Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Trading Symbol | LAC |
Entity Registrant Name | LITHIUM AMERICAS CORP. |
Entity Central Index Key | 0001440972 |
Current Fiscal Year End Date | --12-31 |
Entity Interactive Data Current | Yes |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 120,830,857 |
Title of 12(b) Security | Common Shares |
Security Exchange Name | NYSE |
Entity File Number | 001-38350 |
Entity Incorporation, State or Country Code | A1 |
Entity Primary SIC Number | 1000 |
Entity Address, Address Line One | 900 West Hastings Street |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6C 1E5 |
City Area Code | 778 |
Local Phone Number | 656-5820 |
Entity Tax Identification Number | 00-0000000 |
Document Annual Report | true |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Document Registration Statement | false |
ICFR Auditor Attestation Flag | true |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 271 |
Auditor Location | Vancouver, Canada |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 28 Liberty St. |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10005 |
City Area Code | 212 |
Local Phone Number | 894-8940 |
Contact Personnel Name | C T Corporation System |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 510,607 | $ 148,070 |
Receivables, prepaids and deposits | 1,968 | 1,250 |
Deferred financing costs | 1,094 | |
Restricted cash | 20,000 | |
Total current assets other than assets held for sale | 532,575 | 150,414 |
Assets held for sale | 3,926 | |
Total current assets | 532,575 | 154,340 |
NON-CURRENT ASSETS | ||
Restricted cash | 150 | |
Investment in Arena Minerals | 13,033 | |
Warrants to purchase shares in Arena Minerals | 7,558 | |
Loans to Exar Capital | 70,856 | 34,562 |
Investment in Cauchari-Olaroz project | 156,281 | 131,394 |
Long-term receivable from JEMSE | 6,231 | |
Deferred transaction costs | 20,800 | |
Property, plant and equipment | 4,368 | 1,935 |
Exploration and evaluation assets | 5,640 | 4,342 |
Total non-current assets | 284,767 | 172,383 |
TOTAL ASSETS | 817,342 | 326,723 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 7,347 | 5,204 |
Current portion of long-term liabilities | 909 | 3,550 |
Total current liabilities | 8,256 | 8,754 |
NON-CURRENT LIABILITIES | ||
Convertible senior notes | 236,156 | |
Credit and loan facilities | 27,915 | 121,221 |
Decommissioning provision | 326 | 326 |
Other liabilities | 8,374 | 5,719 |
Total long-term liabilities | 272,771 | 127,266 |
TOTAL LIABILITIES | 281,027 | 136,020 |
SHAREHOLDERS' EQUITY | ||
Share capital | 689,993 | 307,152 |
Contributed surplus | 28,463 | 27,204 |
Accumulated other comprehensive loss | (3,487) | (3,487) |
Deficit | (178,654) | (140,166) |
TOTAL SHAREHOLDERS' EQUITY | 536,315 | 190,703 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 817,342 | $ 326,723 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss shares in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021CAD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | |
EXPENSES | |||
Exploration and evaluation expenditures | $ (35,961) | $ (17,726) | |
General and administrative | (10,386) | (7,713) | |
Equity compensation | (5,393) | (6,626) | |
Share of result of Cauchari-Olaroz project | 5,933 | 1,451 | |
Share of result of Arena Minerals | (342) | 0 | |
Total expenses | (46,149) | (30,614) | |
OTHER ITEMS | |||
Loss on JEMSE Transaction | (4,712) | 0 | |
Gain on Cauchari-Olaroz transactions | 0 | 288 | |
Transaction costs | (86) | (1,233) | |
Foreign exchange gain/(loss) | 73 | $ 439 | (270) |
Gain on change in fair value of convertible notes derivative | 15,090 | 0 | |
Gain on change in fair value of Arena Minerals warrants | 6,282 | 0 | |
Finance costs | (14,273) | (3,642) | |
Finance income | 5,165 | 1,469 | |
Other Income Expense | 7,539 | (3,388) | |
NET LOSS BEFORE TAX | (38,610) | (34,002) | |
Tax expense | 0 | (1,219) | |
NET LOSS BEFORE DISCONTINUED OPERATIONS | (38,610) | (35,221) | |
INCOME/(LOSS) FROM DISCONTINUED OPERATIONS | 122 | (1,013) | |
NET (LOSS) /INCOME | (38,488) | (36,234) | |
OTHER COMPREHENSIVE (LOSS)/INCOME ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO NET LOSS | |||
Unrealized income on translation to reporting currency | 0 | 380 | |
TOTAL COMPREHENSIVE LOSS | $ (38,488) | $ (35,854) | |
BASIC AND DILUTED LOSS PER SHARE | |||
(Loss)/income per share – basic | $ / shares | $ (0.32) | $ (0.38) | |
(Loss)/income per share – diluted | $ / shares | $ (0.32) | $ (0.39) | |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING- DILUTED | shares | 118,808 | 118,808 | 91,831 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital | Contributed Surplus | Accumulated Other Comprehensive Income/ (Loss) | Deficit |
Beginning balance at Dec. 31, 2019 | $ 159,621 | $ 200,913 | $ 28,404 | $ (3,867) | $ (65,829) |
Beginning balance, Shares at Dec. 31, 2019 | 89,843,000 | ||||
Shares issued on conversion of RSUs, DSUs and exercise of stock options | 2,827 | $ 9,463 | (6,636) | ||
Shares issued on conversion of RSUs, DSUs and exercise of stock options, shares | 1,993 | ||||
ATM program | 100,000 | $ 100,000 | |||
ATM program, shares | 9,267 | ||||
Share issuance costs | (3,224) | $ (3,224) | |||
Equity compensation (Note 13) | 4,968 | 4,968 | |||
DSUs issued in lieu of directors' fees | 468 | 468 | |||
Debit to equity as a result of the 2020 Cauchari Transaction (Note 6) | (38,103) | (38,103) | |||
Net income (loss) | (36,234) | (36,234) | |||
Other comprehensive income | 380 | 380 | |||
Ending balance, Shares at Dec. 31, 2020 | 101,103,000 | ||||
Ending balance at Dec. 31, 2020 | 190,703 | $ 307,152 | 27,204 | (3,487) | (140,166) |
Shares issued on conversion of RSUs, DSUs and exercise of stock options | 706 | $ 5,450 | (4,744) | ||
Shares issued on conversion of RSUs, DSUs and exercise of stock options, shares | 1,546 | ||||
Shares issued pursuant to the underwritten public offering (Note 13) | 18,182 | ||||
Shares issued pursuant to the underwritten public offering (Note 13) | 400,000 | $ 400,000 | |||
Share issuance costs | (22,609) | $ (22,609) | |||
Equity compensation (Note 13) | 6,003 | 6,003 | |||
Net income (loss) | (38,488) | (38,488) | |||
Ending balance, Shares at Dec. 31, 2021 | 120,831,000 | ||||
Ending balance at Dec. 31, 2021 | $ 536,315 | $ 689,993 | $ 28,463 | $ (3,487) | $ (178,654) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (38,488) | $ (36,234) |
Items not affecting cash and other items: | ||
Equity compensation | 5,754 | 6,626 |
Depreciation | 925 | 687 |
Share of result of Cauchari-Olaroz project | (5,933) | (1,451) |
Share of result of Arena Minerals | 342 | 0 |
Loss on JEMSE Transaction | 4,712 | |
Gain on change in fair value of Arena Minerals warrants | (6,282) | 0 |
Gain on change in fair value of convertible notes derivative | (15,090) | 0 |
Other items | (1,015) | 561 |
Payment of interest capitalized in property, plant and equipment | (6,276) | |
Changes in non-cash working capital items: | ||
(Increase)/decrease in receivables, prepaids and deposits | (754) | 134 |
Decrease in inventories | 1,072 | |
Increase in accounts payable and accrued liabilities | 2,648 | 4,000 |
Net cash used in operating activities | (53,181) | (30,881) |
INVESTING ACTIVITIES | ||
Loans to Exar Capital | (60,270) | (14,700) |
Repayment of loans as part of transactions | 40,000 | |
Contribution to Investment in Cauchari-Olaroz project | (2,309) | (695) |
Cash disposed as a result of transactions | (5,432) | |
Investment In Arena Minerals | (14,758) | |
Deferred transaction costs | (20,800) | |
Escrow deposit for Millennial Lithium acquisition | (20,000) | |
Proceeds from sale of assets held for sale | 4,034 | |
Additions to exploration and evaluation assets | (1,298) | (490) |
Release of restricted cash | 150 | |
Additions to property, plant and equipment | (579) | (61,280) |
Net cash used in investing activities | (115,830) | (42,597) |
FINANCING ACTIVITIES | ||
Proceeds from stock option exercises | 706 | 2,827 |
Equity offering issuance costs | (22,609) | (3,224) |
Proceeds from public offerings | 400,000 | 100,000 |
Drawdowns from the credit facilities | 109,250 | 36,708 |
Repayment of the senior credit facility | (205,000) | 0 |
Proceeds from the convertible notes | 258,750 | 0 |
Convertible notes issuance costs | (8,499) | |
Other | (1,188) | 1,513 |
Net cash provided by financing activities | 531,410 | 137,824 |
EFFECT OF FOREIGN EXCHANGE ON CASH | 138 | 110 |
CHANGE IN CASH AND CASH EQUIVALENTS | 362,537 | 64,456 |
CASH AND CASH EQUIVALENTS - BEGINNING OF THE YEAR | 148,070 | 83,614 |
CASH AND CASH EQUIVALENTS - END OF THE YEAR | $ 510,607 | $ 148,070 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Nature Of Operations [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS Lithium Americas The Company’s common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “LAC”. 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, property, plant and equipment and the investment in Cauchari-Olaroz project 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. |
Basis of Preparation and Presen
Basis of Preparation and Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Preparation And Presentation [Abstract] | |
Basis of Preparation and Presentation | 2. BASIS OF PREPARATION AND PRESENTATION These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) and were approved for issuance by the Board of Directors on March 16, 2022. These consolidated financial statements are presented in US dollars and have been prepared on a historical cost basis. The accounting policies set out in Note 3 have been applied consistently to all years presented in these consolidated financial statements, unless otherwise stated. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. SIGNIFICANT ACCOUNTING POLICIES Significant areas where accounting policy judgment is applied: COVID-19 In March 2020, the World Health Organization declared a global pandemic related to COVID-19 and the impacts of the pandemic have been significant. The Company is continuing operations while protecting the safety and health of our employees, contractors and the communities in which we operate in accordance with guidance from governments and public health authorities. During 2021 construction activities at the Caucharí-Olaroz lithium project advanced while strictly complying with COVID-19 COVID-19 Functional Currency Items included in the financial statements of the Company and each of the Company’s subsidiaries are measured using the currency of the primary economic environment in which each entity operates (the “functional currency”). Effective January 1, 2021, the functional currency of Lithium Americas changed from the Canadian dollar to the US dollar as a result of the significant US dollar proceeds from equity offerings and increasing US dollar denominated expenditures. The change in functional currency was accounted for on a prospective basis, with no impact of this change on prior year comparative information. Impairment of investments in associates The application of the Company’s accounting policy for the impairment assessment of its investments in associates requires judgment to determine whether objective evidence of impairment exists. The investment in Cauchari-Olaroz project comprises the Company’s equity accounted investments in associates, Minera Exar S.A. and Exar Capital B.V. (“Exar Capital”), which are non-publicly traded equity investees with interests in the underlying Cauchari-Olaroz development project. Therefore, management’s assessment of whether objective evidence of impairment exists includes consideration of whether there have been any events that impact estimated future cash flows (loss events) or information about significant changes with an adverse effect on the investments in associates including (i) significant financial difficulty of the associates; (ii) a breach of contract, such as a default or delinquency in payments by the associates; (iii) changes in the development plan or strategy for the underlying Cauchari-Olaroz development project; or (iv) changes in significant assumptions which drive the valuation of the underlying Cauchari-Olaroz development project including forecasted commodity prices, reserve and resource estimates and capital expenditure requirements. Management has performed an assessment and concluded that no objective evidence of impairment exists as of December 31, 2021. Impairment of Exploration and Evaluation Assets The application of the Company’s accounting policy for impairment of exploration and evaluation assets requires judgment to determine whether indicators of impairment exist including information such as, the period for which the Company has the right to explore including expected renewals, whether substantive expenditures on further exploration and evaluation of resource properties are budgeted and evaluation of the results of exploration and evaluation activities up to the reporting date. Management has performed an impairment indicator assessment on the Company’s exploration and evaluation assets and has concluded that no impairment indicators exist as of December 31, 2021. Key Sources of Estimation Uncertainty Fair value of derivatives The fair values of financial instruments that are not traded in an active market are determined using valuation techniques. The valuation of the embedded derivative liability required management to make significant estimates. Management uses its judgment to select a method of valuation and makes estimates of specific model inputs that are based on conditions existing at the end of each reporting period. The valuation of the convertible note embedded derivatives was completed using a partial differential equation method with Monte Carlo simulation that required significant assumptions, including expected traded instruments volatility and credit spread and estimates in relation to other inputs. Refer to Note 10 for further details on the methods and assumptions associated with measurement of the convertible note embedded derivatives. Significant accounting policies Principles of Consolidation These consolidated financial statements include the accounts of Lithium Americas Corp. and its wholly-owned US subsidiaries Lithium Nevada Corp., KV Project LLC, and RheoMinerals Inc., Argentinean subsidiary Potassium S.A. and Canadian wholly-owned subsidiaries 2265866 Ontario Inc. and 1339480 B.C. LTD. All intercompany transactions and balances have been eliminated. Subsidiaries are all entities over which the Company has control. The Company controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Joint Arrangements and Investments in Associates A joint arrangement is defined as one over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. There are two types of joint arrangements: joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties having joint control of the arrangement have rights to the assets and are the only source of funding for the liabilities relating to the arrangement. The Company recognizes its share of any assets, liabilities, revenues and expenses of a joint operation. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Investments in joint ventures are accounted for using the equity method. Prior to closing the 2020 Cauchari Transaction, the Company was consolidating its 50% share of the Cauchari-Olaroz project and accounting for its investment as a joint operation (Note 6). Investments in Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. The equity method involves recording the initial investment at cost and subsequently adjusting the carrying value by the Company’s share of post-acquisition net income or loss; depreciation, amortization or impairment of the fair value adjustments made on the underlying balance sheet at the date of acquisition; dividends; cash contributions; and the Company’s share of post-acquisition movements in Other Comprehensive Income (“OCI”). At each reporting date, the Company considers whether there is objective evidence of impairment of the investments in associates. If such evidence exists, the Company determines the amount of impairment to record, if any, by reference to the recoverable amount of the investment determined in accordance with IAS 36, Impairment of Assets as described in the Company’s accounting policy for impairment of property, plant and equipment. Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in US dollars. The functional currency of the parent entity, Lithium Americas Corp., as well as all subsidiaries, is the US dollar. The functional currency of the Company’s associates Minera Exar, and Exar Capital is the US dollar and Arena Minerals is the Canadian dollar. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they are attributable to part of the net investment in a foreign operation. Non-monetary Non-monetary For example, translation differences on non-monetary non-monetary available-for-sale Parent and Subsidiary Companies When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognized in other comprehensive income. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an ownership interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling Cash and Cash Equivalents Cash and cash equivalents consist of cash held with banks and highly liquid short-term investments which can be withdrawn at any time and are subject to an insignificant risk of changes in value. Exploration and Evaluation Assets Exploration expenditures excluding acquisition costs and claim maintenance costs are expensed until the establishment of technical feasibility and commercial viability based on a combination of the following factors: ● The extent to which mineral reserves or mineral resources as defined in National Instrument 43-101 43-101”) ● The status of mining leases, environmental and mining permits. Costs incurred relating to the acquisition and claim maintenance of mineral properties, including option payments and annual fees to maintain the property in good standing, and exploration expenditures performed within the geologic formation of an existing brownfield mining project are capitalized and deferred by property until the project to which they relate is sold, abandoned, impaired or placed into production. After recognition, the Company uses the cost model for exploration and evaluation assets. The Company assesses its exploration and evaluation assets for indications of impairment on each balance sheet date and when events and circumstances indicate a risk of impairment. A property is written down or written off when the Company determines that an impairment of value has occurred or when exploration results indicate that no further work is warranted. Exploration and evaluation assets are tested for impairment immediately prior to reclassification to mineral property development costs. Property, Plant and Equipment On initial recognition, property, plant and equipment are valued at cost. Cost includes the purchase price and directly attributable cost of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and foreign exchange losses or gains on borrowings and related cash used to construct qualifying assets as defined under IFRS. Capitalization of costs incurred ceases when the asset is capable of operating in the manner intended by management. The Company applies judgment in its assessment of when the asset is capable of operating in the manner intended by management. Property, plant and equipment are subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is not depreciated. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items or major components. Property, plant and equipment that are currently in use are depreciated as follows: ● Process testing facility equipment included in “Equipment and machinery” – straight-line basis over the estimated useful life of 10 years; ● Right-of-use ● Office equipment included in “Other” – declining balance method at 20% annual rate. