Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
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 | 135,035,193 |
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 |
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, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 194,471 | $ 510,607 |
Short-term bank deposits | 157,631 | 0 |
Receivables, prepaids and deposits | 3,990 | 1,968 |
Restricted cash | 20,000 | |
Total current assets | 356,092 | 532,575 |
NON-CURRENT ASSETS | ||
Associates and other investments | 31,343 | 20,591 |
Loans to Exar Capital | 223,122 | 70,856 |
Investment in Cauchari-Olaroz Project | 41,507 | 156,281 |
Long-term receivable from JEMSE | 6,813 | 6,231 |
Deferred transaction costs | 20,800 | |
Property, plant and equipment | 9,026 | 4,368 |
Exploration and evaluation assets | 348,645 | 5,640 |
Total non-current assets | 660,456 | 284,767 |
TOTAL ASSETS | 1,016,548 | 817,342 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 16,540 | 7,347 |
Current portion of long-term liabilities | 3,105 | 909 |
Total current liabilities | 19,645 | 8,256 |
NON-CURRENT LIABILITIES | ||
Convertible senior notes | 204,472 | 236,156 |
Credit and loan facilities | 27,915 | |
Decommissioning provision | 478 | 326 |
Other liabilities | 7,951 | 8,374 |
Total long-term liabilities | 212,901 | 272,771 |
TOTAL LIABILITIES | 232,546 | 281,027 |
SHAREHOLDERS' EQUITY | ||
Share capital | 1,029,485 | 689,993 |
Contributed surplus | 30,226 | 28,463 |
Accumulated other comprehensive loss | (3,487) | (3,487) |
Deficit | (272,222) | (178,654) |
TOTAL SHAREHOLDERS' EQUITY | 784,002 | 536,315 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,016,548 | $ 817,342 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Loss shares in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 ARS ($) shares | |
EXPENSES | ||||
Exploration and evaluation expenditures | $ (49,197) | $ (35,961) | ||
General and administrative | (22,883) | (10,386) | ||
Equity compensation | (6,638) | (5,393) | ||
Share of (loss)/gain of Cauchari-Olaroz Project | (83,276) | 5,933 | ||
Share of loss of Arena Minerals | (1,359) | (342) | ||
Total expenses | (163,353) | (46,149) | ||
OTHER ITEMS | ||||
Transaction costs | 0 | (86) | ||
Loss on JEMSE transaction | 0 | (4,712) | ||
Gain on financial instruments measured at fair value | 42,006 | 21,372 | ||
Gain on modification of the loans to Exar Capital | 20,354 | 0 | ||
Finance costs | (21,321) | (14,273) | ||
Foreign exchange gain | 3,433 | $ 201 | 73 | $ 35 |
Finance and other income | 25,313 | 5,165 | ||
Other Income Expense | 69,785 | 7,539 | ||
NET LOSS BEFORE TAX | (93,568) | (38,610) | ||
Tax expense | 0 | 0 | ||
NET LOSS BEFORE DISCONTINUED OPERATIONS | (93,568) | (38,610) | ||
INCOME FROM DISCONTINUED OPERATIONS | 0 | 122 | ||
Net (loss)/income | (93,568) | (38,488) | ||
TOTAL COMPREHENSIVE LOSS | $ (93,568) | $ (38,488) | ||
BASIC AND DILUTED LOSS PER SHARE | ||||
(Loss)/income per share – basic | $ / shares | $ (0.7) | $ (0.32) | ||
(Loss)/income per share – diluted | $ / shares | $ (0.7) | $ (0.32) | ||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING- DILUTED | shares | 133,709 | 133,709 | 118,808 | 118,808 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Share Capital | Contributed Surplus | Accumulated Other Comprehensive Income/ (Loss) | Deficit |
Beginning balance at Dec. 31, 2020 | $ 190,703 | $ 307,152 | $ 27,204 | $ (3,487) | $ (140,166) |
Beginning balance, Shares at Dec. 31, 2020 | 101,103 | ||||
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) | 400,000 | $ 400,000 | |||
Shares issued pursuant to the underwritten public offering, Shares (Note 13) | 18,182 | ||||
Share issuance costs | (22,609) | $ (22,609) | |||
Equity compensation (Note 13) | 6,003 | 6,003 | |||
Net loss | (38,488) | (38,488) | |||
Ending balance at Dec. 31, 2021 | 536,315 | $ 689,993 | 28,463 | (3,487) | (178,654) |
Ending balance, Shares at Dec. 31, 2021 | 120,831 | ||||
Shares issued on conversion of RSUs, DSUs and exercise of stock options | 1,920 | $ 5,680 | (3,760) | ||
Shares issued on conversion of RSUs, DSUs and exercise of stock options, shares | 1,005 | ||||
Share issuance costs | 0 | ||||
Shares issued pursuant to the acquisition of Millennial, Value (Note 7) | 333,812 | $ 333,812 | |||
Shares issued pursuant to the acquisition of Millennial, Shares (Note 7) | 13,199 | ||||
Equity compensation (Note 13) | 3,530 | 3,530 | |||
RSUs issued in lieu of accrued bonuses | 1,374 | 1,374 | |||
DSUs issued in lieu of directors' fees | 619 | 619 | |||
Net loss | (93,568) | (93,568) | |||
Ending balance at Dec. 31, 2022 | $ 784,002 | $ 1,029,485 | $ 30,226 | $ (3,487) | $ (272,222) |
Ending balance, Shares at Dec. 31, 2022 | 135,035 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net loss | $ (93,568) | $ (38,488) |
Items not affecting cash and other items: | ||
Equity compensation | 3,530 | 5,754 |
Depreciation | 1,742 | 925 |
Foreign exchange gain | (3,433) | 0 |
Share of loss/(gain) of Cauchari-Olaroz Project | 83,276 | (5,933) |
Share of loss of Arena Minerals | 1,359 | 342 |
Loss on JEMSE transaction | 0 | 4,712 |
Gain on modification of the loans to Exar Capital | (20,354) | 0 |
Gain on financial instruments measured at fair value | (42,006) | (21,372) |
Other items | 365 | 11,502 |
Payment of interest on the convertible notes and debt facilities | (6,297) | (12,517) |
Changes in non-cash working capital items: | ||
Increase in receivables, prepaids and deposits | (1,023) | (754) |
Increase in accounts payable and accrued liabilities | 11,187 | 2,648 |
Net cash used in operating activities | (65,222) | (53,181) |
INVESTING ACTIVITIES | ||
Loans to Exar Capital | (79,674) | (60,270) |
Contribution to Investment in Cauchari-Olaroz project | (3,138) | (2,309) |
Investment in Green Technology Metals | (10,000) | 0 |
Investment in Arena Minerals | (2,745) | (14,758) |
Investment in Ascend Elements | (5,000) | 0 |
Investment in short-term bank deposits | (155,000) | 0 |
Cash acquired as a result of Millennial acquisition | 33,531 | 0 |
Transaction costs related to Millennial acquisition | (5,012) | 0 |
Payment of Millennial's acquisition date payables | (17,167) | (20,800) |
Release of escrow deposit for Millennial acquisition | 20,000 | (20,000) |
Proceeds from sale of assets held for sale | 0 | 4,034 |
Additions to exploration and evaluation assets | (5,308) | (1,298) |
Release of restricted cash | 0 | 150 |
Additions to property, plant and equipment | (1,369) | (579) |
Net cash used in investing activities | (230,882) | (115,830) |
FINANCING ACTIVITIES | ||
Proceeds from stock option exercises | 1,920 | 706 |
Proceeds from public offering | 0 | 400,000 |
Equity offering issuance costs | 0 | (22,609) |
Drawdowns from the credit facilities | 0 | 109,250 |
Repayment of the senior credit facility | (24,708) | (205,000) |
Proceeds from the convertible notes | 0 | 258,750 |
Convertible notes issuance costs | 0 | (8,499) |
Other | (677) | (1,188) |
Net cash (used)/provided by financing activities | (23,465) | 531,410 |
Effect of foreign exchange on cash | 3,433 | 138 |
CHANGE IN CASH AND CASH EQUIVALENTS | (316,136) | 362,537 |
CASH AND CASH EQUIVALENTS - BEGINNING OF THE YEAR | 510,607 | 148,070 |
CASH AND CASH EQUIVALENTS - END OF THE YEAR | $ 194,471 | $ 510,607 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Nature Of Operations [Abstract] | |
Nature of Operations | 1. NATURE OF OPERATIONS Lithium Americas Corp. (“Lithium Americas” or the “Company”) is a Canadian-based resource company focused on advancing significant lithium projects: the Cauchari-Olaroz project (“Cauchari-Olaroz”), a lithium brine project located in the Salar de Olaroz and Salar de Cauchari in Jujuy province, in north-western Argentina and the Thacker Pass project (“Thacker Pass”), a sedimentary-based lithium project located in the McDermitt Caldera in Humboldt County in north-western Nevada, USA. The Company also owns the Pastos Grandes lithium project (“Pastos Grandes”), a lithium brine project located in Salta province, in north-western Argentina. The Company’s interest in Cauchari-Olaroz is held through a 44.8% ownership interest in Minera Exar S.A. (“Minera Exar”), a company incorporated under the laws of Argentina. Ganfeng Lithium Co. Ltd. (“Ganfeng”) owns 46.7% of Minera Exar with the remaining 8.5% interest held by Jujuy Energia y Mineria Sociedad del Estado (“JEMSE”), a mining investment company owned by the provincial . interest in Thacker Pass through a wholly-owned subsidiary, Lithium Nevada Corp. (“Lithium Nevada”), a company incorporated under the laws of Nevada. Thacker Pass was in the exploration and evaluation stage in 2022. On January 25, 2022, the Company acquired Millennial Lithium Corp. (“Millennial”) and added its Argentine lithium project, Pastos Grandes, to its pipeline of projects (Note 7). 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, 2022 | |
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 30, 2023. 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, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Significant accounting policies Principles of Consolidation These consolidated financial statements include the accounts of Lithium Americas and its corporate group of companies, consisting of (i) wholly-owned US subsidiaries Lithium Nevada, KV Project LLC, and RheoMinerals Inc.; (ii) Argentine subsidiaries Proyecto Pastos Grandes S.A. and Potassium S.A.; and (iii) Canadian wholly-owned subsidiaries 2265866 Ontario Inc., 1339480 B.C. Ltd., Millennial, and 1139948 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. 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, as well as all subsidiaries, is the US dollar. The functional currency of the Company’s associates Minera Exar, and Exar Capital B.V. (“Exar Capital”) is the US 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. Non-monetary Non-monetary 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 least annually. The gain or loss arising on the disposal of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognized in profit and loss . 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. If an impairment indicator is identified, 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 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 entered into by the Company Leases are recognized as a right-of-use Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. 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 s ● 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 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. The Company’s investments in equity instruments are classified as FVTPL. Investments in equity instruments are held for strategic purposes and classified as long-term. 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. 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 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 s 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, for the initial recognition of assets or liabilities that affect neither accounting or taxable loss, unless arising in a business combination, nor for differences relating to investments in subsidiaries to the extent that they are not probable to 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 restricted share units, performance share units, deferred share units and stock options. 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, Critical Accounting Estimates and Judgments 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 and Exar Capital, which are non-publicly 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 or Sal de la Puna development projects; or (iv) changes in significant assumptions which drive the valuation of the underlying Cauchari-Olaroz or Sal de la Puna development projects including forecasted commodity prices, reserve and resource estimates and capital expenditure requirements. Management has performed an assessment and concluded that objective evidence of impairment exists as of December 31, 2022. 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, 2022. Accounting for Acquisition of Millennial The Company accounted for the January 25, 2022 acquisition of Millennial as an asset acquisition. Significant judgment was required to determine that the application of this accounting treatment was appropriate for the transaction. This included, among others, the determination that Millennial was not considered a business under IFRS 3 - Business Combinations as Millennial did not have inputs and substantive processes that can collectively contribute to the creation of outputs. 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. New IFRS Pronouncements Amendments to IAS 16 – Property, Plant and Equipment: Proceeds before Intended Use In May 2020, the IASB issued amendments to IAS 16, Property, Plant and Equipment (IAS 16). The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related costs in profit (loss). An entity is required to apply these amendments for annual reporting periods beginning on or after January 1, 2022. The amendments are applied retrospectively only to items of property, plant and equipment that are available for use after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. There was no impact from Amendments to IAS 1 – Presentation of Financial Statements In October 2022, the IASB issued amendments to IAS 1, Presentation of Financial Statements titled Non-current liabilities with covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of liabilities as current or non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendments are effective January 1, 2024, with early adoption permitted. Retrospective application is required on adoption. We do not expect these amendments to have a material effect on the Company’s financial statements. Amendment to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies In February 2021, the IASB issued amendments to IAS 1, Presentation of Financial Statements and the IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on the application of materiality judgments to accounting policy disclosures. The amendments to IAS 1 replace the requirement to disclose significant accounting policies with a requirement to disclose material accounting policies. Guidance and illustrative examples are added in the Practice Statement to assist in the application of the |
Cash And Cash Equivalents And S
Cash And Cash Equivalents And Short-Term Bank Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Cash And Cash Equivalents And Short-Term Bank Deposits [Abstract] | |
Cash And Cash Equivalents And Short-Term Bank Deposits | 4. CASH AND CASH EQUIVALENTS AND SHORT-TERM BANK DEPOSITS Cash and cash equivalents December 31, 2022 December 31, 2021 Cash 38,141 137,714 Cash equivalents 156,330 372,893 Cash and cash equivalents 194,471 510,607 As at December 31, 2022, $2,010 of cash and cash equivalents were held in Canadian dollars (December 31, 2021 – $4,393), $192,116 in US dollars (December 31, 2021 – $506,214) and $345 were held in Argentine Pesos (December 31, 2021 – $Nil). Cash equivalents include investments in guaranteed investment certificates (“GICs”) with two Canadian Schedule I chartered banks that mature 3% -4.5% per annum and investments in short-term savings and deposit accounts with five Canadian Schedule I chartered banks. Short-term bank deposits December 31, 2022 December 31, 2021 Short-term bank deposits 157,631 - As at December 31, 2022, $157,631 of short-term bank deposits were held in US dollars (December 31, 2021 – Nil) and include investments in GICs with two Schedule I chartered banks 3%-4% Total interest income |
