Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium
Americas” or the “Company”) has reported financial and
operating results for the fourth quarter and year ended December
31, 2021.
HIGHLIGHTS
Argentina
Caucharí-Olaroz
- Construction
continues to advance with a revised timeline; currently the project
is approximately 85% complete and commissioning is targeted to
commence in H2 2022.
- 1,500 workers
are on site with 100% of the workforce having received at least two
doses of a COVID-19 vaccine.
- Around the end
of 2021, construction activities were impacted by COVID-19 Omicron
disruptions impacting supply chains and availability of the main
contractor. Activities have returned to normal and the Company
continues to monitor the situation closely.
- Additional
resources have been added to accelerate and de-risk commissioning
and ramp-up timeline.
- Total capital
cost estimates have been revised to $741 million (on a 100% basis),
up 16% from $641 million, to reflect additional resources and
manpower, engineering modifications and inflationary cost
pressures.
- As of December
31, 2021, 76%, or $565 million, of the $741 million budget has been
spent.
- Progress on the
second stage expansion of at least 20,000 tonnes per annum (“tpa”)
of lithium carbonate equivalent (“LCE”) continues to advance with
additions to the technical leadership team and drilling program
underway.
Pastos Grandes
- In January 2022, the Company
completed the acquisition of Millennial Lithium Corp. and the 100%
owned Pastos Grandes for total consideration of approximately $390
million.
- In February 2022, the Company hired
Carlos Galli as Senior Director, Project Development, Latin
America, to oversee the development planning for Pastos Grandes and
integration and expansion of a team of over 50 workers based in
Salta, Argentina.
Arena Minerals
- In November
2021, the Company increased its strategic investment in Arena
Minerals Inc. (TSX-V: AN) to approximately 17.4% for $10
million.
United States
Thacker Pass
- In October 2021, Measured and
Indicated (“M&I”) Resource estimates were updated to 13.7
million tonnes (“Mt”) LCE at 2,231 parts per million lithium (“ppm
Li”). See the Company’s news release dated October 7, 2021 for full
details.
- The Company continues to advance
the Feasibility Study with an increased targeted capacity of 40,000
tpa lithium carbonate and incorporating a second phase expansion to
reach a targeted total capacity of 80,000 tpa lithium carbonate.
Results of the Feasibility Study are expected in H2 2022.
- The Company is continuing to
optimize engineering to complete capital and operating estimates.
Capital costs are expected to substantially increase due to the
incorporation of increased scale, additional processing and related
infrastructure changes, and the results of engineering and testing,
as well as to account for external factors such as inflationary
pressures and supply chain considerations
- The Lithium Technical Development
Center is expected to be operational in Q2 2022 to support ongoing
optimization work and to provide product samples for potential
customers and partners.
- In February 2022, the Nevada
Department of Environmental Protection (“NDEP”) issued the final
key state-level environmental permits: Water Pollution Control
Permit, Class II Air Quality Operating Permit and Exploration and
Mine Reclamation Permits.
- An appeal on the Record of Decision
continues to advance through Federal court process with a ruling
expected in Q3 2022.
- In February 2022, the Company
announced that it submitted a draft application to the US
Department of Energy for funding to be used at Thacker Pass through
the Advanced Technologies Vehicle Manufacturing Loan Program.
- Discussions continue with potential
strategic partners and customers.
Corporate
- As at December
31, 2021, the Company had $511 million in cash and cash equivalents
with an additional $75 million in available credit.
- In December
2021, the Company completed a convertible senior note offering of
$259 million at 1.75% due in 2027. Net proceeds were primarily used
to repay the $205 million senior secured credit facility and remove
security over Thacker Pass, and to repay in early 2022 $25 million
outstanding on its subordinate loan facility.
- In January 2022,
the Company began to work with IRMA (Initiative for Responsible
Mining Assurance) to pilot their new draft IRMA-Ready Standard for
Responsible Mineral Exploration and Development.
- In February
2022, Richard Gerspacher joined as Senior Vice President Capital
Projects to oversee execution of the Company’s development
projects. Most recently, Mr. Gerspacher served as Vice President
and Projects Director for Fluor Corporation leading the development
of an advanced stage lithium chemical project in Australia.
- In February
2022, the Company commenced the process to explore a separation of
its US and Argentina operations, through the creation of a
standalone public company focused on the development of Thacker
Pass.