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted, if appropriate, at each financial year-end. Impairment of Property, Plant and Equipment Property, plant and equipment are assessed for impairment indicators at each reporting date or when an impairment indicator arises if not at a reporting date. Impairment indicators are evaluated and, if considered necessary, an impairment assessment is carried out. If an impairment loss is identified, it is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax Where the factors which resulted in an impairment loss subsequently reverse, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. Non-current assets (or disposal groups) held for sale and discontinued operations Non-current An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current Non-current Non-current A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the Company has the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement and if the Company has the right to direct the use of the asset. At inception or on reassessment of a contract that contains one or more lease components, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. The Company leases offices, buildings, equipment and cars. Lease contracts are typically made for fixed periods of 3 to 5 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are recognized as a right-of-use The right-of-use Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: ● fixed payments (including in-substance ● variable lease payment that are based on an index or a rate; ● amounts expected to be payable by the lessee under residual value guarantees; ● the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use ● the amount of the initial measurement of lease liability; ● any lease payments made on or before the commencement date less any lease incentives received; ● any initial direct costs; and ● restoration costs. Payments associated with short-term leases and leases of low-value Financial Instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets and liabilities are classified as and measured at: amortized cost, fair value through profit or loss (“FVTPL”) or fair value through OCI according to their contractual cash flow characteristics and the business models under which they are held. 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; and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. Financial liabilities are measured at amortized cost unless they are required to be measured at FVTPL. 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. Derivative instruments Derivative instruments, including embedded derivatives in executory contracts or financial liability contracts, are classified as at FVTPL, and recorded on the balance sheet at fair value. Unrealized gains and losses on derivatives not designated in a hedging relationship are recorded as part of income (expense). Fair values for derivative instruments are determined using inputs based on market conditions existing at the balance sheet date or settlement date of the derivative. Derivatives embedded in non-derivative contracts are recognized separately unless they are closely related to the host contract. Impairment of financial assets. 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. Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of assets requiring a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of that asset. Capitalization of borrowing costs begins when there are borrowings and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activities necessary to prepare a qualifying asset for its intended use are complete. When proceeds of project specific borrowings are invested on a temporary basis, borrowing costs are capitalized net of any investment income. Capitalization of borrowing is suspended during an extended period in which active development is interrupted. Provisions Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax Close down and restoration costs include dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, such as revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals. The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are capitalized within capital assets. These costs are then depreciated over the lives of the asset to which they relate, typically using the units of production method. The amortization or unwinding of the discount applied in establishing the net present value of provisions is charged to the statement of comprehensive (loss)/income as a financing cost. Provision is made for the estimated present value of the costs of environmental cleanup obligations outstanding at the statement of financial position date. Income Taxes Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at period-end, Deferred tax is recorded using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for the initial recognition of assets or liabilities that affect neither accounting or taxable loss, unless arising in a business combination, nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recorded. Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. Earnings/(Loss) per Share Basic earnings/(loss) per share is computed by dividing the net earnings or loss attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reporting period. The diluted earnings/loss per share calculation is based on the weighted average number of common shares outstanding during the period, plus the effects of dilutive common share equivalents. This method requires that the dilutive effect of outstanding options and warrants issued should be calculated using the treasury stock method. This method assumes that all common share equivalents have been exercised at the beginning of the period (or at the time of issuance, if later), and that the funds obtained thereby were used to purchase common shares of the Company at the average trading price of the common shares during the period, but only if dilutive. Equity-Based Compensation The Company’s equity incentive plan allows the grant of share options, restricted share units, performance share units and deferred share units. The cost of equity-settled payment arrangements is recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. The fair value of each tranche is measured at the date of grant using the appropriate pricing model, including Black-Scholes option model for options and Monte Carlo simulation methodology for performance share units. Compensation expense is recognized over the tranche’s vesting period based on the number of awards expected to vest, by increasing contributed surplus. The number of awards expected to vest is reviewed at least annually with any impact being recognized immediately. Where equity instruments are granted to non-employees, Newly Adopted Accounting Standards and Amendments The Company adopted Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 9, IAS 39, IFRS 4 and IFRS 16 (the “Phase 2 Amendments”) effective on January 1, 2021. Interest rate benchmark reform (“Reform”) refers to a global reform of interest rate benchmarks, which includes the replacement of some interbank offered rates with alternative benchmark rates. The Phase 2 Amendments provide a practical expedient requiring the effective interest rate to be adjusted when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities that relate directly to the Reform, rather than applying modification accounting which might have resulted in a gain or loss. In addition, the Phase 2 Amendments require disclosures to assist users in understanding the effect of the Reform on the Company’s financial instruments and risk management strategy. The Company’s Senior Credit Facility and Limited Recourse Loan Facility as defined in Note 11 were indexed to London interbank offered rates (“LIBOR”). The Senior Credit Facility was fully repaid in December, 2021 and the Limited Recourse Loan Facility was fully repaid subsequent to the year-end. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents | 4. CASH AND CASH EQUIVALENTS December 31, 2021 $ December 31, 2020 $ Cash 137,714 148,070 Short-term bank deposits 372,893 - 510,607 148,070 As at December 31, 2021, $4,393 of cash and short-term deposits were held in Canadian dollars (December 31, 2020 – $3,165), and $506,214 of cash and short-term deposits were held in US dollars (December 31, 2020 – $144,905). Cash and short-term deposits earn interest between 0.2%-0.3%. |
Investment
Investment | 12 Months Ended |
Dec. 31, 2021 | |
Arena Minerals | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |
Investment | 5. INVESTMENT IN ARENA MINERALS On July 26, 2021, the Company acquired 42,857 common shares and 21,429 share purchase warrants of Arena Minerals Inc. (TSX-V: On November 24, 2021, the Company purchased a further 23,369 common shares of Arena Minerals at a price of CDN$0.54 per share for aggregate consideration of CDN$12,632 ($9,964). At December 31, 2021, the Company owned approximately 17.4% of the issued and outstanding shares of Arena Minerals. The Company has significant influence over Arena Minerals by virtue of its current shareholdings, warrants and its right to appoint a nominee director to the board of Arena Minerals. As such, the investment in Arena Minerals is accounted for using the equity method of accounting. Warrants to acquire Arena Mineral’s common shares are derivatives and accounted for at fair value with changes in fair value recorded in the income statement. The Arena Minerals warrants had an estimated fair value of $7,558 at December 31, 2021. The fair value of the warrants was estimated using a Black-Scholes valuation model with the following inputs: volatility of 202%, a risk-free rate 0.91%, expected dividend of 0%, and expected life 2 years. A gain on fair value of $6,282 was recognized in the statement of comprehensive loss. For the year ended December 31, 2021, the Company recognized a $342 share of loss of Arena Minerals under the equity method of accounting, resulting in a balance for the investment of $13,033 at December 31, 2021. |
Cauchari-Olaroz Project | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |
Investment | 6. INVESTMENT IN CAUCHARI-OLAROZ PROJECT As at December 31, 2021 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 the Cauchari-Olaroz project located in the Jujuy province, Argentina. The Company and Ganfeng are parties to a shareholders’ agreement concerning management of the project and are entitled to share in the project’s production 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. In addition, the Company and Ganfeng are 49% and 51% shareholders, respectively, in Exar Capital, the company that provides financing to Minera Exar for the purpose of advancing construction of the Cauchari-Olaroz project (the investment in Minera Exar and Exar Capital together, the “Investment in Cauchari-Olaroz project”). Minera Exar and Exar Capital are accounted for using the equity method of accounting. JEMSE Transaction JEMSE acquired an 8.5% (4.2% from the Company and 4.3% from Ganfeng) equity interest in Minera Exar on April 4, 2021 (the “JEMSE Transaction”). The right to acquire the 8.5% interest (the “Acquisition Right”) was originally granted under a letter of intent signed in 2012 to comply with Province of Jujuy regulations regarding government participation in mineral projects. Pursuant to closing the JEMSE Transaction, JEMSE has agreed to reimburse the Company and Ganfeng its $23,496 pro rata (8.5%) share of the equity financing for the construction of the Cauchari-Olaroz project in past years through the assignment of one-third Annual dividend distributions by Minera Exar to all shareholders, including JEMSE, will only be considered once Minera Exar has met all project debt commitments for the Cauchari-Olaroz project. Upon closing of the JEMSE Transaction, the Company recognized a long-term receivable from JEMSE of $5,800 and a $4,712 loss, which was calculated as follows: $ Initial fair value of the Company’s receivable (49% of JEMSE’s future payment of $23,496) 5,800 Carrying value of the Company’s disposed share of Investment in Minera Exar (10,512 ) Loss on the 2021 JEMSE Transaction (4,712 ) The initial fair value of the long-term receivable from JEMSE was estimated by discounting the Company’s share of future payments by JEMSE to their present value, assuming payments start in 5 years with a 10% discount rate. Estimation of timing for payments is based on the status of construction and expected cash flows of Minera Exar. During the year ended December 31, 2021, the Company recognized $431 as amortization of discount for the receivable. Upon initial recognition, the receivable is accounted for at amortized cost. 2020 Cauchari Transaction On August 27, 2020, the Company closed a transaction with Ganfeng whereby Ganfeng subscribed, through a wholly-owned subsidiary, for newly issued shares of Minera Exar, for cash consideration of $16,327, increasing its interest in the Cauchari-Olaroz project from 50% to 51%, with Lithium Americas holding the remaining 49% interest. In addition, the Company and Ganfeng restructured Exar Capital to reflect the parties’ 49%/51% proportionate ownership of Minera Exar. As part of this restructuring, Ganfeng provided $40,000 to Exar Capital in non-interest-bearing one-year Upon closing of the 2020 Cauchari Transaction, Ganfeng became the controlling shareholder of Minera Exar and Exar Capital while Lithium Americas received fulsome minority shareholder protective rights. The Company retains significant influence over Minera Exar and Exar Capital and, as a result, is accounting for the investments from closing the 2020 Cauchari Transaction using the equity method of accounting. Prior to closing the transaction, the Company was consolidating its 50% share of the Cauchari-Olaroz project and accounting for its investment as a joint operation. Loans to Minera Exar and Exar Capital The Company has entered into loan agreements with Minera Exar and Exar Capital to fund construction of the Cauchari-Olaroz project. Changes in the loans’ balances are summarized below. $ Loans to Exar Capital, as at December 31, 2019 37,959 Loans to Exar Capital 14,500 Initial difference between the face value and the fair value of loans to Exar Capital (7,746 ) Elimination of loans as a result of Joint Operation accounting (3,377 ) Accrued interest 3,337 Loans to Exar Capital prior to the 2020 Cauchari Transaction 44,673 Loans to Exar Capital after the 2020 Cauchari Transaction 14,700 Initial difference between the face value and the fair value of loans to Exar Capital (7,265 ) Reversal of elimination of loans as a result of the 2020 Cauchari Transaction 28,132 Derecognition of share of loans from Exar Capital to Minera Exar as a result of the 2020 Cauchari Transaction (26,368 ) Repayment of loans as a result of the 2020 Cauchari Transaction (40,000 ) Gain on early repayment of the $40,000 loans 19,608 Accrued interest 1,082 Loans to Exar Capital, as at December 31, 2020 34,562 Loans to Exar Capital 60,270 Initial difference between the face value and the fair value of loans to Exar Capital (29,677 ) Accrued interest 5,701 Loans to Exar Capital, as at December 31, 2021 70,856 Loans by the Company and Ganfeng to Exar Capital are non-interest The fair value of the loans at inception was calculated using a discounted cash flow valuation method applying market interest rates. The difference between the face value and the fair value of the loans provided was recognized as part of the Investment in the Cauchari-Olaroz project. In addition to the loans from shareholders, in December, 2021, Minera Exar obtained debt financing in the form of a $10 million loan from a third party to fund construction, which loan is secured with a letter of credit provided by Ganfeng. Subsequent to year-end, Investment in Cauchari-Olaroz Project Changes in the Investment in Cauchari-Olaroz Project are summarized below: Minera Exar S.A. Exar Capital B.V. Total $ $ $ Investment in Cauchari-Olaroz Project, as at December 31, 2019 - - - Recognition of Investment in Cauchari-Olaroz Project 119,537 2,287 121,824 Contribution to Investment in Cauchari-Olaroz Project 853 7,265 8,118 Share of income of Cauchari-Olaroz Project 2,113 4,200 6,313 Elimination of unrealized gain on intercompany transactions - (4,861 ) (4,861 ) Investment in Cauchari-Olaroz Project, as at December 31, 2020 122,503 8,891 131,394 Contribution to Investment in Cauchari-Olaroz Project 2,095 29,677 31,772 Share of income of Cauchari-Olaroz Project 8,712 17,019 25,731 Elimination of unrealized gain on intercompany transactions - (22,104 ) (22,104 ) Share of decrease in Minera Exar net assets as a result of the JEMSE Transaction (10,512 ) - (10,512 ) Investment in Cauchari-Olaroz Project, as at December 31, 2021 122,798 33,483 156,281 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. December 31, 2021 December 31, 2020 $ $ Current assets Cash and cash equivalents 937 752 Other current assets 1,087 7,397 Total current assets 2,024 8,149 Non-current 783,138 512,990 Current liabilities (93,509 ) (20,458 ) Non-current (438,306 ) (267,222 ) Non-current liabilities - other (6,271 ) (5,828 ) Net assets 247,076 227,631 Years ended December 31, 2021 2020 $ $ Other losses - (1,893 ) Income tax expense (61,978 ) - Deferred tax recovery 81,424 4,342 Net income 19,446 2,449 The following are the amounts presented in the financial statements of Exar Capital on a 100% basis. December 31, 2021 December 31, 2020 $ $ Current assets Cash and cash equivalents 4,616 10,769 Other current assets 583 3,126 Total current assets 5,199 13,895 Non-current 438,306 267,222 Current liabilities - loans from Lithium Americas and Ganfeng (353,924 ) (230,906 ) Other current liabilities (479 ) (1,000 ) Other non-current (10,441 ) (5,284 ) Net assets 78,661 43,927 Loans from Lithium Americas and Ganfeng are presented as current liabilities in Exar Capital. In accordance with the terms of the loan agreements, the loans can be called at any time by unanimous agreement of Lithium Americas and Ganfeng. Years ended December 31, 2021 2020 $ $ Interest income on loans from Exar Capital 40,403 26,258 Withholding tax expense (5,157 ) (2,973 ) General and administrative expenses (514 ) (457 ) Net income 34,732 22,828 Reconciliation of Summarized Financial Information to Carrying Value: Minera Exar Exar Capital $ $ Net assets, December 31, 2021 247,076 78,661 Company’s share of net assets 110,690 38,544 Interest capitalized while proportionally consolidated 6,619 - Elimination of unrealized gain on intercompany transactions and other, cumulative - (42,003 ) Joint Venture expenditures incurred by the Company net of eliminations 5,489 - Difference between the face value and the fair value of loans to Exar Capital - 36,942 Carrying value 122,798 33,483 Minera Exar’s Commitments and Contingencies As at December 31, 2021, Minera Exar had the following commitments (on a 100% basis): ● A $200 royalty due annually in May and expiring in 2041. ● Agreements to provide aboriginal programs to communities located in the Cauchari-Olaroz project area, having terms ranging from five to thirty years, and annual fee payments of $257 in 2022 and $443 between 2023 and 2061 if these agreements are extended for the life of the project and provided that such annual fees are subject to change from time to time based on negotiations between the parties. Minera Exar’s obligations to make the payments are subject to continued development of the project and commencement and continuation of production at the project. ● Commitments related to construction contracts of $2,875. Los Boros Option Agreement On September 11, 2018, Minera Exar exercised a purchase option agreement (“Option Agreement”) with Grupo Minero Los Boros (“Los Boros”), entered into on March 28, 2016, for the transfer of title to Minera Exar of certain mining properties that comprised a portion of the Cauchari-Olaroz Project. Under the terms of the Option Agreement, Minera Exar paid $100 upon signing and exercised the purchase option for total consideration of $12,000 to be paid in sixty quarterly installments of $200. The first installment payment became due and was paid on the third anniversary of the purchase option exercise date, being September 11, 2021. Minera Exar paid the subsequent quarterly installments on time. As security for the transfer of title of the mining properties, Los Boros granted to Minera Exar a mortgage over the mining properties for $12,000. In addition, in accordance with the Option Agreement, on November 27, 2018, Minera Exar paid Los Boros a $300 royalty which was due within 10 days of the start date of construction of the commercial plant. Pursuant to the Option Agreement, a 3% net profit interest royalty (the “Los Boros Royalty”) is payable to Los Boros by Minera Exar annually within 10 business days after calendar year end, in Argentinian pesos, for a period of 40 years. Minera Exar has the right to cancel the first 20 years of the Los Boros Royalty in exchange for a one-time As at December 31, 2021 |
