HIGHLIGHTS
Caucharí-Olaroz
- Mechanical construction completed to target first lithium production in
June 2023 .- With all key systems for the production of first lithium completed, the commissioning team commenced production testing of the purification, carbonation and SX systems.
- Additional purification processing equipment necessary to achieve battery-quality lithium carbonate is expected to be completed in H2 2023, following the start of pre-commercial production.
- Ramp up to 40,000 tonnes per annum (“tpa”) of battery-quality lithium carbonate is targeted to be complete in Q1 2024.
- As of
March 31, 2023 ,$834 million of the$979 million total expected capex has been spent (on a 100% basis).- As of
March 31, 2023 , the Company expects its remaining funding requirement to be less than$50 million for capital costs, value added taxes and working capital to reach positive cash flow.
- As of
- Development planning for Stage 2 expansion of at least 20,000 tpa of lithium carbonate continues to progress to align with completion of Stage 1.
- The Company continues to advance the Pastos Grandes’
$30 million development plan, targeting completion of the plan and a construction decision in Q4 2023. - The geophysics program has been completed. Roads and drilling pads are under construction.
- On
April 20, 2023 , the Company completed its acquisition of Arena Minerals and its 65% ownership interest in the Sal de la Puna project, adjacent to the Pastos Grandes project inSalta, Argentina .
- On
March 2, 2023 , the Company announced the start of construction activities atThacker Pass following receipt of notice to proceed from theBureau of Land Management (“BLM”).- Early works are progressing, including water pipelines, construction ponds, site fencing and access roads.
- In
April 2023 , a geotechnical report was issued to all engineering contractors to commence the design of civil foundations. - Major earthworks are expected to commence in H2 2023 and support the target to commence production in the second half of 2026.
- The Company,
Bechtel Corporation (“Bechtel”) (engineering, procurement and construction management) and the North AmericanBuilding Trade Unions have entered into a memorandum of understanding agreeing to a project labor agreement for major construction activities for Phase 1 ofThacker Pass .
- On
February 22, 2023 , the Company announced that it received a Letter of Substantial Completion from theU.S. Department of Energy (“DOE ”)Loans Program Office for its application for the DOE’s Advanced Technology Vehicles Manufacturing Loan Program (“ATVM Loan Program”).- The Company expects the DOE ATVM Loan Program conditional approval process to be completed in 2023 and if approved, to fund up to 75% of the total capital costs for construction of Phase 1.
- The Company has approved a construction budget of
$125 million through Q3 2023 with additional capital spend expected following completion of the DOE ATVM Loan Program process.
- On
February 6, 2023 , theUS District Court , District ofNevada (“Federal Court”) ruled favorably for the Company in the appeal filed against the BLM by declining to vacate the Record of Decision (“ROD”).
Corporate
- As at
March 31, 2023 , the Company had$604 million in cash and cash equivalents and short-term bank deposits, with an additional$75 million in available credit. - On
May 15, 2023 , the Company’s Board of Directors unanimously approved execution of an arrangement agreement providing for the reorganization of the Company that will result in the separation of its North American and Argentine business units into two independent public companies (the “Separation”). - In
April 2023 ,Pablo Mercado joined as Executive Vice President and Chief Financial Officer following Eduard Epshtein’s retirement. - On
January 30, 2023 ,Lithium Americas entered into a purchase agreement withGeneral Motors Holdings LLC (“GM ”) wherebyGM agreed to make a$650 million equity investment in the Company and receive exclusive access to Phase 1 production atThacker Pass through a binding supply agreement.- On
February 16, 2023 , the initial tranche of$320 million closed with GM’s purchase of 15 million Lithium Americas’ common shares at$21.34 per share.GM is now Lithium Americas’ largest shareholder and offtake partner. - The second tranche of
$330 million is contemplated to be invested into the Company’sU.S. business following the Separation and other conditions being achieved.
- On
TECHNICAL INFORMATION
The Technical Information in this news release has been reviewed and approved by
FINANCIAL RESULTS
Selected consolidated financial information is presented as follows:
(in US$ million except per share information) | Quarter ended | ||||||
2023 | 2022 | ||||||
$ | $ | ||||||
Expenses | (17.1 | ) | (16.0 | ) | |||
Net loss | (6.4 | ) | (46.1 | ) | |||
Loss per share – basic | (0.04 | ) | (0.35 | ) |
(in US$ million) | As at | As at | |||||
$ | $ | ||||||
Cash, cash equivalents and short-term bank deposits | 604.1 | 352.1 | |||||
Total assets | 1,328.4 | 1,016.5 | |||||
Total long-term liabilities | (213.7 | ) | (212.9 | ) |
In Q1 2023, net loss decreased primarily due to gain on change in fair value of the
In Q1 2023, total assets increased primarily due to cash proceeds from the first tranche investment by
This news release should be read in conjunction with Lithium Americas’ condensed consolidated interim financial statements and management's discussion and analysis for the quarter ended
ABOUT
For further information contact:
Investor Relations
Telephone: 778-656-5820
mail: ir@lithiumamericas.com
Website: www.lithiumamericas.com
FORWARD-LOOKING STATEMENTS
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking information”). These statements relate to future events or the Company’s future performance. All statements, other than statements of historical fact, may be forward-looking information. Information concerning Mineral Resource and Mineral Reserve estimates also may be deemed to be forward-looking information in that it reflects a prediction of mineralization that would be encountered if a mineral deposit were developed and mined. Forward-looking information generally can be identified by the use of words such as “seek,” “anticipate,” “plan,” “continue,” “estimate,” “expect,” “may,” “will,” “project,” “predict,” “propose,” “potential,” “targeting,” “intend,” “could,” “might,” “should,” “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.
In particular, this news release contains forward-looking information, including, without limitation, with respect to the following matters or the Company’s expectations relating to such matters: development of the Caucharí-
Forward-looking information does not take into account the effect of transactions or other items announced or occurring after the statements are made. Forward-looking information is based upon a number of expectations and assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. With respect to forward-looking information listed above, the Company has made assumptions regarding, among other things: current technological trends; a cordial business relationship between the Company and third party strategic and contractual partners, including the co-owners of the Caucharí-
Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, the Company can give no assurance that these assumptions and expectations will prove to be correct. Since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information. The Company’s actual results could differ materially from those anticipated in any forward-looking information as a result of the risk factors set out herein and in the Company’s latest annual information form (“AIF”) available on SEDAR.
All forward-looking information contained in this news release is expressly qualified by the risk factors set out in the Company’s latest AIF and management discussion analysis. Such risk factors are not exhaustive. The Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. Additional information about the above-noted assumptions, risks and uncertainties is contained in the Company’s filings with securities regulators, including our latest AIF, which are available on SEDAR at www.sedar.com.
Source:
2023 GlobeNewswire, Inc., source