08:16 AM EDT, 05/06/2021 (MT Newswires) -- Lithium Americas (LAC.TO) on Thursday said its first-quarter loss narrowed on one-time gains as it advances lithium projects in the United States and in Argentina, where costs are rising.
The company said it lost US$9.9 million, or US$0.09 per share, in the period, compared with a loss of US$14.0 million, or US$0.15, in the first quarter of 2020. It no revenue in either quarter.
The loss narrowed on a gain on the value of its foreign exchange holdings.
Lithium Americas said construction continues at its Cauchari-Olaroz project in Argentina, but costs have risen to US$641 million from it original US$565 million estimate, a 13% rise. It said the rise came on Covid-19 related costs "including additional camp capacity, mandatory quarantine period at site and enhanced health and safety protocols, as well as additional contingency to complete the current construction schedule".
The company is also advancing the Thacker Pass project in Nevada, which is awaiting final regulatory permits from the state after clearing the U.S. environmental approvals. It is completing a final feasibility study for the site, as it looks for financing and potential partners.
Lithium Americas shares closed down C$0.12 to C$16.49 Wednesday on the Toronto Stock Exchange.
Price: 16.49, Change: -0.12, Percent Change: -0.72