Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of: November 2024

Commission file number: 001-38350

Lithium Americas (Argentina) Corp.

(Translation of Registrant’s name into English)

900 West Hastings Street, Suite 300,

Vancouver, British Columbia,

Canada V6C 1E5

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover:

Form 20-F [ ] Form 40-F [X]

INCORPORATION BY REFERENCE

Exhibits 99.1, 99.2, and 99.6 to this Form 6-K of Lithium Americas (Argentina) Corp. (the "Company") are hereby incorporated by reference as exhibits to the Registration Statement on Form F-10 (File No. 333- 269649) of the Company, as amended or supplemented.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Lithium Americas (Argentina) Corp.
(Registrant)

By:	“Samuel Pigott”
Name:	Samuel Pigott
Title:	President and Chief Executive Officer

Dated: November 5, 2024

EXHIBIT INDEX


Exhibit		Description

99.1		Condensed Consolidated Interim Financial Statements for the nine months ended September 30, 2024

99.2		Management’s Discussion and Analysis for the nine months ended September 30, 2024

99.3		CEO Certification

99.4		CFO Certification

99.5		News Release dated November 5, 2024

99.6		Consent of Ernest Burga

Exhibit 99.1

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited)

(Expressed in thousands of US dollars)


		September 30,			December 31,			January 1,
	Note	2024			2023			2023
					Restated *			Restated *
		$			$			$
CURRENT ASSETS
Cash and cash equivalents	5		92,325			122,293			194,471
Short-term bank deposits			-			-			157,631
Prepayments to Minera Exar for lithium carbonate purchases	7		-			6,673			-
Receivables from purchasers for lithium carbonate	7		16,745			-			-
Other receivables, prepaids and deposits			2,690			4,609			3,990
			111,760			133,575			356,092
NON-CURRENT ASSETS
Associates and other investments			-			-			31,343
Investment in Sal de la Puna Project	6		181,225			181,270			-
Loans to Exar Capital	7		368,993			320,869			223,122
Loans to Minera Exar	7, 8		65,836			-			-
Investment in Cauchari-Olaroz Project	7		33,336			59,581			41,507
Long-term receivable from JEMSE			7,755			7,394			6,813
Property, plant and equipment	9		9,070			9,245			9,026
Exploration and evaluation assets	10		343,788			343,092			348,645
			1,010,003			921,451			660,456
TOTAL ASSETS			1,121,763			1,055,026			1,016,548

CURRENT LIABILITIES
Accounts payable and accrued liabilities			4,275			9,649			16,540
Payable to Minera Exar for lithium carbonate purchases	7		18,152			-			-
Customer advances	7		-			2,322			-
Convertible notes interest and other liabilities			1,241			2,608			3,105
Current liabilities excluding equity-settleable convertible notes			23,668			14,579			19,645

Equity-settleable convertible notes	11		204,475			200,361			204,472

			228,143			214,940			224,117
NON-CURRENT LIABILITIES
Deferred income tax liability	19		-			10,659			-
Decommissioning provision			-			-			478
Other liabilities			-			496			7,951
			-			11,155			8,429
TOTAL LIABILITIES			228,143			226,095			232,546

EQUITY
Share capital			1,479,172			1,475,930			1,029,485
Contributed surplus			19,995			17,678			30,226
Accumulated other comprehensive loss			(3,487	)		(3,487	)		(3,487	)
Deficit			(664,721	)		(661,190	)		(272,222	)
TOTAL EQUITY ATTRIBUTABLE TO LITHIUM ARGENTINA'S SHAREHOLDERS			830,959			828,931			784,002
Non-controlling interest	8		62,661			-			-
TOTAL EQUITY			893,620			828,931			784,002
TOTAL LIABILITIES AND EQUITY			1,121,763			1,055,026			1,016,548

*The comparative information has been reclassified as a result of the application of amendments to IAS 1 as discussed in Note 3.

Approved for issuance on November 5, 2024

On behalf of the Board of Directors:


“Robert Doyle”		“George Ireland”
Director		Director


	1

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(Expressed in thousands of US dollars, except for per share amounts; shares in thousands)


		Three Months Ended September 30,						Nine Months Ended September 30,
	Note	2024			2023			2024			2023
		$			$			$			$
EXPENSES
Exploration and evaluation expenditures	15		(1,761	)		(1,838	)		(7,602	)		(9,998	)
General and administrative	14		(3,519	)		(4,514	)		(10,604	)		(11,956	)
Equity compensation	12		(2,527	)		(831	)		(5,097	)		(2,704	)
Share of loss of Cauchari-Olaroz Project	7		(1,301	)		(1,652	)		(27,815	)		(5,034	)
Share of loss of Arena Minerals			-			-			-			(677	)
Share of income/(loss) of Sal de la Puna Project	6		258			(187	)		(45	)		(374	)
			(8,850	)		(9,022	)		(51,163	)		(30,743	)
OTHER ITEMS
Transaction costs			(805	)		(1,241	)		(2,063	)		(4,880	)
Gain on financial instruments measured at fair value	11		220			6,595			11,046			22,551
Finance costs	16		(6,388	)		(5,761	)		(18,592	)		(16,748	)
Foreign exchange gain			204			1,329			1,817			6,944
Finance and other income	17		13,212			14,921			37,880			41,500
			6,443			15,843			30,088			49,367

(LOSS)/INCOME FROM CONTINUING OPERATIONS BEFORE TAXES			(2,407	)		6,821			(21,075	)		18,624

Tax recovery	19		-			-			10,659			-

(LOSS)/INCOME FROM CONTINUING OPERATIONS			(2,407	)		6,821			(10,416	)		18,624

(LOSS)/INCOME FROM DISCONTINUED OPERATIONS	4		-			(200	)		-			7,408

NET (LOSS)/INCOME			(2,407	)		6,621			(10,416	)		26,032
ATTRIBUTABLE TO:
Equity holders of Lithium Argentina			(2,406	)		6,621			(10,415	)		26,032
Non-controlling interest			(1	)		-			(1	)		-

TOTAL COMPREHENSIVE (LOSS)/INCOME			(2,407	)		6,621			(10,416	)		26,032
BASIC AND DILUTED (LOSS)/INCOME PER SHARE FROM CONTINUING OPERATIONS
(Loss)/income per share - basic			(0.01	)		0.04			(0.06	)		0.12
(Loss)/income per share - diluted			(0.01	)		0.04			(0.06	)		0.12
BASIC AND DILUTED (LOSS)/INCOME PER SHARE FROM DISCONTINUED OPERATIONS
(Loss)/income per share - basic			-			(0.001	)		-			0.05
(Loss)/income per share - diluted			-			(0.001	)		-			0.05
BASIC AND DILUTED (LOSS)/INCOME PER SHARE TOTAL
(Loss)/income per share - basic			(0.01	)		0.04			(0.06	)		0.17
(Loss)/income per share - diluted			(0.01	)		0.04			(0.06	)		0.17
Weighted average number of common shares outstanding – basic total			161,451			159,919			161,139			153,607
Weighted average number of common shares outstanding – diluted total			161,451			163,773			161,139			157,461


	2

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

(Expressed in thousands of US dollars, shares in thousands)


	Share capital
	Number		Amount			Contributed surplus			Accumulated other comprehensive loss			Deficit			Shareholders’ equity			Non-controlling interest			Total equity
	of shares		$			$			$			$			$			$			$
Authorized share capital: Unlimited common shares without par value
Balance December 31, 2022		135,035		1,029,485			30,226			(3,487	)		(272,222	)		784,002			-			784,002
Shares issued on conversion of RSUs, DSUs and exercise of stock options		1,425		8,036			(7,879	)		-			-			157			-			157
Shares issued pursuant to the GM investment		15,002		286,954			-			-			-			286,954			-			286,954
Share issuance costs		-		163,203			-			-			-			163,203			-			163,203
Shares issued pursuant to Arena Minerals acquisition		8,456		(15,217	)		-			-			-			(15,217	)		-			(15,217	)
Equity compensation		-		-			5,914			-			-			5,914			-			5,914
DSUs issued in lieu of directors' fees		-		-			628			-			-			628			-			628
RSUs issued in lieu of accrued bonuses		-		-			3,109			-			-			3,109			-			3,109
Net income		-		-			-			-			26,032			26,032			-			26,032
Balance September 30, 2023		159,918		1,472,461			31,998			(3,487	)		(246,190	)		1,254,782			-			1,254,782

Balance, December 31, 2023		160,679		1,475,930			17,678			(3,487	)		(661,190	)		828,931			-			828,931
Shares issued on conversion of RSUs, DSUs, PSUs, and exercise of stock options		1,237		3,242			(3,242	)		-			-			-			-			-
Equity compensation (Note 12)		-		-			5,559			-			-			5,559			-			5,559
Pastos Grandes Transaction (Note 8)		-		-			-			-			6,884			6,884			62,662			69,546
Net loss		-		-			-			-			(10,415	)		(10,415	)		(1	)		(10,416	)
Balance September 30, 2024		161,916		1,479,172			19,995			(3,487	)		(664,721	)		830,959			62,661			893,620


	3

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Expressed in thousands of US dollars)


			Nine Months Ended September 30,
	Note		2024			2023
			$			$
OPERATING ACTIVITIES
(Loss)/income from continuing operations				(10,416	)		18,624
Income from discontinued operations				-			7,408
Consolidated net (loss)/income				(10,416	)		26,032

Items not affecting cash and other items:
Equity compensation		12		5,559			2,704
Depreciation				577			312
Deferred tax recovery		19		(10,659	)		-
Foreign exchange gain				(1,817	)		(6,944	)
Share of loss of Cauchari-Olaroz Project		7		27,815			5,034
Share of loss of Arena Minerals				-			677
Share of loss of Sal de la Puna Project		6		45			374
Gain on financial instruments measured at fair value		11		(11,046	)		(22,551	)
Finance costs (net)				(14,792	)		(4,924	)
Payment of interest on the convertible notes and debt facilities		11		(4,528	)		(4,528	)
Changes in non-cash working capital items:
(Increase)/decrease in receivables, prepaids and deposits				(14,826	)		463
Increase/ (decrease) in accounts payable and accrued liabilities				12,779			(5,705	)
Decrease/ (increase) in net prepayments made for lithium carbonate				4,351			(3,861	)
Cash used in operating activities of continuing operations				(16,958	)		(20,325	)
Cash used in operating activities of discontinued operations				-			(23,627	)
Net cash used in operating activities				(16,958	)		(43,952	)

INVESTING ACTIVITIES
Loans to Exar Capital		7		(41,978	)		(64,680	)
Proceeds from repayment of loans by Exar Capital		7		26,476			-
Loans to Minera Exar	7, 8			(65,000	)		-
Contribution to Investment in Cauchari-Olaroz project		7		(1,570	)		(1,541	)
Proceeds from withdrawal of short-term bank deposits				-			155,000
Change in cash as a result of Arena Minerals acquisition				-			(2,887	)
Additions to exploration and evaluation assets		10		(696	)		(2,713	)
Additions to property, plant and equipment		9		(872	)		(3,553	)
Cash (used)/provided by investing activities of continuing operations				(83,640	)		79,626
Cash used in investing activities of discontinued operations				-			(116,804	)
Net cash used in investing activities				(83,640	)		(37,178	)

FINANCING ACTIVITIES
Proceeds from equity awards exercises				-			157
Proceeds from Pastos Grandes Transaction		8		70,000			-
Financing costs		8		(454	)		(934	)
Lease liabilities				(733	)		646
Cash provided/(used) in financing activities of continuing operations				68,813			(129	)
Cash provided by financing activities of discontinued operations				-			302,755
Net cash provided by financing activities				68,813			302,626

Effect of foreign exchange on cash				1,817			6,944
Cash held for distribution							(275,499	)

CHANGE IN CASH AND CASH EQUIVALENTS				(29,968	)		(47,059	)
CASH AND CASH EQUIVALENTS - BEGINNING OF THE PERIOD				122,293			194,471
CASH AND CASH EQUIVALENTS - END OF THE PERIOD				92,325			147,412


	4

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

1. NATURE OF OPERATIONS

Lithium Americas (Argentina) Corp. (“Lithium Argentina”, the “Company” or “LAAC”), formerly Lithium Americas Corp. (“Lithium Americas” or “LAC”), is a Canadian-based resource company focused on advancing the Cauchari-Olaroz project (“Cauchari-Olaroz”) to full production. Cauchari-Olaroz is a lithium brine project located in the Salar de Olaroz and Salar de Cauchari in Jujuy province, north-western Argentina. The Company also owns 85.1% interest in the Pastos Grandes lithium project (“Pastos Grandes”) acquired through the acquisition of Millennial Lithium Corp. (“Millennial”) on January 25, 2022, and a 65% ownership interest in the Sal de la Puna project (“Sal de la Puna”), owned by the Company’s wholly-owned subsidiary Arena Minerals Inc. (“Arena Minerals”) acquired on April 20, 2023. Pastos Grandes and Sal de la Puna are lithium brine projects located in Salta province, in north-western Argentina.

The Company’s interest in Cauchari-Olaroz is held through a 44.8% ownership interest in Minera Exar S.A. (“Minera Exar”), a company incorporated under the laws of Argentina. Ganfeng Lithium Co. Ltd. (“Ganfeng”) owns 46.7% of Minera Exar with the remaining 8.5% interest held by Jujuy Energia y Mineria Sociedad del Estado (“JEMSE”), a mining investment company owned by the provincial government of Jujuy. Cauchari-Olaroz is in the commissioning and ramp up stage and achieved first lithium production as part of commissioning in June 2023.

In August 2024, the Company completed a transaction with a subsidiary of Ganfeng whereby Ganfeng acquired $70,000 in newly issued shares of Proyecto Pastos Grandes S.A. (“PGCo”) (the “Pastos Grandes Transaction”), the Company’s indirect wholly-owned Argentinian subsidiary holding the Pastos Grandes project in Salta, Argentina, which represents an approximate 14.9% interest in PGCo and the Pastos Grandes project (Note 8).

On July 31, 2023, at the annual, general and special meeting of the Company, the Company’s shareholders approved the separation of Lithium Americas into Lithium Americas (Argentina) Corp. and a new Lithium Americas Corp. (“Lithium Americas (NewCo)”), pursuant to a statutory plan of arrangement (the “Separation”). The Separation was completed on October 3, 2023, pursuant to a final order dated August 4, 2023, from the Supreme Court of British Columbia approving the plan of arrangement. As a result of the transaction, on October 3, 2023, the Company transferred its North American business, including, among other assets, the Thacker Pass Project (“Thacker Pass”) and $275,499 of cash to Lithium Americas (NewCo), and the Company changed its name to Lithium Americas (Argentina) Corp. (Note 4).

The Company’s common shares are listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) under the symbol “LAAC”. The Company’s head office and principal address is Suite 300, 900 West Hastings Street, Vancouver, British Columbia, Canada, V6C 1E5.

To date, the Company has not generated significant revenues from operations and has relied on equity and other financings to fund operations. The underlying values of exploration and evaluation assets are dependent on the existence of economically recoverable reserves, securing and maintaining title and beneficial interest in the properties, and the ability of the Company to obtain the necessary financing to complete permitting and development, and to attain future profitable operations.


	5

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

2. BASIS OF PREPARATION AND PRESENTATION

These condensed consolidated interim financial statements of the Company (“Interim Financials”) have been prepared in accordance with IFRS Accounting Standards applicable to the preparation of interim financial statements, under International Accounting Standard 34, Interim Financial Reporting. The Interim Financials should be read in conjunction with the Company’s annual consolidated financial statements for the year ended December 31, 2023 (the “2023 Annual Financials”), which have been prepared in accordance with IFRS Accounting Standards.

The Interim Financials are expressed in United States dollars (“US$”), the Company’s presentation currency. The same accounting policies and methods of computation have been used in the Interim Financials and 2023 Annual Financials other than those disclosed in Note 3.

3. SUMMARY OF MATERIAL ACCOUNTING POLICIES

Estimation Uncertainty and Accounting policy judgments

The preparation of these Interim Financials in conformity with IFRS Accounting Standards applicable to the preparation of interim financial statements requires judgments, estimates, and assumptions that affect the amounts reported. Those estimates and assumptions concerning the future may differ from actual results. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The nature and number of significant estimates and judgments made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty are the same as those that management applied to the 2023 Annual Financials except as disclosed below.