Deferred Transaction Costs
Deferred Transaction Costs | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Deferred Transaction Costs | 7. DEFERRED TRANSACTION COSTS On November 1, 2021, the Company announced an unconditional offer to acquire all outstanding shares of Millennial Lithium Corp. (“Millennial”) at a price of CDN$4.70 per share, payable in a combination of Lithium Americas common shares and cash of CDN$0.001 per Millennial share. The acquisition closed on January 25, 2022 for total consideration of approximately $389,552. As a term of the offer, the Company paid Millennial $20,000 as a reimbursement of break fees owed under the previous acquisition agreement entered into by Millennial with a third party. The Company also incurred approximately $800 in transaction costs. In addition, as precondition to closing, the Company deposited $20,000 in an escrow account (included in restricted cash balance) to satisfy any termination fee payable to Millennial in certain circumstances if the acquisition did not close. The funds were returned to the Company in 2022 after the closing date. The Millennial acquisition is expected to be accounted for as asset acquisition and reflected in the Company’s Q1 2022 financial statements. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | 8. PROPERTY, PLANT AND EQUIPMENT Cauchari- 1 Equipment and machinery Other 2 Total $ $ $ $ Cost As at December 31, 2019 158,309 951 1,889 161,149 Additions 59,853 247 283 60,383 Capitalization of interest 5,132 - - 5,132 Deconsolidation (223,294 ) - - (223,294 ) Disposals - - (83 ) (83 ) Foreign exchange - - 19 19 As at December 31, 2020 - 1,198 2,108 3,306 Additions - 118 3,360 3,478 Disposals - - (452 ) (452 ) As at December 31, 2021 - 1,316 5,016 6,332 Cauchari- 1 Equipment and machinery Other 2 Total $ $ $ $ Accumulated depreciation As at December 31, 2019 1,455 197 573 2,225 Depreciation for the period 279 274 380 933 Deconsolidation of Minera Exar fixed assets (1,734 ) - - (1,734 ) Disposals - - (53 ) (53 ) As at December 31, 2020 - 471 900 1,371 Depreciation for the period - 343 582 925 Disposals - - (332 ) (332 ) As at December 31, 2021 - 814 1,150 1,964 Cauchari- 1 Equipment and machinery Other 2 Total $ $ $ $ Net book value As at December 31, 2020 - 727 1,208 1,935 As at December 31, 2021 - 502 3,866 4,368 1 Prior to closing the 2020 Cauchari Transaction, this includes the Company’s 50% share of Cauchari-Olaroz project construction costs and project-related costs incurred directly by the Company (Note 6). 2 The “Other” category includes right of use assets with a cost of $3,990 and $785 of accumulated depreciation as at December 31, 2021. |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2021 | |
Exploration And Evaluation Assets [Abstract] | |
Exploration and Evaluation Assets | 9. EXPLORATION AND EVALUATION ASSETS Exploration and evaluation assets relating to the Thacker Pass project were as follows: December 31, 2021 December 31, 2020 $ $ Acquisition costs Balance, beginning 4,342 3,852 Additions 1,298 490 Total exploration and evaluation assets 5,640 4,342 The Company has certain commitments for royalty and other payments to be made on the Thacker Pass project 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 Thacker Pass project. ● 20% royalty on revenue solely in respect of uranium; ● 8% gross revenue royalty on all claims up to a cumulative payment of $22,000. The royalty will then be reduced to 4% for the life of the project. The Company has the option at any time to reduce the royalty to 1.75% upon payment of $22,000; ● Option payments of $137.5 payable in 2022, and $2,887.5 in 2023 to purchase water rights. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2021 | |
Convertible Notes [Abstract] | |
Convertible Notes | 10. CONVERTIBLE NOTES On December 6, 2021 the Company closed an offering of $225,000 aggregate principal amount of 1.75% convertible senior notes due in 2027 (the “Convertible Notes”, “Notes” and the “Offering”). 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 are unsecured and will accrue interest payable semi-annually in arrears at a rate of 1.75% per annum payable on January 15 and July 15 of each year, beginning on July 15, 2022. Prior to October 15, 2026, the Notes will be 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; (ii) if the Company elects to (a) issue equity instruments to all holders of LAC’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 LAC’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 LAC’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; or, (v) upon a call for redemption by LAC, or upon LAC’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 initial conversion rate for the Convertible Notes will be 21.2307 shares per one thousand principal amount of Convertible Notes, equivalent to an initial conversion price of approximately $47.10 per share. The initial conversion price of the Convertible Notes represents a premium of approximately 35% to the last reported sale price of the shares on the New York Stock Exchange on December 1, 2021. The Convertible Notes will 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 will have the right to redeem the Convertible Notes at its option in certain circumstances including: (i) 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; (ii) LAC can redeem 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 conversion option. Holders of Convertible Notes will have the right to require the Company to repurchase their Convertible Notes upon the occurrence of certain events. The Convertible Notes represent financial instruments that include a debt host 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. At the closing date of December 6, 2021, the conversion feature was recorded at $87,524 and the debt host at $132,902 and subsequently was accounted for at amortized cost with a 13.4% effective interest rate. At the closing date of the overallotment option, the conversion feature was recorded at $13,895 and the debt host at $19,259 and subsequently was accounted for at amortized cost with a 14.2% effective interest rate. Transaction costs of $8,499 were allocated to the debt host ($5,170) and the embedded derivative ($3,329). The embedded derivatives had an estimated fair value of $83,000 at December 31, 2021. The fair value of the derivatives was estimated using a partial differential equation method with Monte Carlo simulation with the following inputs: volatility of 65%, a risk-free rate of 1.37%, expected dividend of 0%, and credit spread of 10.56%. A gain on change in fair value from the date of inception to December 31, 2021 of $18,419 was recognized in the statement of comprehensive loss, offset with $3,329 transaction costs for a net gain of $15,090. Valuation of the embedded derivative is sensitive to changes in the assumed volatility and the Company’s share price. A reduction in the volatility rate by 20% would result in a corresponding reduction of the embedded derivative value of 23%, while a reduction/increase of the share price by 10% would result in a corresponding reduction/increase of the embedded derivative value of 15%. |
Long-Term Liabilities
Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Long-Term Liabilities | 11. LONG-TERM LIABILITIES December 31, 2021 December 31 2020 $ $ Current portion of long-term liabilities Accrued interest 305 3,056 Other liabilities 604 494 909 3,550 Long-term liabilities Credit facility (net of financing costs) - 95,068 Limited Recourse Loan Facility 27,915 26,153 27,915 121,221 28,824 124,771 Credit Facility During the year ended December 31, 2021, the Company drew $109,250 on its $205,000 senior credit facility, comprised of $71,013 from Ganfeng and $38,237 from BCP Innovation Pte Ltd. In December 2021, the Company fully repaid the outstanding balance of the credit facility and accumulated interest. Limited Recourse Loan Facility In October 2018, Ganfeng provided Lithium Americas with a $100,000 unsecured, limited recourse, subordinated loan facility (the “Limited Recourse Loan Facility”) bearing an interest rate of 6-month Repayment will start once the Company’s obligations to repay the $205,000 senior credit facility are met. As at December 31, 2021, the Company had drawn $20,000 on the $100,000 Limited Recourse Loan Facility to fund development expenditures on the Cauchari-Olaroz project and an additional $4,708 to fund the payment of interest under the $205,000 senior credit facility. Accrued interest under the facility, included in long-term liabilities, was $3,208 as at December 31, 2021. The Limited Recourse Loan Facility includes operating and reporting covenants, which the Company was in compliance with as at December 31, 2021. The facility was repaid subsequent to year-end (Note 22). |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Other Liabilities | 12. OTHER LIABILITIES Other liabilities consist of the $2,434 (2020: $889) lease liabilities and the $5,940 (2020: $4,830) mining contractor liability. During Q2 2019, Lithium Nevada entered into a mining design, consulting and mining operations agreement with a mining contractor for its Thacker Pass project. In accordance with the agreement, Lithium Nevada received $3,500 from the mining contractor in seven consecutive equal quarterly instalments, of which $1,500 was received in 2019 and $2,000 was received in 2020. These amounts are included in the mining contractor liability balance. Lithium Nevada will pay a success fee to the mining contractor of $4,650 payable upon achieving commercial mining milestones or repay $3,500 without interest if a final project construction decision is not made by 2024. The mining contractor has also been providing mining design and consulting services, which are accrued and included in the mining contractor liability and are payable on or before the earlier of December 31, 2024 or 90 days after the start of production at the Thacker Pass project. |
Share Capital And Equity Compen
Share Capital And Equity Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share Capital And Equity Compensation | 13. SHARE CAPITAL AND EQUITY COMPENSATION Share Capital On January 22, 2021, Lithium Americas closed an underwritten public offering of 18,182 shares, including 2,273 shares following the exercise in full by the underwriters of their over-allotment option. The shares were issued at a price of $22.00 each for gross proceeds to the Company of approximately $400,000. Share issuance costs were $22,609. 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: (1) granted incentive stock options exercisable to purchase common shares (“stock options”); (2) 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; and (3) for independent directors, awarded deferred share units (“DSUs”) which the directors are entitled to redeem for common shares upon retirement or termination from the Board. During the year ended December 31, 2020, the Company amended the Plan from a “rolling 10% plan” to a “fixed plan” pursuant to which the aggregate number of common shares to be issued shall not exceed 16% of the Company’s issued and outstanding common shares as of April 1, 2020 of 14,401 shares. Restricted Share Units During the year ended December 31, 2021, the Company granted 256 (2020 – 810) RSUs to its employees and consultants. The total estimated fair value of the RSUs was $3,547 (2020 - $2,247) based on the market value of the Company’s shares on the grant date. As at December 31, 2021, there was $1,140 (2020 - $667) of total unamortized compensation cost relating to unvested RSUs. During the year ended December 31, 2021, stock-based A summary of changes to the number of outstanding RSUs is as follows: Number of (in 000’s) Balance, RSUs outstanding as at December 31, 2019 2,388 Converted into shares (886 ) Granted 810 Forfeited (22 ) Balance, RSUs outstanding as at December 31, 2020 2,290 Converted into shares (191 ) Granted 256 Balance, RSUs outstanding as at December 31, 2021 2,355 Deferred Share Units During the year ended December 31, 2021, the Company granted 24 DSUs (2020 – 121) as compensation to independent directors with a total estimated fair value of $377 (2020 – $468). Number of (in 000’s) Balance, DSUs outstanding as at December 31, 2019 228 Granted 121 Converted into shares (131 ) Balance, DSUs outstanding as at December 31, 2020 218 Granted 24 Balance, DSUs outstanding as at December 31, 2021 242 Stock Options No stock options were granted by the Company during the years ended December 31, 2021 and 2020. Stock options outstanding and exercisable as at December 31, 2021 are as follows: Range of Exercise Prices CDN$ Number outstanding and as at December 31, Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (CDN$) $4.55 - $5.00 579 0.5 4.92 $8.05 - $11.07 1,103 1.0 8.19 1,682 0.8 7.06 A summary of changes to outstanding stock options is as follows: Number of Options (in 000’s) Weighted Average Exercise Price, (CDN$) Balance, stock options outstanding as at December 31, 2019 3,731 5.94 Exercised (1,233 ) (5.19 ) Expired (195 ) (8.99 ) Balance, stock options outstanding as at December 31, 2020 2,303 6.05 Exercised (612 ) (3.05 ) Expired (9 ) (6.30 ) Balance, stock options outstanding as at December 31, 2021 1,682 7.06 The weighted average share price at the time of exercise of stock options during the year ended December 31, 2021 was CDN$20.00 (2020 – CDN$12.57). During the year ended December 31, 2021, 310 (2020 – 481) stock options were exercised under the cashless exercise provision of the Plan, resulting in the issuance of 258 (2020 – 224) shares of the Company. Performance Share Units (“PSUs”) 162 PSUs were granted by the Company during the year ended December 31, 2021 and none in 2020. All PSUs vest on the third anniversary of the grant date. As at December 31, 2021, there was $2,282 (2020 - $1,613) of total unamortized compensation cost relating to unvested PSUs. In 2021, 417 PSUs were converted to shares with multiplication ratio of 1.91. The PSUs are earned on the basis of total shareholder return relative to the return of the peer companies over four weighted performance periods: 20% in each of the first to third years of the performance period and 40% during the three-year period from the grant date. The fair value of the PSUs is estimated on the date of grant using a valuation model based on Monte Carlo simulation with the following assumptions used for the grants made during the period: January 4, 2021 Number of PSUs granted 162 Risk-free interest rate 0.17 % Dividend rate 0 % Annualized volatility 76.0 % Peer Group average volatility 72.2 % Estimated forfeiture rate 10.0 % Fair value per PSU granted $ 19.72 During the year ended December 31, 2021, equity compensation expense related to PSUs of $2,572 was charged to operating expenses (2020 - $1,957). 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, 2019 1,010 Cancelled (11 ) Balance, PSUs outstanding as at December 31, 2020 999 Granted 162 Converted (417 ) Balance, PSUs outstanding as at December 31, 2021 744 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Related Party Transactions | 14. RELATED PARTY TRANSACTIONS Minera Exar, 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 Americas: - Los Boros Option Agreement, entered into with Grupo Minero Los Boros 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 (Note 6). - Construction services contract for Cauchari-Olaroz Project with Magna Construcciones S.R.L., expenditures under which were $8,583 during the year ended December 31, 2021. During year ended December 31, 2021, director’s fees paid by Minera Exar to its President, who is also a director of Lithium Americas, totaled $74 (2020 - $74). During year ended December 31, 2021, the Company paid $646, of which $300 was paid in cash and $346 in RSUs, to its former director and President, South American Operations, in accordance with his employment agreement, which ended in February 2021. Concurrently, the parties entered into a 12-month The amounts due to related parties arising from such transactions are unsecured, non-interest Compensation of Key Management Key management includes the directors of the Company and the executive management team. The remuneration of directors and members of the executive management team was as follows: Years ended December 31, 2021 2020 $ $ Equity compensation 2,008 3,761 Salaries, bonuses, benefits and directors’ fees included in general and administrative expenses 2,175 2,684 Salaries, bonuses and benefits included in exploration expenditures 376 450 Salaries and benefits capitalized to Investment in Cauchari-Olaroz project 813 767 5,372 7,662 December 31, December 31, $ $ Total due to directors and executive team 671 1,676 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General And Administrative Expenses [Abstract] | |
General and Administrative Expenses | 15. GENERAL AND ADMINISTRATIVE EXPENSES The following table summarizes the Company’s general and administrative expenses: Years ended December 31, 2021 $ 2020 $ Salaries, benefits and directors’ fees 4,215 4,475 Office and administration 2,470 1,360 Professional fees 2,410 1,073 Regulatory and filing fees 428 277 Travel 134 27 Investor relations 462 303 Depreciation 267 198 10,386 7,713 |
Exploration and Evaluation Expe
Exploration and Evaluation Expenditures | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Exploration Expenditures [Abstract] | |
Exploration and Evaluation Expenditures | 16. EXPLORATION AND EVALUATION EXPENDITURES The following table summarizes the Company’s exploration and evaluation expenditures related to Thacker Pass and other project expenditures: Years ended December 31, 2021 $ 2020 $ Engineering 22,775 9,605 Consulting and salaries 7,395 4,525 Permitting and environmental 2,390 2,196 Field supplies and other 1,048 494 Depreciation 635 454 Drilling and geological expenses 1,718 452 Total exploration expenditures 35,961 17,726 |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Segmented Information | 17. SEGMENTED INFORMATION The Company operates in three operating segments and three geographical areas. The Thacker Pass project is in the exploration and evaluation stage and the Cauchari-Olaroz Project is in the development stage. From August 16, 2019 to August 27, 2020, the Cauchari-Olaroz project was accounted for as a joint operation. From the closing of the 2020 Cauchari Transaction, the project is accounted for using the equity method (Note 6). The Organoclay segment, classified as a discontinued operation, was wound up in 2019 and its assets were sold in Q1 2021. The Company’s reportable segments are summarized in the following tables: Organoclay $ Thacker Pass $ Cauchari- Olaroz $ Corporate $ Total $ As at December 31, 2021 Property, plant and equipment - 3,294 - 1,074 4,368 Exploration and evaluation assets - 5,640 - - 5,640 Total assets - 10,744 274,760 531,838 817,342 Total liabilities - (10,632 ) - (270,395 ) (281,027 ) For the twelve months ended December 31, 2021 Property, plant and equipment additions - 2,896 - 582 3,478 Income from discontinued operations 122 - - - 122 Net income/(loss) 122 (38,847 ) 5,933 (5,696 ) (38,488 ) Exploration expenditures - (35,961 ) - - (35,961 ) Depreciation - (658 ) - (267 ) (925 ) Organoclay $ Thacker $ Cauchari- Olaroz $ Corporate $ Total $ As at December 31, 2020 Property, plant and equipment - 1,175 - 760 1,935 Assets held for sale 3,926 - - - 3,926 Exploration and evaluation assets - 4,342 - - 4,342 Total assets 4,169 6,437 131,394 184,723 326,723 Total liabilities (552 ) (7,000 ) - (128,468 ) (136,020 ) For the year ended December 31, 2020 Property, plant and equipment additions 507 64,985 23 65,515 Loss from discontinued operations (1,013 ) - - - (1,013 ) Net loss (1,013 ) (18,123 ) (767 ) (16,331 ) (36,234 ) Exploration expenditures - (16,794 ) (932 ) - (17,726 ) Depreciation - (484 ) (279 ) (170 ) (933 ) The Company’s non-current Canada $ United States $ Argentina $ Total $ Non-current (1) As at December 31, 2021 1,074 8,934 190,114 200,122 As at December 31, 2020 760 5,517 131,394 137,671 Revenue of the discontinued operation For the year ended December 31, 2021 - - - - For the year ended December 31, 2020 - 670 - 670 1 Non-current |
Supplemental Disclosure with Re
Supplemental Disclosure with Respect to Cash Flows | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Information With Respect To Cash Flows [Abstract] | |