Associates and Other Investment
Associates and Other Investments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Interest In Other Entities [Abstract] | |
Associates and Other Investments | 5. ASSOCIATES AND OTHER INVESTMENTS The following table summarizes the Company’s associates and other investments: December 31, 2022 December 31, 2021 Investment in Arena Minerals 17,276 13,033 Warrants to purchase shares in Arena Minerals 1,616 7,558 Investment in Green Technology Metals 7,451 - Investment in Ascend Elements 5,000 - Associates and other investments 31,343 20,591 INVESTMENT IN ASSOCIATES INVESTMENT IN ARENA MINERALS In 2021, the Company acquired 66,226 common shares and 21,429 share purchase warrants of Arena Minerals Pursuant to the acquisition agreement, Lithium Americas has the right (i) to participate in future Arena Minerals financings to maintain its pro rata ownership interest in Arena Minerals if the Company maintains an ownership interest of at least a 7.5%; and (ii) to appoint a nominee to the Arena Minerals board of directors if the Company maintains an ownership interest of at least 10%. On November 14, 2022, the Company exercised warrants to purchase 14,590 common shares of Arena Minerals at an cash On December 20, 2022, the Company entered into an arrangement agreement with Arena Minerals pursuant to which the Company has agreed to acquire all of the issued and outstanding common shares of Arena Minerals not already owned by the Company by way of a plan of arrangement. The transaction is expected to close in April 2023. As at December 31, 2022, the Company owned approximately 19.9% (December 31, 2021 – 17.4%) of the issued and outstanding shares of Arena Minerals. The Company has significant influence over Arena Minerals by virtue of its current equity holdings of shares and warrants, and its nominee director to the board of Arena Minerals. As such, the investment in Arena Minerals is accounted for using the equity method. Warrants to acquire common shares of Arena Minerals are derivatives and accounted for at fair value with changes in fair value recorded in the statement of comprehensive loss. Common shares Warrants $ $ Investment in Arena Minerals, as at December 31, 2020 - - Purchase of Arena Minerals shares and warrants 13,375 1,383 Share of loss of Arena Minerals (342 ) - Gain on change in fair value of Arena Minerals warrants - 6,175 Investment in Arena Minerals, as at December 31, 2021 13,033 7,558 Share of loss of Arena Minerals (1,359 ) - Exercise of warrants 5,602 (2,857 ) Loss on change in fair value of Arena Minerals warrants - (3,085 ) Investment in Arena Minerals, as at December 31, 2022 17,276 1,616 The Arena Minerals warrants had an estimated fair value of $1,616 at December 31, 2022. The fair value of the warrants was estimated using a Black-Scholes valuation model with the following inputs: volatility of 66.80%, risk-free rate of 4.07%, expected dividend of 0%, and expected life of 0.56 years. A loss on fair value of $3,085 was recognized in the statement of comprehensive loss for the year ended December 31, 2022, compared to gain on fair value of $6,175 for the year ended December 31, 202 1. For the year ended December 31, 2022, the Company recognized its share of loss of $1,359 under the equity method of accounting, resulting in an investment balance of $17,276 at December 31, 2022. OTHER INVESTMENTS INVESTMENT IN GREEN TECHNOLOGY METALS On April 28, 2022, the Company entered into an agreement to acquire shares of Green Technology Metals Limited (ASX: GT1) (“Green Technology Metals”), a North American focused lithium exploration and development company with hard rock spodumene assets in north-western Ontario, Canada, in a private placement for total consideration of $10,000, or approximately 5% of Green Technology Metals’ issued and outstanding shares following closing of the share placement. As at December 31, 2022, the Company holds approximately 13,301 common shares that is 5% of the issued and outstanding shares of Green Technology Metals with an estimated fair value of $7,451 determined based on the market price of Green Technology Metals’ shares as of such date. A loss on change in fair value of Green Technology Metals Shares of $2,564 was recognized in the statement of comprehensive loss for the year ended December 31, 2022. INVESTMENT IN ASCEND ELEMENTS On July 18, 2022, the Company made a $5,000 investment in Ascend Elements, Inc. (“Ascend Elements”), a private US based lithium-ion C-1 the board of As at December 31, 2022, the Company holds approximately 806 series C-1 |
Investment in Cauchari-Olaroz P
Investment in Cauchari-Olaroz Project | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Interest In Joint Arragements [Abstract] | |
Investment in Cauchari-Olaroz Project | 6. INVESTMENT IN CAUCHARI-OLAROZ PROJECT As at December 31, 2022, 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 Cauchari-Olaroz, which is located in the Jujuy province of Argentina. The Company and Ganfeng are parties to a shareholders’ agreement concerning management of the project and are entitled to the project’s production offtake 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, a company that provides financing to Minera Exar for the purpose of advancing construction of Cauchari-Olaroz (the investment in Minera Exar and investment in Exar Capital together, the “Investment in Cauchari-Olaroz project”). Minera Exar and Exar Capital are accounted for using the equity method of accounting. Loans to Minera Exar and Exar Capital The Company has entered into loan agreements with Minera Exar and Exar Capital to fund the construction of Cauchari-Olaroz. Changes in the loans’ balances are summarized below. $ 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 Remeasurement due to extinguishment of the loans to Exar Capital 54,991 Loans to Exar Capital 79,674 Accrued interest 17,601 Loans to Exar Capital, as at December 31, 2022 223,122 Prior to 2022, loans by the Company and Ganfeng to Exar Capital were non-interest Loans advanced prior to 2022 carry interest rates between 9.72% - 12.64% while loans advanced starting in 2022 carry an interest rate of the Secured Overnight Financing Rate (“SOFR”) plus 10.305%. SOFR is a benchmark interest rate for dollar-denominated loans and derivatives established as an alternative benchmark rate to the London Inter-Bank Offered Rate (“LIBOR”), which is being gradually phased out. The 2022 pre-existing re-measurement non-interest , During the year ended December 31, 2022, loans were provided by the Company to Exar Capital in the amount of $79,674, and by Ganfeng in the amount of $82,926. Such loans funded the Company’s and Ganfeng’s respective 49% and 51% share of Cauchari-Olaroz construction costs. Maturity of the loans is 7 In addition to the loans from shareholders, in Q4 2021 and Q1 2022, Minera Exar obtained debt financing in the form of loans totaling $50,000 from a third party to fund construction. These third-party loans are secured with a bank letter of credit arranged by Ganfeng. The Company has in turn provided a guarantee to Ganfeng in the amount of $19,600 for the loans. Q4 in Investment in Cauchari-Olaroz Project Changes in the Investment in Cauchari-Olaroz Project are summarized below: $ Investment in Cauchari-Olaroz Project, as at December 31, 2020 131,394 Contribution to Investment in Cauchari-Olaroz Project 31,772 Share of income of Cauchari-Olaroz Project 25,731 Elimination of unrealized gain on intercompany transactions (22,104 ) Share of decrease in Minera Exar net assets as a result of the JEMSE Transaction (10,512 ) Investment in Cauchari-Olaroz Project, as at December 31, 2021 156,281 Remeasurement due to extinguishment of the loans to Exar Capital (34,637 ) Contribution to Investment in Cauchari-Olaroz Project 3,138 Share of loss of Cauchari-Olaroz Project (57,016 ) Elimination of unrealized gain on intercompany transactions (26,259 ) Investment in Cauchari-Olaroz Project, as at December 31, 2022 41,507 In Q2 2022, certain of the loans provided by Exar Capital to Minera Exar were amended to introduce a revised repayment mechanism linked to the implied market foreign exchange rate in Argentina. This change in the loans’ terms resulted in an extinguishment of the se s in the loans payable by Minera Exar Minera Exar incurred derivative losses of $21,541 (net of taxes), the Company’s share of which was $9,650 from the date of amendment to December 31, 2022. The Company’s share of other Minera Exar and Exar Capital income was $3,305 which was primarily related to deferred tax. 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, 2022 December 31, 2021 $ $ Current assets Cash and cash equivalents 3,075 937 Other current assets 11,357 1,087 Total current assets 14,432 2,024 Non-current assets 1,200,485 783,138 Current liabilities (113,970 ) (93,509 ) Non-current liabilities - loans from Exar Capital (949,679 ) (438,306 ) Non-current liabilities - othe r (36,059 ) (6,271 ) Net assets 115,209 247,076 Years ended December 31, 2022 2021 Other losses (207,148 ) - Income tax expense - (61,978 ) Deferred tax recovery 75,280 81,424 Net (loss)/income (131,868 ) 19,446 The following are the amounts presented in the financial statements of Exar Capital on a 100% basis. December 31, 2022 December 31, 2021 $ $ Current assets Cash and cash equivalents 1,180 4,616 Restricted cash used as collateral under letters of credit 15,668 - Other current assets 16,589 583 Total current assets 33,437 5,199 Non-current assets - loans advanced to Minera Exar 617,279 438,306 Current liabilities - loans from Lithium Americas and Ganfeng (563,652 ) (353,924 ) Other current liabilities (4,197 ) (479 ) Other non-current liabilitie s - (10,441 ) Net assets 82,867 78,661 Loans from Lithium Americas and Ganfeng are presented as current liabilities in the financial statements of Years ended December 31, 2022 2021 $ Interest income on loans from Exar Capital 58,614 40,403 Interest expense (47,057 - Withholding tax expense (7,034 (5,157 General and administrative expenses (319 (514 Net income 4,204 34,732 The following provides a reconciliation of the summarized financial information for Minera Exar and Exar Capital to carrying value: Minera Exar Exar Capital $ $ Net assets, December 31, 2022 115,209 82,867 Company’s share of net assets 51,614 40,605 Elimination of unrealized gain on intercompany transactions (59,338 ) - Expenditures in connection to the investee 8,626 - Carrying value 902 40,605 Minera Exar’s Commitments and Contingencies As at December 31, 2022, Minera Exar had the following commitments (on a 100% basis): • Annual royalty of $200 due in May of every year and expiring in 2041. • Aboriginal programs agreements with seven communities located in the Cauchari-Olaroz project area having terms ranging from five to thirty years. The annual fees due are $381 in 2023 and $503 between 2024 and 2061, assuming that such agreements are extended for the life of the project. The annual fees are subject to change. Minera Exar’s obligations to make the payments are subject to continued development of the project and commencement and continuation of production operations for the project. • Commitments related to construction contracts of $838. |
Millennial Acquisition
Millennial Acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Millennial Acquisition | 7. MILLENNIAL ACQUISITION On January 25, 2022, Lithium Americas completed the acquisition of Millennial through the purchase of all issued and outstanding shares of 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, for total consideration of $359,729. As a term of the offer, the Company paid Millennial $20,000 as reimbursement of break fees owed under the previous acquisition agreement entered into by Millennial with a third party. The Company incurred $5,812 in other transaction costs. The transaction was accounted for as an asset acquisition. Through Millennial, the Company owns two lithium projects in Argentina: Pastos Grandes and the Cauchari East project (“Cauchari East”, and together with Pastos Grandes, the “Millennial Projects”). Pastos Grandes, located in the Salta province of Argentina, is a brine lithium deposit and was subject to extensive exploration and evaluation efforts pre-acquisition Consideration for the purchase of Millennial is as follows: $ Cash 105 Lithium Americas common shares 333,812 Transaction costs 25,812 Consideration 359,729 The allocation of the purchase price to the assets acquired and liabilities assumed is based upon fair values at the date of acquisition as set out below: $ Cash and cash equivalents 33,636 Receivables, prepaids and deposits 999 Property, plant and equipment 4,211 Exploration and evaluation assets 338,050 Accounts payable and accrued liabilities (17,167 ) Net assets acquired 359,729 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment | 8. PROPERTY, PLANT AND EQUIPMENT Buildings Equipment and machinery Other 1 Total $ $ $ $ Cost 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 Acquisition 1,571 2,640 - 4,211 Additions 103 1,035 1,051 2,189 As at December 31, 2022 1,674 4,991 6,067 12,732 Buildings Equipment and machinery Other 1 Total $ $ $ $ Accumulated depreciation As at December 31, 2020 - 471 900 1,371 Depreciation for the year - 343 582 925 Disposals - - (332 ) (332 ) As at December 31, 2021 - 814 1,150 1,964 Depreciation for the year 106 513 1,123 1,742 As at December 31, 2022 106 1,327 2,273 3,706 Buildings Equipment and machinery Other 1 Total $ $ $ $ Net book value As at December 31, 2021 - 502 3,866 4,368 As at December 31, 2022 1,568 3,664 3,794 9,026 1 |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Assets [Abstract] | |
Exploration and Evaluation Assets | 9. EXPLORATION AND EVALUATION ASSETS Exploration and evaluation assets were as follows: Thacker Pass Millennial Projects Total $ $ $ Total exploration and evaluation assets As at December 31, 2021 5,640 - 5,640 Acquisition of Millennial ( N - 338,050 338,050 Additions 4,227 1,081 5,308 Write offs (353) - (353) As at December 31, 2022 9,514 339,131 348,645 The Company has certain commitments for royalty and other payments to be made on the Thacker Pass project and Pastos Grandes 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 respective projects. Thacker Pass: ● 20% royalty on revenue solely in respect of uranium; ● 8% gross revenue royalty from ores extracted, mined or removed from the property 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 paid in Q4 2022, and $2,887.5 payable in 2023 to purchase water rights. Pastos Grandes: ● 1.5% royalty on the gross operating revenues from production from certain Pastos Grandes claims, payable to the original vendors of the project; and ● royalties to a maximum of 3% over net-back |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2022 | |