Determination of Commercial Production for the Cauchari Olaroz project

Judgment is a requirement in determining whether a project’s assets are available for use (referred to as “commercial production”). In making this determination, management considers specific facts and circumstances. These factors include, but are not limited to, whether the product produced by the plant is saleable, the completion of a reasonable period of commissioning, and the achievement of consistent operating results at a predetermined level of design capacity for a reasonable period of time. Subsequent to September 30, 2024, the Company concluded that commercial production was achieved for the Cauchari Olaroz project as of October 1, 2024. As a result, the Cauchari Olaroz project’s assets are now considered ready for their intended use, and depreciation of these assets will commence as of October 1, 2024.

New IFRS Pronouncements

Amendments to IAS 1 – Presentation of Financial Statements

In October 2022, the IASB issued amendments to IAS 1, Presentation of Financial Statements titled Non-current liabilities with covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of liabilities as current or non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period.


	6

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

3. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)

Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The Company adopted these amendments effective January 1, 2024, applied them retrospectively as required by the transitional provisions of the amendments and included restated consolidated statements of financial position for the comparative periods ended December 31, 2023, and January 1, 2023.

Amendments to IAS 1 resulted in a reclassification of convertible senior notes (the “Convertible Notes”, “Notes”, or “equity-settleable convertible notes”) from non-current liabilities to current liabilities as at January 1, 2023 and December 31, 2023. The Convertible Notes are convertible at the option of the holders upon satisfaction of certain conditions that are beyond the control of the Company. If such conditions are satisfied, the convertible notes would be convertible at the option of the holders and upon conversion, the Notes may be settled, at the Company’s election, in common shares of the Company, cash or a combination thereof. As a result, the Company does not have the right to defer settlement of the Notes for more than 12 months after the end of the reporting periods (Note 11).

IFRS 18 Presentation and Disclosure in Financial Statements

In addition, there are consequential amendments to other accounting standards; some requirements previously included in IAS 1 have been moved to IAS 8 and limited amendments have been made to IAS 7 and IAS 34. IFRS 18 is effective for the reporting period beginning on or after January 1, 2027, with early application permitted. Retrospective application is required in both annual and interim financial statements. The Company is currently assessing the impact of this standard on its financial statements and has not yet applied it.

Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financials Instruments

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financials Instruments. These amendments updated classification and measurement requirements in IFRS 9 Financial Instruments and related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. These amendments require additional disclosures for financial instruments with contingent features that do not relate directly to basic lending risks and costs and amended disclosures relating to equity instruments designated at fair value through other comprehensive income.


	7

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

3. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)

The amendments are effective for annual periods beginning on or after January 1, 2026. Early adoption is permitted, with an option to early adopt the amendments for contingent features only. The Company is currently assessing the impact of this standard on its financial statements and has not yet applied it.

Annual Improvements to IFRS Accounting Standards-Volume 11

In May 2024, the IASB issued the Annual Improvements to IFRS Accounting Standards-Volume 11. It contains amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7.

The IASB's annual improvements are limited to amendments that either clarify the wording of an IFRS standard or correct relatively minor unintended consequences, oversights or conflicts between requirements in the standards. The IASB's annual improvements are limited to amendments that either clarify the wording of an IFRS standard or correct relatively minor unintended consequences, oversights, or conflicts between requirements in the standards. The amendments in this volume relate to the following:

•

IFRS 1: First-time Adoption of International Financial Reporting Standards - Hedge Accounting by a First-time Adopter

•

IFRS 7: Financial Instruments: Disclosures - Gain or loss on derecognition, disclosure of differences between the fair value and the transaction price, and disclosures on credit risk

•

IFRS 9: Financial Instruments - Derecognition of lease liabilities and transaction price

•

IFRS 10: Consolidated Financial Statements - Determination of a ‘de facto agent’

•

IAS 7: Statement of Cash Flows - Cost Method.

These amendments are mandatory for financial years beginning on or after 1 January 2026; earlier application is permitted. The Company is currently assessing the impact of this standard on its financial statements and has not yet applied it.

4. DISTRIBUTED OPERATIONS

Upon completion of the Separation on October 3, 2023, the Company transferred its North American business, including, among other assets, its Thacker Pass Project and $275,499 of cash to Lithium Americas (NewCo). Pursuant to the plan of arrangement, each shareholder received one common share of Lithium Argentina and one common share of Lithium Americas (NewCo) in exchange for each common share of the Company previously held. As part of the approval of the Separation, the Company’s shareholders also approved amendments to the equity incentive plan to allow holders of restricted share units, performance share units and deferred share units to receive on Separation one similar instrument in each of Lithium Argentina (subject to adjustment) and Lithium Americas (NewCo). The Company has no further interest in Lithium Americas (NewCo) subsequent to the Separation.

The distributed operations have been presented and accounted for using IFRS 5, Non-Current Assets Held for Sales and Discontinued Operations, and IFRIC 17, Distribution of Assets to Owners. Under this guidance, a dividend was recognized in deficit measured at the fair value of the net assets distributed with a corresponding dividend payable. The dividend payable was then settled through the distribution of the net assets.


	8

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

4. DISTRIBUTED OPERATIONS (continued)

The fair value of the net assets distributed was $1,680,501, determined based on the share price of Lithium Americas (Newco) on October 4, 2023. The difference of $1,267,552 between the fair value of the dividend and the carrying value of the net assets was recognized as a gain on distribution of assets within discontinued operations during the year ended December 31, 2023.

The results and cash flows of Lithium Americas (NewCo) presented as discontinued operations are as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
	$		$			$		$
EXPENSES
Exploration and evaluation expenditures		-		(115	)		-		(5,779	)
General and administrative		-		(2,551	)		-		(7,869	)
Equity compensation		-		(522	)		-		(2,078	)
		-		(3,188	)		-		(15,726	)
OTHER ITEMS
Transaction costs		-		(2,529	)		-		(9,359	)
Gain on financial instruments measured at fair value		-		5,587			-		32,545
Finance costs		-		(9	)		-		(43	)
Other costs		-		(61	)		-		(9	)
		-		2,988			-		23,134

(LOSS)/INCOME FROM DISCONTINUED OPERATIONS		-		(200	)		-		7,408


	Nine Months Ended September 30,
	2024		2023
	$		$
Cash used in operating activities of discontinued operations		-		(23,627	)
Cash used in investing activities of discontinued operations		-		(116,804	)
Cash provided by financing activities of discontinued operations		-		302,755


	9

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

5. CASH AND CASH EQUIVALENTS

Cash and cash equivalents


	September 30, 2024		December 31, 2023
	$		$
Cash		92,325		42,169
Cash equivalents		-		80,124
		92,325		122,293

As at September 30, 2024, $369 of cash and cash equivalents was held in Canadian dollars (December 31, 2023 – $2,438), $91,425 in US dollars (December 31, 2023 – $119,569) and $531 were held in Argentine Pesos (December 31, 2023 – $286). During the nine months ended September 30, 2024, cash and cash equivalents generated an interest income of $3,246 (2023 – $17,224).

6. INVESTMENT IN SAL DE LA PUNA

On April 20, 2023, the Company completed the acquisition of Arena Minerals that owns 65% of Sal de la Puna through a joint venture interest in Sal de la Puna Holdings Ltd., the 100% owner of Argentine entity, Puna Argentina S.A.U. (“PASA”), the owner of the claims forming part of the Sal del la Puna Project.

The remaining 35% of PASA is owned by joint venture partner Ganfeng New Energy Technology Development (Suzhou) Co., Ltd. Therefore, after the acquisition of Arena Minerals, the Company holds a 65% ownership interest in the Sal de la Puna Project covering approximately 13,200 hectares of the Pastos Grandes Basin.

The Company’s 65% ownership interest in Sal de la Puna is considered to be a joint venture and accounted for using the equity method of accounting. Changes in the investment balance are summarized below:


	$
Investment in Sal de la Puna, as at December 31, 2023		181,270
Share of loss of Sal de la Puna		(45	)
Investment in Sal de la Puna, as at September 30, 2024		181,225

7. INVESTMENT IN CAUCHARI-OLAROZ PROJECT

As at September 30, 2024, the Company, Ganfeng and JEMSE are 44.8%, 46.7% and 8.5% shareholders, respectively, of Minera Exar, the company that holds all rights, title and interest in and to Cauchari-Olaroz, which is located in the Jujuy province of Argentina. The Company and Ganfeng are parties to a shareholders’ agreement concerning management of the project and are entitled to the project’s production offtake on a 49%/51% basis. Construction costs are also shared on the same 49%/51% pro rata basis between the Company and Ganfeng. The shareholders’ agreement regulates key aspects of governance of the project, which provides the Company with significant influence over Minera Exar and strong minority shareholder protective rights.


	10

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

7. INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued)

In addition, the Company and Ganfeng are 49% and 51% shareholders, respectively, in Exar Capital, a company that provides financing to Minera Exar for the purpose of advancing construction of Cauchari-Olaroz (the investment in Minera Exar and investment in Exar Capital together, the “Investment in Cauchari-Olaroz project”). Minera Exar and Exar Capital are accounted for using the equity method of accounting.

Loans to Exar Capital and Minera Exar

The Company has entered into loan agreements with Exar Capital and Minera Exar to fund the construction of Cauchari-Olaroz. Changes in the balances of loans to Exar Capital are summarized below.


	$
Loans to Exar Capital, as at December 31, 2022		223,122
Loans to Exar Capital		64,680
Accrued interest		33,067
Loans to Exar Capital, as at December 31, 2023		320,869
Loans to Exar Capital		41,978
Repayment of loans by Exar Capital		(26,476	)
Accrued interest		32,622
Loans to Exar Capital, as at September 30, 2024		368,993


	11

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

7. INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued)

Loans advanced after January 1, 2022, carry an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 10.305%. During the nine months ended September 30, 2024, $41,978 loans were provided by the Company to Exar Capital to fund Cauchari-Olaroz’s working capital and other funding requirements. The maturity of each of the loans is 7 years from the date of drawdown.

During the nine months ended September 30, 2024, Minera Exar repaid or refinanced a portion of the outstanding third party loans that were secured with bank letters of credit arranged by Exar Capital which resulted in release of Exar Capital’s cash collateral. Exar Capital utilized the Company’s share of released cash collateral to repay $26,476 to LAAC as settlement of a portion of loans advanced by LAAC. As at September 30, 2024, loans advanced to Exar Capital by the Company (including accrued interest) of $10,477 are due in 2025, $57,302 are due between 2026 and 2027, $301,214 between 2028 and 2031.

In Q3 2024, PGCo entered into a loan facility agreement for $65,000 with Minera Exar to fund debt repayment, working capital and other requirements for Cauchari-Olaroz. The loan matures five years from the date of drawdown and carries an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 4.0%. PGCo utilized the proceeds from the Pastos Grandes transaction to advance $65,000 loan to Minera Exar in Q3 2024 (Note 8).


	$
Loans advanced by PGCo to Minera Exar, as at December 31, 2023		-
Loans to Minera Exar		65,000
Accrued interest		836
Loans advanced by PGCo to Minera Exar, as at September 30, 2024		65,836

During the nine months ended September 30, 2024, Minera Exar’s debt reduced by $148,600. The accumulated amount of such debt obtained from third parties as of September 30, 2024, was approximately $201,794 and it includes loans totaling:

•

$117,874 which are secured with $38,000 of local bank guarantees arranged by Minera Exar, $68,000 promissory notes signed by Minera Exar, and a $69,400 guarantee provided by Ganfeng. The Company has in turn provided a guarantee to Ganfeng in the amount of $34,000 for the loans; and

•

The remaining third-party loans of approximately $83,920 are unsecured.

As at September 30, 2024, third party loans of approximately $191,794 are due on or before September 30, 2025 and $10,000 are due in Q4 2025.


	12

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

7. INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued)

Offtake Agreement with Ganfeng and Bangchak

The Company and Ganfeng are entitled to a share of offtake from production at Cauchari-Olaroz. The Company is entitled to 49% of the offtake, which would amount to approximately 19,600 tonnes per annum (“tpa”) of lithium carbonate assuming full capacity is achieved. The Company has entered into an offtake agreement with each of Ganfeng and Bangchak to sell a fixed amount of offtake production at market-based prices, with Ganfeng entitled to 80% of the first 12,250 tpa of lithium carbonate (9,800 tpa assuming full production capacity) and Bangchak entitled to up to 6,000 tpa of lithium carbonate (assuming full production capacity).

The balance of the Company’s offtake entitlement, amounting to up to approximately 3,800 tpa of lithium carbonate is uncommitted, but for limited residual rights available to Bangchak to the extent production does not meet full capacity.

Prepayment of purchases and sales of lithium carbonate

In Q2 2023, the Company entered into an agreement to receive prepayments from Ganfeng with respect to the Company’s sale of 80% of its 49% share of the future lithium carbonate production from Minera Exar. The agreement provided the Company the right to settle its obligation to Ganfeng through assigning its rights to receive a corresponding value of lithium carbonate from Minera Exar. Concurrently, the Company entered into an agreement to make prepayments to Minera Exar with respect to the Company’s 49% share of the future lithium carbonate production from Minera Exar.

The prepayments to Minera Exar were non-interest bearing (except in the case of default) and were settled as a credit against the purchase of lithium carbonate within 365 days of the prepayment invoice.

As at January 1, 2024, there were $6,673 prepayments that had been made to Minera Exar and $2,322 prepayments received from Ganfeng, which were fully settled in Q1 2024 against the lithium carbonate purchases from Minera Exar and sales to Ganfeng respectively.

Purchases and sales of lithium carbonate

During the nine months ended September 30, 2024, the Company purchased 49% of Minera Exar’s lithium carbonate shipped during the period with Ganfeng purchasing the remaining 51% of the product shipped. The Company sold the purchased lithium carbonate to Ganfeng and Bangchak and acted in the capacity of agent in such sales transactions, as the Company’s acquisition of title to lithium carbonate was simultaneous with the sale of lithium carbonate to Ganfeng and Bangchak and the Company was not directly exposed to inventory or price risk related to lithium carbonate.

Since there was no net amount of commission to the Company, there was no impact on the Company’s statement of comprehensive loss for the nine months ended September 30, 2024.

As at September 30, 2024, the Company had a payable of $18,152 to Minera Exar for lithium carbonate purchases and a receivable of $16,745 from Ganfeng and Bangchak for sales of lithium carbonate, as disclosed on the statement of financial position.


	13

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

7. INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued)

Investment in Cauchari-Olaroz Project

Changes in the Investment in Cauchari-Olaroz Project are summarized below:



	$
Investment in Cauchari-Olaroz Project, as at December 31, 2022		41,507
Contribution to Investment in Cauchari-Olaroz Project		1,863
Share of income of Cauchari-Olaroz Project		53,555
Elimination of the Company’s portion of capitalized intercompany interest		(37,344	)
Investment in Cauchari-Olaroz Project, as at December 31, 2023		59,581
Contribution to Investment in Cauchari-Olaroz Project		1,570
Share of loss of Cauchari-Olaroz Project		(16,957	)
Elimination of the Company’s portion of capitalized intercompany interest		(10,858	)
Investment in Cauchari-Olaroz Project, as at September 30, 2024		33,336

As of January 1, 2024, the Company’s investment in Minera Exar was $23,456 and Exar Capital was $36,125 and contributions to the investment in Minera Exar during the nine months ended September 30, 2024, were $1,570. Since the Company’s share of Minera Exar loss for the nine months ended September 30, 2024, exceeded the carrying value of the investment in Minera Exar, the Company recognized its share of loss equal to the carrying value of the investment in Minera Exar of $25,026. The recognized and unrecognized share of Minera Exar losses were $25,026 and $26,313 respectively for the nine months ended September 30, 2024. The Company’s share of Exar Capital loss was $2,789 for the nine months ended September 30, 2024.

The following are the amounts presented in the financial statements of Minera Exar on a 100% basis as amended to reflect the Company’s accounting policies.


	September 30, 2024			December 31, 2023
	$			$
Current assets
Cash and cash equivalents		14,932			49
Inventories		270,656			220,507
Other current assets		59,318			12,855
Total current assets		344,906			233,411
Non-current assets		1,442,294			1,327,284
Current liabilities - third-party loans		(191,794	)		(314,109	)
Current liabilities - loans from Exar Capital		(593,953	)		(328,569	)
Current liabilities - other		(73,453	)		(86,802	)
Non-current liabilities - third-party loans		(10,000	)		(36,242	)
Non-current liabilities - loans from Exar Capital		(576,717	)		(544,526	)
Non-current liabilities - loans from PGCo		(82,425	)		-
Non-current liabilities - other		(46,495	)		(5,696	)
Net assets		212,363			244,751


	14

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

7. INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued)


	Nine months ended September 30,
		2024			2023
	$			$
Sales		130,901			-
Cost of sales
Production costs		(109,527	)		-
Depreciation in cost of sales		(5,577	)		-
Inventory net realizable value adjustment		4,127			-
Total cost of sales		(110,977	)		-

Gross profit		19,924			-

Selling and distribution expenses		(8,660	)		-
Administrative expenses		(6,682	)		-
Derivative foreign exchange and other loss		(5,857	)		(88,159	)
Deferred tax (expense)/recovery		(31,113	)		23,637
Net loss		(32,388	)		(64,522	)

The repayment mechanism for the loans provided by Exar Capital and PGCo to Minera Exar is linked to the implied market foreign exchange rate in Argentina, which gives rise to an embedded derivative in the loans payable by Minera Exar. This embedded derivative is required to be measured at fair value at each reporting date. During the nine months ended September 30, 2024, Minera Exar recognized a loss of $2,414 (net of taxes) on a 100% basis due to changes in the fair value of the derivative associated with loans advanced by Exar Capital and PGCo. This loss and the corresponding tax impact are included in the derivative foreign exchange and other loss, and deferred tax recovery respectively of Minera Exar’s statement of comprehensive loss for the nine months ended September 30, 2024.