Supplemental Disclosure with Respect to Cash Flows | 18. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS Supplementary disclosure of the Company’s non-cash December 31, December 31, $ $ Change in accounts payable related to financings - 80 December 31, December 31, 2020 $ $ Interest paid 12,517 7,318 Income taxes paid - - |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | 19. INCOME TAXES Income tax recognized in profit or loss is comprised of the following: Years ended December 31, 2021 $ 2020 $ Withholding taxes accrued (1) - 1,219 Current income tax - - Tax expense (recovery) - 1,219 1 Estimated accrued foreign withholding taxes of $1,219 at December 31, 2020 relate to Exar Capital and are payable when interest from intercompany loans between the Company and its Joint Operation is received. A reconciliation of income taxes at Canadian statutory rates with reported taxes is as follows: Years ended December 31, 2021 $ 2021 $ Loss from continuing operations before tax (38,610 ) (34,002 ) Income/(Loss) from discontinued operations 122 (1,013 ) (38,488 ) (35,015 ) Statutory tax rate 27 % 27 % Expected income tax expense/(recovery) at statutory tax rate (10,392 ) (9,454 ) Items not taxable for income tax purposes (6 ) 288 Initial recognition of temporary differences on investment in Cauchari-Olaroz project - 10,931 Recognition of previously unrecognized deductible temporary differences on loans to Exar Capital - (4,126 ) Effect of higher tax rate in foreign jurisdiction 2,454 1,185 Withholding taxes - 1,219 Change in unrecognized deferred tax assets and other 7,944 1,176 Tax expense - 1,219 The significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2021 December 31, 2020 Deferred tax assets: Tax loss carryforwards 49,360 34,976 Loans to Exar Capital 7,641 4,487 Exploration and evaluation assets 1,994 584 Financing costs 4,963 661 Capital assets 50 1,308 Other 781 851 Deferred tax assets 64,789 42,867 Deferred tax liabilities: Investment in Cauchari-Olaroz project (15,043 ) (11,713 ) Investment in Arena Minerals (793 ) - Convertible debt (4,040 ) - Other - (1,190 ) Deferred tax liabilities (19,876 ) (12,903 ) Unrecognized deferred tax assets 44,913 29,964 The Company has non-capital |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | 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 in the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. Other than warrants acquired as part of the Arena Minerals investment and the convertible note derivative the Company did not have any financial instruments measured at fair value on the statement of financial position on a recurring basis. As at December 31, 2021, the fair value of financial instruments not measured at fair value approximate their carrying value. Arena Minerals warrants and convertible note derivatives are a level 2 fair value hierarchy instruments (refer to Notes 5 and 10). 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 that the capital base 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 its cash and cash equivalents with major financial institutions and invests only in short-term obligations that are guaranteed by the Canadian government or by Canadian and US chartered banks with expected credit losses estimated to be de minimis. The Company and its subsidiaries, including its investee Minera Exar, may from time to time make short-term investments into Argentinian government securities, financial instruments guaranteed by Argentinian banks and other Argentine securities. These investments may or may not realize short term gains or losses. Management believes that the credit risk concentration with respect to financial instruments included in cash, cash equivalents, receivables, long-term receivable from JEMSE, and loans to Exar Capital is nominal. 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 its capital programs. The Company prepares annual budgets, which are regularly monitored and updated as considered necessary. As at December 31, 2021, the Company had a cash and cash equivalents balance of $510,607 to settle current liabilities of $8,256. The following table summarizes the contractual maturities of the Company’s financial liabilities on an undiscounted basis: Years ending December 31, 2022 2023 2024 2025 Total $ $ $ $ $ Convertible senior notes¹ 2,737 4,528 4,541 270,089 281,895 Credit and loan facilities¹ 28,251 - - - 28,251 Accounts payable and accrued liabilities 7,347 - - - 7,347 Obligations under office leases¹ 683 989 929 693 3,294 Other obligations¹ 225 204 5,994 - 6,423 Total 39,243 5,721 11,464 270,782 327,210 ¹Include principal and interest/finance charges. 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 (Notes 3, 5,10). The Company is exposed to foreign currency risk as disclosed below. 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 reports its financial results in United States dollars (“US$”) and incurs expenditures in Canadian dollars (“CDN$”) and US$, with the majority of the expenditures being incurred in US$ by the Company’s subsidiaries and investees. The Company and its subsidiaries and associates have a US$ functional currency. As at December 31, 2021, the Company held $4,393 in CDN$ denominated cash and cash equivalents. Strengthening/(weakening) of a US$ exchange rate versus CDN$ by 10% would have resulted in a foreign exchange (loss)/gain for the Company of $439 at December 31, 2021. |
Capital Disclosure
Capital Disclosure | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Capital Disclosures [Abstract] | |
Capital Disclosure | 21. CAPITAL DISCLOSURE The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration and development of its mineral properties and to maintain a flexible capital structure. The capital structure of the Company consists of long-term borrowings, project debt facilities and equity attributable to common shareholders, comprising issued capital, contributed surplus, and deficit. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to carry out the planned exploration and development of its projects and pay for administrative costs, the Company will spend its existing working capital, draw on its Limited Recourse Loan Facility or raise additional amounts as needed and if available. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company’s approach to capital management during the year ended December 31, 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 22. SUBSEQUENT EVENTS a) On January 25, 2022 the Company closed the acquisition of 100% of Millennial and issued 13,199 shares to Millennial shareholders. b) Minera Exar, the Company’s equity-accounted investee, entered into a service agreement with a consortium owned 49% by a company controlled by the family of its President, who is also a director of Lithium Americas. The agreement is to service evaporation ponds of Cauchari-Olaroz project, has a term of five years and has a total value over that time period of $94,000. c) In Q1 2022, the Limited Recourse Loan Facility balance and accumulated interest were repaid with remaining undrawn available balance under the facility of $75,000. d) The Company issued 84 shares as a result of the conversion of 20 stock options into 17 common shares and the conversion of 67 RSUs into 67 common shares. Also, the Company granted 6 DSUs, 73 PSUs and 128 RSUs under its Equity Compensation Plan. PSUs have a three-year vesting period and vest on January 4, 2024. The vesting periods of RSUs vary from immediate vesting to vesting periods of up to 4 years. e) Subsequent to year-end, Minera Exar obtained $40 million in loans from a third party to fund construction of the Cauchari-Olaroz project. The loans are secured by a letter of credit provided to the lenders by Ganfeng, a project co-owner. The Company has provided a guarantee to Ganfeng for its 49% proportionate interest in the loan (See Note 6). |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Accounting Estimates and Judgements | Significant areas where accounting policy judgment is applied: COVID-19 In March 2020, the World Health Organization declared a global pandemic related to COVID-19 and the impacts of the pandemic have been significant. The Company is continuing operations while protecting the safety and health of our employees, contractors and the communities in which we operate in accordance with guidance from governments and public health authorities. During 2021 construction activities at the Caucharí-Olaroz lithium project advanced while strictly complying with COVID-19 COVID-19 Functional Currency Items included in the financial statements of the Company and each of the Company’s subsidiaries are measured using the currency of the primary economic environment in which each entity operates (the “functional currency”). Effective January 1, 2021, the functional currency of Lithium Americas changed from the Canadian dollar to the US dollar as a result of the significant US dollar proceeds from equity offerings and increasing US dollar denominated expenditures. The change in functional currency was accounted for on a prospective basis, with no impact of this change on prior year comparative information. Impairment of investments in associates The application of the Company’s accounting policy for the impairment assessment of its investments in associates requires judgment to determine whether objective evidence of impairment exists. The investment in Cauchari-Olaroz project comprises the Company’s equity accounted investments in associates, Minera Exar S.A. and Exar Capital B.V. (“Exar Capital”), which are non-publicly traded equity investees with interests in the underlying Cauchari-Olaroz development project. Therefore, management’s assessment of whether objective evidence of impairment exists includes consideration of whether there have been any events that impact estimated future cash flows (loss events) or information about significant changes with an adverse effect on the investments in associates including (i) significant financial difficulty of the associates; (ii) a breach of contract, such as a default or delinquency in payments by the associates; (iii) changes in the development plan or strategy for the underlying Cauchari-Olaroz development project; or (iv) changes in significant assumptions which drive the valuation of the underlying Cauchari-Olaroz development project including forecasted commodity prices, reserve and resource estimates and capital expenditure requirements. Management has performed an assessment and concluded that no objective evidence of impairment exists as of December 31, 2021. Impairment of Exploration and Evaluation Assets The application of the Company’s accounting policy for impairment of exploration and evaluation assets requires judgment to determine whether indicators of impairment exist including information such as, the period for which the Company has the right to explore including expected renewals, whether substantive expenditures on further exploration and evaluation of resource properties are budgeted and evaluation of the results of exploration and evaluation activities up to the reporting date. Management has performed an impairment indicator assessment on the Company’s exploration and evaluation assets and has concluded that no impairment indicators exist as of December 31, 2021. Key Sources of Estimation Uncertainty Fair value of derivatives The fair values of financial instruments that are not traded in an active market are determined using valuation techniques. The valuation of the embedded derivative liability required management to make significant estimates. Management uses its judgment to select a method of valuation and makes estimates of specific model inputs that are based on conditions existing at the end of each reporting period. The valuation of the convertible note embedded derivatives was completed using a partial differential equation method with Monte Carlo simulation that required significant assumptions, including expected traded instruments volatility and credit spread and estimates in relation to other inputs. Refer to Note 10 for further details on the methods and assumptions associated with measurement of the convertible note embedded derivatives. |
Principles of Consolidation | Principles of Consolidation These consolidated financial statements include the accounts of Lithium Americas Corp. and its wholly-owned US subsidiaries Lithium Nevada Corp., KV Project LLC, and RheoMinerals Inc., Argentinean subsidiary Potassium S.A. and Canadian wholly-owned subsidiaries 2265866 Ontario Inc. and 1339480 B.C. LTD. All intercompany transactions and balances have been eliminated. Subsidiaries are all entities over which the Company has control. The Company controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. |
Joint Arrangements and Investments in Associates | Joint Arrangements and Investments in Associates A joint arrangement is defined as one over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. There are two types of joint arrangements: joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties having joint control of the arrangement have rights to the assets and are the only source of funding for the liabilities relating to the arrangement. The Company recognizes its share of any assets, liabilities, revenues and expenses of a joint operation. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Investments in joint ventures are accounted for using the equity method. Prior to closing the 2020 Cauchari Transaction, the Company was consolidating its 50% share of the Cauchari-Olaroz project and accounting for its investment as a joint operation (Note 6). |
Investment in Associates | Investments in Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. The equity method involves recording the initial investment at cost and subsequently adjusting the carrying value by the Company’s share of post-acquisition net income or loss; depreciation, amortization or impairment of the fair value adjustments made on the underlying balance sheet at the date of acquisition; dividends; cash contributions; and the Company’s share of post-acquisition movements in Other Comprehensive Income (“OCI”). At each reporting date, the Company considers whether there is objective evidence of impairment of the investments in associates. If such evidence exists, the Company determines the amount of impairment to record, if any, by reference to the recoverable amount of the investment determined in accordance with IAS 36, Impairment of Assets as described in the Company’s accounting policy for impairment of property, plant and equipment. |
Foreign Currency Translation | Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in US dollars. The functional currency of the parent entity, Lithium Americas Corp., as well as all subsidiaries, is the US dollar. The functional currency of the Company’s associates Minera Exar, and Exar Capital is the US dollar and Arena Minerals is the Canadian dollar. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they are attributable to part of the net investment in a foreign operation. Non-monetary Non-monetary For example, translation differences on non-monetary non-monetary available-for-sale Parent and Subsidiary Companies When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognized in other comprehensive income. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an ownership interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash held with banks and highly liquid short-term investments which can be withdrawn at any time and are subject to an insignificant risk of changes in value. |
Exploration and Evaluation Assets | Exploration and Evaluation Assets Exploration expenditures excluding acquisition costs and claim maintenance costs are expensed until the establishment of technical feasibility and commercial viability based on a combination of the following factors: ● The extent to which mineral reserves or mineral resources as defined in National Instrument 43-101 43-101”) ● The status of mining leases, environmental and mining permits. Costs incurred relating to the acquisition and claim maintenance of mineral properties, including option payments and annual fees to maintain the property in good standing, and exploration expenditures performed within the geologic formation of an existing brownfield mining project are capitalized and deferred by property until the project to which they relate is sold, abandoned, impaired or placed into production. After recognition, the Company uses the cost model for exploration and evaluation assets. The Company assesses its exploration and evaluation assets for indications of impairment on each balance sheet date and when events and circumstances indicate a risk of impairment. A property is written down or written off when the Company determines that an impairment of value has occurred or when exploration results indicate that no further work is warranted. Exploration and evaluation assets are tested for impairment immediately prior to reclassification to mineral property development costs. |
Property, Plant and Equipment | Property, Plant and Equipment On initial recognition, property, plant and equipment are valued at cost. Cost includes the purchase price and directly attributable cost of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and foreign exchange losses or gains on borrowings and related cash used to construct qualifying assets as defined under IFRS. Capitalization of costs incurred ceases when the asset is capable of operating in the manner intended by management. The Company applies judgment in its assessment of when the asset is capable of operating in the manner intended by management. Property, plant and equipment are subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is not depreciated. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items or major components. Property, plant and equipment that are currently in use are depreciated as follows: ● Process testing facility equipment included in “Equipment and machinery” – straight-line basis over the estimated useful life of 10 years; ● Right-of-use ● Office equipment included in “Other” – declining balance method at 20% annual rate. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted, if appropriate, at each financial year-end. |
Impairment of Property, Plant and Equipment | Impairment of Property, Plant and Equipment Property, plant and equipment are assessed for impairment indicators at each reporting date or when an impairment indicator arises if not at a reporting date. Impairment indicators are evaluated and, if considered necessary, an impairment assessment is carried out. If an impairment loss is identified, it is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax Where the factors which resulted in an impairment loss subsequently reverse, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. |
Non-current assets (or disposal groups) held for sale and discontinued operations | Non-current assets (or disposal groups) held for sale and discontinued operations Non-current An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current Non-current Non-current A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. |
Leases | Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the Company has the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement and if the Company has the right to direct the use of the asset. At inception or on reassessment of a contract that contains one or more lease components, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. The Company leases offices, buildings, equipment and cars. Lease contracts are typically made for fixed periods of 3 to 5 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are recognized as a right-of-use The right-of-use Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: ● fixed payments (including in-substance ● variable lease payment that are based on an index or a rate; ● amounts expected to be payable by the lessee under residual value guarantees; ● the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use ● the amount of the initial measurement of lease liability; ● any lease payments made on or before the commencement date less any lease incentives received; ● any initial direct costs; and ● restoration costs. Payments associated with short-term leases and leases of low-value |