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 represent financial instruments that include a debt host accounted for at amortized cost 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. These derivatives are accounted for together as a single derivative when separated from the debt host. Debt host Convertible note Total $ $ $ Convertible notes As at January 1, 2021 - - - Convertible notes principal 157,331 101,419 258,750 Transaction costs (5,170 ) (3,329 ) (8,499 ) Gain on change in fair value of convertible notes derivative - (15,090 ) (15,090 ) Accrued Interest 1,300 - 1,300 Reclassification of short-term accrued interest to short-term liability (305 ) - (305 ) As at December 31, 2021 153,156 83,000 236,156 Gain on change in fair value of convertible notes derivative - (47,655 ) (47,655 ) Accrued Interest 20,496 - 20,496 Interest payment (2,755 ) - (2,755 ) Reclassification of short-term accrued interest to short-term liability (1,770 ) - (1,770 ) As at December 31, 2022 169,127 35,345 204,472 The fair value of the derivatives was estimated using a partial differential equation method with Monte Carlo simulation with the following inputs: volatility of 64.75%, a risk-free rate of 4.13%, expected dividend of 0%, and credit spread of 9.15%. A gain on change in fair value for the twelve months ended December 31, 2022, of $47,655 was recognized in the statement of comprehensive loss. On July 15, 2022, the Company paid interest of $2,755 due under its Convertible Notes. Accrued interest for the twelve months ended December 31, 2022, of $20,496 was recognized as finance costs in the statement of comprehensive loss. Valuation of the embedded derivative is highly sensitive to changes in the Company’s share price and to a lesser extent to changes in the risk-free interest rate and the assumed volatility of the Company’s share price. The gain on change in fair value of the derivative for the twelve months ended December 31, 2022 was driven by changes in the underlying valuation assumptions, including a decrease as at December 31, 2022 compared to December 31, 2021, of the Company’s market share price A reduction/increase of the Company’s The Convertible Notes are unsecured and 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 are 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 the Company’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 the Company’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 the Company’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 (this has not occurred for the year ended December 31 , 2022); or, (v) upon a call for redemption by the Company, or upon the Company’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 Convertible Notes 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 has the right to redeem the Convertible Notes at its option in certain circumstances including: (i) on 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; and (ii) 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 the conversion option. Holders of Convertible Notes have the right to require the Company to repurchase their Convertible Notes upon the occurrence of certain events. |
Long-Term Liabilities
Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Long-Term Liabilities | 11. LONG-TERM LIABILITIES December 31, 2022 December 31, 2021 $ $ Current portion of long-term liabilities Accrued interest 2,075 305 Other liabilities 1,030 604 3,105 909 Long-term liabilities Limited Recourse Loan Facility - 27,915 - 27,915 3,105 28,824 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 In Q1 2022, the Limited Recourse Loan Facility balance of $25,000 and cannot be reborrowed as per the terms of the facility . |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Other Liabilities | 12. OTHER LIABILITIES Other liabilities consist of $2,001 in lease liabilities and $5,950 in mining co n As an additional term of the agreement, Lithium Nevada will pay a success fee to the mining contractor of $4,650 upon achieving certain commercial mining milestones or repay the $3,500 advance without interest if a final project construction decision is not made by December 2024. Mining design and consulting services rendered by the mining contractor to date are accrued and included in the mining contractor liability balance. Such amounts are payable on or before the earlier of December 31, 2024, or 90 days after the start of production at Thacker Pass. |
Share Capital And Equity Compen
Share Capital And Equity Compensation | 12 Months Ended |
Dec. 31, 2022 | |
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 25, 2022, the Company closed the acquisition of 100% of Millennial and issued 13,199 shares to Millennial shareholders. 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 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. In addition, independent directors are awarded deferred share units (“DSUs”), generally as partial compensation for their services as directors. DSUs may be redeemed by directors for common shares upon retirement or termination from the Board. The Plan also permits the grant of incentive stock options exercisable to purchase common shares of the Company (“stock options”); however, generally the Company has granted RSUs, PSUs and DSUs over stock options under its equity compensation program since 2018. The Plan is 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, or 14,401 shares. Restricted Share Units During the year ended December 31, 2022, the Company granted 140 (2021 – 256) RSUs to its employees and consultants. The total estimated fair value of the RSUs was $3,462 (2021 – $3,547) based on the market value of the Company’s shares on the grant date. As at December 31, 2022, there was $1,804 (2021 – $1,140) of total unamortized compensation cost relating to unvested RSUs. During the year ended December 31, 2022, stock-based compensation expense related to RSUs of $4,526 was charged to expenses (2021 – $2,821) out of which $3,108 (2021 – $1,374) was recorded against accrued liabilities. 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, 2020 2,290 Converted into shares (191 ) Granted 256 Balance, RSUs outstanding as at December 31, 2021 2,355 Converted into shares (114 ) Granted 140 Forfeited (14 ) Balance, RSUs outstanding as at December 31, 2022 2,367 Deferred Share Units During the year ended December 31, 2022, the Company granted 23 DSUs (2021 – 24) as compensation to independent directors with a total estimated fair value of $619 (2021 – $377). Number of (in 000’s) Balance, DSUs outstanding as at December 31, 2020 218 Granted 24 Balance, DSUs outstanding as at December 31, 2021 242 Granted 23 Converted into common shares (13 ) Balance, DSUs outstanding as at December 31, 2022 252 Stock Options No stock options were gran t Range of Exercise Prices CDN$ Number outstanding and exercisable as at December 31, 2022 (in 000’s) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price $4.90 160 0.0 4.90 $8.05 - $11.07 530 0.0 8.33 690 0.0 7.54 A summary of changes to outstanding stock options is as follows: Number of Options (in 000’s) Weighted Average Exercise Price, (CDN$) Balance, stock options outstanding as at December 31, 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 Exercised (992 ) (6.73 ) Balance, stock options outstanding as at December 31, 2022 690 7.54 The weighted average share price at the time of exercise of stock options during the year ended December 31, 2022 was CDN$39.89 (2021 – CDN$20.00). During the year ended December 31, 2022, 618 (2021 – 310) stock options were exercised under the cashless exercise provision of the Plan, resulting in the issuance of 504 (2021 – 258) shares of the Company. Subsequent to the year ended December 31, 2022, all remaining Performance Share Units 73 PSUs were granted by the Company during the year ended December 31, 2022 (2021 – 162). As at December 31, 2022, there was $2,861 (2021 – The fair value of the PSUs is estimated on the date of grant using a valuation model based on a January 28, January 4, Number of PSUs granted 73 162 Risk-free interest rate 1.39 % 0.17 % Dividend rate 0 % 0 % Annualized volatility 82.8 % 76.0 % Peer Group average volatility 55.73 % 72.2 % Estimated forfeiture rate 10.0 % 10.0 % Fair value per PSU granted 41.99 19.72 In October 2022, 283 PSUs originally awarded in 2019, a multiplication During the year ended December 31, 2022, equity compensation expense related to PSUs of $2,112 was charged to operating expenses (2021 – Number of (in 000’s) Balance, PSUs outstanding as at December 31, 2020 999 Granted 162 Converted into common shares (417 ) Balance, PSUs outstanding as at December 31, 2021 744 Granted 73 Forfeited (51 ) Balance, PSUs outstanding as at December 31, 2022 766 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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: - Option Agreement with Grupo Minero Los Boros S.A. on March 28, 2016, for the transfer to Minera Exar of title to certain mining properties that comprised a portion of the Caucharí-Olaroz project. - Expenditures under the construction services contract for the Caucharí project (“Magna”) During the year ended December 31, 2022, director’s fees paid by Minera Exar to its president, who is also a director of Lithium Americas, totaled $75 (2021 - $74). In Q1 2022, Minera Exar 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 for servicing of the evaporation ponds at Cauchari-Olaroz over a five-year term 68,000 The amounts due by Minera Exar to related parties arising from such transactions are unsecured, non-interest Subsequent to year-end, an agreement was entered into with the Company’s VP, Corporate Development to provide corporate development services following the Company’s contemplated separation of its U.S. and Argentine business. The agreement is effective the earlier of the completion of the contemplated separation or August 1, 2023 and has an aggregate value over three years of $ 3,200 Compensation of Key Management Key management are the Company’s board of directors, and the executive management team. The remuneration of directors and members of the executive management team was as follows: Years Ended December 31, 2022 2021 $ $ Equity compensation 2,140 2,008 Salaries, bonuses, benefits and directors’ fees included in general and administrative expenses 5,149 2,175 Salaries, bonuses and benefits included in exploration expenditures 1,286 376 Salaries and benefits capitalized to Investment in Cauchari-Olaroz project 1,097 813 9,672 5,372 December 31, 2022 December 31, 2021 $ $ Total due to directors and executive team 3,363 671 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 $ 2021 $ Salaries, benefits and directors’ fees 8,684 4,215 Office and administration 4,600 2,470 Professional fees 7,553 2,410 Regulatory and filing fees 326 428 Travel 670 134 Investor relations 700 462 Depreciation 350 267 22,883 10,386 |
Exploration and Evaluation Expe
Exploration and Evaluation Expenditures | 12 Months Ended |
Dec. 31, 2022 | |
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: Year s 2022 2021 Thacker Pass Millennial Total Thacker Pass $ $ $ $ Engineering 25,229 - 25,229 22,775 Consulting and salaries 10,891 1,700 12,591 7,395 Permitting and environmental 3,638 5 3,643 2,390 Field supplies and other 1,528 2,673 4,201 1,048 Depreciation 1,193 199 1,392 635 Drilling and geological expenses 1,985 156 2,141 1,718 Total exploration expenditures 44,464 4,733 49,197 35,961 |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs [Abstract] | |
Finance costs | 17. FINANCE COSTS The following table summarizes the Company’s finance costs: Years Ended December 31, 2022 2021 $ $ Interest on convertible notes 20,496 1,301 Interest on credit facilities 335 11,081 Other 490 1,891 21,321 14,273 |
Finance And Other Income
Finance And Other Income | 12 Months Ended |
Dec. 31, 2022 | |
Finance And Other Income [Abstract] | |
Finance And Other Income | 18. FINANCE AND OTHER INCOME The following table summarizes the Company’s finance and other income: Years Ended December 31, 2022 2021 $ $ Interest on loans to Exar Capital 17,602 3,395 Interest on cash and cash equivalents and short-term bank 7,115 1,336 Other 596 434 25,313 5,165 |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segmented Information | 19. SEGMENTED INFORMATION The Company operates in three operating segments in three geographical areas. The Millennial Projects operating segment was added upon acquisition of these projects in Q1 2022. The Thacker Pass and Millennial Projects are in the exploration and evaluation stage and the Cauchari-Olaroz Project is in the development stage as of December 31, 2022. The Organoclay segment, classified as a discontinued operation in 2021, was wound up in 2019 and its assets were sold in Q1 2021. The Company’s reportable segments and corporate assets are summarized in the following tables: ThackerPass Cauchari- Olaroz $ Millennial Projects $ Corporate $ Total $ As at December 31, 2022 Property, plant and equipment 3,936 - 4,251 839 9,026 Exploration and evaluation assets 9,677 - 338,968 - 348,645 Total assets 16,162 271,442 353,687 375,257 1,016,548 Total liabilities (16,021 ) - (2,304 ) (214,221 ) (232,546 ) For the twelve months ended December 31, 2022 Property, plant and equipment additions 1,836 - 234 119 2,189 Net loss (47,236 ) (44,736 ) (4,179 ) 2,583 (93,568 ) Exploration expenditures (44,413 ) - (4,784 ) - (49,197 ) Depreciation (1,193 ) - (199 ) (350 ) (1,742 ) Organoclay $ Thacker $ 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 ) The Company’s non-current Canada $ United States $ Argentina $ Total $ Non-current (1) As at December 31, 2022 791 12,963 402,700 416,454 As at December 31, 2021 1,074 8,934 190,114 200,122 1 Non-current |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | 20. INCOME TAXES Income tax recognized in profit or loss is comprised of the following: Years ended December 31, 2022 $ 2021 $ Withholding taxes accrued - - Current income tax - - Tax expense (recovery) - - A reconciliation of income taxes at Canadian statutory rates with reported taxes is as follows: Years ended December 31, 2022 $ 2021 $ Loss from continuing operations before tax (93,568 ) (38,610 ) Income from - 122 (93,568 ) (38,488 ) Statutory tax rate 27 % 27 % Expected income tax expense/(recovery) at statutory tax rate (25,263 ) (10,392 ) Items not taxable for income tax purposes 9,846 (6 ) Effect of lower 3,048 2,454 Change in unrecognized deferred tax assets and other 12,369 7,944 Tax expense - - The significant components of the Company’s deferred tax assets and liabilities are as follows: December 31, 2022 $ December 31, 2021 $ Deferred tax assets: Tax loss carryforwards 64,198 49,360 Loans to Exar Capital 217 7,641 Exploration and evaluation assets 3,371 1,994 Financing costs 3,365 4,963 Capital assets 621 50 Investment in Green Technology Metals 346 - Investment in Cauchari-Olaroz project 876 - Other 501 781 Deferred tax assets 73,495 64,789 Deferred tax liabilities: Investment in Cauchari-Olaroz project - (15,043 ) Investment in Arena Minerals (193 ) (793 ) Convertible debt (12,360 ) (4,040 ) Stock based compensation (4,845 ) - Deferred tax liabilities (17,398 ) (19,876 ) Unrecognized deferred tax assets 56,097 44,913 The Company has non-capital $38,756 of which expires in 2029 – 2037 and $150,388 non-capital |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | 21. 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. Warrants acquired as part of the Arena Minerals investment, common shares acquired as part of the Green Technology Metals and Ascend Elements investments and the convertible note derivative are measured at fair value on the statement of financial position on a recurring basis. Cash and cash equivalents, receivables, and the debt host of the Convertible Notes are measured at amortized cost on the statement of financial position. As at December 31, 2022, the fair value of financial instruments measured at amortized cost approximates their carrying value. Green Technology Metals shares are classified at level 1 of the fair value hierarchy, Arena Minerals warrants, and convertible note derivatives are classified at level 2 of the fair value hierarchy and Ascend Elements preference shares are classified at level 3 of the fair value hierarchy (refer to Note 5, 5, 10 and 5 respectively). 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 monitored, and that the capital base maintained by the Company 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 majority of its cash and cash equivalents with two 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 and investees including Minera Exar, may from time to time make short-term investments into Argentine government securities, financial instruments guaranteed by Argentine banks and other Argentine securities. These investments may or may not realize short-term gains or losses. 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 capital programs. The Company prepares annual budgets, which are regularly monitored and updated as considered necessary. As at December 31, 2022, the Company had cash and cash equivalents and a The following table summarizes the contractual maturities of the Company’s financial liabilities on an undiscounted basis: Years ending December 31, 2023 2024 2025 2026 and later Total $ $ $ $ $ Convertible senior notes 4,528 4,528 4,528 263,467 277,051 Accounts payable and accrued liabilities 16,540 - - - 16,540 Obligations under office leases¹ 1,148 1,093 1,029 - 3,270 Other obligations¹ 2,487 3,504 - - 5,991 Total 24,703 9,125 5,557 263,467 302,852 ¹ 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. The Company is exposed to foreign currency risk as described 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’s functional currency is United States dollars (“US$”) and it incurs expenditures in Canadian dollars (“CDN$”), Argentine Pesos (“ARS$”) and US$, 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, 2022, the Company held $2,010 and $345 in CDN$ and ARS$ denominated cash and cash equivalents respectively. Strengthening |