Minera Exar’s Commitments

As at September 30, 2024, Minera Exar had the following commitments (on a 100% basis):

•

Annual royalty of $200 due in May of every year and expiring in 2041.

•

Aboriginal programs agreements with seven communities located in the Cauchari-Olaroz project area having terms ranging from five to thirty years. The annual fees due are $261 in 2024 and $518 between 2025 and 2063, assuming that such agreements are extended for the life of the project. The annual fees are subject to change. Minera Exar’s obligations to make the payments are subject to continued development of the project and commencement and continuation of production operations for the project.

•

Commitments related to construction contracts of $456.

8. PASTOS GRANDES TRANSACTION

On August 16, 2024, PGCo, a wholly-owned subsidiary of the Company holding the Pastos Grandes project in Salta, Argentina, issued common shares representing approximately 14.9% of PGCo to Ganfeng Lithium for consideration of approximately $70,000. As the Company retained control of PGCo the transaction has been accounted for as an equity transaction.


	15

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

8. PASTOS GRANDES TRANSACTION (continued)

As a result, the Company recognized a non-controlling interest of $62,662, representing Ganfeng Lithium’s 14.9% share in the net assets of PGCo, along with a reduction in deficit of $6,884 which includes gain on sale of PGCo’s minority interest of $7,338 and transaction costs of $454. In Q3 2024, PGCo utilized the proceeds from the Pastos Grandes transaction and entered into a loan facility agreement for $65,000 with Minera Exar which was used to fund debt repayment, working capital and other requirements of Cauchari-Olaroz. The loan matures five years from the date of drawdown and carries an interest rate of SOFR plus 4.0%.

9. PROPERTY, PLANT AND EQUIPMENT


	Thacker Pass Project			Buildings		Equipment and machinery			Other1			Total
	$			$		$			$			$
Cost
As at December 31, 2022		-			1,674		4,991			6,067			12,732
Transfers from E&E		9,514			-		-			-			9,514
Acquisition of Arena Minerals		-			-		-			55			55
Additions		118,454			3,529		239			1,964			124,186
Disposals		-			-		(98	)		(282	)		(380	)
Assets distributed upon separation		(127,968	)		-		(2,416	)		(4,348	)		(134,732	)
As at December 31, 2023		-			5,203		2,716			3,456			11,375
Additions		-			660		-			212			872
Disposals		-			-		-			(701	)		(701	)
As at September 30, 2024		-			5,863		2,716			2,967			11,546


	Thacker Pass Project		Buildings		Equipment and machinery			Other1			Total
	$		$		$			$			$
Accumulated depreciation
As at December 31, 2022		-		106		1,327			2,273			3,706
Depreciation for the period		-		240		466			1,434			2,140
Disposals		-		-		-			(166	)		(166	)
Assets distributed upon separation		-		-		(1,653	)		(1,897	)		(3,550	)
As at December 31, 2023		-		346		140			1,644			2,130
Depreciation for the period		-		61		20			496			577
Disposals		-		-		-			(231	)		(231	)
As at September 30, 2024		-		407		160			1,909			2,476


	Thacker Pass Project		Buildings		Equipment and machinery		Other1		Total
	$		$		$		$		$
Net book value
As at December 31, 2023		-		4,857		2,576		1,812		9,245
As at September 30, 2024		-		5,456		2,556		1,058		9,070

1 The “Other” category includes right of use assets with a cost of $1,408 and $1,269 of accumulated depreciation as at September 30, 2024.


	16

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

10. EXPLORATION AND EVALUATION ASSETS

Exploration and evaluation assets were as follows:


	Thacker Pass			Millennial Projects			Other Claims			Total
	$			$			$			$
Total exploration and evaluation assets
As at December 31, 2022		9,514			339,131			-			348,645
Transfers to PP&E		(9,514	)		-			-			(9,514	)
Acquisition of Arena Minerals		-			-			1,385			1,385
Additions		-			2,646			770			3,416
Write offs		-			(70	)		-			(70	)
Assets distributed to the shareholders		-			-			(770	)		(770	)
As at December 31, 2023		-			341,707			1,385			343,092
Additions		-			696			-			696
As at September 30, 2024		-			342,403			1,385			343,788

The Company has certain commitments for royalty and other payments to be made for Pastos Grandes as set out below. These amounts will only be payable if the Company continues to hold the subject claims in the future and the royalties will only be incurred if the Company starts production from the project.

Pastos Grandes:

•

1.5% royalty on the gross operating revenues from production from certain Pastos Grandes claims, payable to the original vendors of the project; and

•

royalties to a maximum of 3% over net-back income, payable to the Salta Province.

11. EQUITY-SETTLEABLE CONVERTIBLE NOTES

On December 6, 2021, the Company closed an offering (the “Offering”) of $225,000 aggregate principal amount of 1.75% Convertible Notes due in 2027. The Company used a portion of the net proceeds from the Offering to repay in full its $205,000 senior secured credit facility. On December 9, 2021, the initial purchasers under the Offering exercised in full their option to purchase up to an additional $33,750 aggregate principal amount of the Convertible Notes, increasing the total Offering size to $258,750.

The Convertible Notes represent financial instruments that include a debt host accounted for at amortized cost and conversion option and redemption option derivatives, which are separated from the debt host and accounted for at fair value with changes in fair value recorded in the statement of comprehensive loss. These derivatives are accounted for together as a single derivative when separated from the debt host.


	17

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

11. EQUITY-SETTLEABLE CONVERTIBLE NOTES (continued)


	Debt host			Convertible note derivative			Total
	$			$			$
Convertible notes
As at December 31, 2022		169,127			35,345			204,472
Gain on change in fair value of convertible notes derivative		-			(22,207	)		(22,207	)
Accrued Interest		22,623			-			22,623
Interest payment		(2,452	)		-			(2,452	)
Reclassification of short-term accrued interest to short-term liability		(2,075	)		-			(2,075	)
As at December 31, 2023		187,223			13,138			200,361
Gain on change in fair value of convertible notes derivative		-			(11,046	)		(11,046	)
Accrued Interest		18,556			-			18,556
Interest payment		(2,453	)		-			(2,453	)
Reclassification of short-term accrued interest to short-term liability		(943	)		-			(943	)
As at September 30, 2024		202,383			2,092			204,475

The fair value of the derivative as at September 30, 2024, is estimated using a partial differential equation method with Monte Carlo simulation with the following inputs: volatility of 64.68%, share price of $3.26, a risk-free rate of 3.64%, an expected dividend of 0%, and a credit spread of 13.10%. Valuation of the embedded derivative is highly sensitive to changes in the Company’s share price and to a lesser extent to changes in the risk-free interest rate and the assumed volatility of the Company’s share price. A gain on change in fair value for the nine months ended September 30, 2024, of $11,046 was recognized in the statement of comprehensive loss.

Interest expense for the nine months ended September 30, 2024 of $18,556 was recognized as finance costs in the statement of comprehensive loss.

Amendments to IAS 1 resulted in a reclassification of equity-settleable convertible notes from non-current liabilities to current liabilities as at January 1, 2023 and December 31, 2023 (Note 3). The Convertible Notes are convertible at the option of the holders upon satisfaction of certain conditions that are beyond the control of the Company. If such conditions are satisfied, the Convertible Notes would be convertible at the option of the holders and upon conversion, the Notes may be settled, at the Company’s election, in common shares of the Company, cash or a combination thereof. As a result, the Company does not have the right to defer settlement of the Convertible Notes for more than 12 months after the end of the reporting periods.

The Convertible Notes are unsecured and accrue interest payable semi-annually in arrears at a rate of 1.75% per annum payable on January 15th and July 15th of each year, beginning on July 15, 2022. Prior to October 15, 2026, the Notes are convertible at the option of the holders during certain periods, upon the satisfaction of certain conditions including:

(i)

If the Notes’ trading price for any five consecutive trading day period was, on each day, less than 98% of the conversion value of such Notes;


	18

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

11. EQUITY-SETTLEABLE CONVERTIBLE NOTES (continued)

(ii)

if the Company elects to (a) issue equity instruments to all holders of the Company’s common shares entitling them, for a period of not more than 45 calendar days after issue, to subscribe for or purchase common shares at a price per share that is less than the average reported sales prices of the common shares for the 10-trading day period ending the trading day before the announcement of such issuance of equity instruments; or (b) make a distribution to all holders of the Company’s common shares, whether such distribution is of assets, securities, or rights to purchase the Company’s securities, and has a per share value exceeding at least 10% of the trading price of the common shares on the date immediately preceding the announcement date of such distribution;

(iii)

upon the occurrence of certain significant business events;

(iv)

if, at any time after the calendar quarter ending on March 31, 2022 (and only during such calendar quarter), the last reported price of the Company’s common shares for at least 20 trading days (whether or not consecutive) during the last period of 30 trading days of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day (this has not occurred for the nine months ended September 30, 2024); or,

(v)

upon a call for redemption by the Company, or upon the Company’s failure to pay the redemption price therefor.

Thereafter, the Convertible Notes will be convertible at any time until the close of business on the business day immediately preceding the maturity date. Upon conversion, the Convertible Notes may be settled, at the Company’s election, in common shares of the Company, cash or a combination thereof. The Conversion Rate for the Convertible Notes was adjusted on October 17, 2023, to 52.6019 common shares of the Company per $1,000 principal amount of the Convertible Notes.

The Convertible Notes mature on January 15, 2027, unless earlier repurchased, redeemed or converted. The Company may not redeem the Convertible Notes prior to December 6, 2024, except upon the occurrence of certain changes to the laws governing Canadian withholding taxes. After December 6, 2024, the Company has the right to redeem the Convertible Notes at its option in certain circumstances including:

(i)

on or after December 6, 2024, if the Company’s share price for at least 20 trading days during any 30 consecutive trading day period ending on, and including, the last trading day of the immediately preceding calendar quarter is over 130% of the conversion price on each applicable trading day, at a redemption price equal to 100% of the principal plus accrued and unpaid interest; and

(ii)

if the Company becomes obligated to pay additional amounts as a result of its obligation to bear the cost of Canadian or non-Canadian withholding tax, if applicable;

Redemption can result in exercisability of the conversion option. Holders of Convertible Notes have the right to require the Company to repurchase their Convertible Notes upon the occurrence of certain events.


	19

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

12. SHARE CAPITAL AND EQUITY COMPENSATION

Equity Incentive Plan

The Company has an equity incentive plan (“Plan”) in accordance with the policies of the TSX whereby, from time to time at the discretion of the Board of Directors, eligible directors, officers, employees and consultants are awarded restricted share units (“RSUs”) and performance share units (“PSUs”) that, subject to a recipient’s deferral right in accordance with the Income Tax Act (Canada), convert automatically into common shares upon vesting. In addition, independent directors are awarded deferred share units (“DSUs”), generally as partial compensation for their services as directors. DSUs may be redeemed by directors for common shares upon retirement or termination from the Board. The Plan also permits the grant of incentive stock options exercisable to purchase common shares of the Company (“stock options”). The Plan is a “rolling plan” pursuant to which the aggregate number of common shares to be issued shall not exceed 8% of the outstanding shares from time to time.

Restricted Share Units

During the nine months ended September 30, 2024, the Company granted 1,883 RSUs (2023 – 363) to its employees and consultants. The total estimated fair value of the RSUs granted was $7,249 (2023 – $8,799) based on the market value of the Company’s shares on the grant date. As at September 30, 2024, there was $8,807 (2023 – $4,794) of total unamortized compensation cost relating to unvested RSUs. During the nine months ended September 30, 2024, equity compensation expense related to RSUs of $2,018 was charged to expenses (2023 – $2,110).

A summary of changes to the number of outstanding RSUs is as follows:


	Number of RSUs (in 000's)
Balance, RSUs outstanding as at December 31, 2022		2,367
Converted into shares pre-separation		(547	)
Forfeited pre-separation		(12	)
Granted pre-separation		363
Balance, RSUs outstanding prior to separation		2,171
Net adjustment upon separation		(281	)
Converted into shares post-separation		(521	)
Granted post-separation	878
Balance, RSUs outstanding as at December 31, 2023		2,247
Converted into shares		(599	)
Granted		1,883
Forfeited		(146	)
Balance, RSUs outstanding as at September 30, 2024		3,385


	20

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

12. SHARE CAPITAL AND EQUITY COMPENSATION (continued)

Deferred Share Units

During the nine months ended September 30, 2024, the Company granted 203 DSUs (2023 – 32) with a total estimated fair value of $780 (2023 – $628).


	Number of DSUs (in 000's)
Balance, DSUs outstanding as at December 31, 2022		252
Granted pre-separation		32
Converted into common shares pre-separation		(59	)
Balance, DSUs outstanding as at September 30, 2023		225
Net adjustment upon separation		(29	)
Converted into shares post-separation		(83	)
Granted post-separation	325
Balance, DSUs outstanding as at December 31, 2023		438
Granted	203
Balance, DSUs outstanding as at September 30, 2024		641

Stock Options

During the nine months ended September 30, 2024, the Company granted 1,225 stock options (2023 – Nil) to its officers and employees. The fair value of stock options granted was estimated on the date of grant using the Black Scholes Option Pricing Model with the following assumptions used for the grants:


	December 3, 2023			June 20, 2024
Number of options granted ('000's)		1,740			1,225
Risk-free rate	4.04%-4.27%			4.27%-4.29%
Expected life (in years)	7			5-7
Annualized volatility	73.14%-73.66%				73.66	%
Dividend rate		0	%		0	%
Fair value per stock option granted ($)	$2.22-$3.98			$2.20-$3.52
Total fair value of stock options granted ($)		$5,869			$2,824

None of the stock options were exercisable as at September 30, 2024. A summary of changes to outstanding stock options is as follows:


	Number of Options (in 000's)
Balance, stock options outstanding as at December 31, 2022		690
Exercised pre-separation		(690	)
Granted post-separation		1,740
Balance, stock options outstanding as at December 31, 2023		1,740
Granted		1,225
Forfeited		(150	)
Balance, stock options outstanding as at September 30, 2024		2,815


	21

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

12. SHARE CAPITAL AND EQUITY COMPENSATION (continued)

During the nine months ended September 30, 2024, no stock options (2023 – 670) were exercised under the cashless exercise provision of the Plan, resulting in no issuance of shares (2023 – 525) of the Company. The weighted average share price at the time of exercise of stock options during the nine months ended September 30, 2023, was CDN$32.26.

As at September 30, 2024, there was $5,425 (2023 – $6,637) of total unamortized compensation cost relating to unvested stock options. During the nine months ended September 30, 2024, stock-based compensation expense related to stock options of $2,437 (2023 – $Nil) was charged to operating expenses on the statement of comprehensive loss.

Performance Share Units

During the nine months ended September 30, 2024, the Company did not grant any PSUs (2023 – 204). As at September 30, 2024, there was $596 (2023 – $965) of total unamortized compensation cost relating to unvested PSUs.

During the nine months ended September 30, 2024, equity compensation expense related to PSUs of $369 was charged to operating expenses (2023 – $2,854). A summary of changes to the number of outstanding PSUs is as follows:


	Number of PSUs (in 000's)
Balance, PSUs outstanding as at December 31, 2022		766
Granted pre-separation		204
Converted into common shares pre-separation		(215	)
Forfeited pre-separation		(6	)
Balance, PSUs outstanding as at September 30, 2023		749
Net adjustment upon separation		153
Converted into shares post-separation		(28	)
Balance, PSUs outstanding as at December 31, 2023		874
Converted into shares		(638	)
Balance, PSUs outstanding as at September 30, 2024		236

13. RELATED PARTY TRANSACTIONS

Minera Exar, one of the Company’s equity-accounted investee, has entered into the following transactions with companies controlled by the family of its President, who is also a director of Lithium Argentina:

•

Option Agreement with Grupo Minero Los Boros S.A. on March 28, 2016, for the transfer to Minera Exar of title to certain mining properties that comprised a portion of the Cauchari-Olaroz project.

