Lithium Americas Corp. reported its financial and operating results for the nine months ended September 30, 2024, on November 7, 2024. The company recorded a net loss of $20.3 million for the nine-month period, compared to a net income of $9.0 million in the comparable period of 2023.
The increased net loss was primarily due to a loss on the fair value of financial instruments and higher general and administrative expenses, reflecting the company's operation as a stand-alone entity after the October 3, 2023, separation. Cash and cash equivalents stood at $341.2 million as of September 30, 2024, an increase from $195.5 million at December 31, 2023.
Despite the financial loss, the company highlighted significant progress on the Thacker Pass project, including the new joint venture agreement with General Motors and the closing of the DOE Loan. Management is targeting a final investment decision for the project by the end of 2024 to move into major construction.
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