Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Trading Symbol | LAC |
Entity Registrant Name | LITHIUM AMERICAS CORP. |
Entity Central Index Key | 1,440,972 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | No |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 88,479,107 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 55,394 | $ 8,056 |
Restricted cash | 833 | 833 |
Receivables, prepaids and deposits | 1,017 | 979 |
Deferred financing costs | 1,888 | |
Organoclay inventories | 2,086 | 531 |
Total current assets | 61,218 | 10,399 |
NON-CURRENT ASSETS | ||
Restricted cash | 983 | 1,817 |
Loans to Joint Venture | 11,479 | |
Investment in Joint Venture | 19,637 | 13,136 |
Property, plant and equipment | 18,070 | 18,502 |
Exploration and evaluation assets | 2,104 | 1,447 |
Total non-current assets | 52,273 | 34,902 |
TOTAL ASSETS | 113,491 | 45,301 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 3,546 | 1,637 |
Current portion of long-term borrowings | 178 | 169 |
Total current liabilities | 3,724 | 1,806 |
LONG-TERM LIABILITIES | ||
Long-term borrowings | 751 | 902 |
Decommissioning provision | 249 | 170 |
Total long-term liabilities | 1,000 | 1,072 |
TOTAL LIABILITIES | 4,724 | 2,878 |
SHAREHOLDERS’ EQUITY | ||
Share capital | 197,390 | 108,670 |
Contributed surplus | 20,812 | 11,948 |
Accumulated other comprehensive loss | (114) | (2,124) |
Deficit | (109,321) | (76,071) |
TOTAL SHAREHOLDERS’ EQUITY | 108,767 | 42,423 |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | $ 113,491 | $ 45,301 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Position (Parenthetical) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Ganfeng and Bangchak Investment Agreements | |
Statements [Line Items] | |
Undrawn line of credit | $ 205 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement [Abstract] | ||
ORGANOCLAY SALES | $ 4,290 | $ 1,154 |
COST OF SALES | ||
Production costs | (4,565) | (1,497) |
Inventories write down | (774) | (648) |
Depreciation | (764) | (476) |
Total cost of sales | (6,103) | (2,621) |
GROSS LOSS | (1,813) | (1,467) |
EXPENSES | ||
Exploration expenditures | (4,339) | (3,448) |
Organoclay research and development | (423) | (536) |
General and administrative | (7,296) | (6,448) |
Share of loss in Joint Venture | (4,850) | (3,987) |
Stock-based compensation | (11,412) | (3,193) |
Total expenses | (28,320) | (17,612) |
OTHER ITEMS | ||
Foreign exchange (loss)/gain | (3,759) | 351 |
Convertible security accretion | (806) | |
Loss on sale of 50% interest in Minera Exar | (9,015) | |
Other income | 642 | 825 |
Total other items | (3,117) | (8,645) |
NET LOSS | (33,250) | (27,724) |
OTHER COMPREHENSIVE LOSS ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO NET LOSS | ||
Reclassification of cumulative translation adjustment on sale of 50% interest in Minera Exar | 15,098 | |
Unrealized gain/(loss) on translation to reporting currency | 2,010 | (16,319) |
Other comprehensive income (loss) that may be reclassified subsequently to net loss | 2,010 | (1,221) |
TOTAL COMPREHENSIVE LOSS | $ (31,240) | $ (28,945) |
LOSS PER SHARE - BASIC AND DILUTED | $ (0.44) | $ (0.50) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 75,979 | 58,360 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Loss (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Income Statement [Abstract] | |
Ownership interest in joint venture | 50.00% |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Share Capital | Contributed Surplus | Accumulated Other Comprehensive Loss | Deficit |
Beginning balance at Sep. 30, 2015 | $ 60,915 | $ 99,318 | $ 10,847 | $ (903) | $ (48,347) |
Beginning balance, Shares at Sep. 30, 2015 | 53,297 | ||||
Shares issued on exercise of stock options | 806 | $ 2,106 | (1,300) | ||
Shares issued on exercise of stock options, shares | 1,226 | ||||
Shares issued on exercise of warrants | 1,149 | $ 1,256 | (107) | ||
Shares issued on exercise of warrants, shares | 407 | ||||
Shares issued on conversion of Restricted shares and DSUs | 50 | $ 757 | (707) | ||
Shares issued on conversion of restricted shares and DSUs, shares | 382 | ||||
Deferred share units and Restricted shares issued in lieu of salaries and directors fees | 22 | 22 | |||
Shares issued for equity financing | 3,500 | $ 3,500 | |||
Shares issued for equity financing, shares | 3,453 | ||||
Share issuance costs | (191) | $ (191) | |||
Shares issued for convertible security | 1,924 | $ 1,924 | |||
Shares issued for convertible security, shares | 1,608 | ||||
Stock-based compensation | 3,193 | 3,193 | |||
Net loss | (27,724) | (27,724) | |||
Other comprehensive income (loss) | (1,221) | (1,221) | |||
Ending balance at Dec. 31, 2016 | 42,423 | $ 108,670 | 11,948 | (2,124) | (76,071) |
Ending balance, Shares at Dec. 31, 2016 | 60,373 | ||||
Shares issued on exercise of stock options | 812 | $ 1,862 | (1,050) | ||
Shares issued on exercise of stock options, shares | 857 | ||||
Shares issued on exercise of warrants | 5,540 | $ 5,871 | (331) | ||
Shares issued on exercise of warrants, shares | 1,687 | ||||
Shares issued on conversion of Restricted shares and DSUs | $ 1,743 | (1,743) | |||
Shares issued on conversion of restricted shares and DSUs, shares | 562 | ||||
Deferred share units and Restricted shares issued in lieu of salaries and directors fees | 371 | 371 | |||
Shares issued for equity financing | 80,999 | $ 80,999 | |||
