recipient. This material is part of the best criteria of WSP in relation to the information available at the time of preparation. Any use by a third part of this report, or any dependencies or decisions made based on it, are the responsibility of such third parties. WSP is not responsible for damages, if any, suffered by third parties as a result of decisions taken or actions based on this report. This statement of limitations is considered in this report.

The original technology-based document sent here has been authenticated and will be kept by our company for a minimum of ten years. Since the transmitted file is beyond our control and its integrity can no longer be guaranteed, no guarantee can be given with respect to any modifications made to this document.

The operations of Sociedad Química y Minera de Chile (SQM) in the Salar de Atacama (the “Project”) are located in the Antofagasta Region of Chile that covers El Loa Province and the San Pedro de Atacama commune. The Salar de Atacama salt crust (hereafter referred to as “nucleus”) is owned by the Corporación de Fomento de la Producción (CORFO) of Chile and grants special operating contracts, or administrative leases, to private companies for the extraction of brine over a certain period. SQM has a lease agreement with CORFO, signed in 1993, to extract and generate lithium (Li) and potassium (K) products from brines in the Salar de Atacama deposit.

In 2018, SQM and CORFO performed a reconciliation process that modified the pre-existing lease and project contracts. The expiration date of the current SQM-CORFO lease agreement is December 31, 2030. SQM holds leases with a total area of approximately 1,400 square kilometers (km²) in the Salar de Atacama and possesses permission to extract brines from an area of approximately 820 km².

The general geology of the Salar de Atacama Basin is characterized by Paleozoic to Holocene igneous and sedimentary rocks as well as recent, unconsolidated clastic deposits and evaporitic sequences. The salt flat resides in a tectonic basin, where important subsidence and sediment deposition have historically occurred. Over time, evaporation precipitated salts; and at depth, evaporitic, clastic, and volcanic ash deposits host brine and are delimited by local fault systems. Further, several structural blocks were identified, resulting in the displacement and deformation of the identified geological units.

According to Houston, et. al. (2011), the Salar de Atacama is a mature salt flat with mineralization characterized by Li- and K-rich brine, residing in the porous media of the subsurface reservoir along with elevated concentrations of other dissolved constituents (e.g., boron and sulfate). The explored reservoir covers an area of 1,100 km² and a depth of 900 meters (m), where a thick section of halite (> 90%) and sulfate can be found in addition to a minor percentage of clastic sediments, volcanic ash, and interbedded evaporites (Bevacqua, 1992; Xterrae, 2011). The mean concentrations of Li and K from all brine samples (and all units) are 0.187 weight percent (wt.%) and 1.867 wt.%, respectively.

This sub-section contains forward-looking information related to Mineral Resource estimates for the Project. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts, or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions that were set forth in this sub-section including geological and grade interpretations and controls and assumptions and forecasts associated with establishing the prospects for economic extraction.

SQM’s Mineral Resource estimate for the Salar de Atacama comprises in-situ Li- and K- enriched brine situated below the surface of the salt flat. The Mineral Resource estimates include consideration of brine concentration, reservoir geometry, and drainable, interconnected pore volume. Within SQM’s mining concessions, the Mineral Resource is supported by extensive exploration and a large dataset of depth-specific brine and porosity samples from each unit. A geological model was developed, using Leapfrog Geo software, from which the block model and Mineral Resource estimate were performed, using Leapfrog Edge.

The Mineral Resource was classified into Measured, Indicated, and Inferred categories, according to the amount of information from the hydrogeological units as well as geostatistical criteria. Hydrogeological knowledge was prioritized based on exploration, monitoring, and historical production data while geostatistical variables were used as secondary criteria.

The in-situ Li and K Mineral Resource estimate, exclusive of Mineral Reserves (without processing losses), is summarized in Table 1-1. Mean Li and K grades are reported above the designated cut-off grades of 0.05 wt.% for Li and 1.0 wt.% for K. This indicates that the prospective extraction of the Mineral Resource is economically feasible (see Section 11.2 of this Technical Report Summary [TRS] for additional discussion on the cut-off grades).

Table 1-1. SQM’s Salar de Atacama Lithium and Potassium Mineral Resources, Exclusive of Mineral Reserves (Effective December 31, 2021)

Notes:

(1) Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resource will be converted into Mineral Reserves upon the application of modifying factors.

