From NASDAQ GlobeNewswire: 2024-05-13 17:27:00

Lithium Americas (Argentina) Corp. announced first quarter results, with approximately 4,500 tonnes of lithium carbonate produced at Caucharí-Olaroz. The project is on track to produce 20,000 – 25,000 tonnes in 2024. The company had $86M in cash and an additional $20M expected to be released in Q2. Ganfeng invested $70M in the Pastos Grandes project.

In Q1 2024, net loss was $10.2M due to expenses. Total assets decreased, primarily in cash and cash equivalents. The Company’s goal is to become cash flow positive in 2024. An investor webcast is scheduled for May 14, 2024. Lithium Argentina is an emerging producer of lithium carbonate for electric vehicles, trading on the TSX and NYSE under “LAAC.”

CEO Sam Pigott expressed pride in the team’s progress at Caucharí-Olaroz and emphasized financial management for sustainable growth. Lithium Argentina aims to reach a production capacity of 40,000 tonnes annually. With positive demand trends, the company is optimistic about the future of the lithium industry. The company is working on refinancing local debt to leverage improved lending conditions in Argentina.



Read more at NASDAQ GlobeNewswire:: Lithium Argentina Reports First Quarter 2024 Results