•

Expenditures under the construction services contract for the Cauchari-Olaroz project with Magna Construcciones S.R.L. (“Magna”) were $400 for the nine months ended September 30, 2024.

•

Service agreement with a consortium owned 49% by Magna. The agreement entered into Q1 2022, is for servicing of the evaporation ponds at Cauchari-Olaroz over a five-year term, for total consideration of $68,000 (excluding VAT).


	22

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

13. RELATED PARTY TRANSACTIONS (continued)

During the nine months ended September 30, 2024, director’s fees paid by Minera Exar to its President, who is also a director of the Company, totaled $56 (2023 – $56). Refer note 7 for other transactions entered into between the Company and the Company’s equity investees.

The amounts due by Minera Exar to related parties arising from such transactions are unsecured, non-interest bearing and have no specific terms of payment.

Compensation of Key Management

Key management are the Company’s board of directors, and the executive management team. The remuneration of directors and members of the executive management team and amounts due as of September 30, 2024, were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
	$		$		$		$
Equity compensation		2,875		884		6,067		3,603
Salaries, bonuses, benefits and directors' fees included in general & administrative expenses		731		806		1,699		2,826
Salaries, bonuses and benefits included in exploration expenditures		56		44		169		180
Salaries and benefits capitalized to Investment in Cauchari-Olaroz project		114		165		443		494
		3,776		1,899		8,378		7,103


	September 30, 2024		December 31, 2023
	$		$
Total due to directors		641		66

14. GENERAL AND ADMINISTRATIVE EXPENSES

The following table summarizes the Company’s general and administrative expenses:


	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
	$		$		$		$
Salaries, benefits and directors' fees		1,619		2,271		4,032		5,622
Office and administration		705		1,261		2,119		3,019
Professional fees		675		393		2,754		1,498
Regulatory and filing fees		159		61		332		218
Travel		130		254		360		651
Investor relations		109		174		570		636
Depreciation		122		100		437		312
		3,519		4,514		10,604		11,956


	23

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

15. EXPLORATION AND EVALUATION EXPENDITURES

The following table summarizes the Company’s exploration and evaluation expenditures:


	Three Months Ended September 30,
	2024						2023
	Millennial Projects		Other		Total		Millennial Projects		Other		Total
	$		$		$		$		$		$
Engineering		-		-		-		53		-		53
Consulting and salaries		1,181		230		1,411		109		492		601
Permitting and environmental		24		-		24		-		-		-
Field supplies and other		118		-		118		372		-		372
Depreciation		32		-		32		131		-		131
Drilling and geological expenses		176		-		176		681		-		681
Total exploration expenditures		1,531		230		1,761		1,346		492		1,838


	Nine Months Ended September 30,
	2024						2023
	Millennial Projects		Other		Total		Millennial Projects		Other		Total
	$		$		$		$		$		$
Engineering		-		-		-		53		-		53
Consulting and salaries		2,978		1,134		4,112		2,475		1,069		3,544
Permitting and environmental		210		-		210		-		-		-
Field supplies and other		2,132		-		2,132		3,840		93		3,933
Depreciation		149		-		149		198		-		198
Drilling and geological expenses		999		-		999		2,270		-		2,270
Total exploration expenditures		6,468		1,134		7,602		8,836		1,162		9,998

16. FINANCE COSTS

The following table summarizes the Company’s finance costs:


	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
	$		$		$		$
Interest on convertible notes		6,384		5,758		18,556		16,691
Other		4		3		36		57
		6,388		5,761		18,592		16,748


	24

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

17. FINANCE AND OTHER INCOME

The following table summarizes the Company’s finance and other income:


	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
	$		$		$		$
Interest on loans to Exar Capital		11,134		8,909		32,622		23,812
Interest on loans to Minera Exar		836		-		836		-
Interest on cash and cash equivalents and deposits		1,064		5,815		3,246		17,224
Other		178		197		1,176		464
		13,212		14,921		37,880		41,500

18. SEGMENTED INFORMATION

As of September 30, 2024, Cauchari-Olaroz is in the commissioning stage while the projects under the Pastos Grandes Basin segment are in the exploration and evaluation stage. Assets and liabilities of the North American segment were distributed to the shareholders upon the Separation on October 3, 2023, and its operations were classified as a discontinued operation (Note 4).

The Company’s reportable segments and corporate assets are summarized in the following tables:


	Cauchari- Olaroz $			Pastos Grandes Basin $			Corporate $			Total $
As at September 30, 2024
Property, plant and equipment		-			8,547			523			9,070
Exploration and evaluation assets		-			343,773			15			343,788
Total assets		410,084			612,429			99,250			1,121,763
Total liabilities		-			(503	)		(227,640	)		(228,143	)
For the nine months ended September 30, 2024
Property, plant and equipment additions		-			667			205			872
(Loss)/income		(27,815	)		4,990			12,409			(10,416	)
Exploration expenditures		-			(7,407	)		(195	)		(7,602	)
For the three months ended September 30, 2024
Property, plant and equipment additions		-			48			-			48
Loss		(1,301	)		(45	)		(1,061	)		(2,407	)
Exploration expenditures		-			(1,717	)		(44	)		(1,761	)


	25

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

18. SEGMENTED INFORMATION (continued)


	Thacker Pass $			Cauchari- Olaroz $			Pastos Grandes Basin $			Corporate $			Total $
As at December 31, 2023
Property, plant and equipment		-			-			8,372			873			9,245
Exploration and evaluation assets		-			-			343,078			14			343,092
Total assets		-			387,844			536,364			130,818			1,055,026
Total liabilities		-			-			(1,858	)		(224,237	)		(226,095	)
For the nine months ended September 30, 2023
Property, plant and equipment additions		-			-			2,923			685			3,608
(Loss)/income from discontinued operations		(6,929	)		-			-			14,337			7,408
(Loss)/income from continuing operations		-			(5,034	)		(5,630	)		29,288			18,624
Exploration expenditures		-			-			(9,511	)		(487	)		(9,998	)
For the three months ended September 30, 2023
Property, plant and equipment additions		-			-			56			24			80
(Loss)/income from discontinued operations		(431	)		-			-			231			(200	)
(Loss)/income from continuing operations		-			(1,652	)		(1,425	)		9,898			6,821
Exploration expenditures		-			-			(1,695	)		(143	)		(1,838	)

The Company’s non-current assets are segmented geographically as follows:


	Canada $		Argentina $		Total $
Non-current assets (1)
As at September 30, 2024		324		385,870		386,194
As at December 31, 2023		571		411,347		411,918

1 Non-current assets attributed to geographical locations exclude financial and other assets.

19. INCOME TAXES


	September 30, 2024		December 31, 2023
	$		$
Deferred tax liability		-		10,659
		-		10,659


	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
	$		$		$		$
Deferred tax recovery		-		-		10,659		-


	26

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

19. INCOME TAXES (continued)

The Company recognized a deferred tax recovery of $10,659 during the nine months ended September 30, 2024, due to inflation adjustments on the tax basis of Pastos Grandes assets in Argentina partially offset by the weakening of the Argentine Peso against the US dollar on the tax basis of Pastos Grandes assets.

20. FINANCIAL INSTRUMENTS

Financial instruments recorded at fair value on the consolidated statements of financial position and presented in fair value disclosures are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and

Level 3 – Inputs for assets and liabilities that are not based on observable market data.

The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified at the lowest level of the hierarchy for which a significant input has been considered in measuring fair value.

The Convertible Notes derivatives (Note 11) are classified at level 2 of the fair value hierarchy and are measured at fair value on the statement of financial position on a recurring basis. Cash and cash equivalents, receivables, and the debt host of the Convertible Notes are measured at amortized cost on the statement of financial position. As at September 30, 2024, the fair value of financial instruments measured at amortized cost approximates their carrying value.

The Company manages risks to minimize potential losses. The main objective of the Company’s risk management process is to ensure that the risks are properly identified and monitored, and that the capital base maintained by the Company is adequate in relation to those risks. The principal risks which impact the Company’s financial instruments are described below.

Credit Risk

Credit risk is the risk of loss associated with a counterparty’s inability to fulfill its payment obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, receivables, long-term receivable from JEMSE, and loans to Exar Capital.

The Company’s maximum exposure to credit risk for cash, cash equivalents, receivables, long-term receivable from JEMSE, and loans to Exar Capital is the amount disclosed in the consolidated statements of financial position. The Company limits its exposure to credit loss by placing the majority of its cash and cash equivalents with two major financial institutions, US and Canadian treasury bills and investing in only short-term obligations that are guaranteed by the Canadian government or by Canadian and US chartered banks with expected credit losses on cash and cash equivalents estimated to be de minimis.

The Company and its subsidiaries and investees including Minera Exar, may from time to time make short-term investments into Argentine government securities, financial instruments guaranteed by Argentine banks and other Argentine securities. These investments may or may not realize short-term gains or losses.


	27

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

20. FINANCIAL INSTRUMENTS (continued)

The Central Bank of Argentina maintains certain currency controls that limit the Company's ability to remit cash to and from Argentina. Blue chip swaps are trade transactions that effectively allow companies to transfer US dollars into and out of Argentina. The Company used this mechanism to transfer funds to Argentina which resulted in foreign exchange gain as a result of the divergence between the Blue Chip Swap market exchange rate and the official Argentinian Central Bank rate.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to evaluate current and expected liquidity requirements under both normal and stressed conditions to estimate and maintain sufficient reserves of cash and cash equivalents to meet its liquidity requirements in the short and long-term.

As the industry in which the Company operates is very capital intensive, the majority of the Company’s spending or that of its investees is related to capital programs. The Company prepares annual budgets, which are regularly monitored and updated as considered necessary.

As at September 30, 2024, the Company had $75,000 available under its undrawn limited recourse loan facility with Ganfeng. As at September 30, 2024, the Company had a cash and cash equivalents balance of $92,325 and receivables from purchasers for lithium carbonate of $16,745 to settle current liabilities of $23,668 (excluding equity-settleable convertible notes).

The following table summarizes the contractual maturities of the Company’s financial liabilities on an undiscounted basis:


	Years ending December 31,
	2024		2025		2026 and later		Total
	$		$		$		$
Convertible senior notes		-		4,528		265,542		270,070
Accounts payable and accrued liabilities		22,427		-		-		22,427
Obligations under office leases¹		119		195		-		314
Total		22,546		4,723		265,542		292,811

¹Include principal and interest/finance charges.

The Convertible Notes are classified as current liabilities as at September 30, 2024, since the Notes are convertible at the option of the holders upon satisfaction of certain conditions that are beyond the control of the Company. If such conditions are satisfied, the Notes would be convertible at the option of the holders and upon conversion, the Notes may be settled, at the Company’s election, in common shares of the Company, cash or a combination thereof (Note 11).

The above table summarizes the contractual maturities as at September 30, 2024, with respect to the Convertible Notes assuming such conditions will not be satisfied before the due date.

Market Risk

Market risk incorporates a range of risks. Movement in risk factors, such as market price risk, the Company’s share price, and currency risk, affects the fair values of financial assets and liabilities. The Company is exposed to foreign currency risk as described below.


	28

LITHIUM AMERICAS (ARGENTINA) CORP. (FORMERLY LITHIUM AMERICAS CORP.)

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

(Expressed in thousands of US dollars, except for per share amounts; shares and equity instruments in thousands)

20. FINANCIAL INSTRUMENTS (continued)

Foreign Currency Risk

The Company’s operations in foreign countries are subject to currency fluctuations and such fluctuations may affect the Company’s financial results. The Company and its subsidiaries and associates have a US dollar functional currency, and it incurs expenditures in Canadian dollars (“CDN$”), Argentine Pesos (“ARS$”) and US$, with the majority of the expenditures being incurred in US$ by the Company’s subsidiaries and investees.

As at September 30, 2024, the Company held $369 in CDN$ and $531 in ARS$ denominated cash and cash equivalents. Strengthening/(weakening) of a US$ exchange rate versus CDN$ and ARS$ by 10% would have resulted in a foreign exchange (loss)/gain for the Company of $37 and $53 respectively as at September 30, 2024.

21. SUBSEQUENT EVENT

Subsequent to September 30, 2024, management determined that commercial production was achieved for the Cauchari Olaroz project as of October 1, 2024. As a result, the Cauchari Olaroz project’s assets are now considered ready for their intended use, and depreciation of these assets will commence as of October 1, 2024.


	29

Exhibit 99.2

BACKGROUND

This Management’s Discussion and Analysis (“MD&A”) of Lithium Americas (Argentina) Corp. (“Lithium Argentina” or the “Company”) provides an overview of Lithium Argentina's financial condition and results of operations for the three months and nine months ended September 30, 2024, and has been prepared as of November 5, 2024. It analyzes key factors influencing the Company's performance, including the ramp-up of the Caucharí-Olaroz lithium project, financing activities, and market conditions.

This should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements and the notes thereto for the nine months ended September 30, 2024 (“Q3 2024 financial statements”), and the audited consolidated financial statements and notes thereto for the year ended December 31, 2023 (“2023 annual financial statements”). Refer to Notes 2 and 3 of the Q3 2024 financial statements and Note 2 and 3 of the 2023 annual financial statements for disclosure of the Company’s material accounting policies. All amounts are expressed in United States dollars (“US dollars” or “US$”), unless otherwise stated. References to CDN$ are in Canadian dollars. This MD&A includes certain statements that may be deemed “forward-looking statements”, “forward-looking information”, “future-oriented financial information” and/or “financial outlook” and readers should read the cautionary note contained in the section titled “Forward-Looking Statements” of this MD&A. Information contained on the Company’s website or in other documents referred to in this MD&A is not incorporated by reference herein and does not form part of this MD&A unless otherwise specifically stated.

The Company’s head office and principal address is Suite 300, 900 West Hastings Street, Vancouver, British Columbia, Canada, V6C 1E5. The Company trades in Canada on the Toronto Stock Exchange (“TSX”) and in the United States on the New York Stock Exchange (“NYSE”) under the symbol “LAAC”. Additional information relating to the Company, including key risk factors which may impact the Company’s business and financial condition and other information, is contained in the Company’s Annual Information Form (“AIF”), and other filings, which are available on the Company’s website at www.lithium-argentina.com and on SEDAR+ at www.sedarplus.ca.

       
MD&A Nine-month period ended Sept. 30, 2024

      2

Highlights

Operational Highlights at Caucharí-Olaroz

•

During the three months ended September 30, 2024, Caucharí-Olaroz produced approximately 6,800 tonnes of lithium carbonate, up 21% from the second quarter of 2024.

Caucharí-Olaroz is currently operating at approximately 75 – 80% of the design capacity of 40,000 tonnes per year and is expected to maintain this level of production during the fourth quarter of 2024 and into 2025.

In October 2024, Caucharí-Olaroz achieved commercial production after reaching elevated production levels for a sustained period of time. As a result, depreciation of certain capital assets will begin in the fourth quarter of 2024.

Production guidance of 20,000 – 25,000 tonnes of lithium carbonate in 2024 remains unchanged.

•

Production continues to be sold primarily to Ganfeng Lithium Co. Ltd. (“Ganfeng”) with realized price of approximately $8,000 per tonne during the three months ended September 30, 2024.

During the ramp-up, realized pricing is based on China battery-grade price adjusted for Chinese value added taxes (“VAT”) and other deductions related to the removal of trace levels of impurities to achieve battery quality lithium carbonate.

As a result of lower levels of impurities, beginning in September 2024, this price deduction for additional processing costs, was adjusted from $2,000 to $1,500 per tonne.

Since the end of the third quarter of 2024, lithium prices have declined further with the most recent realized price for Caucharí-Olaroz at approximately $7,000 per tonne.

Financial and Corporate Highlights

•

As of September 30, 2024, Lithium Argentina had $92 million in cash and cash equivalents and maintained its undrawn $75 million credit facility with Ganfeng.

•

As of September 30, 2024, Minera Exar S.A. (“Exar”) had, on a 100% basis, approximately $202 million of US dollar and US dollar-linked debt at the official FX rate.

During the third quarter of 2024, Ganfeng and Lithium Argentina contributed funds to Exar to reduce its leverage by over $110 million.

Ganfeng and the Company continue to advance financing options to replace short-term debt with longer-term financing for Exar.

•

In August 2024, Ganfeng Lithium acquired $70 million in newly issued shares of Proyecto Pastos Grandes S.A. (“PGCo”), the Company’s Argentinian subsidiary holding the Pastos Grandes project (“Pastos Grandes”) in Salta, Argentina, representing a 14.9% interest in Pastos Grandes (the “Pastos Grandes Transaction”).