Shares issued for equity financing, shares | 25,000 | ||||
Share issuance costs | (1,755) | $ (1,755) | |||
Stock-based compensation | 11,617 | 11,617 | |||
Net loss | (33,250) | (33,250) | |||
Other comprehensive income (loss) | 2,010 | 2,010 | |||
Ending balance at Dec. 31, 2017 | $ 108,767 | $ 197,390 | $ 20,812 | $ (114) | $ (109,321) |
Ending balance, Shares at Dec. 31, 2017 | 88,479 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parenthetical) | Nov. 08, 2017shares |
Statement Of Changes In Equity [Abstract] | |
Share consolidation, number of outstanding common shares for each new common share | 5 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net loss | $ (33,250) | $ (27,724) |
Items not affecting cash: | ||
Stock-based compensation | 11,566 | 3,193 |
Depreciation | 939 | 894 |
Foreign exchange loss/(gain) | 3,759 | (351) |
Share of loss in Joint Venture | 4,850 | 3,987 |
Convertible security accretion | 806 | |
Loss on sale of 50% interest in Minera Exar | 8,374 | |
Inventories write down | 774 | 648 |
Other expense/(income) | 291 | (627) |
Changes in non-cash working capital items: | ||
(Increase)/decrease in receivables, prepaids and deposits and deferred financing costs | (596) | 40 |
(Increase)/decrease in inventories | (2,092) | 88 |
Increase/(decrease) in accounts payable and accrued liabilities | 845 | (640) |
Net cash used in operating activities | (12,914) | (11,312) |
INVESTING ACTIVITIES | ||
Loans to Joint Venture (Note 5) | (11,000) | |
Equity investment in Joint Venture (Note 5) | (13,700) | |
Additions to exploration and evaluation assets | (626) | (991) |
Cash received from Joint Venture, net | 14,661 | |
Restricted cash | 834 | (2,500) |
Additions to property, plant and equipment (Note 6) | (1,059) | (640) |
Net cash (used in)/provided by investing activities | (25,551) | 10,530 |
FINANCING ACTIVITIES | ||
Proceeds from stock options exercises | 812 | 806 |
Proceeds from warrants exercises | 5,540 | 1,149 |
Repayment of convertible security funding | (1,653) | |
Net proceeds from equity financing (Note 9) | 79,244 | 3,482 |
Finance lease repayments | (46) | (52) |
Repayment of long-term borrowing | (125) | (147) |
Net cash provided by financing activities | 85,425 | 3,585 |
EFFECT OF FOREIGN EXCHANGE ON CASH | 378 | (299) |
CHANGE IN CASH AND CASH EQUIVALENTS | 47,338 | 2,504 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 8,056 | 5,552 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | $ 55,394 | $ 8,056 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Of Cash Flows [Abstract] | |
Ownership interest in joint venture | 50.00% |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
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 two significant lithium projects, the Cauchari-Olaroz project, located in Jujuy province of Argentina, and the Lithium Nevada project (formerly the Kings Valley project), located in north-western Nevada, USA, and on the manufacturing and sales of organoclay products. The Company’s organoclay plant located in Fernley, Nevada, USA manufactures specialty organoclay products, derived from clays, for sale to the oil and gas and other sectors. The Company’s common shares are listed on the Toronto Stock Exchange and, subsequent to the year end, became listed on the New York Stock Exchange under the symbol "LAC". The Company’s head office and principal address is Suite 1150-355 Burrard Street, Vancouver, British Columbia, Canada, V6C 2G8. Effective August 11, 2017 the Company’s registered and records office is 2200-885 West Georgia Street, Vancouver, British Columbia, Canada, V6C 3E8. 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 and investment in joint venture are dependent on the existence of economically recoverable reserves, securing and maintaining title and beneficial interest in the properties, the ability of the Company to obtain the necessary financing to complete permitting, development, and to attain future profitable operations. |
Basis of Preparation and Presen
Basis of Preparation and Presentation | 12 Months Ended |
Dec. 31, 2017 | |
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 (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements were approved for issuance by the Board of Directors on March 28, 2018. These consolidated financial statements are expressed in US dollars, the Company’s presentation currency, 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. As authorized by its shareholders, the Company implemented a consolidation of its outstanding common shares effective from November 8, 2017 on the basis of one new common share for every five outstanding common shares. The share consolidation affected all issued and outstanding common shares, options and warrants. All information relating to basic and diluted earnings per share, issued and outstanding common shares, share options (note 9), restricted share units (note 9), deferred share units (note 9) and warrants (note 9), and per share amounts in these consolidated financial statements have been adjusted retrospectively to reflect the share consolidation. The Company changed its fiscal year end from September 30 to December 31, effective 2016, so the comparative period is the fifteen-month period from October 1, 2015 to December 31, 2016. The Company changed its year end in order to align it with the Joint Venture (as defined in Note 5) for reporting and planning purposes as well as to bring its financial reporting timetable in line with the other companies in the industry. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. SIGNIFICANT ACCOUNTING POLICIES Critical Accounting Estimates and Judgements The preparation of these financial statements in conformity with IFRS requires judgments, estimates, and assumptions that affect the amounts reported. Those estimates and assumptions concerning the future may differ from actual results. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following are the estimates, assumptions and areas of judgment applied by management that most significantly affect the Company’s financial statements: Commercial viability and technical feasibility of the Cauchari-Olaroz project The application of the Company’s accounting policy for exploration and evaluation assets requires judgement in assessing when the commercial viability and technical feasibility of the Cauchari-Olaroz project has been determined, at which point the asset is reclassified to property, plant and equipment. In the judgement of the Company, the commercial viability and technical feasibility of the Cauchari-Olaroz project has been demonstrated effective July 1, 2017. 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 indicators assessment on the Company’s exploration and evaluation assets and has concluded that no impairment indicators exist as of December 31, 2017. Impairment of other long lived assets The application of the Company’s accounting policy for impairment of its investment in joint venture and property, plant and equipment requires judgment to determine whether indicators of impairment exist. The review of impairment indicators includes consideration of both external and internal sources of information, including factors such as market and economic conditions, taxation, prices and forecasts, capital expenditure requirements, future operating costs and production volumes. Management has assessed impairment indicators on the Company’s investment in joint venture and property, plant and equipment and has concluded that no impairment indicators exist as of December 31, 2017. Principles of Consolidation The consolidated financial statements contained herein include the accounts of Lithium Americas Corp. and its wholly-owned USA subsidiaries Lithium Nevada Corp., KV Project LLC, and RheoMinerals Inc., and Canadian wholly-owned subsidiary 2265866 Ontario Inc. All inter-company transactions and balances have been eliminated. Subsidiaries are all entities over which the group has control. The group 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 group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealised 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 group. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Investments in Joint Arrangements A joint arrangement is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control. Joint control is the contractually agreed sharing of control such that significant operating and financial decisions require the unanimous consent of the parties sharing control. The Company’s arrangement with respect to Cauchari-Olaroz project is classified as a joint venture and is accounted for using the equity method. The equity method involves recording the initial investment at cost. When a joint venture is formed from a previous investment in a subsidiary, the Company made a policy choice decision to recognize a gain or loss on change of control in relation to the portion of the investment no longer owned based upon the carrying value of the assets. Additional funding into an investee is recorded as an increase in the carrying value of the investment. The carrying amount is adjusted by the Company’s share of a joint venture’s net income or loss, depreciation, amortization or impairment and foreign currency differences arising on translation from functional to the presentation currency. When the Company’s share of losses of a joint venture exceeds the Company’s carrying value of the investment, the Company discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture. Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the group’s 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 all subsidiaries in the Company’s group other than Lithium Americas Corporation is the US dollar, while the functional currency of Lithium Americas Corporation is the Canadian dollar. The functional currency of the Company’s Joint Venture is the Argentinian Peso. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they are attributable to part of the net investment in a foreign operation. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as available-for-sale financial assets are recognized in other comprehensive income. 3. SIG (continued) Parent and Subsidiary Companies The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each reporting date are translated at the closing rate at that reporting date; • income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and • all resulting exchange differences are recognized in other comprehensive loss. The Company recognizes its share of the exchange differences of its joint ventures which result from translation of the results and financial position of its foreign joint ventures from the functional to the presentation currency. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognized in other comprehensive income. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling interests. 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 Exploration and Evaluation Assets Exploration expenditures not including the acquisition costs and claim maintenance costs are expensed as incurred until an economic feasibility study has established the presence of proven and probable reserves and development of the project has commenced, at which time exploration and development expenditures incurred on the property thereafter are capitalized. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, including: • The extent to which mineral reserves or mineral resources as defined in National Instrument 43-101 (“NI 43-101”) have been identified through a feasibility study or similar document; • The status of environmental permits; and • The status of mining leases or 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, 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) The Company assesses its capitalized mineral property costs 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. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, or title may be affected by undetected defects. 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. During the development and commissioning phase, pre-production expenditures, net of incidental proceeds from sales during this period, Capitalization of costs incurred ceases when commercial production commences 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: • Organoclay plant – straight-line basis over the estimated useful life of 20 years; • Buildings – straight-line basis over the estimated useful life of 20 years; • Organoclay plant equipment included in “Equipment and machinery” – straight line basis over the estimated life of 5-20 years; • Lithium demo plant equipment included in “Equipment and machinery” – straight-line basis over the estimated useful life of 10 years; • Office equipment included in “Other” – declining balance method at 20% annual rate ; and • Other equipment included in “Other” – straight-line basis over the estimated useful life of 7-15 years. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted, if appropriate, at each financial year-end. 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of Property, Plant and Equipment Property, plant and equipment are assessed for impairment indicators at each reporting date or when an impairment indicator arises if not at a reporting date. Impairment indicators are evaluated and, if considered necessary, an impairment assessment is carried out. If an impairment loss is identified, it is recognized for the amount by which the asset’s carrying amount exceeds it 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 discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). These are typically individual mines, plants or development projects. Where the factors which resulted in an impairment loss subsequently reverses, 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. Leased Assets Finance leases, which transfer to the Company substantially all the risks and rewards incidental to ownership of the leased item, are capitalized at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. The corresponding lease commitment is shown as a liability. Lease payments are apportioned between capital and interest. Interest charges are capitalized to asset under construction during the development and commissioning phase. The capital element reduces the balance owed to the lessor. Inventories Organoclay products, in-process and stockpile inventories are recorded at the lower of average cost and net realizable value. The cost of finished goods and work-in-progress is determined by the weighted average cost method and comprises raw materials, direct labour, and other direct costs, as well as related production overheads including applicable depreciation on property, plant and equipment. Net realizable value is the estimated selling price less applicable selling expenses. When inventories have been written down to net realizable value, a new assessment of net realizable value is made in each subsequent period. When the circumstances that caused the write down no longer exist, the amount of the write down is reversed. Materials and supplies inventories are valued at the lower of average cost and net realizable value. Cost includes acquisition, freight and other directly attributable costs. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Financial Instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. 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. All of the Company’s financial instruments are classified into one of the following categories: loans and receivables or other financial liabilities. All financial instruments are measured in the statement of financial position at fair value initially. Loans and receivables and other financial liabilities are subsequently measured at amortized cost. The Company does not use derivative instruments or hedges to manage risks. Cash and receivables and short-term restricted cash have been designated as loans and receivables and are included in current assets due to their short-term nature. Loans to the Joint Venture and long-term restricted cash have been designated as loans and receivables and are included in non-current assets due to their long-term nature. The Company’s other financial liabilities include accounts payable and accrued liabilities, long-term borrowing, convertible security, and obligation under finance leases. 