Capital Disclosure
Capital Disclosure | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Capital Disclosures [Abstract] | |
Capital Disclosure | 22. CAPITAL DISCLOSURE The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going con 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 no |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 23. SUBSEQUENT EVENT S a) On January 30, 2023, the Company entered into an agreement with General Motors Holdings LLC., pursuant to which GM will make a equity investment in two tranches (the “Transaction”). The Company has agreed to use the proceeds from the Transaction for the development of Thacker Pass. On February 16, 2023, the first tranche of closed, following GM’s purchase of common shares of the Company at per share. GM is now Lithium Americas’ largest shareholder and offtake partner. Upon funding of the first investment tranche, an offtake agreement to supply GM with lithium carbonate production from Thacker Pass (the “Offtake Agreement”) and an investor rights agreement (the “Investor Rights Agreement”) were entered into with GM. The Company expects to close the second and final tranche following the Company’s contemplated separation of its U.S. and Argentine businesses in the second half of 2023 and the satisfaction of certain conditions precedent to closing including the condition that the Company secures sufficient funding to complete the development of Phase 1 for Thacker Pass. Financial advisory fees of approximately $24,000 will be payable upon completion of the GM investment tranches. b) On January 13, 2023, the Company paid interest of $2,264 due under its Convertible Notes. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation These consolidated financial statements include the accounts of Lithium Americas and its corporate group of companies, consisting of (i) wholly-owned US subsidiaries Lithium Nevada, KV Project LLC, and RheoMinerals Inc.; (ii) Argentine subsidiaries Proyecto Pastos Grandes S.A. and Potassium S.A.; and (iii) Canadian wholly-owned subsidiaries 2265866 Ontario Inc., 1339480 B.C. Ltd., Millennial, and 1139948 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. |
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, as well as all subsidiaries, is the US dollar. The functional currency of the Company’s associates Minera Exar, and Exar Capital B.V. (“Exar Capital”) is the US 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. Non-monetary Non-monetary |
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 least annually. The gain or loss arising on the disposal of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognized in profit and loss . |
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. If an impairment indicator is identified, 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 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 entered into by the Company Leases are recognized as a right-of-use Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. 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 s ● 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 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. The Company’s investments in equity instruments are classified as FVTPL. Investments in equity instruments are held for strategic purposes and classified as long-term. 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. 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 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 s |
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, for the initial recognition of assets or liabilities that affect neither accounting or taxable loss, unless arising in a business combination, nor for differences relating to investments in subsidiaries to the extent that they are not probable to 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 restricted share units, performance share units, deferred share units and stock options. 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, |
Accounting Estimates and Judgements | Critical Accounting Estimates and Judgments 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 and Exar Capital, which are non-publicly 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 or Sal de la Puna development projects; or (iv) changes in significant assumptions which drive the valuation of the underlying Cauchari-Olaroz or Sal de la Puna development projects including forecasted commodity prices, reserve and resource estimates and capital expenditure requirements. Management has performed an assessment and concluded that objective evidence of impairment exists as of December 31, 2022. 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, 2022. Accounting for Acquisition of Millennial The Company accounted for the January 25, 2022 acquisition of Millennial as an asset acquisition. Significant judgment was required to determine that the application of this accounting treatment was appropriate for the transaction. This included, among others, the determination that Millennial was not considered a business under IFRS 3 - Business Combinations as Millennial did not have inputs and substantive processes that can collectively contribute to the creation of outputs. 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. |
New IFRS Pronouncements | New IFRS Pronouncements Amendments to IAS 16 – Property, Plant and Equipment: Proceeds before Intended Use In May 2020, the IASB issued amendments to IAS 16, Property, Plant and Equipment (IAS 16). The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related costs in profit (loss). An entity is required to apply these amendments for annual reporting periods beginning on or after January 1, 2022. The amendments are applied retrospectively only to items of property, plant and equipment that are available for use after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. There was no impact from Amendments to IAS 1 – Presentation of Financial Statements In October 2022, the IASB issued amendments to IAS 1, Presentation of Financial Statements titled Non-current liabilities with covenants. These amendments sought to improve the information that an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within 12 months after the reporting period. These amendments to IAS 1 override but incorporate the previous amendments, Classification of liabilities as current or non-current, issued in January 2020, which clarified that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Liabilities should be classified as non-current if a company has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendments are effective January 1, 2024, with early adoption permitted. Retrospective application is required on adoption. We do not expect these amendments to have a material effect on the Company’s financial statements. Amendment to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting Policies In February 2021, the IASB issued amendments to IAS 1, Presentation of Financial Statements and the IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on the application of materiality judgments to accounting policy disclosures. The amendments to IAS 1 replace the requirement to disclose significant accounting policies with a requirement to disclose material accounting policies. Guidance and illustrative examples are added in the Practice Statement to assist in the application of the |
Cash And Cash Equivalents And_2
Cash And Cash Equivalents And Short-Term Bank Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash And Cash Equivalents And Short-Term Bank Deposits [Abstract] | |
Summary of Cash and Cash Equivalents | Cash and cash equivalents December 31, 2022 December 31, 2021 Cash 38,141 137,714 Cash equivalents 156,330 372,893 Cash and cash equivalents 194,471 510,607 |
Summary of Short-Term Bank Deposits | Short-term bank deposits December 31, 2022 December 31, 2021 Short-term bank deposits 157,631 - |
Associates and Other Investme_2
Associates and Other Investments (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Interest In Other Entities [Abstract] | |
Summary of Company's associates and other investments | The following table summarizes the Company’s associates and other investments: December 31, 2022 December 31, 2021 Investment in Arena Minerals 17,276 13,033 Warrants to purchase shares in Arena Minerals 1,616 7,558 Investment in Green Technology Metals 7,451 - Investment in Ascend Elements 5,000 - Associates and other investments 31,343 20,591 |
Summary of Changes in Investments Accounted for Under Equity Method During the Period and Changes in Fair Value of Warrants Purchased Accounted for Under Equity Investments During the Period | The Company has significant influence over Arena Minerals by virtue of its current equity holdings of shares and warrants, and its nominee director to the board of Arena Minerals. As such, the investment in Arena Minerals is accounted for using the equity method. Warrants to acquire common shares of Arena Minerals are derivatives and accounted for at fair value with changes in fair value recorded in the statement of comprehensive loss. Common shares Warrants $ $ Investment in Arena Minerals, as at December 31, 2020 - - Purchase of Arena Minerals shares and warrants 13,375 1,383 Share of loss of Arena Minerals (342 ) - Gain on change in fair value of Arena Minerals warrants - 6,175 Investment in Arena Minerals, as at December 31, 2021 13,033 7,558 Share of loss of Arena Minerals (1,359 ) - Exercise of warrants 5,602 (2,857 ) Loss on change in fair value of Arena Minerals warrants - (3,085 ) Investment in Arena Minerals, as at December 31, 2022 17,276 1,616 |
Investment in Cauchari-Olaroz_2
Investment in Cauchari-Olaroz Project (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 the construction of Cauchari-Olaroz. Changes in the loans’ balances are summarized below. $ 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 Remeasurement due to extinguishment of the loans to Exar Capital 54,991 Loans to Exar Capital 79,674 Accrued interest 17,601 Loans to Exar Capital, as at December 31, 2022 223,122 |
Schedule of Investment in Cauchari-Olaroz Project | Changes in the Investment in Cauchari-Olaroz Project are summarized below: $ Investment in Cauchari-Olaroz Project, as at December 31, 2020 131,394 Contribution to Investment in Cauchari-Olaroz Project 31,772 Share of income of Cauchari-Olaroz Project 25,731 Elimination of unrealized gain on intercompany transactions (22,104 ) Share of decrease in Minera Exar net assets as a result of the JEMSE Transaction (10,512 ) Investment in Cauchari-Olaroz Project, as at December 31, 2021 156,281 Remeasurement due to extinguishment of the loans to Exar Capital (34,637 ) Contribution to Investment in Cauchari-Olaroz Project 3,138 Share of loss of Cauchari-Olaroz Project (57,016 ) Elimination of unrealized gain on intercompany transactions (26,259 ) Investment in Cauchari-Olaroz Project, as at December 31, 2022 41,507 |
Schedule of Reconciliation of the Summarized Financial Information For Minera Exar and Exar Capital to Carrying Value | The following provides a reconciliation of the summarized financial information for Minera Exar and Exar Capital to carrying value: Minera Exar Exar Capital $ $ Net assets, December 31, 2022 115,209 82,867 Company’s share of net assets 51,614 40,605 Elimination of unrealized gain on intercompany transactions (59,338 ) - Expenditures in connection to the investee 8,626 - Carrying value 902 40,605 |
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, 2022 December 31, 2021 $ $ Current assets Cash and cash equivalents 3,075 937 Other current assets 11,357 1,087 Total current assets 14,432 2,024 Non-current assets 1,200,485 783,138 Current liabilities (113,970 ) (93,509 ) Non-current liabilities - loans from Exar Capital (949,679 ) (438,306 ) Non-current liabilities - othe r (36,059 ) (6,271 ) Net assets 115,209 247,076 Years ended December 31, 2022 2021 Other losses (207,148 ) - Income tax expense - (61,978 ) Deferred tax recovery 75,280 81,424 Net (loss)/income (131,868 ) 19,446 |
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, 2022 December 31, 2021 $ $ Current assets Cash and cash equivalents 1,180 4,616 Restricted cash used as collateral under letters of credit 15,668 - Other current assets 16,589 583 Total current assets 33,437 5,199 Non-current assets - loans advanced to Minera Exar 617,279 438,306 Current liabilities - loans from Lithium Americas and Ganfeng (563,652 ) (353,924 ) Other current liabilities (4,197 ) (479 ) Other non-current liabilitie s - (10,441 ) Net assets 82,867 78,661 Loans from Lithium Americas and Ganfeng are presented as current liabilities in the financial statements of Years ended December 31, 2022 2021 $ Interest income on loans from Exar Capital 58,614 40,403 Interest expense (47,057 - Withholding tax expense (7,034 (5,157 General and administrative expenses (319 (514 Net income 4,204 34,732 |
Millennial Acquisition (Table)
Millennial Acquisition (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Summary of Consideration Transferred for Asset Acquisition | Consideration for the purchase of Millennial is as follows: $ Cash 105 Lithium Americas common shares 333,812 Transaction costs 25,812 Consideration 359,729 |