TECHNICAL INFORMATION
The Technical Information in this news release
has been reviewed and approved by Rene LeBlanc, PhD, SME, Chief
Technical Officer of Lithium Americas, and a Qualified Person as
defined by National Instrument 43-101.
FINANCIAL RESULTS
Selected consolidated financial information is
presented as follows:
(in US$ million except per share information) |
Year ended December 31, |
|
2021 |
|
2020 |
|
$ |
|
$ |
Expenses |
|
(46.1) |
|
|
(30.6) |
Net loss |
|
(38.5) |
|
|
(36.2) |
(Loss)/income per share – basic |
|
(0.32) |
|
|
(0.39) |
(in US$ million) |
As at December 31, 2021 |
|
As at December 31, 2020 |
|
$ |
|
$ |
Cash and cash equivalents |
|
510.6 |
|
|
148.1 |
Total assets |
|
817.3 |
|
|
326.7 |
Total long-term liabilities |
|
(272.8) |
|
|
(127.3) |
During the year ended December 31, 2021, total
assets and cash increased primarily due to the $377.4 million net
proceeds raised from the underwritten public offering of common
shares, partially offset by expenditures in the period. Total
long-term liabilities increased primarily due to drawdowns on the
Company’s $205 million senior credit facility and the $250 million
in net proceeds raised from the convertible senior notes, which was
used to fully repay the $205 million senior credit facility at the
end of 2021.
The higher net loss in 2021 compared to 2020 is
primarily attributable to higher Thacker Pass expenditures.
This news release
should be read in conjunction with Lithium Americas’ consolidated
financial statements and management's discussion and analysis for
the year ended December 31, 2021, which are available on the
Company’s website and SEDAR. All amounts are in U.S. dollars unless
otherwise indicated.
ABOUT LITHIUM AMERICAS
Lithium Americas is focused on advancing lithium
projects in Argentina and the United States to production. In
Argentina, Caucharí-Olaroz is advancing towards first production
and Pastos Grandes represents regional growth. In the United
States, Thacker Pass has received its Record of Decision and is
advancing towards construction. The Company trades on both the
Toronto Stock Exchange and on the New York Stock Exchange, under
the ticker symbol “LAC”.
For further information contact:Investor
RelationsTelephone: 778-656-5820Email:
ir@lithiumamericas.comWebsite: www.lithiumamericas.com
FORWARD-LOOKING
STATEMENTS
This news release contains “forward-looking
information” and “forward-looking statements” (which we refer to
collectively as forward-looking information) under the provisions
of applicable securities legislation. All statements, other than
statements of historical fact, are forward-looking information.
Examples of forward-looking information in this news release
include, among other things, statements related to: successful
development of the Caucharí-Olaroz project and the Thacker Pass
project, including timing, progress, construction, milestones,
expansion plans, scale, anticipated production and results thereof;
expectations and anticipated impact of COVID-19 on the Company and
its projects; timing for commissioning, and plans to accelerate the
commissioning and timeline for the Caucharí-Olaroz project;
estimates of capital and operating expenditures and substantial
changes thereto for any project, including factors expected to
contribute to such changes; the Company’s ability to fund its
development programs through debt or equity financing, including
through government loan programs; timing, capacity, expansion
plans, completion of a feasibility study and sufficiency of water
rights for the Thacker Pass project; Company expectations as to
timing for technical development center operations for Thacker
Pass, the outcome of such operations and production of samples;
government regulation of mining operations and treatment under
governmental and taxation regimes; expected timing and outcome of
litigation or regulatory processes concerning the Thacker Pass
project; the estimated amount and grade of mineral resources for
the Thacker Pass project; expected outcome and timing of
environmental surveys and analysis, permit applications and other
environmental matters; expected environmental impacts of the
Company’s projects; expected expenditures to be made by the Company
on its properties; the timing, cost, quantity, capacity, product
quality of production and sufficiency of brine inventory of the
Caucharí-Olaroz project, which is held and operated through an
entity in Argentina co-owned by the Company, Ganfeng Lithium Co.
Ltd. (“Ganfeng”) and Jujuy Energia y Mineria Sociedad del Estado
(JEMSE); successful operation of the Caucharí-Olaroz project under
the co-ownership structure, and expectations concerning proposed
expansion plans for the project; results of the Company’s
engineering, design and permitting program at the Thacker Pass
project, including the Company meeting deadlines and receiving and
maintaining permits as anticipated; the Company’s share of the
expected capital expenditures for the construction of the
Caucharí-Olaroz project; expected benefits of acquisitions and
investments in third parties made by the Company; the potential for
partnership and financing scenarios for the Thacker Pass project;
and the proposed separation of the Company’s business, the
completion thereof and its structure.