Financial Instruments | Financial Instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets and liabilities are classified as and measured at: amortized cost, fair value through profit or loss (“FVTPL”) or fair value through OCI according to their contractual cash flow characteristics and the business models under which they are held. 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; and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. Financial liabilities are measured at amortized cost unless they are required to be measured at FVTPL. 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. Derivative instruments Derivative instruments, including embedded derivatives in executory contracts or financial liability contracts, are classified as at FVTPL, and recorded on the balance sheet at fair value. Unrealized gains and losses on derivatives not designated in a hedging relationship are recorded as part of income (expense). Fair values for derivative instruments are determined using inputs based on market conditions existing at the balance sheet date or settlement date of the derivative. Derivatives embedded in non-derivative contracts are recognized separately unless they are closely related to the host contract. Impairment of financial assets. 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. |
Borrowing Costs | Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of assets requiring a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of that asset. Capitalization of borrowing costs begins when there are borrowings and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activities necessary to prepare a qualifying asset for its intended use are complete. When proceeds of project specific borrowings are invested on a temporary basis, borrowing costs are capitalized net of any investment income. Capitalization of borrowing is suspended during an extended period in which active development is interrupted. |
Provisions | Provisions Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax Close down and restoration costs include dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, such as revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals. The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are capitalized within capital assets. These costs are then depreciated over the lives of the asset to which they relate, typically using the units of production method. The amortization or unwinding of the discount applied in establishing the net present value of provisions is charged to the statement of comprehensive (loss)/income as a financing cost. Provision is made for the estimated present value of the costs of environmental cleanup obligations outstanding at the statement of financial position date. |
Income Taxes | Income Taxes Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at period-end, Deferred tax is recorded using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for the initial recognition of assets or liabilities that affect neither accounting or taxable loss, unless arising in a business combination, nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recorded. |
Share Capital | Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. |
Earnings/(Loss) per Share | Earnings/(Loss) per Share Basic earnings/(loss) per share is computed by dividing the net earnings or loss attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reporting period. The diluted earnings/loss per share calculation is based on the weighted average number of common shares outstanding during the period, plus the effects of dilutive common share equivalents. This method requires that the dilutive effect of outstanding options and warrants issued should be calculated using the treasury stock method. This method assumes that all common share equivalents have been exercised at the beginning of the period (or at the time of issuance, if later), and that the funds obtained thereby were used to purchase common shares of the Company at the average trading price of the common shares during the period, but only if dilutive. |
Equity- Based Compensation | Equity-Based Compensation The Company’s equity incentive plan allows the grant of share options, restricted share units, performance share units and deferred share units. The cost of equity-settled payment arrangements is recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. The fair value of each tranche is measured at the date of grant using the appropriate pricing model, including Black-Scholes option model for options and Monte Carlo simulation methodology for performance share units. Compensation expense is recognized over the tranche’s vesting period based on the number of awards expected to vest, by increasing contributed surplus. The number of awards expected to vest is reviewed at least annually with any impact being recognized immediately. Where equity instruments are granted to non-employees, |
Newly Adopted Accounting Standards and Amendments | Newly Adopted Accounting Standards and Amendments The Company adopted Interest Rate Benchmark Reform - Phase 2: Amendments to IFRS 9, IAS 39, IFRS 4 and IFRS 16 (the “Phase 2 Amendments”) effective on January 1, 2021. Interest rate benchmark reform (“Reform”) refers to a global reform of interest rate benchmarks, which includes the replacement of some interbank offered rates with alternative benchmark rates. The Phase 2 Amendments provide a practical expedient requiring the effective interest rate to be adjusted when accounting for changes in the basis for determining the contractual cash flows of financial assets and liabilities that relate directly to the Reform, rather than applying modification accounting which might have resulted in a gain or loss. In addition, the Phase 2 Amendments require disclosures to assist users in understanding the effect of the Reform on the Company’s financial instruments and risk management strategy. The Company’s Senior Credit Facility and Limited Recourse Loan Facility as defined in Note 11 were indexed to London interbank offered rates (“LIBOR”). The Senior Credit Facility was fully repaid in December, 2021 and the Limited Recourse Loan Facility was fully repaid subsequent to the year-end. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Summary of Cash and Cash Equivalents | December 31, 2021 $ December 31, 2020 $ Cash 137,714 148,070 Short-term bank deposits 372,893 - 510,607 148,070 |
Investment in Cauchari-Olaroz P
Investment in Cauchari-Olaroz Project (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |
Summary of Loans to Joint Operation | The Company has entered into loan agreements with Minera Exar and Exar Capital to fund construction of the Cauchari-Olaroz project. Changes in the loans’ balances are summarized below. $ Loans to Exar Capital, as at December 31, 2019 37,959 Loans to Exar Capital 14,500 Initial difference between the face value and the fair value of loans to Exar Capital (7,746 ) Elimination of loans as a result of Joint Operation accounting (3,377 ) Accrued interest 3,337 Loans to Exar Capital prior to the 2020 Cauchari Transaction 44,673 Loans to Exar Capital after the 2020 Cauchari Transaction 14,700 Initial difference between the face value and the fair value of loans to Exar Capital (7,265 ) Reversal of elimination of loans as a result of the 2020 Cauchari Transaction 28,132 Derecognition of share of loans from Exar Capital to Minera Exar as a result of the 2020 Cauchari Transaction (26,368 ) Repayment of loans as a result of the 2020 Cauchari Transaction (40,000 ) Gain on early repayment of the $40,000 loans 19,608 Accrued interest 1,082 Loans to Exar Capital, as at December 31, 2020 34,562 Loans to Exar Capital 60,270 Initial difference between the face value and the fair value of loans to Exar Capital (29,677 ) Accrued interest 5,701 Loans to Exar Capital, as at December 31, 2021 70,856 |
Schedule of Gain on 2020 Cauchari Transaction | Upon closing of the JEMSE Transaction, the Company recognized a long-term receivable from JEMSE of $5,800 and a $4,712 loss, which was calculated as follows: $ Initial fair value of the Company’s receivable (49% of JEMSE’s future payment of $23,496) 5,800 Carrying value of the Company’s disposed share of Investment in Minera Exar (10,512 ) Loss on the 2021 JEMSE Transaction (4,712 ) |
Schedule of Investment in Cauchari-Olaroz Project | Changes in the Investment in Cauchari-Olaroz Project are summarized below: Minera Exar S.A. Exar Capital B.V. Total $ $ $ Investment in Cauchari-Olaroz Project, as at December 31, 2019 - - - Recognition of Investment in Cauchari-Olaroz Project 119,537 2,287 121,824 Contribution to Investment in Cauchari-Olaroz Project 853 7,265 8,118 Share of income of Cauchari-Olaroz Project 2,113 4,200 6,313 Elimination of unrealized gain on intercompany transactions - (4,861 ) (4,861 ) Investment in Cauchari-Olaroz Project, as at December 31, 2020 122,503 8,891 131,394 Contribution to Investment in Cauchari-Olaroz Project 2,095 29,677 31,772 Share of income of Cauchari-Olaroz Project 8,712 17,019 25,731 Elimination of unrealized gain on intercompany transactions - (22,104 ) (22,104 ) Share of decrease in Minera Exar net assets as a result of the JEMSE Transaction (10,512 ) - (10,512 ) Investment in Cauchari-Olaroz Project, as at December 31, 2021 122,798 33,483 156,281 |
Schedule of Reconciliation of Summarized Financial Information to Carrying Value | Reconciliation of Summarized Financial Information to Carrying Value: Minera Exar Exar Capital $ $ Net assets, December 31, 2021 247,076 78,661 Company’s share of net assets 110,690 38,544 Interest capitalized while proportionally consolidated 6,619 - Elimination of unrealized gain on intercompany transactions and other, cumulative - (42,003 ) Joint Venture expenditures incurred by the Company net of eliminations 5,489 - Difference between the face value and the fair value of loans to Exar Capital - 36,942 Carrying value 122,798 33,483 |
Minera Exar S.A. | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |
Schedule of Amounts Presented in Financial Statements of Joint Venture | 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. December 31, 2021 December 31, 2020 $ $ Current assets Cash and cash equivalents 937 752 Other current assets 1,087 7,397 Total current assets 2,024 8,149 Non-current 783,138 512,990 Current liabilities (93,509 ) (20,458 ) Non-current (438,306 ) (267,222 ) Non-current liabilities - other (6,271 ) (5,828 ) Net assets 247,076 227,631 Years ended December 31, 2021 2020 $ $ Other losses - (1,893 ) Income tax expense (61,978 ) - Deferred tax recovery 81,424 4,342 Net income 19,446 2,449 |
Exar Capital B.V. | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |
Schedule of Amounts Presented in Financial Statements of Joint Venture | The following are the amounts presented in the financial statements of Exar Capital on a 100% basis. December 31, 2021 December 31, 2020 $ $ Current assets Cash and cash equivalents 4,616 10,769 Other current assets 583 3,126 Total current assets 5,199 13,895 Non-current 438,306 267,222 Current liabilities - loans from Lithium Americas and Ganfeng (353,924 ) (230,906 ) Other current liabilities (479 ) (1,000 ) Other non-current (10,441 ) (5,284 ) Net assets 78,661 43,927 Loans from Lithium Americas and Ganfeng are presented as current liabilities in Exar Capital. In accordance with the terms of the loan agreements, the loans can be called at any time by unanimous agreement of Lithium Americas and Ganfeng. Years ended December 31, 2021 2020 $ $ Interest income on loans from Exar Capital 40,403 26,258 Withholding tax expense (5,157 ) (2,973 ) General and administrative expenses (514 ) (457 ) Net income 34,732 22,828 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property, Plant and Equipment | Cauchari- 1 Equipment and machinery Other 2 Total $ $ $ $ Cost As at December 31, 2019 158,309 951 1,889 161,149 Additions 59,853 247 283 60,383 Capitalization of interest 5,132 - - 5,132 Deconsolidation (223,294 ) - - (223,294 ) Disposals - - (83 ) (83 ) Foreign exchange - - 19 19 As at December 31, 2020 - 1,198 2,108 3,306 Additions - 118 3,360 3,478 Disposals - - (452 ) (452 ) As at December 31, 2021 - 1,316 5,016 6,332 Cauchari- 1 Equipment and machinery Other 2 Total $ $ $ $ Accumulated depreciation As at December 31, 2019 1,455 197 573 2,225 Depreciation for the period 279 274 380 933 Deconsolidation of Minera Exar fixed assets (1,734 ) - - (1,734 ) Disposals - - (53 ) (53 ) As at December 31, 2020 - 471 900 1,371 Depreciation for the period - 343 582 925 Disposals - - (332 ) (332 ) As at December 31, 2021 - 814 1,150 1,964 Cauchari- 1 Equipment and machinery Other 2 Total $ $ $ $ Net book value As at December 31, 2020 - 727 1,208 1,935 As at December 31, 2021 - 502 3,866 4,368 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Exploration And Evaluation Assets [Abstract] | |
Schedule of Exploration and Evaluation Assets Relating to Thacker Pass Project | Exploration and evaluation assets relating to the Thacker Pass project were as follows: December 31, 2021 December 31, 2020 $ $ Acquisition costs Balance, beginning 4,342 3,852 Additions 1,298 490 Total exploration and evaluation assets 5,640 4,342 |
Long-Term Liabilities (Tables)
Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Borrowings [abstract] | |
Schedule of Long-Term Liabilities | December 31, 2021 December 31 2020 $ $ Current portion of long-term liabilities Accrued interest 305 3,056 Other liabilities 604 494 909 3,550 Long-term liabilities Credit facility (net of financing costs) - 95,068 Limited Recourse Loan Facility 27,915 26,153 27,915 121,221 28,824 124,771 |
Share Capital And Equity Comp_2
Share Capital And Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Summary of Changes to Number of Restricted Shares | A summary of changes to the number of outstanding RSUs is as follows: Number of (in 000’s) Balance, RSUs outstanding as at December 31, 2019 2,388 Converted into shares (886 ) Granted 810 Forfeited (22 ) Balance, RSUs outstanding as at December 31, 2020 2,290 Converted into shares (191 ) Granted 256 Balance, RSUs outstanding as at December 31, 2021 2,355 |
Summary of Changes to Number of Deferred Share Units | During the year ended December 31, 2021, the Company granted 24 DSUs (2020 – 121) as compensation to independent directors with a total estimated fair value of $377 (2020 – $468). Number of (in 000’s) Balance, DSUs outstanding as at December 31, 2019 228 Granted 121 Converted into shares (131 ) Balance, DSUs outstanding as at December 31, 2020 218 Granted 24 Balance, DSUs outstanding as at December 31, 2021 242 |
Summary of Stock Options Outstanding and Exercisable | No stock options were granted by the Company during the years ended December 31, 2021 and 2020. Stock options outstanding and exercisable as at December 31, 2021 are as follows: Range of Exercise Prices CDN$ Number outstanding and as at December 31, Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price (CDN$) $4.55 - $5.00 579 0.5 4.92 $8.05 - $11.07 1,103 1.0 8.19 1,682 0.8 7.06 |
Summary of Changes to Stock Options Outstanding | A summary of changes to outstanding stock options is as follows: Number of Options (in 000’s) Weighted Average Exercise Price, (CDN$) Balance, stock options outstanding as at December 31, 2019 3,731 5.94 Exercised (1,233 ) (5.19 ) Expired (195 ) (8.99 ) Balance, stock options outstanding as at December 31, 2020 2,303 6.05 Exercised (612 ) (3.05 ) Expired (9 ) (6.30 ) Balance, stock options outstanding as at December 31, 2021 1,682 7.06 |
Summary of Fair Value of Performance Awards Granted by Using Monte Carlo Simulation Model | The fair value of the PSUs is estimated on the date of grant using a valuation model based on Monte Carlo simulation with the following assumptions used for the grants made during the period: January 4, 2021 Number of PSUs granted 162 Risk-free interest rate 0.17 % Dividend rate 0 % Annualized volatility 76.0 % Peer Group average volatility 72.2 % Estimated forfeiture rate 10.0 % Fair value per PSU granted $ 19.72 |
Summary of Changes to Number of RS-Ps | 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, 2019 1,010 Cancelled (11 ) Balance, PSUs outstanding as at December 31, 2020 999 Granted 162 Converted (417 ) Balance, PSUs outstanding as at December 31, 2021 744 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Summary of Compensation of Key Management | Compensation of Key Management Key management includes the directors of the Company and the executive management team. The remuneration of directors and members of the executive management team was as follows: Years ended December 31, 2021 2020 $ $ Equity compensation 2,008 3,761 Salaries, bonuses, benefits and directors’ fees included in general and administrative expenses 2,175 2,684 Salaries, bonuses and benefits included in exploration expenditures 376 450 Salaries and benefits capitalized to Investment in Cauchari-Olaroz project 813 767 5,372 7,662 December 31, December 31, $ $ Total due to directors and executive team 671 1,676 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of General And Administrative Expenses [Abstract] | |
Summary of Company's General and Administrative Expenses | The following table summarizes the Company’s general and administrative expenses: Years ended December 31, 2021 $ 2020 $ Salaries, benefits and directors’ fees 4,215 4,475 Office and administration 2,470 1,360 Professional fees 2,410 1,073 Regulatory and filing fees 428 277 Travel 134 27 Investor relations 462 303 Depreciation 267 198 10,386 7,713 |
Exploration and Evaluation Ex_2
Exploration and Evaluation Expenditures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Exploration Expenditures [Abstract] | |
Summary of Company's Exploration and Evaluation Expenditures | The following table summarizes the Company’s exploration and evaluation expenditures related to Thacker Pass and other project expenditures: Years ended December 31, 2021 $ 2020 $ Engineering 22,775 9,605 Consulting and salaries 7,395 4,525 Permitting and environmental 2,390 2,196 Field supplies and other 1,048 494 Depreciation 635 454 Drilling and geological expenses 1,718 452 Total exploration expenditures 35,961 17,726 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Summary of Reportable Segments | The Company’s reportable segments are summarized in the following tables: Organoclay $ Thacker Pass $ Cauchari- Olaroz $ Corporate $ Total $ As at December 31, 2021 Property, plant and equipment - 3,294 - 1,074 4,368 Exploration and evaluation assets - 5,640 - - 5,640 Total assets - 10,744 274,760 531,838 817,342 Total liabilities - (10,632 ) - (270,395 ) (281,027 ) For the twelve months ended December 31, 2021 Property, plant and equipment additions - 2,896 - 582 3,478 Income from discontinued operations 122 - - - 122 Net income/(loss) 122 (38,847 ) 5,933 (5,696 ) (38,488 ) Exploration expenditures - (35,961 ) - - (35,961 ) Depreciation - (658 ) - (267 ) (925 ) Organoclay $ Thacker $ Cauchari- Olaroz $ Corporate $ Total $ As at December 31, 2020 Property, plant and equipment - 1,175 - 760 1,935 Assets held for sale 3,926 - - - 3,926 Exploration and evaluation assets - 4,342 - - 4,342 Total assets 4,169 6,437 131,394 184,723 326,723 Total liabilities (552 ) (7,000 ) - (128,468 ) (136,020 ) For the year ended December 31, 2020 Property, plant and equipment additions 507 64,985 23 65,515 Loss from discontinued operations (1,013 ) - - - (1,013 ) Net loss (1,013 ) (18,123 ) (767 ) (16,331 ) (36,234 ) Exploration expenditures - (16,794 ) (932 ) - (17,726 ) Depreciation - (484 ) (279 ) (170 ) (933 ) |
Schedule of Non-current Assets and Revenues of Discontinued Operation by Geographical Segment | The Company’s non-current Canada $ United States $ Argentina $ Total $ Non-current (1) As at December 31, 2021 1,074 8,934 190,114 200,122 As at December 31, 2020 760 5,517 131,394 137,671 Revenue of the discontinued operation For the year ended December 31, 2021 - - - - For the year ended December 31, 2020 - 670 - 670 1 Non-current |
Supplemental Disclosure with _2
Supplemental Disclosure with Respect to Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Information With Respect To Cash Flows [Abstract] | |