       
MD&A Nine-month period ended Sept. 30, 2024

      3

LITHIUM OPERATIONS AND PROJECTS

The Caucharí-Olaroz lithium brine project (“Caucharí-Olaroz”) is located in Jujuy province in the northwestern region of Argentina. Caucharí-Olaroz is operating and ramping up to full capacity. The Company owns 44.8% of Caucharí-Olaroz through its ownership interest in Exar, a company incorporated under the laws of Argentina. The Company also has a pipeline of exploration and evaluation stage projects, including Pastos Grandes and the Sal de la Puna project (“Sal de la Puna”), both of which are located in Salta Province in northwestern Argentina adjacent to Jujuy province. Pastos Grandes is an 85.1% owned project (the Company’s interest changed upon completion of the Pastos Grandes Transaction, see “Financial and Corporate Highlights” section above), while Sal de la Puna is a project in which the Company holds a 65% interest. The Company is advancing development plans for these assets, including evaluating opportunities to achieve synergies through joint development of the projects.

The Company’s operations concerning Caucharí-Olaroz are conducted in Argentina through equity investees, Exar and Exar Capital B.V. (“Exar Capital”) respectively, which are governed by a shareholders’ agreement between the Company and Ganfeng. The Company and Ganfeng collectively own 91.5% of Exar (and thus Caucharí-Olaroz; with the remaining 8.5% owned by JEMSE) and 100% of Exar Capital (a Netherlands entity that provides funding to Exar). For Pastos Grandes, the Company conducts operations through its indirectly 85.1% owned subsidiary, PGCo in Argentina. Operations concerning Sal de la Puna are conducted by the Company through its 65% ownership interests in Sal de la Puna Holdings Ltd. (with Ganfeng owning the remaining 35%), which owns Puna Argentina S.A.U., an Argentine company which holds the project.

Health and Safety

The Total Recordable Injury Frequency rate for Caucharí-Olaroz as of September 30, 2024 was 0.7 per 200,000 hours worked (including contractors at site).

Operational Performance and Project Development

Caucharí-Olaroz


Lithium Carbonate Operations	2024
(100% basis unless otherwise indicated)	Units	3Q24	2Q24	QoQ	YTD
Lithium Carbonate Production	k tonnes	6.8	5.6	21%	16.9

During the third quarter of 2024, production volumes at Caucharí-Olaroz reached approximately 6,800 tonnes, an increase of 21% compared to the second quarter of the year. Year-to-date production volumes reached 16,900 tonnes. Production is currently approximately 75 – 80% of design capacity with a focus on sustaining higher production levels. It is expected that these production rates will be maintained through the end of the year and into 2025. We expect production volumes for 2024 will fall within our guidance of 20,000 – 25,000 tonnes this year.

The majority of the Company’s portion of the sales volumes from Caucharí-Olaroz were sold to Ganfeng, Lithium Argentina’s partner in the project. Pricing of lithium carbonate sold to Ganfeng is based on market prices for battery quality lithium carbonate, less Chinese VAT and transportation costs and a deduction based on the estimated additional processing costs required to reduce trace levels of impurities to achieve battery quality specifications. As a result of decreased levels of impurities, this price deduction was reduced from $2,000 to $1,500 per tonne beginning in September 2024. Since the end of the third quarter, lithium prices have declined further with the most recent realized price for Caucharí-Olaroz at approximately $7,000 per tonne.

The current focus at Caucharí-Olaroz remains on the Stage 1 ramp up. Planning for Stage 2 expansion continues to advance.

       
MD&A Nine-month period ended Sept. 30, 2024

      4

Subsequent to September 30, 2024, management determined that the Caucharí Olaroz project’s assets are available for use (referred to as “commercial production”). In making this determination, management considered specific facts and circumstances. These factors include, but are not limited to, whether the product produced by the plant is saleable, the completion of a reasonable period of commissioning, and the achievement of consistent operating results at a predetermined level of design capacity for a reasonable period of time. The Company concluded that commercial production was achieved for the Caucharí Olaroz project as of October 1, 2024. As a result, the Caucharí Olaroz project’s assets are now considered ready for their intended use, and depreciation of these assets will commence as of October 1, 2024.

The following are the amounts presented in the financial statements of Minera Exar on a 100% basis as amended to reflect the Company’s accounting policies.


Minera Exar Income Statement	Three months ended			Nine months ended
(100% basis unless otherwise indicated)	September 30, 2024			September 30, 2024

Sales revenue Exar		57.0			130.9
Cost of sales, including		(48.5	)		(111.0	)
Gross profit		8.5			19.9
Selling and distribution expenses		(4.1	)		(8.6	)
Administrative expenses		(2.6	)		(6.7	)
Profit before finance and tax expense		1.8			4.6
Derivative foreign exchange and other gain/ (loss)		144.0			(5.9	)
Deferred tax expense		(58.7	)		(31.1	)
Net profit/ (loss)		87.1			(32.4	)


Minera Exar Balance Sheet	September 30, 2024			December 31, 2023
(100% basis unless otherwise indicated)	$			$
Current assets
Cash and cash equivalents		14.9		-
Inventories		270.7			220.5
Other current assets		59.3			12.9
Total current assets		344.9			233.4
Non-current assets		1,442.3			1,327.3
Current liabilities - third-party loans		(191.8	)		(314.1	)
Current liabilities - loans from Exar Capital		(594.0	)		(328.6	)
Current liabilities - other		(73.5	)		(86.8	)
Non-current liabilities - third-party loans		(10.0	)		(36.2	)
Non-current liabilities - loans from Exar Capital		(576.7	)		(544.5	)
Non-current liabilities - loans from PGCo		(82.4	)		-
Non-current liabilities - other		(46.5	)		(5.7	)
Net assets		212.3			244.8

Changes in the balance sheet compared to the beginning of the year are primarily driven by the following:

•

an increase in the inventory balance due to a ramp up in production, along with a related increase in warehouse reagents, spare parts and brine inventory.

•

an increase in other current assets due to higher sales receivables and prepayments for reagents.

•

an increase in loans from Exar Capital resulting from loans provided by the Company and Ganfeng, as well as foreign exchange losses during the year.

In Q3 2024, the Company used a portion of the proceeds from the Pastos Grandes Transaction to repay, along with Ganfeng, over $110 million of Exar’s third party loans. As of September 30, 2024, Exar had approximately $201.8 million due in local loans and credit facilities at the official FX rate (down from $350 million at the end of 2023 and from $315 million as at the end of Q2 2024) or approximately $171.8 million at current market FX rate. The Company’s portion of this debt is $98.9 million at the official rate or $84.2 million at the current market rate.

       
MD&A Nine-month period ended Sept. 30, 2024

      5

A substantial portion of the local debt is being refinanced with credit facilities typical of an operating company. The Company is working with Ganfeng to pursue additional longer term financing options as lending conditions in Argentina improve and support its longer-term growth plans, including the possibility of a local bond offering. As of September 30, 2024, Exar had $51 million available under its $80 million export credit facility with a major international bank.

Pastos Grandes

Ganfeng and Lithium Argentina have begun preparation of a regional development plan for the Pastos Grandes basin, including Pastos Grandes, Sal de la Puna and Ganfeng’s adjacent Pozuelos Pastos Grandes (“Pozuelos”) project in Argentina. Both companies have conducted significant early works studies in the basin at their respective sites, and as a result, there is substantial data available to support the development plan. The development plan is ongoing and expected to be released in early 2025.

The offtake rights for Pastos Grandes remain uncommitted, which will allow Lithium Argentina to explore opportunities to bring in new customers and financing to accelerate and support development of a global lithium chemical supply chain.

Environmental and Social Responsibility

Caucharí-Olaroz carried out its third participatory environmental monitoring process of 2024 during September. This was done in collaboration with an external environmental consultancy and laboratory. Observers from various communities participated in the process.

SELECTED FINANCIAL INFORMATION OF THE COMPANY

Liquidity

As of September 30, 2024, the Company had $92.3 million in cash and cash equivalents and a $75.0 million undrawn subordinate debt facility for total liquidity of $167.3 million. The Company’s current liabilities, excluding equity-settleable convertible notes, were $23.7 million as of September 30, 2024.

Quarterly Information

Selected consolidated financial information is as follows:


	2024									2023												2022
(in US$ millions)	Q3			Q2			Q1			Q4			Q3			Q2			Q1			Q4
	$			$			$			$			$			$			$			$
Total assets (excluding assets held for distribution)		1,121.8			1,046.1			1,046.1			1,055.0			1,063.4			1,501.9			1,328.4			1,016.5
Property, plant and equipment		9.1			9.6			9.8			9.2			8.0			90.9			35.6			9.0
Current assets		111.8			112.3			98.8			133.6			173.5			529.4			608.4			356.1
Current liabilities excluding equity-settleable convertible notes		(23.7	)		(22.3	)		(14.3	)		(14.6	)		(25.5	)		(52.2	)		(60.8	)		(19.6	)
Total liabilities (excluding liabilities held for distribution)		(228.1	)		(222.1	)		(226.0	)		(226.1	)		(221.6	)		(255.8	)		(274.5	)		(232.5	)
Expenses - continuing operations		(8.8	)		(21.5	)		(20.8	)		(5.6	)		(9.0	)		(12.0	)		(9.7	)		(11.7	)
(Loss)/income from continuing operations		(2.4	)		2.2			(10.2	)		(1.1	)		6.8			14.9			(3.1	)		29.4
Income/(loss) from discontinued operations		-			-			-			1,263.4			(0.2	)		10.9			(3.3	)		(19.3	)
Net (loss)/income		(2.4	)		2.2			(10.2	)		1,262.3		6.6				25.8			(6.4	)		10.1

Notes:

Quarterly amounts added together may not equal to the total reported for the period due to rounding.

The operations of Lithium Americas (NewCo) have been presented in prior periods as a discontinued operation.

       
MD&A Nine-month period ended Sept. 30, 2024

      6

On July 31, 2023, at the annual, general and special meeting of the Company, the Company’s shareholders approved the separation of Lithium Americas into Lithium Americas (Argentina) Corp. and a new Lithium Americas Corp. (“Lithium Americas (NewCo)”), pursuant to a statutory plan of arrangement (the “Separation”). The Separation was completed on October 3, 2023. As a result of the transaction, the Company transferred its North American business, including, among other assets, the Thacker Pass Project (“Thacker Pass”) and $275.5 million of cash to Lithium Americas (NewCo).

Changes in the Company’s total assets, liabilities and net (loss)/income were driven mainly by increases in loans and contributions to Caucharí-Olaroz, expenses during the period, change in the fair value of the Convertible Notes derivative liability, the Company’s share of results of Caucharí-Olaroz and the distribution of assets and liabilities to the shareholders upon completion of the Separation.

In Q3 2024, the Company completed the Pastos Grandes Transaction, resulting in PGCo issuing common shares that represent approximately 14.9% of its equity to Ganfeng Lithium for a consideration of $70.0 million. This transaction allowed the Company to retain control of PGCo and has been accounted for as an equity transaction. Subsequently, PGCo entered into a loan facility agreement with Exar, advancing a $65.0 million loan funded by the proceeds from the Pastos Grandes transaction. These funds will support refinancing current debt and working capital and other requirements for the Caucharí-Olaroz project. Total liabilities increased due to accrued interest on the Convertible Notes and an increase in payables to Exar for lithium carbonate purchases.

In February 2023, General Motors Holdings LLC (“GM”) acquired approximately 15,000,000 common shares of the Company, and in connection with that transaction, GM agreed to a ‘lock-up’ restricting the transfer of those common shares pursuant to the terms of an investor rights agreement with the Company. The principal lock-up expired in October 2024 (with certain specified transfer limitations remaining in place) and GM is no longer contractually restricted from selling its common shares of the Company through the facilities of a stock exchange.

In Q2 2024, total assets remained consistent when compared to the previous quarter. Total liabilities decreased by $3.9 million primarily due to a decrease in deferred tax liability by $10.7 million caused by inflation adjustments on the tax basis of Pastos Grandes assets in Argentina, partially offset by an increase in purchases payable to Exar for lithium carbonate.

In Q1 2024, total assets decreased primarily due to a decrease in cash and cash equivalents which were used to fund the Company’s operations and a decrease in investment in the Caucharí-Olaroz project due to elimination of the Company’s portion of capitalized intercompany interest, partially offset by an increase in loans advanced to Exar Capital.

In Q4 2023, total assets decreased primarily due to the distribution of assets to shareholders upon the Separation. Net income increased mainly due to the recognition of a gain on distribution of assets to the shareholders upon the Separation, partially offset by expenses in the period and deferred tax expense of $10.7 million due to the weakening of the Argentine Pesos against the US dollar. The fair value of the net assets distributed was $1,680.5 million determined based on the share price of Lithium Americas (NewCo) on October 4, 2023, its first date of trading. The difference of $1,267.5 million between the fair value of the dividend and the carrying value of the net assets was recognized as a gain on distribution of assets on the statement of comprehensive income (loss).

In Q2 2023, total assets increased primarily due to the acquisition of Arena Minerals and property, plant and equipment increased due to the capitalization of Thacker Pass construction costs. Total liabilities decreased primarily due to a decrease in fair value of the Convertible Notes derivative liability by $14.8 million and GM (defined below) warrant agreement and a subscription agreement (“GM Tranche 2 Agreements”) derivative liability by $19.0 million, partially offset by accrued interest on the Convertible Notes of $5.6 million.

       
MD&A Nine-month period ended Sept. 30, 2024

      7

In Q1 2023, total assets increased primarily due to cash proceeds from the first tranche investment by GM (“GM Tranche 1 Investment”) of $320 million and property, plant and equipment increased due to commencement of construction of the Thacker Pass project and, as a result, capitalization of the related project construction costs. Total liabilities increased primarily due to the GM Tranche 2 Agreements derivative liability of $24.1 million, an increase in accrued liabilities for $16.8 million in financial advisory fees to be paid in connection with the closing of GM Tranche 1 Investment and accrued interest on the Convertible Notes of $5.4 million.

In Q4 2022, total assets decreased primarily due to a decrease in cash and cash equivalents which were used to fund the Company’s operations. Total liabilities decreased primarily due to a decrease in fair value of the Convertible Notes derivative liability by $34.9 million, partially offset by accrued interest on the Convertible Notes of $5.4 million.

Results of Operations

Nine Months Ended September 30, 2024, versus Nine Months Ended September 30, 2023


Financial results	Nine Months Ended September 30,						Change
(in US$ million)	2024			2023
	$			$			$
EXPENSES
Exploration and evaluation expenditures		(7.6	)		(10.0	)		2.4
General and administrative		(10.6	)		(12.0	)		1.4
Equity compensation		(5.1	)		(2.7	)		(2.4	)
Share of loss of Caucharí-Olaroz Project		(27.8	)		(5.0	)		(22.8	)
Share of loss of Arena Minerals		-			(0.7	)		0.7
Share of loss of Sal de la Puna Project		(0.1	)		(0.4	)		0.3
		(51.2	)		(30.8	)		(20.4	)

Transaction costs		(2.1	)		(4.9	)		2.8
Gain on financial instruments measured at fair value		11.1			22.6			(11.5	)
Finance costs		(18.6	)		(16.7	)		(1.9	)
Foreign exchange gain		1.8			6.9			(5.1	)
Finance and other income		37.9			41.5			(3.6	)
		30.1			49.4			(19.3	)

(LOSS)/INCOME FROM CONTINUING OPERATIONS BEFORE TAXES		(21.1	)		18.6			(39.7	)

Tax recovery		10.7			-			10.7

(LOSS)/INCOME FROM CONTINUING OPERATIONS		(10.4	)		18.6			(29.0	)

INCOME FROM DISCONTINUED OPERATIONS		-			7.4			(7.4	)

NET (LOSS)/INCOME		(10.4	)		26.0			(36.4	)
ATTRIBUTABLE TO:
Equity holders of Lithium Argentina		(10.4	)		26.0			(36.4	)
Non-controlling interest		(0.0	)		-			(0.0	)

The net loss during the nine months ended September 30, 2024, versus net income in the comparable period was primarily attributable to:

       
MD&A Nine-month period ended Sept. 30, 2024

      8

•

recognition of $27.8 million of share of loss of the Caucharí-Olaroz project during the nine months ended September 30, 2024, versus $5.0 million losses in the comparative period. The Company’s share of loss of the Caucharí-Olaroz project during the nine months ended September 30, 2024, was primarily as a result of derivative loss caused by foreign exchange revaluation of intercompany loans and deferred tax expense. Since the Company’s share of Exar loss for the nine months ended September 30, 2024, exceeded the carrying value of the investment in Exar, the Company recognized its share of loss equal to the carrying value of the investment in Exar of $25.0 million. The unrecognized share of Exar losses was $26.3 million as of September 30, 2024;

•

lower gain on change in fair value of financial instruments of $11.1 million during the nine months ended September 30, 2024, versus gain of $22.6 million in the comparative period;

•

lower foreign exchange gain of $1.8 million during the nine months ended September 30, 2024, versus gain of $6.9 million in the comparative period primarily due to fewer blue chip swap transactions and lower margin on funds transferred to Argentina;

•

higher finance costs of $18.6 million during the nine months ended September 30, 2024, versus $16.7 million costs in the comparative period mainly associated with interest on the Convertible Notes;

•

lower finance income from interest earned on cash investments with financial institutions; and

•

income from discontinued operations of $7.4 million in the comparative period versus no income/loss in the current period. Income from discontinued operation in the comparative period was mainly associated with a discontinued operations gain on change in fair value of financial instruments partially offset by Thacker Pass exploration expenditures, general and administrative spend, equity compensation expense, and transaction costs.

partially offset by:

•

recognition of a deferred tax recovery of $10.7 million during the nine months ended September 30, 2024, due to inflation adjustments on the tax basis of Pastos Grandes assets in Argentina partially offset by the weakening of the Argentine Peso against the US dollar on the tax basis of Pastos Grandes assets;

•

lower exploration and evaluation expenditures and general and administrative spend in the current period versus the comparative period;

•

lower spend on transaction costs during the nine months ended September 30, 2024, of $2.1 million versus $4.9 million spend in the comparative period; and

•

share of loss of investment in Arena Minerals of $0.7 million in the comparative period versus no share of income/loss in the current period.