(2) Mineral Resources are reported as in-situ and exclusive of Mineral Reserves, where the estimated Mineral Reserve without processing losses during the reported LOM (Chapter 12) and real declared extraction from 2021 were subtracted from the Mineral Resource inclusive of Mineral Reserves. A direct correlation between Proven Reserves and Measured Resources, as well as Probable Reserves and Indicated Resources was assumed.

(3) Effective porosity was utilized to estimate the drainable brine volume based on the measurement techniques of the SQM porosity laboratory (Gas Displacement Pycnometer). Although specific yield is not used for the estimate, the QP considers that the high frequency sampling of effective porosity, its large dataset, and general lack of material where specific retention can be dominant permits effective porosity to be a reasonable parameter for the Mineral Resource estimate.

(4) The conversion of brine volume to Li and K tonnes considered the estimated brine density in each block model cell.

(5) Comparisons of values may not add due to the rounding of numbers and differences caused by use of averaging methods.

(6) The mineral resource estimate considers a 0.05 wt.% cut-off grade for Li based on the cost of generating Li product, lithium carbonate sales, and the respective cost margin. Based on historical lithium prices from 2010 and the forecast to 2040, a projected lithium carbonate price of $ 11,000 USD/metric tonne with the corresponding cost and profit margin is considered with a small increase to accommodate the evaporation area and use of additives. A similar pricing basis and analysis was undertaken for K, where the cut-off grade of 1 wt.% was set by SQM based on respective costs, sales, and margin (Section 16 and Section 19).

(7) Álvaro Henriquez is the QP responsible for the Mineral Resources.

This sub-section contains forward-looking information related to Mineral Reserve estimates for the Project. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions that were set forth in this sub-section including Mineral Resource model tonnes and grade, modifying factors including pumping and recovery factors, production rate and schedule, equipment and plant performance, commodity market and prices and projected operating and capital costs.

A groundwater flow and solute transport model was developed using the Groundwater Vistas interface and Modflow-USG code to evaluate the extraction of Li and K-rich brine from pumping wells during the 9-year life-of-mine (LOM). The numerical model was constructed based on the geometry of the geological and resource block model parameters. The transfer of relevant resource estimate parameters (concentrations and effective porosity) was performed to ensure consistency between the resource and reserve model properties. To confirm sufficient calibration of the aquifer parameters (e.g., hydraulic conductivity) and representation of the water balance components in the salt flat nucleus, the numerical model was calibrated to observed brine levels and extracted brine concentrations during the 2015 to 2020 period.

The Mineral Reserve estimate considers the modifying factors of converting Mineral Resources to Mineral Reserves, including the production wellfield design and efficiency (e.g., location and screen), environmental considerations (e.g., pumping scheme), and recovery factors for Li and K. The simulated mass of extracted Li and K after 9 years of pumping is summarized in Table 1-2. The table considers process recovery factors, where the model extracted mass at the production wellheads, was multiplied by a pond recovery factor associated with the type of extracted brine. Thus, the reserve was estimated from the point of reference of processed brine after passing through the evaporation ponds (rather than at the production wellheads).

The Mineral Reserve was classified into Proven and Probable Reserves based on industry standards for brine projects, the Qualified Person’s (QP’s) experience, and the confidence generated by SQM’s historical production in the Salar de Atacama. A majority of the extracted mass is sourced from Measured Resources; nonetheless, Proven Reserves were specified by the QP for the first 5 years, given the adequate model calibration during the 2015-2020 period and yearly production goals, while Probable Reserves were conservatively assigned for the last 4 years of the LOM, considering that the numerical model will be continually improved and recalibrated in the future, due to potential changes to neighboring pumping, hydraulic parameters, and the water balance, among other factors.

Table 1-2. SQM’s Salar de Atacama Lithium and Potassium Mineral Reserves, Factoring
Process Recoveries (Effective December 31, 2021)

(1) The process efficiency of SQM is summarized in Section 12.4.1; based on the type of extracted brine at each well over the course of the simulation, the average process efficiency is approximately 51% for Li and approximately 74% for K.

(2) Lithium carbonate equivalent (“LCE”) is calculated using mass of LCE = 5.323 multiplied by the mass of lithium metal and potassium chloride equivalent (“KCl”) is calculated using mass of KCl = 1.907 multiplied by the mass of potassium metal.

