Lithium Americas (US:LAC)2024-11-07 22:12Financial Performance - The company reported a net loss of $20,348 thousand for the nine months ended September 30, 2024, compared to a net income of $8,967 thousand for the same period in 2023[11]. - The company reported a net loss of $8,063 thousand for the three months ended September 30, 2024, compared to a net loss of $200 thousand in the same period of 2023, marking a substantial increase in losses[120]. - Total comprehensive loss for the nine months ended September 30, 2024, was $20,348 thousand, compared to a comprehensive income of $8,967 thousand in the same period of 2023, highlighting a significant downturn[120]. - The company recognized a gain on financial instruments measured at fair value of $5,750 thousand for the nine months ended September 30, 2024, compared to a loss of $32,545 thousand in the same period of 2023[11]. - Interest earned on cash deposits for the nine months ended September 30, 2024, was $11,230 thousand, compared to $0 in the same period of 2023, indicating a strong return on cash holdings[113]. Assets and Liabilities - As of September 30, 2024, the company's total assets increased to $692,967 thousand, up from $439,500 thousand as of December 31, 2023, representing a growth of approximately 57.4%[9]. - The company's total liabilities as of September 30, 2024, included the GM Tranche 2 Agreements derivative, which was assumed to be settled in shares[59]. - The company’s total liabilities related to mining contractor liability remained stable at $3,500,000 as of September 30, 2024[71]. - The company’s receivables decreased from $2.9 million as of December 31, 2023, to $151,000 as of September 30, 2024[42]. - Total liabilities, including accounts payable and accrued liabilities, are projected to be $34,909 across various obligations by the end of 2027[143]. Shareholder Equity - Total shareholders' equity increased to $658,680 thousand as of September 30, 2024, up from $407,462 thousand at the end of 2023, reflecting a growth of 61.6%[9]. - The weighted average number of common shares outstanding increased to 218,039 thousand as of September 30, 2024, from 160,048 thousand in the same period of 2023, indicating dilution of shares[120]. - The Company holds 218,294,000 shares outstanding as of September 30, 2024, reflecting an increase from 161,778,000 shares at December 31, 2023[80]. Investments and Financing - The company completed a public offering, raising $275,000 thousand, with share issuance costs of $12,854 thousand, contributing to a net cash provided by financing activities of $261,386 thousand[11]. - The company has entered into agreements with General Motors for a total equity investment of $650,000 thousand, with the first tranche of $320,148 thousand already closed[19]. - The company completed a $320.1 million first tranche investment from General Motors, with a second tranche investment of up to $329.9 million pending certain conditions[82]. - The company received a conditional commitment for a $2.26 billion loan from the U.S. Department of Energy to finance the construction of processing facilities at Thacker Pass, which was closed on October 28, 2024[37]. - The Company closed a $2.26 billion Department of Energy (DOE) Loan for financing the construction of processing facilities at Thacker Pass, subject to certain conditions[144]. Operational Expenses - The company incurred exploration and evaluation expenditures of $8.2 million for the nine months ended September 30, 2024, compared to $9.4 million in 2023[55]. - The company reported stock-based compensation expenses of $2.8 million for the nine months ended September 30, 2024, compared to $70,000 in 2023[51]. - The company incurred transaction costs of $6,061 thousand for the three months ended September 30, 2024, compared to $2,529 thousand in the same period of 2023, reflecting increased operational expenses[120]. Joint Ventures and Agreements - The joint venture with GM will provide $625 million in cash and letters of credit for the Thacker Pass project, with GM acquiring a 38% asset-level ownership stake[37]. - The company has a 20-year offtake agreement with GM for up to 100% of production volumes from Phase 1 of Thacker Pass[37]. - The Company entered into a Joint Venture (JV) with GM, which will provide $625 million in cash and letters of credit for the Thacker Pass project, granting GM a 38% ownership stake[144]. Compensation and Share Units - The company granted 99 Deferred Share Units (DSUs) to its directors during the nine months ended September 30, 2024, with a total estimated fair value of $435 thousand[23]. - During the nine months ended September 30, 2024, the Company granted 442 PSUs with a total estimated fair value of $2,793 thousand, compared to $621 thousand in 2023, indicating a significant increase in compensation[108]. - The balance of outstanding RSUs increased to 2,409 as of September 30, 2024, from 1,650 as of December 31, 2023[137]. - The balance of outstanding Performance Share Units (PSUs) increased to 693 as of September 30, 2024, from 628 as of December 31, 2023[138]. - The Company has $6,009 of total unamortized compensation cost related to unvested RSUs as of September 30, 2024, compared to $2,346 in 2023[135].