Purchases and sales of lithium carbonate

During the nine months ended September 30, 2024, the Company purchased 49% of Exar’s lithium carbonate shipped during the period with Ganfeng purchasing the remaining 51% of the product shipped. The Company sold the purchased lithium carbonate to Ganfeng and Bangchak and acted in the capacity of agent in such sales transactions, as the Company’s acquisition of title to lithium carbonate was simultaneous with the sale of lithium carbonate to Ganfeng and Bangchak and the Company was not directly exposed to inventory or price risk.

Since there was no net amount of commission to the Company, there was no impact on the Company’s statement of comprehensive loss for the nine months ended September 30, 2024.

As at September 30, 2024, the Company had a payable of $18.2 million to Exar for lithium carbonate purchases and a receivable of $16.8 million from Ganfeng and Bangchak for sales of lithium carbonate, as disclosed on the statement of financial position.

       
MD&A Nine-month period ended Sept. 30, 2024

      9

Expenses

Exploration and evaluation expenditures during the nine months ended September 30, 2024, of $7.6 million (2023 – $10.0 million) include expenditures incurred for Pastos Grandes and Salar de Antofalla Project (“Antofalla Project”) which is 100% owned by Arena Minerals through its wholly owned subsidiary Antofalla Minerals S.A. (“AMSA”). These expenditures include consulting and salaries, field supplies, permitting and environmental costs incurred during the period on the projects.

Equity compensation during the nine months ended September 30, 2024, of $5.1 million (2023 – $2.7 million) was a non-cash expense and mainly associated with the amortization expense of restricted share units (“RSUs”), preferred share units (“PSUs”), and stock options for the nine months ended September 30, 2024.

Included in general and administrative expenses during the nine months ended September 30, 2024, of $10.6 million (2023 – $12.0 million) were:

•

Office and administrative expenses of $2.1 million (2023 – $3.0 million), which includes insurance costs, office rent, supplies and other items.

•

Professional fees of $2.7 million (2023 – $1.5 million) consisting mainly of legal fees and consulting fees.

•

Salaries and benefits of $4.0 million (2023 – $5.6 million) decreased mainly due to a lower headcount in the current period versus comparative period.

Other Items

Gain on change in fair value of financial instruments during the nine months ended September 30, 2024, of $11.1 million (2023 – $22.6 million) relates to a gain on change in fair value of the Convertible Notes derivative liability. The fair value of the derivative as at September 30, 2024, was estimated using a partial differential equation method with Monte Carlo simulation with the following inputs: volatility of 64.68%, share price of $3.26, a risk-free rate of 3.64%, an expected dividend of 0%, and a credit spread of 13.10%. The gain on change in fair value of the Convertible Notes derivative liability was primarily due to a decrease in the Company’s share price from $6.32 as at December 31, 2023, to $3.26 as at September 30, 2024, and a decrease in credit spread from 17.63% as at December 31, 2023, to 13.10% as at September 30, 2024.

Finance and other income during the nine months ended September 30, 2024, was $37.9 million (2023 – $41.5 million) and includes mainly interest income on the Company’s loans to Exar Capital and Exar and interest earned on cash and cash equivalents, and short-term bank deposits. Interest income on the Company’s loans to Exar Capital during the nine months ended September 30, 2024, was $32.6 million versus $23.8 million in the comparative period. Interest income on the loans advanced by PGCo to Exar during the nine months ended September 30, 2024, was $0.8 million (2023 – $Nil). Interest earned on cash and cash equivalents, and short-term bank deposits during the nine months ended September 30, 2024, was $3.2 million versus $17.2 million in the comparative period, decrease is due to a reduction in cash balance and interest rate in the current period versus the comparative period.

Finance costs during the nine months ended September 30, 2024, were $18.6 million (2023 – $16.7 million) and includes mainly interest on the Convertible Senior Notes.

       
MD&A Nine-month period ended Sept. 30, 2024

      10

Three Months Ended September 30, 2024 (“Q3 2024”), versus Three Months Ended September 30, 2023 (“Q3 2023”)


Financial results	Three Months Ended September 30,						Change
(in US$ million)	2024			2023
	$			$			$
EXPENSES
Exploration and evaluation expenditures		(1.8	)		(1.8	)		-
General and administrative		(3.5	)		(4.5	)		1.0
Equity compensation		(2.5	)		(0.8	)		(1.7	)
Share of loss of Cauchari-Olaroz Project		(1.3	)		(1.7	)		0.4
Share of loss of Arena Minerals		-			-			-
Share of income/(loss) of Sal de la Puna Project		0.3			(0.2	)		0.5
		(8.8	)		(9.0	)		0.2
OTHER ITEMS
Transaction costs		(0.8	)		(1.2	)		0.4
Gain on financial instruments measured at fair value		0.2			6.6			(6.4	)
Finance costs		(6.4	)		(5.8	)		(0.6	)
Foreign exchange gain		0.2			1.3			(1.1	)
Finance and other income		13.2			14.9			(1.7	)
		6.4			15.8			(9.4	)

(LOSS)/INCOME FROM CONTINUING OPERATIONS BEFORE TAXES		(2.4	)		6.8			(9.2	)

(LOSS)/INCOME FROM CONTINUING OPERATIONS		(2.4	)		6.8			(9.2	)

LOSS FROM DISCONTINUED OPERATIONS		-			(0.2	)		0.2

NET (LOSS)/INCOME		(2.4	)		6.6			(9.0	)
ATTRIBUTABLE TO:
Equity holders of Lithium Argentina		(2.4	)		6.6			(9.0	)
Non-controlling interest		(0.0	)		-			(0.0	)

Net loss in Q3 2024 compared to net income in Q3 2023 was primarily attributable to:

•

lower gain on change in fair value of financial instruments of $0.2 million in Q3 2024 versus gain of $6.6 million in the comparative period;

•

lower finance income from interest earned on cash investments with financial institutions in Q3 2024 versus Q3 2023;

•

foreign exchange gain of $0.2 million in Q3 2024, versus gain of $1.3 million in the comparative period primarily due to fewer blue chip swap transactions and lower margin on funds transferred to Argentina;

•

higher finance costs of $6.4 million in Q3 2024, versus $5.8 million costs in Q3 2023 mainly associated with interest on the Convertible Notes; and

•

higher equity compensation of $2.5 million in Q3 2024, compared to $0.8 million in Q3 2023, associated with the increased amortization expense of RSUs, PSUs and stock options. This increase was due to a larger number of unvested units in Q3 2024 relative to Q3 2023.

partially offset by:

       
MD&A Nine-month period ended Sept. 30, 2024

      11

•

lower share of loss of the Caucharí-Olaroz project of $1.3 million in Q3 2024 versus $1.7 million loss in Q3 2023. Since the Company’s share of Exar loss exceeded the carrying value of the investment in Exar, the Company could only recognize its share of loss equal to the carrying value of the investment in Exar. The unrecognized share of Exar losses was $26.3 million as of September 30, 2024;

•

lower spend on transaction costs and general and administrative costs in Q3 2024 versus spend in Q3 2023;

•

share of income of the Sal de la Puna project of $0.3 million in Q3 2024 versus share of loss of $0.2 million in Q3 2023; and

•

loss from discontinued operations of $0.2 million in Q3 2023 versus no income/loss in Q3 2024.

Expenses

Exploration and evaluation expenditures during Q3 2024 of $1.8 million (2023 – $1.8 million) include expenditures incurred for the Pastos Grandes and Antofalla Project on consulting and salaries, field supplies, and drilling and geological services.

Equity compensation during Q3 2024 of $2.5 million (2023 – $0.8 million) was a non-cash expense and mainly associated with the amortization expense of RSUs, PSUs, and stock options for the three months ended September 30, 2024.

Included in general and administrative expenses for the three months ended September 30, 2024, of $3.5 million (2023 – $4.5 million) were:

•

Office and administrative expenses of $0.7 million (2023 – $1.3 million), which includes insurance costs, spend on office rent and supplies, and IT services.

•

Professional fees of $0.7 million (2023 – $0.4 million) consisting mainly of legal fees and consulting fees.

•

Salaries and benefits of $1.6 million (2023 – $2.3 million) decreased mainly due to a lower headcount in Q3 2024 versus comparative period.

Other Items

Gain on change in fair value of financial instruments in Q3 2024 of $0.2 million (2023 – $6.6 million) relates to a gain on change in fair value of the Convertible Notes derivative liability. The fair value of this derivative liability as at September 30, 2024, was estimated using a partial differential equation method with Monte Carlo simulation with the following inputs: volatility of 64.68%, share price of $3.26, a risk-free rate of 3.64%, an expected dividend of 0%, and a credit spread of 13.10%. The gain on change in fair value of the Convertible Notes derivative liability was primarily due to a decrease in the risk-free rate from 4.61% as of June 30, 2024, to 3.64% as of September 30, 2024, partially offset by an increase in the Company’s share price from $3.20 as at June 30, 2024, to $3.26 as at September 30, 2024.

Finance and other income during Q3 2024 was $13.2 million (2023 – $14.9 million) and includes primarily interest income on the Company’s loans to Exar Capital of $11.1 million (2023 – $8.9 million), interest income on the Company’s loans to Exar of $0.8 million (2023 – $Nil), and interest earned on bank and other deposits of $1.1 million (2023 – $5.8 million).

Finance costs during Q3 2024 were $6.4 million (2023 – $5.8 million) and include mainly interest on the Convertible Senior Notes.

       
MD&A Nine-month period ended Sept. 30, 2024

      12

LIQUIDITY AND CAPITAL RESOURCES


Cash Flow Highlights	Nine Months Ended September 30,
(in US$ million)	2024			2023
	$			$
Net cash used in operating activities		(17.0	)		(44.0	)
Net cash used in investing activities		(83.6	)		(37.2	)
Net cash provided by financing activities		68.8			302.7
Effect of foreign exchange on cash		1.8			6.9
Cash held for distribution		-			(275.5	)
Change in cash and cash equivalents		(30.0	)		(47.1	)
Cash and cash equivalents - beginning of the period		122.3			194.5
Cash and cash equivalents - end of the period		92.3			147.4

As at September 30, 2024, the Company had cash and cash equivalents of $92.3 million and an undrawn $75 million available under the limited recourse loan facility.

The Company expects the existing cash balance, proceeds from operations and other sources of financing to provide sufficient financial resources to fund the planned expenditures at Pastos Grandes, Sal de la Puna and its share of Caucharí-Olaroz planned expenditures, general and administrative and other expenditures.

The timing and the amount of expenditures for Pastos Grandes are within the control of the Company due to its ownership interests in the project. Pursuant to the agreements governing Caucharí-Olaroz and Sal de la Puna, decisions regarding capital budgets for these projects require agreement between Lithium Argentina and the projects’ co-owner, Ganfeng.

The Company continues to support the ramp up of Caucharí-Olaroz and develop its other projects. The Company’s capital resources are driven by the status of its projects, ramp up at Caucharí-Olaroz and its ability to compete for investor support of its projects.

Over the long-term, the Company expects to meet its obligations and fund the development of its projects through its financing plans described above; however, due to the conditions associated with such financing, there can be no assurance that the Company will successfully complete all its contemplated financing plans. Except as disclosed, the Company does not know of any trends, demands, commitments, events or uncertainties that will result in, or that are reasonably likely to result in, its liquidity and capital resources either materially increasing or decreasing at present or in the foreseeable future. The Company does not engage in currency hedging to offset any risk of currency fluctuations.

Operating Activities

Cash used in operating activities during the nine months ended September 30, 2024, was $17.0 million (2023 – $20.3 million and $23.6 million used in operating activities of continued and discontinued operations respectively). The significant components of operating activities are discussed in the Results of Operations section above.

       
MD&A Nine-month period ended Sept. 30, 2024

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Investing Activities

Cash used in investing activities during the nine months ended September 30, 2024, was $83.6 million (2023 – $79.6 million and $116.8 million cash provided by/used in investing activities of continued and discontinued operations respectively).

During the nine months ended September 30, 2024, the Company advanced $41.9 million of loans to Exar Capital, contributed $1.6 million to the investment in Caucharí-Olaroz project, $65.0 million of loans were advanced by PGCo to Exar. Additionally, the Company spent $1.6 million on PP&E and exploration and evaluation asset additions and received $26.5 million from repayment of loans by Exar Capital (release of collateral under the loans of Exar).

Financing Activities

Equity-settleable Convertible Notes

On December 6, 2021, the Company closed an offering (the “Offering”) of $225 million aggregate principal amount of 1.75% convertible senior notes due in 2027 (the “Convertible Notes” or “Notes”). On December 9, 2021, the initial purchasers under the Offering exercised, in full, their option to purchase up to an additional $33.75 million aggregate principal amount of the Convertible Notes, increasing the total Offering size to $258.75 million.

In October 2022, the IASB issued amendments to IAS 1, Presentation of Financial Statements titled Non-current liabilities with covenants. These amendments clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The Company adopted these amendments effective January 1, 2024, and applied them retrospectively as required by the transitional provisions of the amendments.

These amendments to IAS 1 resulted in a reclassification of equity-settleable convertible notes from non-current liabilities to current liabilities as at January 1, 2023 and December 31, 2023. The convertible notes are convertible at the option of the holders upon satisfaction of certain conditions that are beyond the control of the Company. If such conditions are satisfied, the convertible notes would be convertible at the option of the holders and upon conversion, the convertible notes may be settled, at the Company’s election, in common shares of the Company, cash or a combination thereof. As a result, the Company does not have the right to defer settlement of the convertible notes for more than 12 months after the end of the reporting periods.

Loan Facility

As at September 30, 2024, the limited recourse loan facility remains undrawn with $75 million available under the facility.

       
MD&A Nine-month period ended Sept. 30, 2024

      14

CURRENT SHARE DATA

Issued and outstanding securities of the Company as at the date of this MD&A were as follows:


Common Shares issued and outstanding	161.9 million
Restricted Share Units (RSUs)	3.3 million
Deferred Share Units (DSUs)	0.6 million
Stock Options	2.7 million
Performance Share Units (PSUs)	0.2 million
Common shares, fully diluted	168.7 million

RELATED PARTY TRANSACTIONS

Exar, the Company’s equity accounted investee, entered into the following transactions with companies controlled by the family of its president, who is also a director of Lithium Argentina:

•

Option Agreement with Grupo Minero Los Boros S.A. on March 28, 2016, for the transfer to Exar of title to certain mining properties that comprised a portion of the Caucharí-Olaroz project.

•

Expenditures under the construction services contract for the Caucharí-Olaroz project with Magna Construcciones S.R.L. (“Magna”) were $0.4 million for the nine months ended September 30, 2024 (on a 100% basis).

•

Service agreement with a consortium owned 49% by Magna. The agreement entered into Q1 2022, is for servicing of the evaporation ponds at Caucharí-Olaroz over a five-year term, for total consideration of $68 million (excluding VAT).

