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Lithium Argentina (LAAC) reported results for Q1 2024, highlighting operational and financial achievements. The Caucharí-Olaroz project produced 4,500 tonnes of lithium carbonate in Q1 and aims to produce 20,000-25,000 tonnes by year-end. The project will be cash flow positive in 2024, although working capital needs remain high.
Financially, Lithium Argentina holds $86M in cash and expects $20M in loan collateral release in Q2. The company carries $259M in convertible debt due in 2027. Minera Exar, the JV, has $241M in local debt, currently being refinanced. Ganfeng's $70M investment for a 15% stake in Pastos Grandes is expected to close mid-2024.
Corporate measures include a 25% reduction in discretionary spending. The company reported a net loss of $10.2M ($0.06/share) compared to $6.4M ($0.04/share) in Q1 2023. Total assets decreased to $1,046.1M, with $86.2M in cash. An investor webcast is scheduled for May 14, 2024.