Summary of Assets Acquired and Liabilities Received Asset Acquistion | The allocation of the purchase price to the assets acquired and liabilities assumed is based upon fair values at the date of acquisition as set out below: $ Cash and cash equivalents 33,636 Receivables, prepaids and deposits 999 Property, plant and equipment 4,211 Exploration and evaluation assets 338,050 Accounts payable and accrued liabilities (17,167 ) Net assets acquired 359,729 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of Property, Plant and Equipment | Buildings Equipment and machinery Other 1 Total $ $ $ $ Cost 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 Acquisition 1,571 2,640 - 4,211 Additions 103 1,035 1,051 2,189 As at December 31, 2022 1,674 4,991 6,067 12,732 Buildings Equipment and machinery Other 1 Total $ $ $ $ Accumulated depreciation As at December 31, 2020 - 471 900 1,371 Depreciation for the year - 343 582 925 Disposals - - (332 ) (332 ) As at December 31, 2021 - 814 1,150 1,964 Depreciation for the year 106 513 1,123 1,742 As at December 31, 2022 106 1,327 2,273 3,706 Buildings Equipment and machinery Other 1 Total $ $ $ $ Net book value As at December 31, 2021 - 502 3,866 4,368 As at December 31, 2022 1,568 3,664 3,794 9,026 1 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exploration And Evaluation Assets [Abstract] | |
Schedule of Exploration and Evaluation Assets Relating to Thacker Pass Project | Exploration and evaluation assets were as follows: Thacker Pass Millennial Projects Total $ $ $ Total exploration and evaluation assets As at December 31, 2021 5,640 - 5,640 Acquisition of Millennial ( N - 338,050 338,050 Additions 4,227 1,081 5,308 Write offs (353) - (353) As at December 31, 2022 9,514 339,131 348,645 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of Convertible Notes | The Convertible Notes represent financial instruments that include a debt host accounted for at amortized cost 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. These derivatives are accounted for together as a single derivative when separated from the debt host. Debt host Convertible note Total $ $ $ Convertible notes As at January 1, 2021 - - - Convertible notes principal 157,331 101,419 258,750 Transaction costs (5,170 ) (3,329 ) (8,499 ) Gain on change in fair value of convertible notes derivative - (15,090 ) (15,090 ) Accrued Interest 1,300 - 1,300 Reclassification of short-term accrued interest to short-term liability (305 ) - (305 ) As at December 31, 2021 153,156 83,000 236,156 Gain on change in fair value of convertible notes derivative - (47,655 ) (47,655 ) Accrued Interest 20,496 - 20,496 Interest payment (2,755 ) - (2,755 ) Reclassification of short-term accrued interest to short-term liability (1,770 ) - (1,770 ) As at December 31, 2022 169,127 35,345 204,472 |
Long-Term Liabilities (Tables)
Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Borrowings [abstract] | |
Schedule of Long-Term Liabilities | December 31, 2022 December 31, 2021 $ $ Current portion of long-term liabilities Accrued interest 2,075 305 Other liabilities 1,030 604 3,105 909 Long-term liabilities Limited Recourse Loan Facility - 27,915 - 27,915 3,105 28,824 |
Share Capital And Equity Comp_2
Share Capital And Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2020 2,290 Converted into shares (191 ) Granted 256 Balance, RSUs outstanding as at December 31, 2021 2,355 Converted into shares (114 ) Granted 140 Forfeited (14 ) Balance, RSUs outstanding as at December 31, 2022 2,367 |
Summary of Changes to Number of Deferred Share Units | During the year ended December 31, 2022, the Company granted 23 DSUs (2021 – 24) as compensation to independent directors with a total estimated fair value of $619 (2021 – $377). Number of (in 000’s) Balance, DSUs outstanding as at December 31, 2020 218 Granted 24 Balance, DSUs outstanding as at December 31, 2021 242 Granted 23 Converted into common shares (13 ) Balance, DSUs outstanding as at December 31, 2022 252 |
Summary of Stock Options Outstanding and Exercisable | No stock options were gran t Range of Exercise Prices CDN$ Number outstanding and exercisable as at December 31, 2022 (in 000’s) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price $4.90 160 0.0 4.90 $8.05 - $11.07 530 0.0 8.33 690 0.0 7.54 |
Summary of Changes to Stock Options Outstanding | A summary of changes to outstanding stock options is as follows: Number of Options (in 000’s) Weighted Average Exercise Price, (CDN$) Balance, stock options outstanding as at December 31, 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 Exercised (992 ) (6.73 ) Balance, stock options outstanding as at December 31, 2022 690 7.54 |
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 a January 28, January 4, Number of PSUs granted 73 162 Risk-free interest rate 1.39 % 0.17 % Dividend rate 0 % 0 % Annualized volatility 82.8 % 76.0 % Peer Group average volatility 55.73 % 72.2 % Estimated forfeiture rate 10.0 % 10.0 % Fair value per PSU granted 41.99 19.72 |
Summary of Changes to Number of RS-Ps | During the year ended December 31, 2022, equity compensation expense related to PSUs of $2,112 was charged to operating expenses (2021 – Number of (in 000’s) Balance, PSUs outstanding as at December 31, 2020 999 Granted 162 Converted into common shares (417 ) Balance, PSUs outstanding as at December 31, 2021 744 Granted 73 Forfeited (51 ) Balance, PSUs outstanding as at December 31, 2022 766 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions [abstract] | |
Summary of Compensation of Key Management | Compensation of Key Management Key management are the Company’s board of directors, and the executive management team. The remuneration of directors and members of the executive management team was as follows: Years Ended December 31, 2022 2021 $ $ Equity compensation 2,140 2,008 Salaries, bonuses, benefits and directors’ fees included in general and administrative expenses 5,149 2,175 Salaries, bonuses and benefits included in exploration expenditures 1,286 376 Salaries and benefits capitalized to Investment in Cauchari-Olaroz project 1,097 813 9,672 5,372 December 31, 2022 December 31, 2021 $ $ Total due to directors and executive team 3,363 671 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 $ 2021 $ Salaries, benefits and directors’ fees 8,684 4,215 Office and administration 4,600 2,470 Professional fees 7,553 2,410 Regulatory and filing fees 326 428 Travel 670 134 Investor relations 700 462 Depreciation 350 267 22,883 10,386 |
Exploration and Evaluation Ex_2
Exploration and Evaluation Expenditures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Exploration Expenditures [Abstract] | |
Summary of Company's Exploration and Evaluation Expenditures | The following table summarizes the Company’s exploration and evaluation expenditures: Year s 2022 2021 Thacker Pass Millennial Total Thacker Pass $ $ $ $ Engineering 25,229 - 25,229 22,775 Consulting and salaries 10,891 1,700 12,591 7,395 Permitting and environmental 3,638 5 3,643 2,390 Field supplies and other 1,528 2,673 4,201 1,048 Depreciation 1,193 199 1,392 635 Drilling and geological expenses 1,985 156 2,141 1,718 Total exploration expenditures 44,464 4,733 49,197 35,961 |
Finance Costs (Table)
Finance Costs (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs [Abstract] | |
Summarizes the Companys finance costs | The following table summarizes the Company’s finance costs: Years Ended December 31, 2022 2021 $ $ Interest on convertible notes 20,496 1,301 Interest on credit facilities 335 11,081 Other 490 1,891 21,321 14,273 |
Finance And Other Income (Table
Finance And Other Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance And Other Income [Abstract] | |
Summarizes The Companys Finance And Other Income | The following table summarizes the Company’s finance and other income: Years Ended December 31, 2022 2021 $ $ Interest on loans to Exar Capital 17,602 3,395 Interest on cash and cash equivalents and short-term bank 7,115 1,336 Other 596 434 25,313 5,165 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Summary of Reportable Segments and Corporate Assets | The Company’s reportable segments and corporate assets are summarized in the following tables: ThackerPass Cauchari- Olaroz $ Millennial Projects $ Corporate $ Total $ As at December 31, 2022 Property, plant and equipment 3,936 - 4,251 839 9,026 Exploration and evaluation assets 9,677 - 338,968 - 348,645 Total assets 16,162 271,442 353,687 375,257 1,016,548 Total liabilities (16,021 ) - (2,304 ) (214,221 ) (232,546 ) For the twelve months ended December 31, 2022 Property, plant and equipment additions 1,836 - 234 119 2,189 Net loss (47,236 ) (44,736 ) (4,179 ) 2,583 (93,568 ) Exploration expenditures (44,413 ) - (4,784 ) - (49,197 ) Depreciation (1,193 ) - (199 ) (350 ) (1,742 ) Organoclay $ Thacker $ 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 ) |
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, 2022 791 12,963 402,700 416,454 As at December 31, 2021 1,074 8,934 190,114 200,122 1 Non-current |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 $ 2021 $ Withholding taxes accrued - - Current income tax - - Tax expense (recovery) - - |
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, 2022 $ 2021 $ Loss from continuing operations before tax (93,568 ) (38,610 ) Income from - 122 (93,568 ) (38,488 ) Statutory tax rate 27 % 27 % Expected income tax expense/(recovery) at statutory tax rate (25,263 ) (10,392 ) Items not taxable for income tax purposes 9,846 (6 ) Effect of lower 3,048 2,454 Change in unrecognized deferred tax assets and other 12,369 7,944 Tax expense - - |
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, 2022 $ December 31, 2021 $ Deferred tax assets: Tax loss carryforwards 64,198 49,360 Loans to Exar Capital 217 7,641 Exploration and evaluation assets 3,371 1,994 Financing costs 3,365 4,963 Capital assets 621 50 Investment in Green Technology Metals 346 - Investment in Cauchari-Olaroz project 876 - Other 501 781 Deferred tax assets 73,495 64,789 Deferred tax liabilities: Investment in Cauchari-Olaroz project - (15,043 ) Investment in Arena Minerals (193 ) (793 ) Convertible debt (12,360 ) (4,040 ) Stock based compensation (4,845 ) - Deferred tax liabilities (17,398 ) (19,876 ) Unrecognized deferred tax assets 56,097 44,913 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2023 2024 2025 2026 and later Total $ $ $ $ $ Convertible senior notes 4,528 4,528 4,528 263,467 277,051 Accounts payable and accrued liabilities 16,540 - - - 16,540 Obligations under office leases¹ 1,148 1,093 1,029 - 3,270 Other obligations¹ 2,487 3,504 - - 5,991 Total 24,703 9,125 5,557 263,467 302,852 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Nature Of Operations [Line Items] | |
Name of reporting entity | Lithium Americas Corp. |
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% |
Basis of Preparation and Pres_2
Basis of Preparation and Presentation - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Basis Of Preparation And Presentation [Abstract] | |
Date of consolidated financial statements approved for issuance | Mar. 30, 2023 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
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% |
Bottom of Range | |
Significant Accounting Policies [Line Items] | |
Proportion of voting rights held in associate | 20% |
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% |
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 |
Cash And Cash Equivalents And_3
Cash And Cash Equivalents And Short-Term Bank Deposits - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash And Cash Equivalents And Short-Term Bank Deposits [Abstract] | |||
Cash | $ 38,141 | $ 137,714 | |
Cash equivalents | 156,330 | 372,893 | |
Cash and cash equivalents | $ 194,471 | $ 510,607 | $ 148,070 |
Cash And Cash Equivalents And_4
Cash And Cash Equivalents And Short-Term Bank Deposits - Summary of Short-Term Bank Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash And Cash Equivalents And Short-Term Bank Deposits [Abstract] | ||
Short-term bank deposits | $ 157,631 | $ 0 |
Cash And Cash Equivalents And_5
Cash And Cash Equivalents And Short-Term Bank Deposits - Additional Information (Details) $ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 ARS ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 ARS ($) | Dec. 31, 2020 USD ($) | |
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Short term deposits not classified as cash equivalents | $ 157,631 | $ 0 | |||||
Interest on cash and cash equivalents and short term deposits not classified as cash and cash equivalents | 7,115 | 1,336 | |||||
Interest on cash and cash equivalents | 4,484 | ||||||
Interest on short term deposits not classified as cash and cash equivalents | 2,631 | ||||||
Cash and cash equivalents | 194,471 | 510,607 | $ 148,070 | ||||
Not later than one month [member] | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Short term deposits not classified as cash equivalents excluding accrued interest | 25,000 | ||||||
Later than one month and not later than three months [member] | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Short term deposits not classified as cash equivalents excluding accrued interest | 50,000 | ||||||
Later than six months and not later than one year [member] | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Short term deposits not classified as cash equivalents excluding accrued interest | 55,000 | ||||||
Later than three months and not later than four months [member] | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Short term deposits not classified as cash equivalents excluding accrued interest | 25,000 | ||||||
Later than one year and not later than two years [member] | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Interest on cash and cash equivalents and short term deposits not classified as cash and cash equivalents | 7,115 | ||||||
Canadian Dollar | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Cash and cash equivalents | $ 2,010 | $ 4,393 | |||||
US Dollar | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Cash and cash equivalents | $ 192,116 | $ 506,214 | |||||
Argentina, Pesos | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Cash and cash equivalents | $ 345 | $ 0 | |||||
Bottom of Range | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Percentage of interest on cash | 3% | 3% | 3% | ||||
Percentage of interest on short term bank deposits | 3% | 3% | 3% | ||||
Top of Range | |||||||
Disclosure Of Cash And Cash Equivalents [Line Items] | |||||||
Percentage of interest on cash | 4% | 4% | 4% | ||||
Percentage of interest on short term bank deposits | 4.50% | 4.50% | 4.50% |
Associates and Other Investme_3
Associates and Other Investments - Summary of Company's associates and other investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Interest In Other Entities [Line Items] | ||
Investment in Arena Minerals | $ 17,276 | $ 13,033 |
Warrants to purchase shares in Arena Minerals | 1,616 | 7,558 |
Investment in Green Technology Metals | 7,451 | 0 |
Investment in Ascend Elements | 5,000 | 0 |
Associates and other investments | $ 31,343 | $ 20,591 |
Associates and Other Investme_4
Associates and Other Investments - Summary of Changes in Investments Accounted for Under Equity Method During the Period and Changes in Fair Value of Warrants Purchased Accounted for Under Equity Investments During the Period (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure In Tabular Form Of Changes In Investments Accounted For Under Equity Method During The Period And Changes In Fair Value Of Warrants Purchased Accounted For Under Equity Investments During The Period [Line Items] | ||
Common shares, Beginning balance | $ 13,033 | |
Share of loss of Arena Minerals | (1,359) | $ (342) |
Common shares, Ending balance | 17,276 | 13,033 |