(3) The values in the columns for “Li” and “LCE”, as well as “K” and “KCl”, above are expressed as total contained metals.

(4) The average lithium and potassium concentration is weighted by the simulated extraction rates in each well.

(5) Comparisons of values may not add due to the rounding of numbers and differences caused by averaging.

(6) The mineral reserve estimate considers a 0.05 wt.% cut-off grade for Li based on the cost of generating Li product, lithium carbonate sales, and the respective cost margin. Based on historical lithium prices from 2010 and the forecast to 2040, a projected lithium carbonate price of $ 11,000 USD/metric ton with the corresponding cost and profit margin is considered with a small increase to accommodate the evaporation area and use of additives. A similar pricing basis and analysis was undertaken for K where the cut-off grade of 1 wt.% has been set by SQM based on respective costs, sales, and margin (Section 16 and Section 19).

(7) This reserve estimate differs from the in-situ base reserve previously reported (SQM, FORM 20-F 2020) and considers the modifying factors of converting mineral resources to mineral reserves, including the production wellfield design and efficiency, as well as environmental and process recovery factors.

(8) Álvaro Henriquez is the QP responsible for the Mineral Reserves.

It is the QP’s opinion that the declared reserve estimate and corresponding methods conform with the SEC regulations. Furthermore, the reserve classification is believed to be conservative, given that SQM’s brine production has been ongoing for decades. The presented analysis includes a detailed calibration process and time-based reserve classification to account for potential future changes in hydraulic parameters (with more field data and testing), the water balance, and neighboring pumping among other factors.

SQM’s mining method in the Salar de Atacama corresponds to brine extraction. Production is characterized by the construction of pumping wells capable of extracting brine from different aquifers of interest. Subsequently, the brine extracted from each of the wells is accumulated in different gathering ponds that allow it to be distributed to evaporation ponds and metallurgical plants.

Due to limitations of the SQM-CORFO lease agreement, the current mine life ends on December 31, 2030. Until this date, the expected brine production had been evaluated with a decreasing total extraction rate from 1,280 L/s (2022) to 822 L/s (2030).

The test work developed is aimed at estimating the response of different brines by concentration, via solar evaporation, and the overall metallurgical recoveries of the process plants, as well as to assess raw material treatability for finished lithium and potassium products.

SQM employees collect brine samples regularly and complement this by considering temporal, geological, spatial and operational criteria of the wells, focusing on updating chemical element concentrations in the wells to generate a dataset that provides more accurate estimation of brine chemical characteristics. The Salar de Atacama laboratory, through its facilities, generates digital metallurgical assay databases that include chemical composition, density, and porosity test results, among other assays which allow for process control and planning.

Historically, SQM has analyzed the different plant and/or pilot scale tests through its Research and Development area which has allowed it to improve the recovery process and product quality. Currently, there is a plan in place to increase yield at the Salar de Atacama which consists of a series of operational improvement initiatives, development and expansion projects, and new process evaluations to recover a greater amount of lithium in the LiCl production system.

SQM has developed a process model to convert the brine extracted from available salt properties containing potassium, lithium, sulfates, boron, and magnesium into commercial potassium and lithium salts products. The process follows industry standards, considering the stages of pumping the brine from the reservoirs to concentrate it by sequential evaporation, treating the harvested potassium salts to obtain refined salts, and treating the brine concentrate in a plant to produce high quality lithium carbonate and lithium derivatives.

Thus, the objective of the site is to produce potassium salts, such as potassium chloride (KCl) and potassium sulfate (K₂SO₄), and lithium salts such as lithium carbonate (Li₂CO₃) and lithium hydroxide (LiOH). Thus, there are two production lines, one focused on obtaining potassium products (SQM Salar de Atacama process plants), and the other focused on the production of lithium carbonate and hydroxide (SQM Carmen Lithium Chemical Plant), two facilities that make up the SQM Salar de Atacama operations.

SQM's production process is characterized by being integrated (i.e., exchanging raw materials and products with each other). The Carmen Lithium Chemical Plant (PQC) has production facilities that comprise a Lithium Carbonate Plant and a Lithium Hydroxide Plant. The Production capacity of the lithium carbonate plant at Carmen Lithium Chemical Plant (PQC) is 120,000 metric tons per year, with plans to increase to 180,000 metric tons per year. The lithium hydroxide plant has a production capacity of 21,500 metric tons per year (Mtpy) by 2022, with plans to increase production capacity to 30,000 Mtpy by 2022.