Supplementary Disclosure of Company's Non Cash Transactions | Supplementary disclosure of the Company’s non-cash December 31, December 31, $ $ Change in accounts payable related to financings - 80 December 31, December 31, 2020 $ $ Interest paid 12,517 7,318 Income taxes paid - - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Income Tax Recognized in Profit or Loss | Income tax recognized in profit or loss is comprised of the following: Years ended December 31, 2021 $ 2020 $ Withholding taxes accrued (1) - 1,219 Current income tax - - Tax expense (recovery) - 1,219 1 Estimated accrued foreign withholding taxes of $1,219 at December 31, 2020 relate to Exar Capital and are payable when interest from intercompany loans between the Company and its Joint Operation is received. |
Summary of Reconciliation of Income Taxes at Canadian Statutory Rates with Reported Taxes | A reconciliation of income taxes at Canadian statutory rates with reported taxes is as follows: Years ended December 31, 2021 $ 2021 $ Loss from continuing operations before tax (38,610 ) (34,002 ) Income/(Loss) from discontinued operations 122 (1,013 ) (38,488 ) (35,015 ) Statutory tax rate 27 % 27 % Expected income tax expense/(recovery) at statutory tax rate (10,392 ) (9,454 ) Items not taxable for income tax purposes (6 ) 288 Initial recognition of temporary differences on investment in Cauchari-Olaroz project - 10,931 Recognition of previously unrecognized deductible temporary differences on loans to Exar Capital - (4,126 ) Effect of higher tax rate in foreign jurisdiction 2,454 1,185 Withholding taxes - 1,219 Change in unrecognized deferred tax assets and other 7,944 1,176 Tax expense - 1,219 |
Summary of Significant Components of Company's Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2021 December 31, 2020 Deferred tax assets: Tax loss carryforwards 49,360 34,976 Loans to Exar Capital 7,641 4,487 Exploration and evaluation assets 1,994 584 Financing costs 4,963 661 Capital assets 50 1,308 Other 781 851 Deferred tax assets 64,789 42,867 Deferred tax liabilities: Investment in Cauchari-Olaroz project (15,043 ) (11,713 ) Investment in Arena Minerals (793 ) - Convertible debt (4,040 ) - Other - (1,190 ) Deferred tax liabilities (19,876 ) (12,903 ) Unrecognized deferred tax assets 44,913 29,964 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Contractual Maturities for Financial Liabilities on Undiscounted Basis | The following table summarizes the contractual maturities of the Company’s financial liabilities on an undiscounted basis: Years ending December 31, 2022 2023 2024 2025 Total $ $ $ $ $ Convertible senior notes¹ 2,737 4,528 4,541 270,089 281,895 Credit and loan facilities¹ 28,251 - - - 28,251 Accounts payable and accrued liabilities 7,347 - - - 7,347 Obligations under office leases¹ 683 989 929 693 3,294 Other obligations¹ 225 204 5,994 - 6,423 Total 39,243 5,721 11,464 270,782 327,210 ¹Include principal and interest/finance charges. |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Nature Of Operations [Line Items] | |
Name of reporting entity | Lithium Americas Corp. |
Number of significant projects | 2 |
Minera Exar S.A. | Ganfeng | |
Nature Of Operations [Line Items] | |
Ownership interest in joint venture | 46.70% |
Minera Exar S.A. | Jujuy Energia y Mineria Sociedad del Estado [Member] | |
Nature Of Operations [Line Items] | |
Ownership interest in joint venture | 8.50% |
Cauchari-Olaroz | Minera Exar S.A. | |
Nature Of Operations [Line Items] | |
Ownership interest in joint venture | 44.80% |
Thacker Pass | Lithium Nevada Corp | |
Nature Of Operations [Line Items] | |
Ownership interest in subsidiary | 100.00% |
Basis of Preparation and Pres_2
Basis of Preparation and Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Basis Of Preparation And Presentation [Abstract] | |
Date of consolidated financial statements approved for issuance | Mar. 16, 2022 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) | Dec. 31, 2021 | Dec. 31, 2021USD ($)JointArrangement |
Significant Accounting Policies [Line Items] | ||
Number of joint arrangements | JointArrangement | 2 | |
Ownership interest in joint operation | 44.80% | |
Process Testing Facility Equipment | ||
Significant Accounting Policies [Line Items] | ||
Property plant and equipment, estimated useful life | 10 years | |
Property, plant and equipment, depreciation method | straight-line basis | |
Right-of-use Assets | ||
Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, depreciation method | straight-line basis | |
Office Equipment | ||
Significant Accounting Policies [Line Items] | ||
Property, plant and equipment, depreciation method | declining balance method | |
Property, plant and equipment, annual depreciation rate | 20.00% | |
Bottom of Range | ||
Significant Accounting Policies [Line Items] | ||
Proportion of voting rights held in associate | 20.00% | |
Bottom of Range | Office Equipment | ||
Significant Accounting Policies [Line Items] | ||
Lease contracts term | 3 years | |
Bottom of Range | Offices | ||
Significant Accounting Policies [Line Items] | ||
Lease contracts term | 3 years | |
Bottom of Range | Buildings | ||
Significant Accounting Policies [Line Items] | ||
Lease contracts term | 3 years | |
Bottom of Range | Cars | ||
Significant Accounting Policies [Line Items] | ||
Lease contracts term | 3 years | |
Top of Range | ||
Significant Accounting Policies [Line Items] | ||
Proportion of voting rights held in associate | 50.00% | |
Top of Range | Office Equipment | ||
Significant Accounting Policies [Line Items] | ||
Lease contracts term | 5 years | |
Top of Range | Offices | ||
Significant Accounting Policies [Line Items] | ||
Lease contracts term | 5 years | |
Top of Range | Buildings | ||
Significant Accounting Policies [Line Items] | ||
Lease contracts term | 5 years | |
Top of Range | Cars | ||
Significant Accounting Policies [Line Items] | ||
Lease contracts term | 5 years | |
Investments in Associates | ||
Significant Accounting Policies [Line Items] | ||
Impairment loss | $ 0 | |
Exploration and Evaluation Assets | ||
Significant Accounting Policies [Line Items] | ||
Impairment loss | $ 0 | |
Cauchari Olaroz [Member] | ||
Significant Accounting Policies [Line Items] | ||
Ownership interest in joint operation | 50.00% |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents [abstract] | |||
Cash | $ 137,714 | $ 148,070 | |
Short-term bank deposits | 372,893 | ||
Cash and cash equivalents | $ 510,607 | $ 148,070 | $ 83,614 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) $ in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) |
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash | $ 137,714 | $ 148,070 | ||
Canadian Dollar | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash | $ 4,393 | $ 3,165 | ||
US Dollar | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash | $ 506,214 | $ 144,905 | ||
Bottom of Range | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Percentage of interest on cash | 0.20% | 0.20% | ||
Percentage of interest on short term bank deposits | 0.20% | 0.20% | ||
Top of Range | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Percentage of interest on cash | 0.30% | 0.30% | ||
Percentage of interest on short term bank deposits | 0.30% | 0.30% |
Investment in Cauchari-Olaroz_2
Investment in Cauchari-Olaroz Project - Additional Information (Details) $ in Thousands | Dec. 31, 2021USD ($)yrshares | Jul. 26, 2021USD ($)moshares | Jul. 26, 2021CAD ($) | Aug. 27, 2020USD ($) | Sep. 11, 2018USD ($) | Dec. 31, 2012 | Dec. 31, 2021USD ($)yrshares | Dec. 31, 2020USD ($)shares | Jan. 01, 2022USD ($) | Nov. 24, 2021USD ($)shares | Nov. 24, 2021CAD ($)shares | Apr. 04, 2021 | Dec. 31, 2019USD ($) |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Share of loss of arena minerals | $ (342,000) | $ 0 | |||||||||||
Gain on fair value of investments | 0 | 288,000 | |||||||||||
Ownership interest in joint operation | 44.80% | ||||||||||||
Trade and other non-current receivables | $ 6,231,000 | 6,231,000 | |||||||||||
Loss on JEMSE Transaction | $ (4,712,000) | ||||||||||||
Rate of interest | 10.00% | ||||||||||||
Number of shares issued | shares | 258,000 | 258,000 | 224,000 | ||||||||||
Loans to Exar Capital | $ 70,856,000 | $ 70,856,000 | $ 34,562,000 | $ 37,959,000 | |||||||||
Repayments of loans owed | 205,000,000 | 0 | |||||||||||
Bottom of Range | Shareholder Agreement [Member] | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Percentage of share in project production basis | 49.00% | ||||||||||||
Percentage of share in construction costs pro rata basis | 49.00% | ||||||||||||
Top of Range | Shareholder Agreement [Member] | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Percentage of share in project production basis | 51.00% | ||||||||||||
Percentage of share in construction costs pro rata basis | 51.00% | ||||||||||||
Equity Accounting Investments | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Loans to Exar Capital | 34,562,000 | ||||||||||||
After 2020 Cauchari Transaction | Equity Accounting Investments | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Repayments of loans owed | 40,000,000 | ||||||||||||
JEMSE Arrangement | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Reimbursement of share of equity financing as consideration | $ 23,496,000 | ||||||||||||
Payment start period | 5 years | ||||||||||||
Discount rate | 10.00% | ||||||||||||
Amortization of discount for the receivable | $ 431,000 | ||||||||||||
Trade and other non-current receivables | $ 5,800,000 | 5,800,000 | |||||||||||
Loss on JEMSE Transaction | $ 4,712,000 | ||||||||||||
Ownership interest in joint operation | 49.00% | ||||||||||||
Minera Exar S.A. | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Percentage of Fact and Basis for Preparation of Financial Statements When not Going Concern basis | 100.00% | 100.00% | |||||||||||
Annual royalty due | $ 200,000 | ||||||||||||
Royalty expiration description | royalty due annually in May and expiring in 2041 | ||||||||||||
Annual fees due in 2022 | $ 257,000 | ||||||||||||
Annual fees due in between 2023 and 2061 | 443,000 | ||||||||||||
Commitments related to construction contracts | $ 2,875,000 | $ 2,875,000 | |||||||||||
One time payment in exchange of first 20 years of net profit interest | $ 7,000,000 | ||||||||||||
One time payment in exchange of next 20 years of net profit interest | 7,000,000 | ||||||||||||
Minera Exar S.A. | Grupo Minero Los Boros | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Description of terms of option agreement | Under the terms of the Option Agreement, Minera Exar paid $100 upon signing and exercised the purchase option for total consideration of $12,000 to be paid in sixty quarterly installments of $200. The first installment payment became due and was paid on the third anniversary of the purchase option exercise date, being September 11, 2021. Minera Exar paid the subsequent quarterly installments on time. As security for the transfer of title of the mining properties, Los Boros granted to Minera Exar a mortgage over the mining properties for $12,000. In addition, in accordance with the Option Agreement, on November 27, 2018, Minera Exar paid Los Boros a $300 royalty which was due within 10 days of the start date of construction of the commercial plant. | ||||||||||||
Payment for purchase option | 100,000 | ||||||||||||
Total consideration on right to exercise purchase option | 12,000,000 | ||||||||||||
Consideration payments in quarterly installments | 200,000 | ||||||||||||
Borrowings of joint venture | 12,000,000 | ||||||||||||
Royalty payment upon the exercises the purchase option | $ 300,000 | ||||||||||||
Royalty payment description | within 10 days of the start date of construction of the commercial plant | ||||||||||||
Net operating interest of exercises the purchase option | 3.00% | ||||||||||||
Net operation interest payable description | within 10 business days after calendar year end, in Argentinian pesos, for a period of 40 years. | ||||||||||||
Minera Exar S.A. | 2020 Cauchari Transaction | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Proceeds from issue of ordinary shares | $ 16,327,000 | ||||||||||||
Minera Exar S.A. | After 2020 Cauchari Transaction | Event After The Reporting Period [Member] | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Additional loans received from third party | $ 40,000 | ||||||||||||
Minera Exar S.A. | After 2020 Cauchari Transaction | Loan Secured By Letter Of Credit [Member] | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Loan received from a third party to fund construction | $ 10,000 | $ 10,000 | |||||||||||
Minera Exar S.A. | JEMSE Arrangement | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Percentage of equity interest acquired | 8.50% | ||||||||||||
Rights granted to acquire equity interest in joint venture, percentage | 8.50% | ||||||||||||
Minera Exar S.A. | JEMSE Arrangement | Lithium americas corp | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Percentage of equity interest acquired | 4.20% | ||||||||||||
Minera Exar S.A. | JEMSE Arrangement | Equity Accounting Investments | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Ownership interest in joint operation | 8.50% | ||||||||||||
Minera Exar S.A. | Ganfeng | Equity Accounting Investments | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Ownership interest in joint operation | 46.70% | ||||||||||||
Minera Exar S.A. | Ganfeng | JEMSE Arrangement | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Percentage of equity interest acquired | 4.30% | ||||||||||||
Exar Capital B.V. | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Ownership interest in joint operation | 37.50% | ||||||||||||
Ownership interest in joint operation | 51.00% | ||||||||||||
Proceeds from issue of ordinary shares | $ 689,000 | ||||||||||||
Percentage of Fact and Basis for Preparation of Financial Statements When not Going Concern basis | 100.00% | 100.00% | |||||||||||
Loans to Exar Capital | $ 40,000,000 | $ 40,000,000 | |||||||||||
Repayments of loans owed | $ 40,000,000 | ||||||||||||
Exar Capital B.V. | Bottom of Range | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Percentage of Minority interest retained | 49.00% | ||||||||||||
Exar Capital B.V. | Top of Range | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Percentage of Minority interest retained | 51.00% | ||||||||||||
Exar Capital B.V. | 2020 Cauchari Transaction | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Loans to Exar Capital | 60,270,000 | $ 60,270,000 | |||||||||||
Non-interest bearing loan | 62,730,000 | ||||||||||||
Arena Minerals | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Acquisition date ,investment value | $ 3,411,000 | ||||||||||||
Acquisition date ,Warrants value | $ 1,383,000 | ||||||||||||
Share of loss of arena minerals | 342,000 | ||||||||||||
Investment balance amount | 13,033,000 | 13,033,000 | |||||||||||
Estimated fair value of warrants | $ 7,558,000 | $ 7,558,000 | |||||||||||
Common shares acquired | shares | 42,857 | ||||||||||||
ShortTerm Bank Deposits For A Period | mo | 24 | ||||||||||||
Rate of interest | 7.50% | ||||||||||||
Aggregate Consideration | $ 9,964,000 | $ 12,632 | |||||||||||
Share purchase warrants | shares | 21,429 | ||||||||||||
Common Shares Acquired In Percentage | 23369.00% | 23369.00% | |||||||||||
Common share,per share value | shares | 540 | 540 | |||||||||||
Number of shares issued | shares | 17.4 | 17.4 | |||||||||||
Number of shares outstanding | shares | 17.4 | 17.4 | |||||||||||
Total consideration on right to exercise purchase option | $ 4,794,000 | $ 6,000 | |||||||||||
Arena Minerals | Finance and other income | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Gain on fair value of investments | $ 6,282,000 | ||||||||||||
Arena Minerals | Historical volatility for shares, measurement input | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Fair value of warrants, inputs | 202 | 202 | |||||||||||
Arena Minerals | Interest rate, measurement input | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Fair value of warrants, inputs | 0.91 | 0.91 | |||||||||||
Arena Minerals | Expected dividend measurement input | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Fair value of warrants, inputs | 0 | 0 | |||||||||||
Arena Minerals | Expected life measurement input | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Fair value of warrants, inputs | yr | 2 | 2 | |||||||||||
Arena Minerals | Bottom of Range | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Common Shares Acquired In Percentage | 0.25% | ||||||||||||
Cauchari-Olaroz | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Share of loss of arena minerals | $ 25,731,000 | 6,313,000 | |||||||||||
Investment balance amount | $ 156,281,000 | 156,281,000 | $ 131,394,000 | ||||||||||
Cauchari-Olaroz | 2020 Cauchari Transaction | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Ownership interest in joint operation | 50.00% | ||||||||||||
Cauchari-Olaroz | Minera Exar S.A. | JEMSE Arrangement | |||||||||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||||||||
Reimbursement of share of equity financing as consideration | $ 23,496,000 | ||||||||||||
Percentage of pro rata share | 8.50% |
Investment in Cauchari-Olaroz_3
Investment in Cauchari-Olaroz Project - Schedule of Information About Loss On Closing Of JEMSE Transaction Explanatory (Details) - JEMSE Arrangement $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure Of Loss On JEMSE Transaction [Line Items] | |
Adjustments To Long Term Receivables Fair Value | $ 5,800 |
Loss On JSME Transaction | (4,712) |
Minera Exar S.A. | |
Disclosure Of Loss On JEMSE Transaction [Line Items] | |
Adjustments To Carrying Value Of Disposed Share Of Investment | $ (10,512) |
Investment in Cauchari-Olaroz_4
Investment in Cauchari-Olaroz Project - Schedule of Information About Loss On Closing Of JEMSE Transaction Explanatory (Parenthetical) (Details) - JEMSE Arrangement $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure Of Loss On JEMSE Transaction [Line items] | |
Ownership interest in joint operation | 49.00% |
Payment For Share Of Equity Financing As Consideration For Interest Held | $ 23,496 |
Investment in Cauchari-Olaroz_5
Investment in Cauchari-Olaroz Project - Summary of Loans to Joint Operation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Loans, beginning balance | $ 34,562,000 | $ 37,959,000 |
Repayment of the senior credit facility | (205,000,000) | 0 |
Loans, ending balance | 70,856,000 | 34,562,000 |
Exar Capital B.V. | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Loans to Joint Venture | 60,270,000 | |
Initial difference between the face value and the fair value of loans to Exar Capital | (29,677,000) | |
Accrued interest | 5,701,000 | |
Loans, ending balance | 70,856,000 | |
Equity Accounting Investments | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Loans, beginning balance | 34,562,000 | |
Loans, ending balance | 34,562,000 | |
Prior to 2020 Cauchari Transaction | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Initial difference between the face value and the fair value of loans to Exar Capital | (7,746,000) | |
Elimination of loans as a result of Joint Operation accounting | (3,377,000) | |
Accrued interest | 3,337,000 | |
Prior to 2020 Cauchari Transaction | Exar Capital B.V. | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Loans to Joint Venture | 14,500,000 | |
Prior to 2020 Cauchari Transaction | Minera Exar and Exar Capital B.V. | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Loans, beginning balance | $ 44,673,000 | |
Loans, ending balance | 44,673,000 | |
After 2020 Cauchari Transaction | Equity Accounting Investments | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Accrued interest | 1,082,000 | |
Derecognition of share of loans from Exar Capital to Minera Exar as a result of the 2020 Cauchari Transaction | (26,368,000) | |
Reversal of elimination of loans as a result of the 2020 Cauchari Transaction | 28,132,000 | |
Repayment of the senior credit facility | (40,000,000) | |
Gain on early repayment of the $40,000 loans | 19,608,000 | |
After 2020 Cauchari Transaction | Equity Accounting Investments | Exar Capital B.V. | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Loans to Joint Venture | 14,700,000 | |
Initial difference between the face value and the fair value of loans to Exar Capital | $ (7,265,000) |
Investment in Cauchari-Olaroz_6
Investment in Cauchari-Olaroz Project - Summary of Loans to Joint Operation (Parenthetical) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Repayments of loans owed | $ 205,000,000 | $ 0 |
After 2020 Cauchari Transaction | Equity Accounting Investments | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Repayments of loans owed | $ 40,000,000 |
Investment in Cauchari-Olaroz_7