Warrants, Beginning balance | 817,342 | |
Warrants, Ending balance | 1,016,548 | 817,342 |
Arena Minerals [Member] | ||
Disclosure In Tabular Form Of Changes In Investments Accounted For Under Equity Method During The Period And Changes In Fair Value Of Warrants Purchased Accounted For Under Equity Investments During The Period [Line Items] | ||
Common shares, Beginning balance | 13,033 | 13,375 |
Purchase of Arena Minerals shares and warrants | (342) | |
Share of loss of Arena Minerals | (1,359) | |
Exercise of warrants | 5,602 | |
Common shares, Ending balance | 17,276 | 13,033 |
Arena Minerals [Member] | Warrants For The Purchase Of Equity Method Investments [Member] | Level 3 of fair value hierarchy [member] | ||
Disclosure In Tabular Form Of Changes In Investments Accounted For Under Equity Method During The Period And Changes In Fair Value Of Warrants Purchased Accounted For Under Equity Investments During The Period [Line Items] | ||
Warrants, Beginning balance | 7,558 | 1,383 |
Gain on change in fair value of Arena Minerals warrants | (3,085) | 6,175 |
Exercise of warrants | (2,857) | |
Warrants, Ending balance | $ 1,616 | $ 7,558 |
Associates and Other Investme_5
Associates and Other Investments - Additional Information (Details) $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Nov. 14, 2022 $ / shares shares | Jul. 18, 2022 USD ($) | Apr. 28, 2022 USD ($) | Dec. 31, 2022 USD ($) yr shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 $ / shares | Dec. 31, 2020 USD ($) | |
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Payment to acquire investments other than equity investments | $ 10,000 | $ 0 | ||||||
Payment to acquire investments in preferred shares | $ 5,000 | $ 0 | ||||||
Rate of interest | 10% | |||||||
Number of shares issued | shares | 504,000 | 258,000 | ||||||
Share of loss of arena minerals | $ (1,359) | $ (342) | ||||||
Investments accounted for using equity method | $ 17,276 | $ 13,033 | ||||||
Arena Minerals [Member] | ||||||||
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Number of shares acquired during the period on exercise of warrants | shares | 14,590,000,000 | |||||||
Payment to acquire shares on exercise of warrants | shares | 2,745,000 | |||||||
Common share, per share value | $ / shares | $ 0.25 | |||||||
Common shares acquired | shares | 66,226,000 | |||||||
Share purchase warrants | shares | 21,429,000 | |||||||
Total consideration on right to exercise purchase option | $ 14,758 | $ 18,632 | ||||||
Common share per share value | $ / shares | $ 0.25 | |||||||
Rate of interest | 7.50% | |||||||
Number of shares issued | shares | 19.9 | 17.4 | ||||||
Estimated Fair Value Of Warrants | $ 1,616 | |||||||
Share of loss of arena minerals | (1,359) | |||||||
Investments accounted for using equity method | 17,276 | $ 13,033 | $ 13,375 | |||||
Arena Minerals [Member] | Finance And Other Income [Member] | ||||||||
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Gain on fair value of investments | $ 3,085 | $ 6,175 | ||||||
Arena Minerals [Member] | Historical volatility for shares, measurement input | ||||||||
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Significant Unobservable Input Liability | 66.8 | |||||||
Arena Minerals [Member] | Interest rate, measurement input | ||||||||
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Significant Unobservable Input Liability | 4.07 | |||||||
Arena Minerals [Member] | Expected dividend measurement input | ||||||||
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Significant Unobservable Input Liability | 0 | |||||||
Arena Minerals [Member] | Expected life measurement input | ||||||||
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Significant Unobservable Input Liability | yr | 0.56 | |||||||
Series C One Preferred Shares [Member] | Ascend Elements [Member] | ||||||||
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Financial assets at fair value | $ 5,000 | |||||||
Investment owned number of shares | shares | 806,000 | |||||||
Dividend receivable percentage rate | 8% | |||||||
Payment to acquire investments in preferred shares | $ 5,000 | |||||||
Green Technology Metals [Member] | ||||||||
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Payment to acquire investments other than equity investments | $ 10,000 | |||||||
Percentage of equity interests acquired | 5% | 5% | ||||||
Investments Other Than Investments Accounted For Under Equity Method [Member] | Green Technology Metals [Member] | ||||||||
Disclosure Of Interest In Other Entities [Line Items] | ||||||||
Financial assets at fair value | $ 7,451 | |||||||
Gains losses recognized in profit or loss fair value measurement assets | $ 2,564 | |||||||
Investment owned number of shares | shares | 13,301,000 |
Investment in Cauchari-Olaroz_3
Investment in Cauchari-Olaroz Project - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Ownership interest in joint operation | 44.80% | ||||||
Loans to Exar Capital | $ 223,122 | $ 223,122 | $ 223,122 | $ 70,856 | $ 131,394 | ||
Bottom of Range | Shareholder Agreement [Member] | |||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Percentage of share in project production basis | 49% | ||||||
Percentage of share in construction costs pro rata basis | 49% | ||||||
Top of Range | Shareholder Agreement [Member] | |||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Percentage of share in project production basis | 51% | ||||||
Percentage of share in construction costs pro rata basis | 51% | ||||||
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% | 100% | 100% | ||||
Annual royalty due | $ 200 | ||||||
Royalty expiration description | Annual royalty of $200 due in May of every year and expiring in 2041 | ||||||
Annual fees due in 2023 | $ 381 | ||||||
Annual fees due in between 2024 and 2061 | 503 | ||||||
Commitments related to construction contracts | $ 838 | $ 838 | 838 | ||||
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 The Third Party | 30,000 | 30,000 | 30,000 | ||||
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 | $ 50,000 | $ 50,000 | $ 50,000 | ||||
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% | ||||||
Exar Capital B.V. | |||||||
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% | 100% | 100% | ||||
Guarantee given for the loans | $ 19,600 | $ 19,600 | $ 19,600 | ||||
Share Of Gains Losses On Extinguishment Of Loans Receivable | $ 50,671 | ||||||
Exar Capital B.V. | Revised Repayment Mechanism [Member] | |||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Gain loss on extinguishment of loans receivable | $ 113,105 | ||||||
Gain losses on derivatives net of tax | 21,541 | ||||||
Share Of Gains Losses On Derivatives Net Of Tax | 9,650 | ||||||
Share Of Other Capital Income Relating To Deferred Tax | 3,305 | ||||||
Exar Capital B.V. | 2020 Cauchari Transaction | |||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Loans to Exar Capital | $ 79,674 | $ 79,674 | $ 79,674 | ||||
Borrowings, maturity | 7 years | ||||||
Non-interest bearing loan | $ 82,926 | ||||||
Exar Capital B.V. | Ganfeng | |||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Loans to Exar Capital | $ 70,856 | ||||||
Exar Capital B.V. | Ganfeng | Amendment To The Terms Of The Loan One [Member] | |||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Loans to Exar Capital | $ 125,847 | ||||||
Gain loss due to amendment of the loan terms gross | 54,991 | ||||||
Gain loss due to amendment of the loan terms gross adjusted against investment | 34,637 | ||||||
Gain loss due to amendment of loans recognized in the income statement | $ 20,354 | ||||||
Exar Capital B.V. | Ganfeng | Transactions Before 2020 | Floating interest rate [member] | Secured Overnight Financing Rate [Member] | |||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Loan Receivable Variable Interest Rate Spread | 10.305% | ||||||
Exar Capital B.V. | Ganfeng | Transactions Before 2020 | Bottom of Range | |||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Loan Receivable Bearing Fixed Rate Of Interest Percentage | 9.72% | 9.72% | 9.72% | ||||
Exar Capital B.V. | Ganfeng | Transactions Before 2020 | Top of Range | |||||||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||||||
Loan Receivable Bearing Fixed Rate Of Interest Percentage | 12.64% | 12.64% | 12.64% |
Investment in Cauchari-Olaroz_4
Investment in Cauchari-Olaroz Project - Summary of Loans to Joint Operation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Loans, beginning balance | $ 70,856 | $ 131,394 |
Loans, ending balance | 223,122 | 70,856 |
Remeasurement Due To Extinguishment Of Loans | (34,637) | |
Exar Capital B.V. | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Loans, beginning balance | 70,856 | |
Loans to Joint Venture | 79,674 | 60,270 |
Initial difference between the face value and the fair value of loans to Exar Capital | (29,677) | |
Accrued interest | 17,601 | 5,701 |
Loans, ending balance | 223,122 | 70,856 |
Remeasurement Due To Extinguishment Of Loans | $ 54,991 | |
Equity Accounting Investments | Exar Capital B.V. | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Loans, beginning balance | $ 34,562 |
Investment in Cauchari-Olaroz_5
Investment in Cauchari-Olaroz Project - Schedule of Investment in Cauchari-Olaroz Project (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Share of loss/(income) of Cauchari-Olaroz project | $ (1,359) | $ (342) |
Common shares, Ending balance | 17,276 | 13,033 |
Remeasurement due to extinguishment of loans | (34,637) | |
Loans, beginning balance | 70,856 | 131,394 |
Cauchari-Olaroz | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Contribution to Investment in Cauchari-Olaroz project | 3,138 | 31,772 |
Share of loss/(income) of Cauchari-Olaroz project | 25,731 | |
Elimination of unrealized gain on intercompany transactions | (26,259) | (22,104) |
Share of decrease in Minera Exar net assets as a result of the JEMSE Transaction | (10,512) | |
Common shares, Ending balance | 41,507 | $ 156,281 |
Minera Exar S.A. | Cauchari-Olaroz | JEMSE Arrangement | ||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | ||
Share of loss/(income) of Cauchari-Olaroz project | $ (57,016) |
Investment in Cauchari-Olaroz_6
Investment in Cauchari-Olaroz Project - Schedule of Amounts Presented in Financial Statements of Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 194,471 | $ 510,607 | $ 148,070 |
Total current assets | 356,092 | 532,575 | |
Non-current assets | 660,456 | 284,767 | |
Current liabilities | (19,645) | (8,256) | |
Income tax expense | 0 | 0 | |
Interest income on loans from Exar Capital | 17,602 | 3,395 | |
Withholding tax expense | 0 | 0 | |
General and administrative expenses | (22,883) | (10,386) | |
Net (loss)/income | (93,568) | (38,488) | |
Minera Exar S.A. | |||
CURRENT ASSETS | |||
Cash and cash equivalents | 3,075 | 937 | |
Other current assets | 11,357 | 1,087 | |
Total current assets | 14,432 | 2,024 | |
Non-current assets | 1,200,485 | 783,138 | |
Current liabilities | (113,970) | (93,509) | |
Non-current liabilities - loans from Exar Capital | (949,679) | (438,306) | |
Other non-current liabilities | (36,059) | (6,271) | |
Net assets | 115,209 | 247,076 | |
Other losses | (207,148) | ||
Income tax expense | (61,978) | ||
Deferred tax recovery | 75,280 | 81,424 | |
Net (loss)/income | (131,868) | 19,446 | |
Exar Capital B.V. | |||
CURRENT ASSETS | |||
Cash and cash equivalents | 1,180 | 4,616 | |
Restricted cash used as collateral under letters of credit | 15,668 | ||
Other current assets | 16,589 | 583 | |
Total current assets | 33,437 | 5,199 | |
Non-current assets | 617,279 | 438,306 | |
Current liabilities | (563,652) | (353,924) | |
Other current liabilities | (4,197) | (479) | |
Other non-current liabilities | (10,441) | ||
Net assets | 82,867 | 78,661 | |
Interest income on loans from Exar Capital | 58,614 | 40,403 | |
Interest expense | (47,057) | ||
Withholding tax expense | (7,034) | (5,157) | |
General and administrative expenses | (319) | (514) | |
Net (loss)/income | $ 4,204 | $ 34,732 |
Investment in Cauchari-Olaroz_7
Investment in Cauchari-Olaroz Project - Schedule of Reconciliation of the Summarized Financial Information For Minera Exar and Exar Capital to Carrying Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Joint Ventures [Line Items] | ||
Carrying value | $ 17,276 | $ 13,033 |
Minera Exar S.A. | ||
Disclosure Of Joint Ventures [Line Items] | ||
Net assets | 115,209 | 247,076 |
Company's share of net assets (49%) | 51,614 | |
Elimination of unrealized gain on intercompany transactions | (59,338) | |
Expenditures incurred by the Company in connection to the investee | 8,626 | |
Carrying value | 902 | |
Exar Capital B.V. | ||
Disclosure Of Joint Ventures [Line Items] | ||
Net assets | 82,867 | $ 78,661 |
Company's share of net assets (49%) | 40,605 | |
Carrying value | $ 40,605 |
Millennial Acquisition - Additi
Millennial Acquisition - Additional Information (Details) $ in Thousands | 11 Months Ended | ||
Jan. 25, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jan. 25, 2022 $ / shares | |
Millennial Lithium Corp [Member] | |||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||
Price Per Outstanding Shares Acquired | $ / shares | $ 4.7 | ||
Price Per Share Outstanding Paid In Cash | $ / shares | $ 0.001 | ||
Total consideration paid | $ 359,729 | ||
Millennial Lithium [Member] | |||
Disclosure Of Investments Accounted For Using Equity Method [Line Items] | |||
Business Combination ,Break Fees Amount | $ 20,000 | ||
Asset acquisition other transaction costs | $ 5,812 |
Millennial Acquisition - Summar
Millennial Acquisition - Summary of Consideration Transferred for Asset Acquisition (Details) - Millennial Lithium [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Disclosure In Tabular Form Of Consideration Transferred For Asset Acquisition [Line Items] | |
Cash | $ 105 |
Lithium Americas common shares | 333,812 |
Transaction costs | 25,812 |
Consideration given | $ 359,729 |
Millennial Acquisition - Summ_2
Millennial Acquisition - Summary of Assets Acquired and Liabilities Received Asset Acquisition (Details) - Millennial Lithium [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Disclosure In Tabular Form Of Assets Acquired And Liabilities Received Asset Acquisition [Line Items] | |
Cash and cash equivalents | $ 33,636 |
Receivables, prepaids and deposits | 999 |
Property, plant and equipment | 4,211 |
Exploration and evaluation assets | 338,050 |
Accounts payable and accrued liabilities | (17,167) |
Net assets acquired | $ 359,729 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | $ 4,368 | ||
Additions | 2,189 | $ 3,478 | |
Net book value at ending of the year | 9,026 | 4,368 | |
Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 6,332 | 3,306 | |
Additions | 2,189 | 3,478 | |
Acquisitions | 4,211 | ||
Disposals | (452) | ||
Net book value at ending of the year | 12,732 | 6,332 | |
Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 1,964 | 1,371 | |
Depreciation for the period | 1,742 | 925 | |
Disposals | (332) | ||
Net book value at ending of the year | 3,706 | 1,964 | |
Buildings | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 0 | ||
Net book value at ending of the year | 1,568 | 0 | |
Buildings | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 0 | 0 | |
Additions | 103 | 0 | |
Acquisitions | 1,571 | ||
Disposals | 0 | ||
Net book value at ending of the year | 1,674 | 0 | |
Buildings | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 0 | 0 | |
Depreciation for the period | 106 | 0 | |
Disposals | 0 | ||
