Lithium Americas (US:LAC)2025-11-13 11:25Financial Position - As of September 30, 2025, the Company had $385.6 million in cash and restricted cash[80] - Total assets increased by $406.6 million to $1,451.5 million as of September 30, 2025, primarily due to a $641.6 million increase in Mineral properties, plant and equipment[113] - Total liabilities rose by $455.7 million to $555.3 million, largely due to the Orion Investment, which added $414.6 million in long-term liabilities[114] - The Company had cash and restricted cash of $385.6 million as of September 30, 2025, down from $594.2 million at December 31, 2024[118] - As of September 30, 2025, the company's current assets were $388.627 million, a decrease of $213.548 million from $602.175 million on December 31, 2024[145] - Current liabilities increased to $103.116 million from $58.280 million, resulting in a rise of $44.836 million[145] - The non-GAAP working capital decreased to $285.511 million from $543.895 million, reflecting a decline of $258.384 million[145] - The company utilizes non-GAAP measures, such as working capital, to provide additional insights into liquidity beyond US GAAP measures[143] Construction and Development - During Q3 2025, the Company capitalized $145.9 million of construction capital costs, bringing the total to $720.0 million[81] - The mechanical completion of the Phase 1 processing plant at Thacker Pass is targeted for late 2027, with engineering design over 80% complete as of September 30, 2025[81] - The Company has committed approximately $430 million for long-lead equipment and services related to the construction of the processing plant[81] - The Thacker Pass project is targeting completion in late 2027, with production ramp-up expected during 2028[115] - The Company closed the $2.23 billion DOE Loan for financing the construction of Phase 1 processing facilities at Thacker Pass, with the first drawdown of $435 million received on October 20, 2025[120] Investments and Financing - General Motors made a $650 million equity investment in Old LAC for the development of Thacker Pass, consisting of a $320 million first tranche and a $330 million second tranche[89] - GM acquired a 38% ownership stake in Thacker Pass for $625 million, including $430 million in direct cash funding and a $195 million letter of credit facility[92] - GM contributed $430 million in cash to the joint venture for Thacker Pass as of September 30, 2025[121] - Orion Resource Partners invested $250 million for the development of Phase 1 of Thacker Pass, including $195 million in senior unsecured convertible notes[98][99] Revenue and Losses - The net loss for the nine months ended September 30, 2025, was $223.9 million, compared to a net loss of $21.4 million for the same period in 2024, reflecting an increase of $202.5 million[105] - The Company reported a net loss per share of $(0.98) for the nine months ended September 30, 2025, compared to $(0.11) for the same period in 2024[105] - General and administrative expenses for YTD Q3 2025 increased to $24.1 million from $18.2 million in YTD Q3 2024, primarily due to increased hiring and professional fees[105] - Transaction costs for YTD Q3 2025 rose to $18.3 million from $8.2 million in YTD Q3 2024, mainly due to advisory fees related to the Orion Investment[106] - The loss on financial instruments measured at fair value for YTD Q3 2025 was $185.9 million, significantly up from $5.8 million in YTD Q3 2024[105] - The loss on financial instruments measured at fair value for Q3 2025 included a non-cash loss of $193.8 million related to the Embedded Derivative, reflecting an increase in the Company's share price from $2.68 to $5.71[111] Market and Risk Exposure - The Company's exposure to market risk, particularly share price risk, remains unchanged materially since the last annual report[146] - The fair value of the embedded derivative is sensitive to changes in the company's share price, increasing with price rises and decreasing with price falls[146] Offtake Agreements - The Company and GM amended the lithium offtake agreement to allow for additional third-party offtake agreements for certain production volumes[82] - The Offtake Agreement with GM was extended for up to 100% of Phase 1 production volumes for 20 years, with an additional agreement for 38% of Phase 2 production volumes[93] - The Company plans to prioritize GM's volume requirements in the Offtake Agreement, with caps on third-party commitments based on production forecasts[95] Personnel and Operations - The Company has approximately 700 personnel on site at Thacker Pass, expected to increase to 1,000 by the end of 2025[81]