Investment in Cauchari-Olaroz Project - Schedule of Investment in Cauchari-Olaroz Project (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Share of income of Cauchari-Olaroz project | $ (342) | $ 0 |
Cauchari-Olaroz | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Recognition of Investment in Cauchari-Olaroz project | 121,824 | |
Contribution to Investment in Cauchari-Olaroz project | 31,772 | 8,118 |
Share of income of Cauchari-Olaroz project | 25,731 | 6,313 |
Elimination of unrealized gain on intercompany transactions | (22,104) | (4,861) |
Ending balance | 156,281 | 131,394 |
Minera Exar S.A. | Cauchari-Olaroz | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Recognition of Investment in Cauchari-Olaroz project | 119,537 | |
Contribution to Investment in Cauchari-Olaroz project | 2,095 | 853 |
Share of income of Cauchari-Olaroz project | 8,712 | 2,113 |
Elimination of unrealized gain on intercompany transactions | 0 | |
Ending balance | 122,798 | 122,503 |
Minera Exar S.A. | Cauchari-Olaroz | JEMSE Arrangement | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Share of decrease in Minera Exar net assets as a result of the JEMSE Transaction | (10,512) | |
Exar Capital B.V. | Cauchari-Olaroz | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Recognition of Investment in Cauchari-Olaroz project | 2,287 | |
Contribution to Investment in Cauchari-Olaroz project | 29,677 | 7,265 |
Share of income of Cauchari-Olaroz project | 17,019 | 4,200 |
Elimination of unrealized gain on intercompany transactions | (22,104) | (4,861) |
Share of decrease in Minera Exar net assets as a result of the JEMSE Transaction | 0 | |
Ending balance | $ 33,483 | $ 8,891 |
Investment in Cauchari-Olaroz_8
Investment in Cauchari-Olaroz Project - Schedule of Amounts Presented in Financial Statements of Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 510,607 | $ 148,070 | $ 83,614 | |
Total current assets | 532,575 | 154,340 | ||
Non-current assets | 284,767 | 172,383 | ||
Current liabilities | (8,256) | (8,754) | ||
Income tax expense | 0 | 1,219 | ||
Withholding tax expense | [1] | 0 | (1,219) | |
General and administrative expenses | (10,386) | (7,713) | ||
NET (LOSS) /INCOME | (38,488) | (36,234) | ||
Minera Exar S.A. | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 937 | 752 | ||
Other current assets | 1,087 | 7,397 | ||
Total current assets | 2,024 | 8,149 | ||
Non-current assets | 783,138 | 512,990 | ||
Current liabilities | (93,509) | (20,458) | ||
Non-current liabilities - loans from Exar Capital | (438,306) | (267,222) | ||
Other non-current liabilities | (6,271) | (5,828) | ||
Net assets | 247,076 | 227,631 | ||
Other losses | 0 | (1,893) | ||
Income tax expense | (61,978) | 0 | ||
Deferred tax recovery | 81,424 | 4,342 | ||
NET (LOSS) /INCOME | 19,446 | 2,449 | ||
Exar Capital B.V. | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 4,616 | 10,769 | ||
Other current assets | 583 | 3,126 | ||
Total current assets | 5,199 | 13,895 | ||
Non-current assets | 438,306 | 267,222 | ||
Current liabilities | (353,924) | (230,906) | ||
Other current liabilities | (479) | (1,000) | ||
Other non-current liabilities | (10,441) | (5,284) | ||
Net assets | 78,661 | 43,927 | ||
Interest income on loans from Exar Capital | 40,403 | 26,258 | ||
Withholding tax expense | (5,157) | (2,973) | ||
General and administrative expenses | (514) | (457) | ||
NET (LOSS) /INCOME | $ 34,732 | $ 22,828 | ||
[1] | Estimated accrued foreign withholding taxes of $1,219 at December 31, 2020 relate to Exar Capital and are payable when interest from intercompany loans between the Company and its Joint Operation is received. |
Investment in Cauchari-Olaroz_9
Investment in Cauchari-Olaroz Project - Schedule of Reconciliation of Summarized Financial Information to Carrying Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Minera Exar S.A. | ||
Disclosure Of Joint Ventures [Line Items] | ||
Net assets | $ 247,076 | $ 227,631 |
Company's share of net assets (49%) | 110,690 | |
Interest capitalized while proportionally consolidated | 6,619 | |
Joint Venture expenditures incurred by the Company net of eliminations | 5,489 | |
Carrying value | 122,798 | |
Exar Capital B.V. | ||
Disclosure Of Joint Ventures [Line Items] | ||
Net assets | 78,661 | $ 43,927 |
Company's share of net assets (49%) | 38,544 | |
Elimination of unrealized gain on intercompany transactions and other, cumulative | (42,003) | |
Difference between the face value and the fair value of loans to Exar Capital | 36,942 | |
Carrying value | $ 33,483 |
Deferred Transaction Costs - Ad
Deferred Transaction Costs - Additional Information (Details) $ in Thousands | Nov. 01, 2021USD ($) | Dec. 31, 2021USD ($) | Nov. 01, 2021$ / shares |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||
Escrow Deposit | $ 20,000 | $ 20,000 | |
Millennial Lithium Corp [Member] | |||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||
Price Per Outstanding Shares Acquired | $ / shares | $ 4.70 | ||
Price Per Share Outstanding Paid In Cash | $ / shares | $ 0.001 | ||
Total consideration paid | 389,552 | ||
Millennial Lithium [Member] | |||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||
Business Combination ,Break Fees Amount | 20,000 | ||
Acquisition-related costs | $ 800 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | $ 1,935 | ||
Additions | 3,478 | $ 65,515 | |
Net book value at ending of the year | 4,368 | 1,935 | |
Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 3,306 | 161,149 | |
Additions | 3,478 | 60,383 | |
Capitalization of interest | 5,132 | ||
Deconsolidation | (223,294) | ||
Disposals | (452) | (83) | |
Foreign exchange | 19 | ||
Net book value at ending of the year | 6,332 | 3,306 | |
Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | (1,371) | (2,225) | |
Depreciation for the period | 925 | 933 | |
Deconsolidation | 1,734 | ||
Disposals | 332 | 53 | |
Net book value at ending of the year | (1,964) | (1,371) | |
Cauchari-Olaroz | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | [1] | 0 | |
Net book value at ending of the year | [1] | 0 | 0 |
Cauchari-Olaroz | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | [1] | 0 | 158,309 |
Additions | [1] | 0 | 59,853 |
Capitalization of interest | [1] | 5,132 | |
Deconsolidation | [1] | (223,294) | |
Disposals | [1] | 0 | 0 |
Foreign exchange | [1] | 0 | |
Net book value at ending of the year | [1] | 0 | 0 |
Cauchari-Olaroz | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | [1] | 0 | (1,455) |
Depreciation for the period | [1] | 0 | 279 |
Deconsolidation | [1] | 1,734 | |
Disposals | [1] | 0 | 0 |
Net book value at ending of the year | [1] | 0 | 0 |
Equipment and Machinery | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 727 | ||
Net book value at ending of the year | 502 | 727 | |
Equipment and Machinery | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 1,198 | 951 | |
Additions | 118 | 247 | |
Capitalization of interest | 0 | ||
Deconsolidation | 0 | ||
Disposals | 0 | 0 | |
Foreign exchange | 0 | ||
Net book value at ending of the year | 1,316 | 1,198 | |
Equipment and Machinery | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | (471) | (197) | |
Depreciation for the period | 343 | 274 | |
Deconsolidation | 0 | ||
Disposals | 0 | 0 | |
Net book value at ending of the year | (814) | (471) | |
Other | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | [2] | 1,208 | |
Net book value at ending of the year | [2] | 3,866 | 1,208 |
Other | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | [2] | 2,108 | 1,889 |
Additions | [2] | 3,360 | 283 |
Capitalization of interest | [2] | 0 | |
Deconsolidation | [2] | 0 | |
Disposals | [2] | (452) | (83) |
Foreign exchange | [2] | 19 | |
Net book value at ending of the year | [2] | 5,016 | 2,108 |
Other | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | [2] | (900) | (573) |
Depreciation for the period | [2] | 582 | 380 |
Deconsolidation | [2] | 0 | |
Disposals | [2] | 332 | 53 |
Net book value at ending of the year | [2] | $ (1,150) | $ (900) |
[1] | Prior to closing the 2020 Cauchari Transaction, this includes the Company’s 50% share of Cauchari-Olaroz project construction costs and project-related costs incurred directly by the Company (Note 6). | ||
[2] | The “Other” category includes right of use assets with a cost of $3,990 and $785 of accumulated depreciation as at December 31, 2021. |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Lease assets | $ 3,990 | |
Cauchari-Olaroz | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Company's share in construction costs and project-related costs | 50.00% | |
Minera Exar S.A. | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Percentage of fixed assets | 50.00% | |
Minera Exar S.A. | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Percentage of accumulated depreciation | 50.00% | |
Other Equipment | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Accumulated depreciation | $ 785 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets - Schedule of Exploration and Evaluation Assets Relating to Thacker Pass Project (Details) - Exploration and Evaluation Assets - Thacker Pass - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Acquisition costs | ||
Total exploration and evaluation assets, beginning balance | $ 4,342 | $ 3,852 |
Additions | 1,298 | 490 |
Total exploration and evaluation assets, ending balance | $ 5,640 | $ 4,342 |
Exploration and Evaluation As_4
Exploration and Evaluation Assets - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Percentage of royalty revenue | 20.00% |
Percentage of gross royalty revenue | 8.00% |
Cumulative payment | $ 22,000,000 |
Percentage royalty revenue, reduction | 4.00% |
Percentage of option to reduce royalty revenue | 1.75% |
2022 | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Cumulative payment | $ 137,500 |
2023 | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Cumulative payment | $ 2,887,500 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) - USD ($) | Dec. 09, 2021 | Dec. 06, 2021 | Dec. 31, 2021 |
Statement One [Line Items] | |||
Principal amount of Convertible senior notes | $ 225,000,000 | ||
Net proceeds realized used for repayment of senior credit facility | 205,000,000 | ||
Principal amount of Convertible senior notes | $ 33,750,000 | ||
Increase in Convertible Notes and Offering | $ 258,750,000 | ||
Initial coversion rate of convertible notes in shares | $ 21.2307 | ||
Initial coversion rate of convertible notes in shares per principal Amount | 1,000 | ||
Initial conversion rate of convertible notes | 47.10 | ||
Initial conversion price at a premium percentage of last reported sale price of shares | 35 | ||
Closing date value of Debt Host | 87,524,000 | ||
Closing date value of Convertible derivatives | 132,902,000 | ||
Overallotment od debt host | 13,895,000 | ||
Overallotment of convertible derivatives | 19,259,000 | ||
Estimated Fair Value of convertible derivatives | 83,000,000 | ||
Percentage of trading price of conversion value of such notes | 98.00% | ||
Percentage of minimum trading price of the common shares preceding the date of announcement of such distribution | 10.00% | ||
Number of consecutive trading days for determining share price | 20 days | ||
Number of trading days for determining share price. | 30 days | ||
Percentage of trading price of conversion price on each applicable trading day | 130.00% | ||
Percentage of principal plus accrued and unpaid interest equal to Redemption price | 100.00% | ||
Transaction costs | 8,499,000 | 8,499,000 | |
Debt instruments | 5,170,000 | ||
Embedded derivatives in contracts | 3,329,000 | ||
Gains on change in fair value of derivatives | 18,419,000 | ||
Losses on change in fair value of derivatives | 3,329,000 | ||
Gains (losses) on change in fair value of derivatives | $ 15,090,000 | ||
Bottom of range [member] | |||
Statement One [Line Items] | |||
Percentage of changes in volatility by Valuation of the embedded derivative | 23.00% | ||
Percentage of changes in Share price by Valuation of the embedded derivative | 15.00% | ||
Top of range [member] | |||
Statement One [Line Items] | |||
Percentage of changes in volatility by Valuation of the embedded derivative | 20.00% | ||
Percentage of changes in Share price by Valuation of the embedded derivative | 10.00% | ||
Historical volatility for shares, measurement input [member] | |||
Statement One [Line Items] | |||
Percentage of volatility | 65.00% | ||
Interest rate, measurement input [member] | |||
Statement One [Line Items] | |||
Risk free interest rate(%) | 1.37% | ||
Expected Dividend [Member] | |||
Statement One [Line Items] | |||
Expected dividend(%) | 0.00% | ||
Credit spread, measurement input [member] | |||
Statement One [Line Items] | |||
Credit Spread Rate | 10.56% | ||
Fixed interest rate [member] | |||
Statement One [Line Items] | |||
Interest rate of convertible Senior notes | $ 1.75 | $ 1.75 |
Long-Term Liabilities - Schedul
Long-Term Liabilities - Schedule of Long-Term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current portion of long-term borrowings | ||
Current portion of long-term liabilities | $ 909 | $ 3,550 |
Long-term borrowings | ||
Long-term liabilities | 28,824 | 124,771 |
Accrued interest | ||
Current portion of long-term borrowings | ||
Current portion of long-term liabilities | 305 | 3,056 |
Other liabilities | ||
Current portion of long-term borrowings | ||
Current portion of long-term liabilities | 604 | 494 |
Long-term borrowings | ||
Long-term liabilities | 27,915 | 121,221 |
Credit facility (net of financing costs) | ||
Long-term borrowings | ||
Long-term liabilities | 0 | 95,068 |
Limited Recourse Loan Facility | ||
Long-term borrowings | ||
Long-term liabilities | $ 27,915 | $ 26,153 |
Long-Term Liabilities - Additio
Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Oct. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowings obtained from drawdown of credit facility | $ 20,000 | $ 20,000 | ||
Drawn borrowing facilities | 109,250 | $ 36,708 | ||
Borrowings, interest rate basis | LIBOR plus 5.5% | |||
Senior Credit Facility | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowings obtained from drawdown of credit facility | 109,250 | 109,250 | ||
Drawn borrowing facilities | 205,000 | |||
RepaymentsOfSeniorDebt | 205,000 | |||
Senior Credit Facility | Ganfeng | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Proceed from long-term borrowings | 71,013 | |||
Senior Credit Facility | Bangchak | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Proceed from long-term borrowings | $ 38,237 | |||
Non-Recourse Loan Agreement | Ganfeng | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowings interest rate | 10.00% | |||
Percentage of right to purchase share of production | 50.00% | |||
Borrowing facility | $ 100,000 | |||
Limited Recourse Loan Facility | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Drawn borrowing facilities | 100,000 | |||
Additional drawdowns from credit facility | 4,708 | |||
Limited Recourse Loan Facility | Long-term liabilities | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Accrued interest | $ 3,208 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about other liabilities [line items] | ||||
Other liabilities | $ 8,374 | $ 5,719 | ||
Lithium Nevada Corp | ||||
Disclosure of detailed information about other liabilities [line items] | ||||
Other liabilities | 2,434 | 889 | ||
Success fee to mining contractor | 4,650 | |||
Lithium Nevada Corp | Thacker Pass | ||||
Disclosure of detailed information about other liabilities [line items] | ||||
Other liabilities | 5,940 | 4,830 | ||
Payments from mining contractor | $ 3,500 | |||
Repayment amount upon failing to achieve milestone | $ 3,500 | |||
Other Liabilities | Lithium Nevada Corp | Thacker Pass | ||||
Disclosure of detailed information about other liabilities [line items] | ||||
Payments from mining contractor | $ 2,000 | $ 1,500 |
Share Capital And Equity Comp_3
Share Capital And Equity Compensation - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 22, 2021USD ($)shares | Jan. 04, 2021shares | Sep. 30, 2021shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019 | Jan. 31, 2021$ / shares | Apr. 01, 2020shares |
Disclosure Of Equity Compensation [Line Items] | ||||||||||
Common shares issued | shares | 258 | 258 | 224 | 224 | ||||||
Weighted average share price at the time of exercise of options | $ / shares | $ 20 | $ 12.57 | ||||||||
Equity compensation expense | $ 5,393 | $ 6,626 | ||||||||
Accrued Liabilities | $ 1,658 | $ 1,658 | ||||||||
Number of Options, Exercised | shares | 612 | 1,233 | ||||||||
Share issuance costs | $ 22,609 | $ 3,224 | ||||||||
Underwritten Public Offer [Member] | ||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||
Common shares issued | shares | 18,182 | |||||||||
Number Of Shares Exercised Fully By Underwriters | shares | 2,273 | |||||||||
Price Per Share Issued | $ / shares | $ 22 | |||||||||
Consideration paid (received) | $ 400,000 | |||||||||
Restricted Share Units | ||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||
Number of shares granted | shares | 256 | 810 | ||||||||
Fair value of shares granted | $ 3,547 | 3,547 | $ 2,247 | $ 2,247 | ||||||
Unrecognized compensation cost related to unvested share based compensation arrangements | 1,140 | 667 | ||||||||
Fair value of share units recorded as a share-based payments expense | 2,821 | 4,669 | ||||||||
Fair value of share units recorded as a share-based payments expense included in payables pending issuance | $ 1,374 | $ 1,658 | ||||||||
Deferred Share Units | ||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||
Number of shares granted | shares | 24 | 121 | ||||||||
Fair value of shares granted | $ 377 | $ 377 | $ 468 | $ 468 | ||||||
Cashless Exercise Provision Stock Option Plan | ||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||
Number of Options, Exercised | shares | 310 | 481 | ||||||||
Performance Share Units | ||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||
Number of shares granted | shares | 162 | 162 | 162 | 0 | ||||||
Unrecognized compensation cost related to unvested share based compensation arrangements | $ 2,282 | $ 1,613 | ||||||||
Equity compensation expense | $ 2,572 | $ 1,957 | ||||||||
Stock Issued During Period, Shares, Conversion of Units | shares | 417 | |||||||||
Conversion ratio | 1.91 | |||||||||
Performance Share Units | Later than one year and not later than three years [member] | ||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||
percentage of Performance Share Units earned by shareholder return relative to the return of the peer companies | 20.00% | 20.00% | ||||||||
Performance Share Units | Later Than Three Year [Member] | ||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||
percentage of Performance Share Units earned by shareholder return relative to the return of the peer companies | 40.00% | 40.00% | ||||||||
Equity Incentive Plan | ||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||
Maximum percentage of outstanding common shares reserved for issuance | 10.00% | 16.00% | ||||||||
Common shares issued | shares | 14,401 |
Share Capital And Equity Comp_4
Share Capital And Equity Compensation - Summary of Changes to Number of Restricted Shares (Details) - Restricted Share Units - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Number of shares outstanding balance | 2,290 | 2,388 |
Converted into shares | (191) | (886) |
Number of shares granted | 256 | 810 |
Number of shares forfeited | (22) | |
Number of shares outstanding balance | 2,355 | 2,290 |
Share Capital And Equity Comp_5
Share Capital And Equity Compensation - Summary of Changes to Number of Deferred Share Units (Details) - Deferred Share Units - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Number of shares outstanding balance | 218 | 228 |
Number of shares granted | 24 | 121 |
Converted into shares | (131) | |
Number of shares outstanding balance | 242 | 218 |
Share Capital And Equity Comp_6
Share Capital And Equity Compensation - Summary of Stock Options Outstanding and Exercisable (Details) shares in Thousands | 12 Months Ended | |||
Dec. 31, 2021shares$ / shares | Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares | Dec. 31, 2019shares | |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Number of options outstanding | shares | 1,682 | 1,682 | 2,303 | 3,731 |
Weighted average remaining contractual life of options outstanding (years) | 9 months 18 days | |||