Net book value at ending of the year | 106 | 0 | |
Equipment and Machinery | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 502 | ||
Net book value at ending of the year | 3,664 | 502 | |
Equipment and Machinery | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 1,316 | 1,198 | |
Additions | 1,035 | 118 | |
Acquisitions | 2,640 | ||
Disposals | 0 | ||
Net book value at ending of the year | 4,991 | 1,316 | |
Equipment and Machinery | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 814 | 471 | |
Depreciation for the period | 513 | 343 | |
Disposals | 0 | ||
Net book value at ending of the year | 1,327 | 814 | |
Other | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | [1] | 3,866 | |
Net book value at ending of the year | [1] | 3,794 | 3,866 |
Other | Cost | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | [1] | 5,016 | 2,108 |
Additions | [1] | 1,051 | 3,360 |
Acquisitions | [1] | 0 | |
Disposals | [1] | (452) | |
Net book value at ending of the year | [1] | 6,067 | 5,016 |
Other | Accumulated Depreciation | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Net book value at beginning of the year | 1,150 | 900 | |
Depreciation for the period | 1,123 | 582 | |
Disposals | (332) | ||
Net book value at ending of the year | $ 2,273 | $ 1,150 | |
[1]The “Other” category includes right of use assets with a cost of $4,452 and $1,604 of accumulated depreciation as at December 31, 2022. |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Lease assets | $ 4,452 |
Other Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Accumulated depreciation | $ 1,604 |
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 $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Acquisition costs | |
Total exploration and evaluation assets, beginning balance | $ 5,640 |
Acquisition of Millennial (note 7) | 338,050 |
Additions | 5,308 |
Write offs | (353) |
Total exploration and evaluation assets, ending balance | 348,645 |
Thacker Pass | |
Acquisition costs | |
Total exploration and evaluation assets, beginning balance | 5,640 |
Acquisition of Millennial (note 7) | 0 |
Additions | 4,227 |
Write offs | (353) |
Total exploration and evaluation assets, ending balance | 9,514 |
Millennial Projects | |
Acquisition costs | |
Total exploration and evaluation assets, beginning balance | 0 |
Acquisition of Millennial (note 7) | 338,050 |
Additions | 1,081 |
Write offs | 0 |
Total exploration and evaluation assets, ending balance | $ 339,131 |
Exploration and Evaluation As_4
Exploration and Evaluation Assets - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||
Cumulative payment | $ 22,000,000 | |
Thacker Pass | ||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||
Percentage of royalty revenue | 20% | |
Percentage of gross royalty revenue | 8% | |
Cumulative payment | $ 22,000,000 | |
Percentage royalty revenue, reduction | 4% | |
Percentage of option to reduce royalty revenue | 1.75% | |
Thacker Pass | 2022 | ||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||
Cumulative payment | $ 137,500 | |
Thacker Pass | 2023 | ||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||
Cumulative payment | $ 2,887,500 | |
Pastos Grandes | ||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||
Royalties as a percentage of gross operating revenues | 1.50% | |
Royalties as a percentage of net back income | 3% |
Convertible Notes - Additional
Convertible Notes - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jul. 15, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 09, 2021 | Dec. 06, 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 | $ 21.2307 | |||||
Initial conversion rate of convertible notes | $ 1,000 | $ 1,000 | |||||
Initial conversion price at a premium percentage of last reported sale price of shares | $ 47.1 | $ 47.1 | |||||
Percentage of changes in Share price by Valuation of the embedded derivative | 10% | ||||||
Percentage of trading price of conversion value of such notes | 98% | ||||||
Percentage of minimum trading price of the common shares preceding the date of announcement of such distribution | 10% | ||||||
Number of consecutive trading days for determining share price | 20 days | 20 days | |||||
Number of trading days for determining share price. | 30 days | 30 days | |||||
Percentage of trading price of conversion price on each applicable trading day | 130% | 130% | |||||
Percentage of principal plus accrued and unpaid interest equal to Redemption price | 100% | ||||||
Gains on change in fair value of derivatives | $ 47,655,000 | ||||||
Financial liabilities at fair value through profit or loss, category | |||||||
Statement One [Line Items] | |||||||
Risk free interest rate(%) | 1.37% | 1.37% | 4.13% | ||||
Host Component Of The Debt | Financial liabilities at amortised cost, category | |||||||
Statement One [Line Items] | |||||||
Interest paid | $ 2,755,000 | ||||||
Borrowings interest rate | 1.75% | 1.75% | |||||
Debt Instrument Start Date Of Interest Payment | Jul. 15, 2022 | ||||||
Debt Instrument Terms Of Interest Payment | 1.75% per annum payable on January 15 and July 15 of each year | ||||||
Host Component Of The Debt | Financial liabilities at amortised cost, category | Finance Costs | |||||||
Statement One [Line Items] | |||||||
Interest expense on bonds | $ 20,496,000 | ||||||
Convertible Note Derivative | |||||||
Statement One [Line Items] | |||||||
Share price | $ 29.12 | $ 29.12 | $ 18.95 | ||||
Bottom of range [member] | |||||||
Statement One [Line Items] | |||||||
Percentage of changes in Share price by Valuation of the embedded derivative | 16.50% | ||||||
Top of range [member] | |||||||
Statement One [Line Items] | |||||||
Percentage of changes in Share price by Valuation of the embedded derivative | 16.90% | ||||||
Historical volatility for shares, measurement input [member] | |||||||
Statement One [Line Items] | |||||||
Percentage of volatility | 64.75% | 64.75% | |||||
Interest rate, measurement input [member] | |||||||
Statement One [Line Items] | |||||||
Risk free interest rate(%) | 4.13% | 4.13% | |||||
Expected Dividend [Member] | |||||||
Statement One [Line Items] | |||||||
Expected dividend(%) | 0% | 0% | |||||
Credit spread, measurement input [member] | |||||||
Statement One [Line Items] | |||||||
Credit Spread Rate | 9.15% | 9.15% | |||||
Fixed interest rate [member] | |||||||
Statement One [Line Items] | |||||||
Interest rate of convertible Senior notes | 1.75% |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure In Tabular Form Of Movement In Convertible Debt Instruments And The Related Derivative Instruments During The Period [Line Items] | ||
Beginning balance | $ 281,027 | |
Ending balance | 232,546 | $ 281,027 |
Host Component Of The Debt | Financial liabilities at amortised cost, category | ||
Disclosure In Tabular Form Of Movement In Convertible Debt Instruments And The Related Derivative Instruments During The Period [Line Items] | ||
Beginning balance | 153,156 | 157,331 |
Transaction costs | (5,170) | |
Accrued Interest | 20,496 | 1,300 |
Reclassification of short-term accrued interest to short-term liability | (1,770) | (305) |
Interest payment | (2,755) | |
Ending balance | 169,127 | 153,156 |
Convertible Note Derivative | Financial liabilities at fair value through profit or loss, category | ||
Disclosure In Tabular Form Of Movement In Convertible Debt Instruments And The Related Derivative Instruments During The Period [Line Items] | ||
Transaction costs | (3,329) | |
Beginning balance | 83,000 | 101,419 |
Gain on change in fair value of convertible notes derivative | (47,655) | (15,090) |
Ending balance | 35,345 | 83,000 |
Convertible Debt Including Derivative Component | Financial Liabilites At Amortized Cost And Financial Liabilites At Fair Value Through Profit Or Loss | ||
Disclosure In Tabular Form Of Movement In Convertible Debt Instruments And The Related Derivative Instruments During The Period [Line Items] | ||
Beginning balance | 236,156 | 258,750 |
Transaction costs | (8,499) | |
Accrued Interest | 20,496 | 1,300 |
Reclassification of short-term accrued interest to short-term liability | (1,770) | (305) |
Interest payment | (2,755) | |
Ending balance | 204,472 | 236,156 |
Gain on change in fair value of convertible notes derivative | $ (47,655) | $ (15,090) |
Long-Term Liabilities - Schedul
Long-Term Liabilities - Schedule of Long-Term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current portion of long-term borrowings | ||
Current portion of long-term liabilities | $ 3,105 | $ 909 |
Long-term borrowings | ||
Long-term liabilities | 3,105 | 28,824 |
Accrued interest | ||
Current portion of long-term borrowings | ||
Current portion of long-term liabilities | 2,075 | 305 |
Other liabilities | ||
Current portion of long-term borrowings | ||
Current portion of long-term liabilities | 1,030 | 604 |
Long-term borrowings | ||
Long-term liabilities | 0 | 27,915 |
Limited Recourse Loan Facility | ||
Long-term borrowings | ||
Long-term liabilities | $ 0 | $ 27,915 |
Long-Term Liabilities - Additio
Long-Term Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2018 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowings, interest rate basis | LIBOR plus 5.5% | |||
Repayments of borrowings | $ 24,708 | $ 205,000 | ||
Non-Recourse Loan Agreement | Ganfeng | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowings interest rate | 10% | |||
Percentage of right to purchase share of production | 50% | |||
Borrowing facility | $ 100,000 | |||
Repayments of borrowings | $ 25,000 | |||
Limited Recourse Loan Facility | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowing facility | $ 75,000 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about other liabilities [line items] | |||
Other liabilities | $ 7,951 | $ 8,374 | |
Lithium Nevada Corp | |||
Disclosure of detailed information about other liabilities [line items] | |||
Other liabilities | 2,001 | ||
Success fee to mining contractor | 4,650 | ||
Lithium Nevada Corp | Thacker Pass | |||
Disclosure of detailed information about other liabilities [line items] | |||
Other liabilities | 5,950 | ||
Payments from mining contractor | $ 3,500 | ||
Repayment amount upon failing to achieve milestone | $ 3,500 |
Share Capital And Equity Comp_3
Share Capital And Equity Compensation - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||||||||||
Oct. 31, 2022 | Jan. 28, 2022 shares | Jan. 22, 2021 USD ($) shares | Jan. 04, 2021 shares | Sep. 30, 2021 shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 USD ($) $ / shares shares | Jan. 25, 2022 shares | Jan. 31, 2021 $ / shares | Apr. 01, 2020 shares | |
Disclosure Of Equity Compensation [Line Items] | ||||||||||||
Common shares issued | shares | 504 | 504 | 258 | 258 | ||||||||
Weighted average share price at the time of exercise of options | $ / shares | $ 39.89 | $ 20 | ||||||||||
Equity compensation expense | $ | $ 6,638 | $ 5,393 | ||||||||||
Number of Options, Exercised | shares | 992 | 612 | ||||||||||
Share issuance costs | $ | $ 0 | $ 22,609 | ||||||||||
Millennial [Member] | ||||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||||
Percentage of voting equity interests acquired | 100% | |||||||||||
Number of instruments or interests issued or issuable | shares | 13,199 | |||||||||||
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 | 140 | 256 | ||||||||||
Fair value of shares granted | $ | $ 3,462 | $ 3,462 | $ 3,547 | $ 3,547 | ||||||||
Unrecognized compensation cost related to unvested share based compensation arrangements | $ | 1,804 | 1,140 | ||||||||||
Fair value of share units recorded as a share-based payments expense | $ | 4,526 | 2,821 | ||||||||||
Fair value of share units recorded as a share-based payments expense included in payables pending issuance | $ | $ 3,108 | $ 1,374 | ||||||||||
Deferred Share Units | ||||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||||
Number of shares granted | shares | 23 | 24 | ||||||||||
Fair value of shares granted | $ | $ 619 | $ 619 | $ 377 | $ 377 | ||||||||
Cashless Exercise Provision Stock Option Plan | ||||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||||
Number of Options, Exercised | shares | 618 | 310 | ||||||||||
Performance Share Units | ||||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||||
Number of shares granted | shares | 73 | 162 | 73 | 73 | 162 | |||||||
Unrecognized compensation cost related to unvested share based compensation arrangements | $ | $ 2,861 | $ 2,282 | ||||||||||
Equity compensation expense | $ | $ 2,112 | $ 2,572 | ||||||||||
Conversion ratio | 1.85 | |||||||||||
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% | |||||||||||
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% | |||||||||||
Equity Incentive Plan | ||||||||||||
Disclosure Of Equity Compensation [Line Items] | ||||||||||||
Maximum percentage of outstanding common shares reserved for issuance | 16% | |||||||||||
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, 2022 | Dec. 31, 2021 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Number of shares outstanding balance | 2,355 | 2,290 |
Converted into shares | (114) | (191) |
Number of shares granted | 140 | 256 |
Number of shares forfeited | (14) | |
Number of shares outstanding balance | 2,367 | 2,355 |
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, 2022 | Dec. 31, 2021 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Number of shares outstanding balance | 242 | 218 |
Number of shares granted | 23 | 24 |
Converted into shares | (13) | |
Number of shares outstanding balance | 252 | 242 |
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, 2022 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares | Dec. 31, 2020 shares | |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Number of options outstanding | shares | 690 | 690 | 1,682 | 2,303 |
Weighted average remaining contractual life of options outstanding (years) | 0 years | |||
Weighted average exercise price of options exercisable | $ 7.54 | |||
$4.90 | ||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Exercise price of options outstanding | $ 4.9 | |||
Number of options outstanding | shares | 160 | 160 | ||
Weighted average remaining contractual life of options outstanding (years) | 0 years | |||
Weighted average exercise price of options exercisable | $ 4.9 | |||
$8.05 - $11.07 | ||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||
Number of options outstanding | shares | 530 | 530 | ||
Weighted average remaining contractual life of options outstanding (years) | 0 years | |||
Weighted average exercise price of options exercisable | $ 8.33 | |||
$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, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure Of Changes To Stock Options Outstanding [Abstract] | ||
Number of Options, Balance Outstanding | shares | 1,682 | 2,303 |
Number of Options, Exercised | shares | (992) | (612) |
Number of Options, Expired | shares | (9) | |
Number of Options, Balance Outstanding | shares | 690 | 1,682 |
Weighted Average Exercise Price, Balance Outstanding | $ / shares | $ 7.06 | $ 6.05 |
Weighted Average Exercise Price, Exercised | $ / shares | (6.73) | (3.05) |
Weighted Average Exercise Price, Expired | $ / shares | (6.3) | |
Weighted Average Exercise Price, Balance Outstanding | $ / shares | $ 7.54 | $ 7.06 |
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) shares in Thousands | 9 Months Ended | 12 Months Ended | |||
Jan. 28, 2022 USD ($) shares | Jan. 04, 2021 USD ($) shares | Sep. 30, 2021 shares | Dec. 31, 2022 shares | Dec. 31, 2021 shares | |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||