Forward-looking information is based upon a
number of factors and assumptions that, if untrue, could cause the
actual results, performances or achievements of the Company to be
materially different from future results, performances or
achievements expressed or implied by such information. Such
information reflects the Company’s current views with respect to
future events and is necessarily based upon a number of assumptions
that, while considered reasonable by the Company today, are
inherently subject to significant uncertainties and contingencies.
These assumptions include, among others, the following: current
technological trends; a cordial business relationship between the
Company and Ganfeng for the Caucharí-Olaroz project; ability of the
Company to fund, advance and develop the Caucharí-Olaroz project
and the Thacker Pass project, and raise additional capital as
needed; 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 Nevada
and Argentina, and resolving any complaints or litigation
concerning such environmental permitting processes; realizing on
the expected benefits from previous transactions with existing or
new partners, or for debt financing; demand for lithium, including
that such demand is supported by growth in the electric vehicle
market; the Company’s ability to produce high purity battery grade
lithium products; the impact of increasing competition in the
lithium business, and LAC’s competitive position in the industry;
currency exchange and interest rates; general economic conditions;
stable and supportive legislative, regulatory and community
environments in the jurisdictions where the Company operates;
stability and inflation of the Argentinian 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 costs of litigation and
regulatory processes, 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; exploration, development and
construction costs for the Caucharí-Olaroz project and the Thacker
Pass project; the timing, cost, quantity, capacity and product
quality of production at the Thacker Pass project, and any
expansion scenario; successful results from the Company’s testing
facility and third-party tests related thereto for the Thacker Pass
project; capital costs, operating costs, and sustaining capital
requirements of the Caucharí-Olaroz project and the Thacker Pass
project; technological advancements and changes; estimates of
mineral resources and mineral reserves, including whether mineral
resources will ever be developed into mineral reserves; reliability
of technical data; anticipated timing and results of exploration,
development and construction activities, including the impact of
COVID-19 on such timing; timely responses from governmental
agencies responsible for reviewing and considering the Company’s
permitting activities at the Thacker Pass project; the Company’s
ability to obtain additional financing to fund the development of
its projects, including pursuant to government loan applications;
the ability to develop and achieve production at any of the
Company’s mineral exploration and development properties; the
impact of COVID-19 on the Company’s operations, timelines and
budgets; that pending patent applications are approved; the
Company’s anticipated ownership interest in holdings of shares,
warrants and other securities issued by third parties; accuracy of
development budget and construction estimates; preparation of a
development plan and feasibility study for lithium production at
the Thacker Pass project; changes to the Company’s current and
future business plans and the strategic alternatives available to
the Company; and general economic and stock market conditions.
Forward-looking information also involves known
and unknown risks that may cause actual results to differ
materially. These risks include, among others, inherent risks in
the development of capital intensive mineral projects (including as
co-owners), variations in mineral resources and mineral reserves,
changes in budget estimation, global demand for lithium, recovery
rates and lithium pricing, risks associated with successfully
securing adequate financing, changes in project parameters and
funding thereof, risks related to growth of lithium markets and
pricing for products thereof, changes in legislation, governmental
or community policy, changes in public perception concerning mining
projects generally and opposition thereto, political risk
associated with foreign operations, permitting risk, including
receipt of new permits and maintenance of existing permits,
outcomes of litigation and regulatory processes concerning the
Company’s projects, title and access risk, cost overruns,
unpredictable weather and maintenance of natural resources,
unanticipated delays, intellectual property risks, currency and
interest rate fluctuations, operational risks, health and safety
risks, cybersecurity risks, economic conditions, and general market
and industry conditions. Additional risks, assumptions and other
factors are set out in the Company’s most recent annual management
discussion analysis and annual information form, copies of which
are available under the Company’s profile on SEDAR at www.sedar.com
and on the SEC website at www.sec.gov.
Although the Company has attempted to identify
important risks and assumptions, given the inherent uncertainties
in such forward-looking information, there may be other factors
that cause results to differ materially. Forward-looking
information is made as of the date hereof and the Company does not
intend, and expressly disclaims any obligation to, update or revise
the forward-looking information contained in this news release,
except as required by law. Accordingly, readers are cautioned not
to place undue reliance on such forward-looking information.
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