This section contains forward-looking information related to capital and operating cost estimates for the Project. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions that were set forth in this section including prevailing economic conditions continue such that unit costs are as estimated, projected labor and equipment productivity levels and that contingency is sufficient to account for changes in material factors or assumptions.

SQM is the world’s largest producer of potassium nitrate and iodine, and one of the world´s largest lithium producers. It also produces specialty plant nutrients, iodine derivatives, lithium derivatives, potassium chloride, potassium sulfate, and certain industrial chemicals (including industrial nitrates and solar salts). The products are sold in approximately 110 countries through SQM’s worldwide distribution network, with more than 90% of the sales derived from countries outside Chile.

The facilities for lithium and potassium production operations include brine extraction wells, evaporation and harvest ponds, lithium carbonate and lithium hydroxide production plants, dry plants and wet plants for potassium chloride and sulfate as well as other minor facilities. Offices and services include, among others, common areas, hydrogeology assets, water resources, supply areas, powerhouse, laboratories, and research areas.

At the end of 2020, the capital cost that had been invested (reposition cost) in these facilities is close to 2,300 million dollars. The cost of capital distributed in the areas related to lithium and chloride and sulfate potassium production is shown in Table 1-2. As indicated, the main investments in lithium and potassium production are the “Lithium Carbonate and Lithium Hydroxide Plants”, as well as the “Evaporation and Harvest Ponds”, accoutning for about 55% of the total investment.

SQM produces lithium carbonate at the PQC facilities, near Antofagasta, Chile, from highly concentrated lithium chloride produced in the Salar de Atacama. The annual production capacity of the lithium carbonate plant at PQC is 120,000 Mtpy and is in the process of increasing the production capacity to 180,000 metric tonnes by 2022-2023.

The main investment in the lithium carbonate plant, which represents about 81% of the lithium plants, are in buildings, mechanical equipment, such as filters, pumps, valves, pipes, ponds, and drying equipment. For the Evaporation and Harvest Ponds, the main investments are in the MOP (Muriate of Potash) I and II, and SOP (Sulfate of Potash) ponds, accounting for 83% of the total investment in the ponds.

SQM has plans to continue the capacity expansion of its plants, complying with the CORFO quota agreements. The Lithium Carbonate plant will be upgraded and expanded to reach 180,000 metric tonnes in 2022 to 2023, and 250,000 metric tonnes in 2026. Investments in the Lithium Hydroxide plant are underway to increase production up to 30,000 Mtpy from which it is expected to reach the noted capacity in 2022 to 2023.

The major investments in the twelve months ended in June 2021, and the future investments projected through June 2022 in the Potassium and Lithium operations were distributed as follows:

The highest operating cost is in raw material and consumables, employee benefit expenses, depreciation expense, and contractor works, representing 69% of the operating cost. The other major item is the CORFO rights and other agreements, representing about 14% for 2021.

Regarding the forecast for 2021, the cost operating is close 700 million of dollars, due mainly to greater production of lithium carbonate and hydroxide, increasing the consumption of raw materials and consumables that have increased in price as well as higher contributions to CORFO (due to higher prices and higher volume of sales).

This section contains forward-looking information related to economic analysis for the Project. The material factors that could cause actual results to differ materially from the conclusions, estimates, designs, forecasts, or projections in the forward-looking information include any significant differences from one or more of the material factors or assumptions that were set forth in this sub-section including estimated capital and operating costs, project schedule and approvals timing, availability of funding, projected commodities markets and prices.

To obtain an income flow in relation to the production of Li₂CO₃, LiOH, and KCl for the period 2022 to 2030, the investments projected for a 180 ktpy plant and its expansion to 250 ktpy have been considered, taking the latter within the base case.

In turn, the income from sales of each of the products was considered as well as the current projection prices. In the case of the price of Li₂CO₃, a base value of USD/ton of 11,000 was considered. For the price of KCl, a value of USD/ton between 300 and 400 was considered. The LiOH price was assumed to be 5% higher than the Li₂CO₃ price.

Table 1-4 shows the main assumptions taken for the base case.

The projected sales of lithium carbonate, lithium hydroxide and potassium chloride for the LOM until 2030 is presented in Table 1-5.