Risk-free interest rate | 1.39% | 0.17% | |||
Dividend rate | 0% | 0% | |||
Annualized volatility | 82.80% | 76% | |||
Peer Group average volatility | 55.73% | 72.20% | |||
Estimated forfeiture rate | 10% | 10% | |||
Fair value per PSU granted | $ | $ 41,990 | $ 19,720 | |||
Performance Share Units | |||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||
Number of PSUs granted | shares | 73 | 162 | 73 | 73 | 162 |
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 | 9 Months Ended | 12 Months Ended | |||
Jan. 28, 2022 | Jan. 04, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | |||||
Number of shares outstanding balance | 999 | 744 | 999 | ||
Number of shares forfeited | (51) | ||||
Number of shares granted | 73 | 162 | 73 | 73 | 162 |
Number of shares converted | (417) | ||||
Number of shares outstanding balance | 766 | 744 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Company's VP | Corporate Development Services | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Commitments made by entity, related party transactions | $ 3,200 | ||
Explanation of significant terms of service concession arrangement | The agreement is effective the earlier of the completion of the contemplated separation or August 1, 2023 and has an aggregate value over three years of $3,200. | ||
Minera Exar S.A. | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Directors remuneration expense | $ 75 | $ 74 | |
Minera Exar S.A. | Cauchari-Olaroz Project | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Total construction services contract value | $ 68,000 | ||
Percentage of share of joint venture | 49% | ||
Service Agreement Term | 5 years | ||
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 | $ 4,442 |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation of Key Management (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related party transactions [abstract] | ||
Equity compensation | $ 2,140 | $ 2,008 |
Salaries, bonuses, benefits and directors' fees included in general and administrative expenses | 5,149 | 2,175 |
Salaries, bonuses and benefits included in exploration expenditures | 1,286 | 376 |
Salaries and benefits capitalized to Investment in Cauchari-Olaroz project | 1,097 | 813 |
Total remuneration | 9,672 | 5,372 |
Total due to directors and executive team | $ 3,363 | $ 671 |
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, 2022 | Dec. 31, 2021 | |
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 22,883 | $ 10,386 |
Salaries, Benefits and Directors Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 8,684 | 4,215 |
Office and Administration | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 4,600 | 2,470 |
Professional Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 7,553 | 2,410 |
Regulatory and Filing Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 326 | 428 |
Travel | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 670 | 134 |
Investor Relations | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 700 | 462 |
Depreciation | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 350 | $ 267 |
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, 2022 | Dec. 31, 2021 | |
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | $ 49,197 | $ 35,961 |
Thacker Pass and Other Project Expenditures | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 49,197 | |
Thacker Pass and Other Project Expenditures | Engineering | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 25,229 | |
Thacker Pass and Other Project Expenditures | Geological, Consulting and Salaries | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 12,591 | |
Thacker Pass and Other Project Expenditures | Permitting and Environmental | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 3,643 | |
Thacker Pass and Other Project Expenditures | Field Supplies and Other | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 4,201 | |
Thacker Pass and Other Project Expenditures | Depreciation | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 1,392 | |
Thacker Pass and Other Project Expenditures | Drilling and Geological Expenses | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 2,141 | |
Thacker Pass [Member] | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 44,464 | 35,961 |
Thacker Pass [Member] | Engineering | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 25,229 | 22,775 |
Thacker Pass [Member] | Geological, Consulting and Salaries | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 10,891 | 7,395 |
Thacker Pass [Member] | Permitting and Environmental | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 3,638 | 2,390 |
Thacker Pass [Member] | Field Supplies and Other | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 1,528 | 1,048 |
Thacker Pass [Member] | Depreciation | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 1,193 | 635 |
Thacker Pass [Member] | Drilling and Geological Expenses | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 1,985 | $ 1,718 |
Millennial Projects [Member] | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 4,733 | |
Millennial Projects [Member] | Geological, Consulting and Salaries | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 1,700 | |
Millennial Projects [Member] | Permitting and Environmental | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 5 | |
Millennial Projects [Member] | Field Supplies and Other | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 2,673 | |
Millennial Projects [Member] | Depreciation | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | 199 | |
Millennial Projects [Member] | Drilling and Geological Expenses | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Total exploration expenditures | $ 156 |
Financial Costs - Summarizes th
Financial Costs - Summarizes the Companys finance costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finance Costs [Abstract] | ||
Interest on convertible notes | $ 20,496 | $ 1,301 |
Interest on credit facilities | 335 | 11,081 |
Other | 490 | 1,891 |
Finance costs | $ 21,321 | $ 14,273 |
Finance And Other Income - Summ
Finance And Other Income - Summarizes The Companys Finance And Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finance And Other Income [Abstract] | ||
Interest on loans to Exar Capital | $ 17,602 | $ 3,395 |
Interest on cash and cash equivalents and short-term bank deposits | 7,115 | 1,336 |
Other | 596 | 434 |
Finance and other income | $ 25,313 | $ 5,165 |
Segmented Information - Additio
Segmented Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Disclosure of operating segments [abstract] | |
Number of operating segments | 3 |
Number of geographic areas | 3 |
Segmented Information - Summary
Segmented Information - Summary of Reportable Segments and Corporate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | $ 9,026 | $ 4,368 |
Exploration and evaluation assets | 348,645 | 5,640 |
Total assets | 1,016,548 | 817,342 |
Total liabilities | (232,546) | (281,027) |
Property, plant and equipment additions | 2,189 | 3,478 |
Income from discontinued operations | 0 | 122 |
Net Income/(loss) | (93,568) | (38,488) |
Exploration expenditures | (49,197) | (35,961) |
Depreciation | (1,742) | (925) |
Thacker Pass | ||
Disclosure Of Operating Segments [Line Items] | ||
Exploration expenditures | (44,464) | (35,961) |
Corporate | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 839 | 1,074 |
Total assets | 375,257 | 531,838 |
Total liabilities | (214,221) | (270,395) |
Property, plant and equipment additions | 119 | 582 |
Net Income/(loss) | 2,583 | (5,696) |
Depreciation | (350) | (267) |
Millennial Projects | ||
Disclosure Of Operating Segments [Line Items] | ||
Exploration expenditures | (4,733) | |
Operating Segments | Organoclay Plant | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 0 | |
Exploration and evaluation assets | 0 | |
Total assets | 0 | |
Total liabilities | 0 | |
Income from discontinued operations | 122 | |
Net Income/(loss) | 122 | |
Operating Segments | Thacker Pass | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 3,936 | 3,294 |
Exploration and evaluation assets | 9,677 | 5,640 |
Total assets | 16,162 | 10,744 |
Total liabilities | (16,021) | (10,632) |
Property, plant and equipment additions | 1,836 | 2,896 |
Net Income/(loss) | (47,236) | (38,847) |
Exploration expenditures | (44,413) | (35,961) |
Depreciation | (1,193) | (658) |
Operating Segments | Cauchari-Olaroz | ||
Disclosure Of Operating Segments [Line Items] | ||
Total assets | 271,442 | 274,760 |
Net Income/(loss) | (44,736) | $ 5,933 |
Operating Segments | Millennial Projects | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 4,251 | |
Exploration and evaluation assets | 338,968 | |
Total assets | 353,687 | |
Total liabilities | (2,304) | |
Property, plant and equipment additions | 234 | |
Net Income/(loss) | (4,179) | |
Exploration expenditures | (4,784) | |
Depreciation | $ (199) |
Segmented Information - Schedul
Segmented Information - Schedule of Non-current Assets and Revenues of Discontinued Operation by Geographical Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Non-current assets | $ 416,454 | $ 200,122 |
Canada | ||
Non-current assets | ||
Non-current assets | 791 | 1,074 |
United States | ||
Non-current assets | ||
Non-current assets | 12,963 | 8,934 |
Argentina | ||
Non-current assets | ||
Non-current assets | $ 402,700 | $ 190,114 |
Income Taxes - Income Tax Recog
Income Taxes - Income Tax Recognized in Profit or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | ||
Withholding taxes accrued | $ 0 | $ 0 |
Current income tax | 0 | 0 |
Tax expense (recovery) | $ 0 | $ 0 |
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, 2022 | Dec. 31, 2021 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Loss from continuing operations before tax | $ (93,568) | $ (38,610) |
Income/(Loss) from discontinued operations | 0 | 122 |
(Loss)/Income before tax | $ (93,568) | $ (38,488) |
Statutory tax rate | 27% | 27% |
Expected income tax expense/(recovery) at statutory tax rate | $ (25,263) | $ (10,392) |
Items not taxable for income tax purposes | 9,846 | (6) |
Effect of lower tax rate in foreign jurisdiction | 3,048 | 2,454 |
Change in unrecognized deferred tax assets and other | 12,369 | 7,944 |
Tax expense (recovery) | $ 0 | $ 0 |
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, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Deferred tax assets | $ 73,495 | $ 64,789 |
Deferred tax liabilities: | ||
Deferred tax liabilities | (17,398) | (19,876) |
Unrecognized deferred tax assets | 56,097 | 44,913 |
Tax Loss Carryforwards | ||
Deferred tax assets: | ||
Deferred tax assets | 64,198 | 49,360 |
Loans to Exar Capital | ||
Deferred tax assets: | ||
Deferred tax assets | 217 | 7,641 |
Exploration and Evaluation Assets | ||
Deferred tax assets: | ||
Deferred tax assets | 3,371 | 1,994 |
Financing Costs | ||
Deferred tax assets: | ||
Deferred tax assets | 3,365 | 4,963 |
Capital Assets | ||
Deferred tax assets: | ||
Deferred tax assets | 621 | 50 |
Investment in Cauchari-Olaroz project | ||
Deferred tax assets: | ||
Deferred tax assets | 876 | 0 |
Deferred tax liabilities: | ||
Deferred tax liabilities | 0 | (15,043) |
Investment in Arena Minerals | ||
Deferred tax liabilities: | ||
Deferred tax liabilities | (193) | (793) |
Convertible debt | ||
Deferred tax liabilities: | ||
Deferred tax liabilities | (12,360) | (4,040) |
Other | ||
Deferred tax assets: | ||
Deferred tax assets | 501 | 781 |
Investment in Green Technology Metals | ||
Deferred tax assets: | ||
Deferred tax assets | 346 | 0 |
Stock Based Compensation | ||
Deferred tax liabilities: | ||
Deferred tax liabilities | $ (4,845) | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Canada | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Non-capital loss carryforwards | $ 90,658 | $ 85,000 | ||
Non-capital loss carryforwards expiration year period | between 2027 – 2042 | |||
US | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Non-capital loss carryforwards | $ 189,144 | $ 125,000 | ||
Non-capital loss carryforwards expiration year period | 2029 – 2037 | |||
US | 2029 – 2037 | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Non-capital loss carryforwards | 38,756 | |||
US | No fixed expiration date | ||||
Major Components Of Tax Expense Income [Line Items] | ||||
Non-capital loss carryforwards | $ 150,388 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) $ in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 ARS ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 ARS ($) | Dec. 31, 2020 USD ($) | |
Disclosure Of Financial Instruments [Line Items] | ||||||
Cash and cash equivalents | $ 194,471 | $ 510,607 | $ 148,070 | |||
Current liabilities | $ 19,645 | 8,256 | ||||
Cash and cash equivalents held in USD | $ 2,010 | $ 345 | ||||
Foreign exchange rate | 10 | 10 | 10 | |||
Foreign exchange gain (loss) | $ 3,433 | $ 201 | $ 73 | $ 35 | ||
Credit Risk | ||||||
Disclosure Of Financial Instruments [Line Items] | ||||||
Cash and cash equivalents | 352,102 | |||||
Current liabilities | $ 19,645 |
Financial instruments - Summary
Financial instruments - Summary of Contractual Maturities for Financial Liabilities on Undiscounted Basis (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | $ 302,852 |
Convertible senior notes | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 277,051 |
Accounts payable and accrued liabilities | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 16,540 |
Obligations under office leases | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 3,270 |
Other obligations | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 5,991 |
2023 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 24,703 |
2023 | Convertible senior notes | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 4,528 |
2023 | Accounts payable and accrued liabilities | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 16,540 |
2023 | Obligations under office leases | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 1,148 |
2023 | Other obligations | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 2,487 |
2024 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 9,125 |
2024 | Convertible senior notes | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 4,528 |
2024 | Obligations under office leases | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 1,093 |
2024 | Other obligations | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 3,504 |
2025 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 5,557 |
2025 | Convertible senior notes | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 4,528 |
2025 | Obligations under office leases | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 1,029 |
2026 and later | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 263,467 |
2026 and later | Convertible senior notes | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | $ 263,467 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Events After Reporting Period - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Feb. 16, 2023 | Jan. 13, 2023 | Jan. 30, 2023 |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||
Interest paid | $ 2,264 | ||
Financial advisory fees | $ 24,000 | ||
General Motors Holding LLC | |||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||
Equity investment from investor | $ 650,000 | ||
General Motors Holding LLC | Investment Tranche One | |||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||
Issue of equity | $ 320,000 | ||
Number of shares issued | 15,000 | ||
Share price | $ 21.34 |