Weighted average exercise price of options exercisable | $ 7.06 | |||
$4.55 - $5.00 | ||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Number of options outstanding | shares | 579 | 579 | ||
Weighted average remaining contractual life of options outstanding (years) | 6 months | |||
Weighted average exercise price of options exercisable | $ 4.92 | |||
$4.55 - $5.00 | Bottom of Range | ||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Exercise price of options outstanding | $ 4.55 | |||
$4.55 - $5.00 | Top of Range | ||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Exercise price of options outstanding | $ 5 | |||
$8.05 - $11.07 | ||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Number of options outstanding | shares | 1,103 | 1,103 | ||
Weighted average remaining contractual life of options outstanding (years) | 1 year | |||
Weighted average exercise price of options exercisable | $ 8.19 | |||
$8.05 - $11.07 | Bottom of Range | ||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Exercise price of options outstanding | $ 8.05 | |||
$8.05 - $11.07 | Top of Range | ||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Exercise price of options outstanding | $ 11.07 |
Share Capital And Equity Comp_7
Share Capital And Equity Compensation- Summary of Changes to Stock Options Outstanding (Details) shares in Thousands | 12 Months Ended | |
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Disclosure Of Changes To Stock Options Outstanding [Abstract] | ||
Number of Options, Balance Outstanding | shares | 2,303 | 3,731 |
Number of Options, Exercised | shares | (612) | (1,233) |
Number of Options, Expired | shares | (9) | (195) |
Number of Options, Balance Outstanding | shares | 1,682 | 2,303 |
Weighted Average Exercise Price, Balance Outstanding | $ / shares | $ 6.05 | $ 5.94 |
Weighted Average Exercise Price, Exercised | $ / shares | (3.05) | (5.19) |
Weighted Average Exercise Price, Expired | $ / shares | (6.30) | (8.99) |
Weighted Average Exercise Price, Balance Outstanding | $ / shares | $ 7.06 | $ 6.05 |
Share Capital And Equity Comp_8
Share Capital And Equity Compensation - Summary of Fair Value of Performance Awards Granted by Using Monte Carlo Simulation Model (Details) - Performance Share Units shares in Thousands | Jan. 04, 2021USD ($)shares | Sep. 30, 2021shares | Dec. 31, 2021shares | Dec. 31, 2020shares |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Number of PSUs granted | shares | 162 | 162 | 162 | 0 |
Risk-free interest rate | 0.17% | |||
Dividend rate | 0.00% | |||
Annualized volatility | 76.00% | |||
Peer Group average volatility | 72.20% | |||
Estimated forfeiture rate | 10.00% | |||
Fair value per PSU granted | $ | $ 19,720 |
Share Capital And Equity Comp_9
Share Capital And Equity Compensation -Summary of Changes to Number of RS-Ps (Details) - Performance Share Units - shares shares in Thousands | Jan. 04, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||||
Number of shares outstanding balance | 999 | 999 | 1,010 | |
Number of shares granted | 162 | 162 | 162 | 0 |
Number of shares converted | (417) | |||
Number of shares cancelled | (11) | |||
Number of shares outstanding balance | 744 | 999 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Compensation paid | $ 5,372 | $ 7,662 |
Former President | Potential Transactions | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Compensation paid | 646 | |
Compensation paid in cash | 300 | |
Compensation paid in the form of RSUs | 346 | |
Advisory consulting monthly fees | $ 14 | |
Advisory consulting term | 12 months | |
Minera Exar S.A. | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Directors remuneration expense | $ 74 | $ 74 |
Minera Exar S.A. | Cauchari-Olaroz Project | Magna Construcciones S.R.L | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Total construction services contract value | $ 8,583 |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation of Key Management (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions [abstract] | ||
Equity compensation | $ 2,008 | $ 3,761 |
Salaries, bonuses, benefits and directors' fees included in general and administrative expenses | 2,175 | 2,684 |
Salaries, bonuses and benefits included in exploration expenditures | 376 | 450 |
Salaries and benefits capitalized to Investment in Cauchari-Olaroz project | 813 | 767 |
Total remuneration | 5,372 | 7,662 |
Total due to directors and executive team | $ 671 | $ 1,676 |
General and Administrative Ex_3
General and Administrative Expenses - Summary of Company's General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 10,386 | $ 7,713 |
Salaries, Benefits and Directors Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 4,215 | 4,475 |
Office and Administration | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 2,470 | 1,360 |
Professional Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 2,410 | 1,073 |
Regulatory and Filing Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 428 | 277 |
Travel | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 134 | 27 |
Investor Relations | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 462 | 303 |
Depreciation | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 267 | $ 198 |
Exploration and Evaluation Ex_3
Exploration and Evaluation Expenditures - Summary of Company's Exploration and Evaluation Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | $ 35,961 | $ 17,726 |
Thacker Pass and Other Project Expenditures | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 35,961 | 17,726 |
Thacker Pass and Other Project Expenditures | Engineering | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 22,775 | 9,605 |
Thacker Pass and Other Project Expenditures | Geological, Consulting and Salaries | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 7,395 | 4,525 |
Thacker Pass and Other Project Expenditures | Permitting and Environmental | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 2,390 | 2,196 |
Thacker Pass and Other Project Expenditures | Field Supplies and Other | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 1,048 | 494 |
Thacker Pass and Other Project Expenditures | Depreciation | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 635 | 454 |
Thacker Pass and Other Project Expenditures | Drilling and Geological Expenses | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | $ 1,718 | $ 452 |
Segmented Information - Additio
Segmented Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021Segment | |
Disclosure of operating segments [abstract] | |
Number of operating segments | 3 |
Number of geographic areas | 3 |
Segmented Information - Summary
Segmented Information - Summary of Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | $ 4,368 | $ 1,935 |
Assets held for sale | 3,926 | |
Exploration and evaluation assets | 5,640 | 4,342 |
Total assets | 817,342 | 326,723 |
Total liabilities | (281,027) | (136,020) |
Property, plant and equipment additions | 3,478 | 65,515 |
Income from discontinued operations | 122 | (1,013) |
Net Income/(loss) | (38,488) | (36,234) |
Exploration expenditures | (35,961) | (17,726) |
Depreciation | (925) | (933) |
Corporate | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 1,074 | 760 |
Assets held for sale | 0 | |
Exploration and evaluation assets | 0 | 0 |
Total assets | 531,838 | 184,723 |
Total liabilities | (270,395) | (128,468) |
Property, plant and equipment additions | 582 | 23 |
Income from discontinued operations | 0 | 0 |
Net Income/(loss) | (5,696) | (16,331) |
Exploration expenditures | 0 | 0 |
Depreciation | (267) | (170) |
Operating Segments | Organoclay Plant | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 0 | 0 |
Assets held for sale | 3,926 | |
Exploration and evaluation assets | 0 | 0 |
Total assets | 0 | 4,169 |
Total liabilities | 0 | (552) |
Income from discontinued operations | 122 | (1,013) |
Net Income/(loss) | 122 | (1,013) |
Exploration expenditures | 0 | 0 |
Depreciation | 0 | 0 |
Operating Segments | Thacker Pass | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 3,294 | 1,175 |
Assets held for sale | 0 | |
Exploration and evaluation assets | 5,640 | 4,342 |
Total assets | 10,744 | 6,437 |
Total liabilities | (10,632) | (7,000) |
Property, plant and equipment additions | 2,896 | 507 |
Income from discontinued operations | 0 | 0 |
Net Income/(loss) | (38,847) | (18,123) |
Exploration expenditures | (35,961) | (16,794) |
Depreciation | (658) | (484) |
Operating Segments | Cauchari-Olaroz | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 0 | 0 |
Assets held for sale | 0 | |
Exploration and evaluation assets | 0 | 0 |
Total assets | 274,760 | 131,394 |
Total liabilities | 0 | 0 |
Property, plant and equipment additions | 0 | 64,985 |
Income from discontinued operations | 0 | 0 |
Net Income/(loss) | 5,933 | (767) |
Exploration expenditures | 0 | (932) |
Depreciation | $ 0 | $ (279) |
Segmented Information - Schedul
Segmented Information - Schedule of Non-current Assets and Revenues of Discontinued Operation by Geographical Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Discontinued Operation | |||
Non-current assets | |||
Non-current assets | [1] | $ 200,122 | $ 137,671 |
Revenue of the discontinued operation | |||
Revenue of the discontinued operation | [1] | 0 | 670 |
Canada | |||
Non-current assets | |||
Non-current assets | [1] | 1,074 | 760 |
Revenue of the discontinued operation | |||
Revenue of the discontinued operation | [1] | 0 | 0 |
United States | |||
Non-current assets | |||
Non-current assets | [1] | 8,934 | 5,517 |
Revenue of the discontinued operation | |||
Revenue of the discontinued operation | [1] | 0 | 670 |
Argentina | |||
Non-current assets | |||
Non-current assets | [1] | 190,114 | 131,394 |
Revenue of the discontinued operation | |||
Revenue of the discontinued operation | [1] | $ 0 | $ 0 |
[1] | Non-current assets attributed to geographical locations exclude financial and other assets. |
Supplemental Disclosure with _3
Supplemental Disclosure with Respect to Cash Flows - Supplementary Disclosure of Company's Non Cash Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Information With Respect To Cash Flows [Abstract] | ||
Change in accounts payable related to financings | $ 0 | $ 80 |
Interest paid | 12,517 | 7,318 |
Income taxes paid | $ 0 | $ 0 |
Income Taxes - Income Tax Recog
Income Taxes - Income Tax Recognized in Profit or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Major components of tax expense (income) [abstract] | |||
Withholding taxes accrued | [1] | $ 0 | $ 1,219 |
Current income tax | 0 | 0 | |
Tax expense | $ 0 | $ 1,219 | |
[1] | Estimated accrued foreign withholding taxes of $1,219 at December 31, 2020 relate to Exar Capital and are payable when interest from intercompany loans between the Company and its Joint Operation is received. |
Income Taxes - Income Tax Rec_2
Income Taxes - Income Tax Recognized in Profit or Loss (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Major components of tax expense (income) [abstract] | |||
Withholding taxes accrued | [1] | $ 0 | $ 1,219 |
[1] | Estimated accrued foreign withholding taxes of $1,219 at December 31, 2020 relate to Exar Capital and are payable when interest from intercompany loans between the Company and its Joint Operation is received. |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Income Taxes at Canadian Statutory Rates with Reported Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Loss from continuing operations before tax | $ (38,610) | $ (34,002) | |
Income/(Loss) from discontinued operations | 122 | (1,013) | |
(Loss)/Income before tax | $ (38,488) | $ (35,015) | |
Statutory tax rate | 27.00% | 27.00% | |
Expected income tax expense/(recovery) at statutory tax rate | $ (10,392) | $ (9,454) | |
Items not taxable for income tax purposes | (6) | 288 | |
Initial recognition of temporary differences on investment in Cauchari-Olaroz project | 0 | 10,931 | |
Recognition of previously unrecognized deductible temporary differences on loans to Exar Capital | 0 | (4,126) | |
Effect of higher tax rate in foreign jurisdiction | 2,454 | 1,185 | |
Withholding taxes | [1] | 0 | 1,219 |
Change in unrecognized deferred tax assets and other | 7,944 | 1,176 | |
Tax expense | $ 0 | $ 1,219 | |
[1] | Estimated accrued foreign withholding taxes of $1,219 at December 31, 2020 relate to Exar Capital and are payable when interest from intercompany loans between the Company and its Joint Operation is received. |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Deferred tax assets | $ 64,789 | $ 42,867 |
Deferred tax liabilities: | ||
Deferred tax liabilities | (19,876) | (12,903) |
Unrecognized deferred tax assets | 44,913 | 29,964 |
Tax Loss Carryforwards | ||
Deferred tax assets: | ||
Deferred tax assets | 49,360 | 34,976 |
Loans to Exar Capital | ||
Deferred tax assets: | ||
Deferred tax assets | 7,641 | 4,487 |
Exploration and Evaluation Assets | ||
Deferred tax assets: | ||
Deferred tax assets | 1,994 | 584 |
Financing Costs | ||
Deferred tax assets: | ||
Deferred tax assets | 4,963 | 661 |
Capital Assets | ||
Deferred tax assets: | ||
Deferred tax assets | 50 | 1,308 |
Investment in Cauchari-Olaroz project | ||
Deferred tax liabilities: | ||
Deferred tax liabilities | (15,043) | (11,713) |
Investment in Arena Minerals | ||
Deferred tax liabilities: | ||
Deferred tax liabilities | (793) | 0 |
Convertible debt | ||
Deferred tax liabilities: | ||
Deferred tax liabilities | (4,040) | 0 |
Other | ||
Deferred tax assets: | ||
Deferred tax assets | 781 | 851 |
Deferred tax liabilities: | ||
Deferred tax liabilities | $ 0 | $ (1,190) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CAD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | |
Canada | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Non-capital loss carryforwards | $ 108,000 | $ 82,000 | ||
Non-capital loss carryforwards expiration year period | 2029 | |||
US | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Non-capital loss carryforwards | $ 125,000 | $ 83,000 | ||
Non-capital loss carryforwards expiration year period | between 2027 – 2041 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure Of Financial Instruments [Line Items] | ||||
Cash and cash equivalents | $ 510,607 | $ 148,070 | $ 83,614 | |
Current liabilities | 8,256 | 8,754 | ||
Cash and cash equivalents held in USD | $ 4,393 | |||
Foreign exchange rate | 10 | 10 | ||
Foreign exchange gain (loss) | $ 73 | $ 439 | $ (270) | |
Credit Risk | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Cash and cash equivalents | 510,607 | |||
Current liabilities | $ 8,256 |
Financial instruments - Summary
Financial instruments - Summary of Contractual Maturities for Financial Liabilities on Undiscounted Basis (Details) $ in Thousands | Dec. 31, 2021USD ($) | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | $ 327,210 | |
Convertible senior notes | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 281,895 | [1] |
Credit and loan facilities | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Credit and Loan Facilities | 28,251 | [1] |
Accounts payable and accrued liabilities | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 7,347 | |
Obligations under office leases | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 3,294 | [1] |
Other obligations | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 6,423 | [1] |
2022 | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 39,243 | |
2022 | Convertible senior notes | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 2,737 | [1] |
2022 | Credit and loan facilities | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Credit and Loan Facilities | 28,251 | [1] |
2022 | Accounts payable and accrued liabilities | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 7,347 | |
2022 | Obligations under office leases | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 683 | [1] |
2022 | Other obligations | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 225 | [1] |
2023 | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 5,721 | |
2023 | Convertible senior notes | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 4,528 | [1] |
2023 | Obligations under office leases | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 989 | [1] |
2023 | Other obligations | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 204 | [1] |
2024 | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 11,464 | |
2024 | Convertible senior notes | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 4,541 | [1] |
2024 | Obligations under office leases | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 929 | [1] |
2024 | Other obligations | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 5,994 | [1] |
2025 and later | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 270,782 | |
2025 and later | Convertible senior notes | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 270,089 | [1] |
2025 and later | Obligations under office leases | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | 693 | [1] |
2025 and later | Other obligations | ||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||
Financial liabilities on undiscounted basis ,Total | $ 0 | [1] |
[1] | Include principal and interest/finance charges. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) shares in Thousands, $ in Thousands | Jan. 25, 2022USD ($)shares | Nov. 01, 2021shares | Jan. 04, 2021shares | Sep. 30, 2021shares | Dec. 31, 2021shares | Dec. 31, 2020shares | Dec. 31, 2019shares |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Common shares issued | 258 | 224 | |||||
Number of options outstanding | 1,682 | 2,303 | 3,731 | ||||
Restricted Share Units | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
RSUs converted into shares | 2,355 | 2,290 | 2,388 | ||||
Number Of Other Equity Instruments Converted Into Common Shares In Sharebased Payment Arrangement | 191 | 886 | |||||
Number of shares granted | 256 | 810 | |||||
Performance Share Units | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
RSUs converted into shares | 744 | 999 | 1,010 | ||||
Number Of Other Equity Instruments Converted Into Common Shares In Sharebased Payment Arrangement | (417) | ||||||
Number of shares granted | 162 | 162 | 162 | 0 | |||
Deferred Share Units | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
RSUs converted into shares | 242 | 218 | 228 | ||||
Number Of Other Equity Instruments Converted Into Common Shares In Sharebased Payment Arrangement | 131 | ||||||
Number of shares granted | 24 | 121 | |||||
Share Transactions | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Common shares issued | 84 | ||||||
Number of options outstanding | 20 | ||||||
Number of equity instruments converted into common shares in sharebased payment arrangement | 17 | ||||||
Vesting period | 4 years | ||||||
Share Transactions | Millennial [Member] | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Common shares issued | 13,199 | ||||||
Percentage of voting equity interests acquired | 100.00% | ||||||
Share Transactions | Restricted Share Units | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
RSUs converted into shares | 67 | ||||||
Number Of Other Equity Instruments Converted Into Common Shares In Sharebased Payment Arrangement | 67 | ||||||
Number of shares granted | 128 | ||||||
Vesting description | The vesting periods of RSUs vary from immediate vesting to vesting periods of up to 4 years. | ||||||
Share Transactions | Performance Share Units | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Number of shares granted | 73 | ||||||
Vesting period | 3 years | ||||||
Vesting description | PSUs have a three-year vesting period and vest on January 4, 2024. | ||||||
Share Transactions | Deferred Share Units | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Number of shares granted | 6 | ||||||
Major business combination [member] | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Interest paid on drawdown amount under credit facility | $ | $ 75,000 | ||||||
Major business combination [member] | Minera Exar [Member] | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Percentage of Equity interest acquired | 49.00% | ||||||
Investments accounted for using equity method | $ | $ 94,000 | ||||||
Major business combination [member] | Ganfeng [Member] | Minera Exar [Member] | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Proceeds from current borrowings | $ | $ 40,000 | ||||||
Percentage of guarantee provided by the company | 49.00% |