Lithium Americas (LAC) Q2 2024 earnings summary

Executive summary

• Transitioned to U.S. GAAP reporting as of January 1, 2025, after losing foreign private issuer status as of June 30, 2024.

• Advanced Thacker Pass project with site preparation, procurement for Phase 1, and development stage since February 2023, targeting 40,000 tonnes/year battery-grade lithium carbonate production.

• No revenues generated; operations funded through equity and strategic investments.

• Secured a $2.26 billion conditional DOE loan commitment and an $11.8 million Department of Defense grant for infrastructure upgrades.

• Completed an underwritten public offering in April 2024, increasing cash reserves and meeting funding conditions for GM's second tranche investment.

Financial highlights

• Cash and cash equivalents increased to $375.8M at June 30, 2024, from $195.5M at December 31, 2023.

• Net loss of $12.8M for H1 2024, compared to net income of $8.6M for H1 2023, due to fair value loss on financial instruments and higher operating costs.

• Total assets rose to $692.2M at June 30, 2024, from $436.9M at year-end 2023.

• Capitalized $27.7M in construction and project-related costs during Q2 2024.

• Completed $262.1M net equity raise in April 2024 to fund Thacker Pass development.

Outlook and guidance

• DOE $2.26B loan and GM investment expected to close in 2H24, fully funding Thacker Pass Phase 1 construction.

• Major construction at Thacker Pass anticipated to commence following final investment decision and loan closing in 2H24.

• Three-year construction build at Thacker Pass expected to create approximately 1,800 direct jobs.

• Orion Resource Partners committed $250M strategic investment in March 2025, supporting full project funding.