Financial Performance - The company reported a net loss of $10,416 thousand for the nine months ended September 30, 2024, compared to a net income of $26,032 thousand for the same period in 2023, indicating a significant decline in profitability[5]. - Basic and diluted loss per share from continuing operations for the nine months ended September 30, 2024, was $(0.06), compared to a profit of $0.12 for the same period in 2023[5]. - For the nine months ended September 30, 2024, the consolidated net loss was $10,416, compared to a net income of $26,032 for the same period in 2023[9]. - The net loss for the nine months ended September 30, 2024, was $32,388, compared to a loss of $64,522 in the same period of 2023[66]. - The company reported finance and other income of $37,880 thousand for the nine months ended September 30, 2024, compared to $41,500 thousand for the same period in 2023, a decrease of about 8.1%[5]. - For the three months ended September 30, 2024, the company reported finance and other income of $13,212, a decrease of 11.4% compared to $14,921 in the same period of 2023[110]. Assets and Liabilities - As of September 30, 2024, total assets increased to $1,121,763 thousand, up from $1,055,026 thousand as of December 31, 2023, representing a growth of approximately 6.3%[4]. - The total liabilities as of September 30, 2024, were $228,143 thousand, slightly up from $226,095 thousand at the end of 2023, an increase of about 0.9%[4]. - The company’s equity attributable to shareholders increased to $830,959 thousand as of September 30, 2024, compared to $828,931 thousand at the end of 2023, a slight increase of 0.1%[4]. - As of September 30, 2024, cash and cash equivalents decreased to $92,325 thousand from $122,293 thousand as of December 31, 2023, reflecting a reduction of approximately 24.5%[4]. - As of September 30, 2024, cash and cash equivalents totaled $92,325, an increase from $42,169 as of December 31, 2023[40]. - The company’s non-current assets in Argentina were valued at $385,870 as of September 30, 2024, compared to $411,347 as of December 31, 2023[113]. Exploration and Evaluation - Exploration and evaluation expenditures for the nine months ended September 30, 2024, were $7,602 thousand, down from $9,998 thousand in the same period of 2023, a decrease of about 23.9%[5]. - Total exploration expenditures for the nine months ended September 30, 2024, amounted to $7,602, a decrease from $9,998 in the same period of 2023[107]. - Exploration and evaluation assets totaled $343,788 as of September 30, 2024, compared to $348,645 as of December 31, 2022[75]. - The total exploration and evaluation assets decreased from $348,645 to $343,092 from December 31, 2023, to September 30, 2024[75]. Project Updates - The Cauchari-Olaroz project achieved first lithium production in June 2023 and is currently in the commissioning and ramp-up stage[11]. - The Cauchari Olaroz project achieved commercial production as of October 1, 2024, marking a significant milestone for the company[135]. - The company is entitled to 49% of the lithium carbonate offtake from Cauchari-Olaroz, equating to approximately 19,600 tonnes per annum at full capacity[56]. - The company recognized its share of losses from Minera Exar amounting to $25,026 for the nine months ended September 30, 2024[62]. Financing and Loans - Loans to Exar Capital rose to $368,993 thousand as of September 30, 2024, up from $320,869 thousand at the end of 2023, an increase of approximately 15%[4]. - During the nine months ended September 30, 2024, the Company provided $41,978 in loans to Exar Capital for the Cauchari-Olaroz project's working capital[50]. - As of September 30, 2024, the total loans advanced to Exar Capital by the Company, including accrued interest, amounted to $65,836[53]. - The company entered into a loan facility agreement for $65,000 with Minera Exar to fund debt repayment and working capital, maturing in five years[52]. Shareholder Equity and Compensation - The company’s equity compensation increased to $5,559 from $2,704 year-over-year[9]. - The company granted 1,883 restricted share units (RSUs) during the nine months ended September 30, 2024, with a total estimated fair value of $7,249[89]. - The equity compensation expense related to RSUs for the nine months ended September 30, 2024, was $2,018[89]. - The company granted 1,225 stock options during the nine months ended September 30, 2024, compared to none in the same period of 2023[94]. - Stock-based compensation expense related to stock options was $2,437 for the nine months ended September 30, 2024, compared to $0 in 2023[97]. General and Administrative Expenses - The company incurred general and administrative expenses of $10,604 for the nine months ended September 30, 2024, compared to $11,956 in the same period of 2023[105]. Tax and Regulatory Matters - The company recognized a deferred tax recovery of $10,659 during the nine months ended September 30, 2024, due to inflation adjustments on the tax basis of Pastos Grandes assets[116]. - The amendments to IAS 1 resulted in the reclassification of convertible senior notes from non-current to current liabilities as of January 1, 2023[25]. - The Company is currently assessing the impact of IFRS 18, effective January 1, 2027, on its financial statements[27].
Lithium Americas (Argentina) (LAAC) - 2024 Q3 - Quarterly Report