Lithium Americas (LAC) - 2025 Q1 - Quarterly Results

Lithium Americas First Quarter 2025 Results Operating and Financial Highlights Lithium Americas achieved fully funded status for Thacker Pass Phase 1, commenced major construction, and reported an increased net loss in Q1 2025 Project and Construction Update The company details progress on Thacker Pass Phase 1, including funding, construction milestones, and supply chain management - Achieved fully funded status for Phase 1 construction after closing a $250 million investment from Orion Resource Partners and receiving joint venture contributions from General Motors ($100 million) and itself ($191.6 million)[5] - Major construction has commenced at Thacker Pass, with the first permanent concrete placed in early May 2025, targeting Phase 1 completion for late 2027[2][5] - The company expects to make the first draw on its $2.26 billion loan from the U.S. Department of Energy (DOE) in the third quarter of 2025[5] - Detailed engineering was over 60% complete as of March 31, 2025, and is expected to exceed 90% by year-end 2025 to de-risk project execution[5] - The company is managing supply chain risks, noting that approximately 75% of total capital project costs relate to labor and services not expected to be directly affected by potential tariffs[6] - A Plan of Operations was submitted to build the Western Quarry, a local source for limestone, a key reagent in the production process, aimed at lowering costs[9] Financials Financial results for Q1 2025 show increased net loss and changes in balance sheet metrics Q1 2025 Financial Performance (in US$ millions, except per share) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Operating expenses | $6.5 | $5.8 | | Net loss | $11.5 | $6.3 | | Loss per share - basic | $0.05 | $0.04 | Balance Sheet Summary (in US$ millions) | Metric | As at March 31, 2025 | As at Dec 31, 2024 | | :--- | :--- | :--- | | Cash and restricted cash | $446.9 | $594.2 | | Total assets | $1,018.5 | $1,044.9 | | Total long-term liabilities | $40.1 | $41.3 | - Net loss increased year-over-year due to higher general and administrative expenses related to the company's transition to domestic filer status, increased reporting obligations under the DOE Loan, and higher transaction costs from financing activities[7] - During Q1 2025, $78.2 million of construction capital costs and other project-related costs were capitalized[5] About Lithium Americas Lithium Americas focuses on the Thacker Pass project, the world's largest lithium resource, targeting 40,000 tonnes/year production - The Thacker Pass project, located in Humboldt County, Nevada, hosts the largest known measured and indicated lithium resource and proven and probable reserve in the world[10] - The project is owned by a joint venture in which Lithium Americas holds a 62% interest and acts as the manager, while General Motors (GM) holds the remaining 38%[10] - Phase 1 of Thacker Pass is targeting a nominal design capacity of 40,000 tonnes per year (t/y) of battery-quality lithium carbonate[10] - The company has a National Construction Agreement with North America's Building Trades Unions for the construction of Thacker Pass, which is expected to create nearly 2,000 direct jobs[10] Forward-Looking Statements This section cautions readers that the report contains forward-looking statements subject to significant risks and uncertainties, advising reliance on official filings - The report includes forward-looking statements concerning project financing (including the DOE Loan and Orion Investment), construction timelines, and the commencement of production[11] - These statements are based on current expectations but are subject to significant known and unknown risks, assumptions, and uncertainties that may cause actual results to differ materially[13] - Readers are cautioned not to place undue reliance on these statements and are advised to review the full risk factors detailed in the company's continuous disclosure documents filed on SEDAR+ and EDGAR[15]