During the nine months ended September 30, 2024, director’s fees paid by Exar to its President, who is also a director of the Company, totalled $56,000 (2023 – $56,000) (on a 100% basis).

During the nine months ended September 30, 2024, Exar obtained debt financing in the form of loans totaling $77.9 million from banks and third parties to refinance its debt or fund working capital and other funding requirements and settled approximately $226.5 million (a portion of the outstanding third party loans). The accumulated amount of such loans obtained from third parties as of September 30, 2024, was approximately $201.8 million and they include loans totaling:

•

$117.9 million which are secured with $38.0 million of local bank guarantees arranged by Exar, $68.0 million promissory notes signed by Exar, and a $69.4 million guarantee provided by Ganfeng. The Company has in turn provided a guarantee to Ganfeng in the amount of $34.0 million for the loans; and

•

The remaining third-party loans of approximately $83.9 million are unsecured.

As at September 30, 2024, third party loans of approximately $191.8 million are due on or before September 30, 2025 and $10.0 million are due in Q4 2025.

Compensation of Key Management

The Company’s key management consists of the executive management team who supervise day-to-day operations and independent directors on the Company’s Board of Directors who oversee management. Their compensation was as follows:

       
MD&A Nine-month period ended Sept. 30, 2024

      15


	Three Months Ended September 30,				Nine Months Ended September 30,
		2024		2023		2024		2023
	$		$		$		$
Equity compensation		2.9		0.9		6.1		3.6
Salaries, bonuses, benefits and directors' fees included in general & administrative expenses		0.7		0.8		1.7		2.8
Salaries, bonuses and benefits included in exploration expenditures		0.1		-		0.2		0.2
Salaries and benefits capitalized to Investment in Caucharí-Olaroz project		0.1		0.2		0.4		0.5
		3.8		1.9		8.4		7.1

Amount due to directors as at September 30, 2024 was as follows:


(in US$ million)	September 30, 2024		December 31, 2023
	$		$
Total due to directors		0.6		0.1

Offtake Arrangements

Each of the Company and Ganfeng are entitled to a share of offtake from production at the Caucharí-Olaroz project. The Company will be entitled to 49% of the offtake, which would amount to approximately 19,600 tonnes per annum (“tpa”) of lithium carbonate assuming full capacity is achieved. The Company has entered into an offtake agreement with each of Ganfeng and Bangchak to sell a fixed amount of offtake production at market-based prices, with Ganfeng entitled to 80% of the first 12,250 tpa of lithium carbonate (9,800 tpa assuming full production capacity) and Bangchak entitled to up to 6,000 tpa of lithium carbonate (assuming full production capacity). The balance of the Company’s offtake entitlement, amounting to up to approximately 3,800 tpa of lithium carbonate is uncommitted, but for limited residual rights available to Bangchak to the extent production does not meet full capacity.

CONTRACTUAL OBLIGATIONS

As at September 30, 2024, the Company had the following contractual obligations on an undiscounted basis:


	Years ending December 31,
	2024		2025		2026 and later		Total
	$		$		$		$
Convertible senior notes		-		4.5		265.6		270.1
Accounts payable and accrued liabilities		22.4		-		-		22.4
Obligations under office leases¹		0.1		0.2		-		0.3
Total		22.5		4.7		265.6		292.8

¹Include principal and interest/finance charges.

The Company’s and the Company’s equity investees’ commitments related to royalties, and other payments are disclosed in Notes 7 and 10 of the Q3 2024 financial statements filed on SEDAR+, most of which will be incurred in the future if the Company continues to hold the subject property, continues construction, or starts production.

       
MD&A Nine-month period ended Sept. 30, 2024

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FINANCIAL INSTRUMENTS

Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

All of the Company’s financial instruments are classified into financial assets and liabilities measured at amortized cost, other than the Convertible Notes derivative are measured at fair value on a recurring basis. All financial instruments are initially measured at fair value plus, in the case of items measured at amortized cost, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.

Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company’s intent is to hold these financial assets in order to collect contractual cash flows. The contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding.

The Company assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

The Company and its subsidiaries, as well as its investee Exar, may from time to time make short-term investments into Argentine government securities, financial instruments guaranteed by Argentine banks and other Argentine securities. These investments may or may not realize short term gains or losses.

For additional details about the Company’s financial instruments please refer to the Note 20 of the Company’s Q3 2024 financial statements filed on SEDAR+.

Estimation Uncertainty and Accounting policy judgments

Please refer to the Company’s annual MD&A for the year ended December 31, 2023, for Estimation Uncertainty and Accounting Policy Judgments disclosure. The nature and amount of significant estimates and judgements made by management in applying the Company’s accounting policies and the key sources of estimation uncertainty as well as accounting policies applied during the nine months ended September 30, 2024, were the same as those that management applied to the consolidated financial statements as at and for the year ended December 31, 2023 except for certain pronouncements disclosed below.

Determination of Commercial Production for the Cauchari Olaroz project

Judgment is a requirement in determining whether a project’s assets are available for use (referred to as “commercial production”). In making this determination, management considers specific facts and circumstances. These factors include, but are not limited to, whether the product produced by the plant is saleable, the completion of a reasonable period of commissioning, and the achievement of consistent operating results at a predetermined level of design capacity for a reasonable period of time. Subsequent to September 30, 2024, the Company concluded that commercial production was achieved for the Caucharí Olaroz project as of October 1, 2024. As a result, the Caucharí Olaroz project’s assets are now considered ready for their intended use, and depreciation of these assets will commence as of October 1, 2024.

NEW IFRS PRONOUNCEMENTS

Amendments to IAS 1 – Presentation of Financial Statements

       
MD&A Nine-month period ended Sept. 30, 2024

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These amendments to IAS 1 override but incorporate the previous amendments, classification of liabilities as current or non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The Company adopted these amendments effective January 1, 2024, and applied them retrospectively as required by the transitional provisions of the amendments.

IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements which will replace IAS 1, Presentation of Financial Statements. IFRS 18 introduces new requirements on presentation within the statement of profit or loss, including specified totals and subtotals. It also requires disclosure of management-defined performance measures and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements and the notes. In addition, there are consequential amendments to other accounting standards; some requirements previously included in IAS 1 have been moved to IAS 8 and limited amendments have been made to IAS 7 and IAS 34. IFRS 18 is effective for the reporting period beginning on or after 1 January 2027, with early application permitted. Retrospective application is required in both annual and interim financial statements. The Company is currently assessing the impact of this standard on its financial statements and has not yet applied it.

Amendments to IFRS 9 and IFRS 7 – Amendments to the Classification and Measurement of Financials Instruments

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7, Amendments to the Classification and Measurement of Financials Instruments. These amendments updated classification and measurement requirements in IFRS 9 Financial Instruments and related disclosure requirements in IFRS 7 Financial Instruments: Disclosures. The IASB clarified the recognition and derecognition date of certain financial assets and liabilities, and amended the requirements related to settling financial liabilities using an electronic payment system. It also clarified how to assess the contractual cash flow characteristics of financial assets in determining whether they meet the solely payments of principal and interest criterion, including financial assets that have environmental, social and corporate governance (ESG)-linked features and other similar contingent features. These amendments require additional disclosure for financial instruments with contingent features that do not relate directly to basic lending risks and costs and amended disclosures relating to equity instruments designated at fair value through other comprehensive income.

Annual Improvements to IFRS Accounting Standards-Volume 11

In May 2024, the IASB issued the Annual Improvements to IFRS Accounting Standards-Volume 11. It contains amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7.

       
MD&A Nine-month period ended Sept. 30, 2024

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•

IFRS 1: First-time Adoption of International Financial Reporting Standards - Hedge Accounting by a First-time Adopter

•

IFRS 7: Financial Instruments: Disclosures - Gain or loss on derecognition, disclosure of differences between the fair value and the transaction price, and disclosures on credit risk

•

IFRS 9: Financial Instruments - Derecognition of lease liabilities and transaction price

•

IFRS 10: Consolidated Financial Statements - Determination of a ‘de facto agent’

•

IAS 7: Statement of Cash Flows - Cost Method

RISKS AND UNCERTAINTIES

The operating results and financial condition of the Company are subject to a number of inherent risks and uncertainties associated with its business activities. Natural resources exploration, development and operation involves a number of risks and uncertainties, many of which are beyond the Company’s control. These risks and uncertainties include, without limitation, numerous external factors such as economic, social, geopolitical, warfare, environmental, regulatory, health, legal, tax and market risks impacting, among other things, lithium prices, commodities, foreign exchange rates, inflation, the availability and cost of capital to fund the capital requirements of the business and the supply chain related to the business, uncertainty of production and other estimates and the potential for unexpected costs and expenses, and changes in general economic conditions or conditions in the financial markets, as well as the various risks discussed elsewhere in this MD&A and those identified in the Company’s Annual Information Form and Form 40-F for the year ended December 31, 2023, and the Company’s other disclosure documents as filed in Canada on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov. You should carefully consider such risks and uncertainties prior to deciding to invest in our securities.

TECHNICAL INFORMATION AND QUALIFIED PERSON

The scientific and technical information in this MD&A, has been reviewed and approved by Ernest Burga, P.Eng., a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and independent of the Company. Additional information about the Company’s mineral projects is contained in its latest AIF and Form 40-F.

Detailed scientific and technical information on the Caucharí-Olaroz project can be found in the NI 43-101 technical report entitled “Updated Feasibility Study and Reserve Estimation to Support 40,000 tpa Lithium Carbonate Production at Caucharí-Olaroz Salars, Jujuy Province, Argentina”, subject to updates contained in the AIF. The technical report has an effective date of September 30, 2020, and was prepared by “Qualified Persons” for the purposes of NI 43-101, independent of the Company.

Detailed scientific and technical information on the Pastos Grandes project can be found in the NI 43-101 technical report dated June 16, 2023, titled “Lithium Resources Update, Pastos Grandes Project, Salta Province, Argentina”, subject to updates contained in the AIF. The technical report has an effective date of April 30, 2023, and was prepared by a “Qualified Person” for the purposes of NI 43-101, independent of the Company. Copies of the technical reports are available on the Company’s website at www.lithium-argentina.com and on the Company’s SEDAR+ profile at www.sedarplus.ca.

       
MD&A Nine-month period ended Sept. 30, 2024

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Further information about the Caucharí-Olaroz project, including a description of key assumptions, parameters, description of sampling methods, data verification and QA/QC programs, and methods relating to resources and reserves, factors that may affect those estimates, and details regarding development and the mine plan for the project, is available in the above-mentioned Caucharí-Olaroz technical report.

Further information about the Pastos Grandes project, including a description of key assumptions, parameters, description of sampling methods, data verification and QA/QC programs, and methods relating to resources, factors that may affect those estimates, is available in the above-mentioned Pastos Grandes technical report.

Unless otherwise indicated, all mineral reserves and mineral resources estimates referred to in this MD&A or other continuous disclosure documents of the Company have been prepared in accordance with NI 43-101 and the CIM Definition Standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum on May 10, 2014. These standards are similar to, but differ in some ways from, the requirements of the SEC that are applicable to domestic United States reporting companies and foreign private issuers not eligible for the multijurisdictional disclosure system adopted by the United States and Canada. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under SEC standards under Subpart 1300 of Regulation S-K. Accordingly, information included in this MD&A that describes the Company's mineral reserves and mineral resources estimates may not be comparable with information made public by United States companies subject to the SEC’s reporting and disclosure requirements.

DISCLOSURE CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed under securities legislation is recorded, processed, summarized and reported within the time periods specified by securities regulators and include controls and procedures designed to ensure that information required to be disclosed by the Company in its annual filings, interim filings or other reports filed under securities legislation is accumulated and communicated to the issuer’s management, including its certifying officers, as appropriate to allow timely decisions regarding required disclosure. The Company’s management designed the disclosure controls and procedures to provide reasonable assurance that material information relating to the Company, including its consolidated subsidiaries, is made known to them on a timely basis. The Company’s management believes that any disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The Company’s management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), is responsible for establishing and maintaining adequate internal control over financial reporting. Any system of internal control over financial reporting, no matter how well-designed, has inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. There have been no significant changes in our internal controls over financial reporting during the nine months ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

FORWARD-LOOKING STATEMENTS

This MD&A contains “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking information”). These statements relate to future events or the Company’s future performance. All statements, other than statements of historical fact, may be forward-looking information.

       
MD&A Nine-month period ended Sept. 30, 2024

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Forward-looking information generally can be identified by the use of words such as “seek,” “anticipate,” “plan,” “continue,” “estimate,” “expect,” “may,” “will,” “project,” “predict,” “propose,” “potential,” “targeting,” “intend,” “could,” “might,” “should,” “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.

In particular, this MD&A contains forward-looking information, including, without limitation, with respect to the following matters or the Company’s expectations relating to such matters: 2024 expected production for the Caucharí-Olaroz project; expected reductions costs per tonne; goals of the Company; development of the Caucharí-Olaroz project, including timing, progress, approach, continuity or change in plans, construction, commissioning, milestones, anticipated production and results thereof and expansion plans; plans at the Caucharí-Olaroz project to prioritize commissioning and the expected timing thereof; expected remaining funding commitments at the Caucharí-Olaroz project; expected timing of full capacity production at the Caucharí-Olaroz project and plans for additional production capacity; Stage 2 targeted production capacity; estimates, and any change in estimates, of the Mineral Resources and Mineral Reserves at the Company’s properties; development of Mineral Resources and Mineral Reserves; government regulation of mining operations and treatment under governmental and taxation regimes; the future price of commodities, including lithium; the realization of Mineral Resources and Mineral Reserves estimates, including whether Mineral Resources that are not included in Mineral Reserves will ever be developed into Mineral Reserves, and information and underlying assumptions related thereto; the timing and amount of future production; expectations with respect to costs of production; liquidity outlook; use of proceeds from financing activities; currency exchange and interest rates; the Company’s expectations with respect to meeting its funding obligations through its financing plans; expectations with respect to the sufficiency of current cash balances and other sources to fund planned expenditures; the Company’s ability to raise capital and the sufficiency of currently available funding; expected expenditures to be made by the Company on its properties; the timing, cost, quantity, capacity and product quality of production of the Caucharí-Olaroz project, which is held and operated through an entity in Argentina that is 44.8% owned by the Company, 46.7% owned by Ganfeng and 8.5% owned by JEMSE; successful operation of the Caucharí-Olaroz project under its co-ownership structure; ability to produce battery quality lithium products; use of proceeds from the Pastos Grandes transaction; the Company’s share of the expected capital expenditures for the construction of the Caucharí-Olaroz project; expecting timing to complete project review, development planning, evaluating opportunities for synergy for the Pastos Grandes and Sal de la Puna projects as well as Pozuelos; ability to achieve capital cost efficiencies; stability and inflation related to the Argentine peso, matters relating to the agreement reached by the Argentine government with the International Monetary Fund in respect of Argentina’s external debt, whether the Argentine government implements additional foreign exchange and capital controls, and the effect of current or any additional regulations on the Company’s operations; and opportunities for regional growth and development of the Pastos Grandes basin expected from the acquisition.

•

current technological trends;

•

a cordial business relationship between the Company and third party strategic and contractual partners, including the co-owners of the Caucharí-Olaroz Project;

•

ability of the Company to fund, advance and develop the Caucharí-Olaroz Project and its other projects, and the respective impacts of the projects when production commences or has fully ramped-up;

•

the Company’s ability to operate in a safe and effective manner;

       
MD&A Nine-month period ended Sept. 30, 2024

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•

uncertainties relating to receiving and maintaining mining, exploration, environmental and other permits or approvals in Argentina;

•

demand for lithium, including that such demand is supported by growth in the electric vehicle market;

•

the impact of increasing competition in the lithium business, and the Company’s competitive position in the industry;

•

general economic conditions;

•

the stable and supportive legislative, regulatory and community environment in the jurisdictions where the Company operates;

•

stability and inflation of the Argentine peso, including any foreign exchange or capital controls which may be enacted in respect thereof, and the effect of current or any additional regulations on the Company’s operations;

•

the impact of unknown financial contingencies, including litigation costs, on the Company’s operations;

•

gains or losses, in each case, if any, from short-term investments in Argentine bonds and equities;

•

estimates of and unpredictable changes to the market prices for lithium products;

•

development and construction costs for the Caucharí-Olaroz project, the economics related thereto, and costs for any additional exploration work at the project;

•

estimates of Mineral Resources and Mineral Reserves, including whether Mineral Resources not included in Mineral Reserves will be further developed into Mineral Reserves;

•

reliability of technical data;

•

anticipated timing and results of exploration, development and construction activities, including the impact of any pandemic, war or other global events on such timing;

•

discretion in the use of proceeds of certain financing activities; the Company’s ability to obtain additional financing on satisfactory terms or at all;

•

the ability to develop and achieve production at any of the Company’s mineral exploration and development properties;

•

the impacts of pandemics and geopolitical issues on the Company’s business;

•

the impact of inflation and other economic conditions on the Company’s business and global markets; and

•

accuracy of development budget and construction estimates.

Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, the Company can give no assurance that these assumptions and expectations will prove to be correct. Since forward-looking information inherently involves risks and uncertainties, undue reliance should not be placed on such information. The Company’s actual results could differ materially from those anticipated in any forward-looking information as a result of the risk factors set out herein and, in the Company’s latest AIF available on SEDAR+.

       
MD&A Nine-month period ended Sept. 30, 2024

      22

All forward-looking information contained in this MD&A is expressly qualified by the risk factors set out in the Company’s latest AIF, management information circular and this MD&A. Such risks include, but are not limited to the following: the Company’s mineral properties, or the mineral properties in which it has an interest, may not be developed or operate as planned and uncertainty of whether there will ever be production at the Company’s mineral exploration properties, or the properties in which it has an interest; cost overruns; risks associated with the Company’s ability to successfully secure adequate additional funding; market prices affecting the ability to develop or operate the Company's mineral properties and properties in which it has an interest; risks associated with co-ownership and/or joint venture arrangements; risks related to acquisitions, integration and dispositions; risk to the growth of lithium markets; lithium prices; inability to obtain required governmental permits and government-imposed limitations on operations; technology risk; inability to achieve and manage expected growth; political risk associated with foreign operations, including co-ownership arrangements with foreign domiciled partners; risks arising from the outbreak of hostilities in Ukraine, Israel, the Middle East and other parts of the world and the international response, including but not limited to their impact on commodity markets, supply chains, equipment and construction; emerging and developing market risks; risks associated with not having production experience; operational risks; changes in government regulations; changes to environmental requirements; failure to obtain or maintain necessary licenses, permits or approvals; insurance risk; receipt and security of mineral property titles and mineral tenure risk; changes in project parameters as plans continue to be refined; changes in legislation, governmental or community policy; regulatory risks with respect to strategic minerals; mining industry competition; market risk; volatility in global financial conditions; uncertainties associated with estimating Mineral Resources and Mineral Reserves, including uncertainties relating to the assumptions underlying Mineral Resource and Mineral Reserve estimates; whether certain Mineral Resources will ever be converted into Mineral Reserves; uncertainties with respect to estimates of capital and operating costs and related economics for the Caucharí-Olaroz Project; uncertainties inherent to the results of feasibility studies; risks in connection with the Company’s existing debt financing; risks related to investments in Argentine bonds and equities; opposition to development of the Company’s mineral properties; lack of brine management regulations; surface access risk; risks related to climate change; geological, technical, drilling or processing problems; uncertainties in estimating capital and operating costs, cash flows and other project economics; liabilities and risks, including environmental liabilities and risks inherent in mineral extraction operations; health and safety risks; risks related to the stability and inflation of the Argentine peso, including any foreign exchange or capital controls which may be enacted in respect thereof, and the effect of current and any additional regulations on the Company’s operations; risks related to unknown financial contingencies, including litigation costs, on the Company’s operations; unanticipated results of exploration activities; unpredictable weather conditions; unanticipated delays in preparing technical studies; inability to generate profitable operations; restrictive covenants in debt instruments; lack of availability of additional financing on terms acceptable to the Company, or to the Company and its co-owners for any co-ownership interests; shareholder dilution; intellectual property risk; dependency on consultants and key personnel; payment of dividends; competition for, amongst other things, capital, undeveloped lands and skilled personnel; fluctuations in currency exchange and interest rates; regulatory risk, including as a result of the Company’s dual-exchange listing and increased costs thereof; conflicts of interest; Common Share price volatility; cybersecurity risks and threats. Such risk factors are not exhaustive. The Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All forward-looking information contained in this MD&A is expressly qualified in its entirety by this cautionary statement. Additional information about the above-noted assumptions, risks and uncertainties is contained in the Company’s filings with securities regulators, including our latest AIF and management information circular, which are available on SEDAR+.

       
MD&A Nine-month period ended Sept. 30, 2024

      23

Exhibit 99.3

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Samuel Pigott, Chief Executive Officer of Lithium Americas (Argentina) Corp., certify the following:

1. Review: I have reviewed the interim financial report and interim MD&A (together, the “interim filings”) of Lithium Americas (Argentina) Corp. (the “issuer”) for the interim period ended September 30, 2024.

2. No misrepresentations: Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

Fair presentation: Based on my knowledge, having exercised reasonable diligence, the interim financial statements together with the other financial information included in the interim filings fairly present in all material respects the financial condition, results of operations and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Responsibility: The issuer’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, for the issuer.

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer’s GAAP.

5.1 Control framework: The control framework the issuer’s other certifying officer(s) and I used to design the issuer’s ICFR is the Internal Control-Integrated Framework (2013 COSO Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

6. Reporting changes in ICFR: The issuer has disclosed in its interim MD&A any change in the issuer’s ICFR that occurred during the period beginning on July 1, 2024 and ended on September 30, 2024 that has materially affected, or is reasonably likely to materially affect, the issuer’s ICFR.

Date: November 5, 2024

“Samuel Pigott”

Samuel Pigott

Chief Executive Officer

Exhibit 99.4

Form 52-109F2

Certification of Interim Filings

Full Certificate

I, Alex Shulga, Chief Financial Officer of Lithium Americas (Argentina) Corp., certify the following:

Design: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer’s other certifying officer(s) and I have, as at the end of the period covered by the interim filings:

(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

5.2 ICFR – material weakness relating to design: N/A

5.3 Limitation on scope of design: N/A

Date: November 5, 2024

“Alex Shulga”

Alex Shulga

Chief Financial Officer

NEWS RELEASE

Lithium Argentina Reports Third Quarter 2024 Results

Exhibit 99.5

November 5, 2024 – Vancouver, Canada: Lithium Americas (Argentina) Corp. (“Lithium Argentina,” the “Company,” or “LAAC”) (TSX: LAAC) (NYSE: LAAC), today announced its third quarter results.

“During the quarter, we were pleased to close the Pastos Grandes transaction with our strategic partner, Ganfeng,” commented Sam Pigott, President and CEO. “Proceeds from the transaction, in addition to funds from Ganfeng, resulted in an over $100 million reduction in debt at Caucharí-Olaroz. We are still advancing financing options to replace the remaining short-term debt at the project and provide additional flexibility to support our future growth plans.”

Mr. Pigott continued by saying, “The operations at Caucharí-Olaroz continues to progress well during the third quarter as production volumes reached about 6,800 tonnes, a 21% increase compared to the second quarter of the year. Production is currently operating at approximately 75-80% of design capacity with a focus on sustaining higher production levels. It is expected that these production levels will be maintained through the end of the year and into 2025. Consequently, we still expect production volumes for 2024 to fall within our previous estimate of 20,000 – 25,000 tonnes this year.”

He closed by saying, “Our focus remains on optimizing operations and decreasing our costs. We are committed to delivering value and will continue to monitor market conditions closely as we evaluate our expansion plans and work towards our long-term goals.”

Highlights

Operational Highlights at Caucharí-Olaroz

•

During the three months ended September 30, 2024, Caucharí-Olaroz produced approximately 6,800 tonnes of lithium carbonate, up 21% from the second quarter of 2024.

Production guidance of 20,000 – 25,000 tonnes of lithium carbonate in 2024 remains unchanged.

•

Production continues to be sold primarily to Ganfeng Lithium Co. Ltd. (“Ganfeng”) with realized price of approximately $8,000 per tonne during the three months ended September 30, 2024.

As a result of lower levels of impurities, beginning in September 2024, this price deduction for additional processing costs, was adjusted from $2,000 to $1,500 per tonne.

Since the end of the third quarter of 2024, lithium prices have declined further with the most recent realized price for Caucharí-Olaroz at approximately $7,000 per tonne.

NEWS RELEASE

Lithium Argentina Reports Third Quarter 2024 Results

Financial and Corporate Highlights

•

As of September 30, 2024, Lithium Argentina had $92 million in cash and cash equivalents and maintained its undrawn $75 million credit facility with Ganfeng.

•

As of September 30, 2024, Minera Exar S.A. (“Exar”) had, on a 100% basis, approximately $202 million of US dollar and US dollar-linked debt at the official FX rate.

During the third quarter of 2024, Ganfeng and Lithium Argentina contributed funds to Exar to reduce its leverage by over $110 million.

Ganfeng and the Company continue to advance financing options to replace short-term debt with longer-term financing for Exar.

•

FINANCIAL RESULTS

Selected consolidated financial information is presented as follows:


(in US$ million except per share information)	Quarter ended September 30,
	2024		2023
	$		$
Expenses		(8.8)		(9.0)
Net (loss)/income		(2.4)		6.6
(Loss)/income per share – basic		(0.01)		0.04
(Loss)/income per share – diluted		(0.01)		0.04


(in US$ million)	As at September 30, 2024		As at December 31, 2023
	$		$
Cash and cash equivalents		92.3		122.3
Total assets		1,121.8		1,055.0
Total liabilities		(228.1)		(226.1)

In Q3 2024, the Company completed the Pastos Grandes Transaction, resulting in PGCo issuing common shares that represent approximately 14.9% of its equity to Ganfeng for a consideration of $70 million. This transaction allowed the Company to retain control of PGCo and has been accounted for as an equity transaction. Subsequently, PGCo entered into a loan facility agreement with Minera Exar, advancing a $65.0 million loan funded by the proceeds from the Pastos Grandes transaction. These funds supported refinancing of the current debt and working capital and other requirements for the Caucharí-Olaroz project. Total liabilities increased due to accrued interest on convertible senior notes issued by the Company in 2021 and an increase in payables to Minera Exar for lithium carbonate purchases.

In Q3 2024, net loss was $2.4 million compared to a gain of $6.6 million in the comparative period, mainly due to lower gain on change in fair value of the convertible notes derivative liability as a result of insignificant change in the Company’s share price in Q3 2024.

This news release should be read in conjunction with Lithium Argentina’s condensed consolidated interim financial statements and management's discussion and analysis for the nine months ended September 30, 2024, which are available on SEDAR+. All amounts are in U.S. dollars unless otherwise indicated.

ABOUT LITHIUM ARGENTINA

Lithium Argentina is an emerging producer of lithium carbonate for use primarily in lithium-ion batteries and electric vehicles. The Company, in partnership with Ganfeng Lithium Co, Ltd., is ramping up production of the Caucharí-Olaroz lithium brine operation in Argentina and advancing development of additional lithium resources in the region. Lithium Argentina currently trades on the TSX and on the NYSE, under the ticker symbol “LAAC.”

For further information contact:

Investor Relations

Telephone: +54-11-52630616

Email: Kelly.obrien@lithium-argentina.com

Website: www.lithium-argentina.com

Earnings Release:

Third Quarter 2024

TECHNICAL INFORMATION

The Technical Information in this news release with respect to Caucharí-Olaroz, has been reviewed and approved by Ernest Burga, P.Eng., a Qualified Person as defined by National Instrument 43-101 independent of the Company.

FORWARD-LOOKING INFORMATION

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking information”). These statements relate to future events or the Company’s future performance. All statements, other than statements of historical fact, may be forward-looking information. Forward-looking information generally can be identified by the use of words such as “seek,” “anticipate,” “plan,” “continue,” “estimate,” “expect,” “may,” “will,” “project,” “predict,” “propose,” “potential,” “targeting,” “intend,” “could,” “might,” “should,” “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information.

In particular, this news release contains forward-looking information, including, without limitation, with respect to the following matters or the Company’s expectations relating to such matters: future financing plans, including the replacement and refinancing of debt at Exar and Caucharí-Olaroz; 2024 and 2025 expected production for the Caucharí-Olaroz project; goals of the Company; development of the Caucharí-Olaroz project, including timing of the ramp up in production capacity and product qualityand use of proceeds from the Pastos Grandes transaction.

Forward-looking information does not take into account the effect of transactions or other items announced or occurring after the statements are made. Forward-looking information contained in this news release is based upon a number of expectations and assumptions and is subject to a number of risks and uncertainties, including but not limited to those related to: current technological trends; a cordial business relationship between the Company and third party strategic and contractual partners, including the co-owners of the Caucharí-Olaroz project; ability of the Company to fund, advance, develop and ramp up the Caucharí-Olaroz project, the impacts of the project when full production commences; ability of the Company to advance and develop the Pastos Grandes and Sal de la Puna projects; the Company’s ability to operate in a safe and effective manner; uncertainties relating to receiving and maintaining mining, exploration, environmental and other permits or approvals in Argentina; demand for lithium, including that such demand is supported by growth in the electric vehicle market; the impact of increasing competition in the lithium business, and the Company’s competitive position in the industry; general economic, geopolitical, and political conditions; the stable and supportive legislative, regulatory and community environment in the jurisdictions where the Company operates; regulatory, and political matters that may influence or be influenced by future events or conditions; local and global political and economic conditions; governmental and regulatory requirements and actions by governmental authorities, including changes in government policies; stability and inflation of the Argentine peso, including any foreign exchange or capital controls which may be enacted in respect thereof, and the effect of current or any additional regulations on the Company’s operations; the impact of unknown financial contingencies, including litigation costs, on the Company’s operations; gains or losses, in each case, if any, from short-term investments in Argentine bonds and equities; estimates of and unpredictable changes to the market prices for lithium products; development and ramp up costs for the Caucharí-Olaroz project, and costs for any additional exploration work at the projects; uncertainties inherent to estimates of Mineral Resources and Mineral Reserves, including whether Mineral Resources not included in Mineral Reserves will be further developed into Mineral Reserves; reliability of technical data; anticipated timing and

Earnings Release:

Third Quarter 2024

results of exploration, development and construction activities; discretion in the use of proceeds of certain financing activities; the Company’s ability to obtain additional financing on satisfactory terms or at all; the ability to develop and achieve production at any of the Company’s mineral exploration and development properties; the impacts of pandemics and geopolitical issues on the Company’s business; the impact of inflationary and other conditions on the Company’s business and global markets; and accuracy of development budget and construction estimates. Many of these expectations, assumptions, risk and uncertainties are beyond the Company’s control and could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information.

All forward-looking information contained in this news release is expressly qualified by the risk factors set out in the latest Company Public Disclosures. Such risks include, but are not limited to the following: lithium prices; inability to obtain required governmental permits and government-imposed limitations on operations; technology risk; political risk associated with foreign operations, including co-ownership arrangements with foreign domiciled partners; risks arising from the outbreak of hostilities in Ukraine, Israel, the Middel East and other parts of the world and the international response, including but not limited to their impact on commodity markets, supply chains, equipment and construction; emerging and developing market risks; risks associated with not having production experience; operational risks; changes in government regulations; changes to environmental requirements; failure to obtain or maintain necessary licenses, permits or approvals; insurance risk; receipt and security of mineral property titles and mineral tenure risk; changes in project parameters as plans continue to be refined; changes in legislation, governmental or community policy; regulatory risks with respect to strategic minerals; mining industry competition; market risk; volatility in global financial conditions; uncertainties associated with estimating Mineral Resources and Mineral Reserves, including uncertainties relating to the assumptions underlying Mineral Resource and Mineral Reserve estimates; risks related to unknown financial contingencies, including litigation costs, on the Company’s operations; unanticipated results of exploration activities; cybersecurity risks and threats; and uncertainties with obtaining required approvals (including regulatory approvals). Such risk factors are not exhaustive. The Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All forward-looking information contained in this news release is expressly qualified in its entirety by this cautionary statement. Additional information about the above-noted assumptions, risks and uncertainties is contained in the Company Public Disclosures, which are available on SEDAR+ at www.sedarplus.ca.

Earnings Release:

Third Quarter 2024

Exhibit 99.6

CONSENT OF Ernest Burga

The undersigned hereby consents to (i) the inclusion in this Current Report on Form 6-K of Lithium Americas (Argentina) Corp. (the “Company”) of the references to the undersigned’s involvement in the preparation and review of the scientific and technical information, contained in the Company’s Management’s Discussion and Analysis for the nine months ended September 30, 2024 (the “Technical Information”) being filed with the United States Securities and Exchange Commission (the “SEC”) under cover of Form 6-K; and (ii) the filing of this consent under cover of Form 6-K with the SEC and of the incorporation by reference of this consent, the use of my name and the Technical Information into the Company’s Registration Statement on Form F-10 (No. 333-269649), and any amendments thereto, filed with the SEC.

Date: November 5, 2024

/s/Ernest Burga

Ernest Burga, P.Eng.

Lithium Americas (NYSE:LAC)
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