Lithium Americas (LAC) - 2024 Q4 - Annual Results

Financial Performance - As of December 31, 2024, the company had approximately $594.2 million in cash, cash equivalents, and restricted cash, an increase from$195.8 million in 2023[4][9] - The net loss for the year ended December 31, 2024, was $42.6 million, compared to a net loss of$5.1 million in 2023, reflecting higher transaction costs and a loss on the fair value of financial instruments[9][10] - The company capitalized $179.9 million in construction capital costs and other project-related costs during 2024[4] Project Development - A joint venture with GM was closed to fund Thacker Pass with a total cash and letters of credit of$625 million, with GM acquiring a 38% ownership stake[6] - The company secured a $2.26 billion loan from the U.S. Department of Energy for financing the construction of processing facilities for Phase 1 of Thacker Pass[6] - The company completed a public offering of 55 million common shares at$5.00 per share, raising approximately $275 million in gross proceeds[6] - The Thacker Pass project has a Proven and Probable Reserve estimate of 14.3 million tonnes of lithium carbonate equivalent at an average grade of 2,540 ppm lithium[7] - The company targets a nominal production capacity of 40,000 tonnes per year of battery-grade lithium carbonate for Phase 1, with plans for up to five phases targeting a total capacity of 160,000 tonnes per year[7][12] - Major construction at Thacker Pass is expected to begin with permanent concrete placement in May 2025, with detailed engineering over 55% complete[6] - The company anticipates first occupancy of the Workforce Hub for construction workers in the second half of 2025[6] - The Company is focused on advancing and developing the Thacker Pass project to produce battery-grade lithium, which is critical for the electric vehicle market[16] Market Demand and Risks - Demand for lithium is expected to grow, supported by the expansion of the electric vehicle and lithium-ion battery markets[16] - The Company faces uncertainties related to securing additional financing and the ability to operate without adverse impacts from climate change or severe weather conditions[16] - There are risks associated with the accuracy of mineral resource and reserve estimates, which could materially impact the Company's operations[16] - The Company anticipates potential impacts from inflation, currency exchange rates, and general economic conditions on its operations[16] - The Company is subject to regulatory risks related to mining operations and potential changes in governmental policies[16] - The Company acknowledges the potential for increased competition in the lithium market, which may affect its competitive position[16] - The Company does not guarantee that its forward-looking statements will prove to be accurate due to various risk factors[17] Community and Environmental Engagement - The Company is engaged with local communities and stakeholders, including the Fort McDermitt Paiute and Shoshone Tribe, to ensure constructive relationships[16] - The Company emphasizes the importance of environmental, social, governance, and sustainability matters in its operations[16]