Lithium Americas Corp (LAAC)

[John-Knee]

Lithium Americas Reports Third Quarter 2021 Results
2021-11-15 07:23:15 AM ET (GlobeNewswire)
   
   
Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium Americas" or the "Company") has reported unaudited financial and operating results for the third quarter ended September 30, 2021.

HIGHLIGHTS

Cauchari-Olaroz

Thacker Pass

Corporate:

TECHNICAL INFORMATION

The Technical Information in this news release has been reviewed and approved by Rene LeBlanc, PhD, SME, Chief Technical Officer of Lithium Americas, and a Qualified Person as defined by National Instrument 43-101.

FINANCIAL RESULTS

Selected consolidated financial information is presented as follows:

(in US$ million except per share information) Quarter ended September 30,
2021 2020
$ $
Expenses (16.6 ) (5.7 )
Net loss (17.2 ) (6.5 )
(Loss)/income per share - basic (0.14 ) 0.07
(in US$ million) As at September 30, 2021 As at December 31, 2020
$ $
Cash and cash equivalents 482.1 148.1
Total assets 716.2 326.7
Total long-term liabilities (180.3 ) (127.3 )
During the nine months ended September 30, 2021, total assets and cash increased primarily due to the $377.4 million net proceeds raised from the underwritten public offering of common stock, partially offset by expenditures in the period. Total long-term liabilities increased primarily as a result of drawdowns on the Company's senior credit facility of $50.1 million.

The higher net loss in Q3 2021 compared to Q3 2020 is primarily attributable to higher Thacker Pass expenditures.

Click here to view the Company's third quarter results for 2021.

About Lithium Americas:

Lithium Americas is a development-stage company focused on advancing to production a lithium brine operation in Jujuy, Argentina and a sedimentary lithium clay project in Nevada, United States. The Company trades on both the Toronto Stock Exchange and on the New York Stock Exchange, under the ticker symbol "LAC".