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 begin when there are borrowings and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activity 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. 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 rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Close down and restoration costs include dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, such as revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals. The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are capitalized within capital assets. These costs are then depreciated over the lives of the asset to which they relate, typically using the units of production method. The amortization or unwinding of the discount applied in establishing the net present value of provisions is charged to the statement of comprehensive (loss)/income as a financing cost. Provision is made for the estimated present value of the costs of environmental cleanup obligations outstanding at the statement of financial position date 3. SIGNIFICANT ACCOUNTING POLICIES (continued) 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, adjusted for amendments to tax payable with regards to previous years. Deferred tax is recorded using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for the initial recognition of assets or liabilities that affect neither accounting or taxable loss, nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recorded. Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. Revenue Organoclay products revenue is recognized when it is probable that the economic benefits will flow to the Company, risks and rewards of ownership are transferred to the customer, delivery has occurred, the sales price is reasonably determinable, and collectability is reasonably assured. These criteria are generally met at the time the product is shipped or delivered to the customer and, depending on the delivery conditions, title and risk have passed to the customer and acceptance of the product, when contractually required, has been obtained. Revenue is measured based on the price specified in the sales contract, net of discounts, at the time of sale. Earnings/(Loss) per Share Basic earnings/(loss) per share is computed by dividing net loss attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reporting period. The diluted 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. Stock-Based Compensation The Company grants stock options to buy common shares of the Company to directors, officers, employees and service providers. The fair value of stock options granted by the Company is treated as compensation costs in accordance with IFRS 2, Share-based Payment 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. 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, they are recorded at the fair value of the goods or services received in the statement of comprehensive (loss)/income, unless they are related to the issuance of shares. Amounts related to the issuance of shares are recorded as a reduction of share capital. When the value of goods or services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The Company’s equity incentive plan also allows the grant of restricted shares and deferred share units. The cost of equity -settled payment arrangements is recorded based on the estimated fair value at the grant date and charged to earning over the vesting period. Organoclay Product Development Expenditure on research activities related to the obtaining of new scientific or technical knowledge is expensed as incurred. Expenditure on development activities, whereby the research results or other knowledge is applied to accomplish new or improved products or processes, is recognized as an intangible asset in the statement of financial position, provided the product or process is technically and commercially feasible and the Company has sufficient resources to complete development, and is subsequently able to use or sell the intangible asset. The carrying amount includes the directly attributable expenditure, such as the cost of materials and services, costs of employee benefits, fees to register intellectual property rights and amortization of patents and licenses. In the statement of financial position, product development are stated at cost less accumulated amortization and any impairment losses. Recent Accounting Pronouncements Accounting standards and amendments issued but not yet adopted IFRS 9, Financial Instruments (“IFRS 9”), addresses the classification, measurement and recognition of financial assets and financial liabilities. The complete version of IFRS 9 was issued in July 2014. It replaces the guidance in International Accounting Standard (“IAS”) 39 that relates to the classification and measurement of financial instruments. IFRS 9 retains but simplifies the mixed measurement model and establishes three primary measurement categories for financial assets: amortized cost, fair value through other comprehensive income (“FVOCI”) and fair value through profit and loss (“FVTPL”). There is now a new expected credit losses model that replaces the incurred loss impairment model used in IAS 39. For financial liabilities there were no changes to classification and measurement except for the recognition of changes in own credit risk in OCI, for liabilities designated as FVTPL. The standard is effective for accounting periods beginning on or after January 1, 2018. The Company has determined that adoption of this standard will have no significant impact on the consolidated financial statements. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) IFRS 15, Revenue from Contracts with Customers (“IFRS 15”), deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. IFRS 15 was issued in May 2014 by the IASB. Under IFRS 15, revenue is recognized when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces IAS 18, Revenue, and IAS 11, Construction Contracts, and related interpretations. The standard is effective for annual periods beginning on or after January 1, 2018. The Company has determined that adoption of this standard will have no significant impact on the consolidated financial statements. IFRS 16, Leases (“IFRS 16”), was issued in January 2016 by the IASB. According to the new standard, all leases will be on the statement of financial position of lessees, except those that meet the limited exception criteria. The standard is effective for annual periods beginning on or after January 1, 2019. The Company is currently evaluating the effect the standard will have on its consolidated financial statements. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2017 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. CASH AND CASH EQUIVALENTS As at December 31, As at December 31, 2017 $ 2016 $ Cash 6,319 1,449 Short-term bank deposits 49,075 6,607 55,394 8,056 As at December 31, 2017 $5,898 of cash is held in CAD (December 31, 2016 – 250) and $421 in USD (December 31, 2016 – 1,199) and earn interest between 0.25-1.5%. Short-term bank deposits are held in USD and earn interest between 1-2%. |
Joint Venture
Joint Venture | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Joint Ventures [Abstract] | |
Joint Venture | 5. JOINT VENTURE On March 28, 2016, the Company entered into an agreement with SQM to form a 50/50 joint venture on the Cauchari-Olaroz project in Jujuy, Argentina (“Joint Venture”). The Joint Venture is governed by a Shareholders Agreement which provides for (i) equal representation by the Company and SQM on its Shareholders’ Committee, (ii) unanimous approval by the Company and SQM on budgets and timing of expenditures, (iii) the right to purchase a 50% share of production and (iv) buyout and termination provisions in the event that SQM chooses not to proceed with the project. In May 2016, SQM and the Company also entered into an Escrow Agreement requiring the Company to deposit $2,500 of the $15,000 contribution (the “Escrow Amount”) into an escrow account. Subject to certain provisions, the Escrow Amount will be released to the Company over three years as follows: $833 was received in April 2017, $833 will be released on March 28, 2018, and $833 will be released on March 28, 2019. The Escrow Amount can be used to pay certain contingent liabilities of Minera Exar, if any arise, related to the actions prior to the Joint Venture formation. The Company has also provided a guarantee for up to $354 in transaction related costs in the event that such costs arise in the future. Effective July 1, 2017, the Joint Venture’s Cauchari-Olaroz project entered the development phase. Accordingly, all costs directly attributable to the are capitalized. 5. JOINT VENTURE (continued) Investment in Joint Venture The changes in investment in the Joint Venture since initial contribution are as follows: Initial contribution to Joint Venture – March 28, 2016 $ 50% of net asset value of Minera Exar 13,276 50% of contribution for Joint Venture project development 5,000 Total initial contribution 18,276 Share of loss of Joint Venture (3,987 ) Translation adjustment (1,153 ) Investment in Joint Venture – December 31, 2016 13,136 Share of loss of Joint Venture (4,850 ) Translation adjustment (2,127 ) Contribution to Joint Venture by LAC 13,717 Elimination of unrealized gains on intercompany transactions (239 ) Investment in Joint Venture – December 31, 2017 19,637 In October 2017, the Company made an irrevocable capital contribution, proportionate to its 50% interest in the Joint Venture, for future capital increases in Minera Exar in an amount of $13,300 to develop, explore, and operate the Cauchari-Olaroz project. The following amounts represent the amounts presented in the financial statements of Minera Exar. They have been amended to reflect modifications for differences in accounting policies. December 31, 2017 December 31, 2016 $ $ Current assets Cash and cash equivalents 9,198 3,119 Other current assets 2,410 1,281 Total current assets 11,608 4,400 Non-current assets 66,821 28,261 Current liabilities (13,189 ) (6,268 ) Non-current liabilities (26,323 ) (121 ) Net assets 38,917 26,272 Summarized statement of loss from operations For the year ended December 31, 2017 For the period March 28, 2016 - December 31, 2016 $ $ Exploration expenditures 8,898 8,060 Depreciation 213 24 Other expenses/(income) 589 (108 ) Loss from continuing operations 9,700 7,976 Loans to Joint Venture During the year ended December 31, 2017, the Company entered into two loan agreements and advanced $11,000 to Minera Exar. The rate of interest on the first loan with a principal amount of $5,000 is 12-month LIBOR plus 3% and is calculated on the basis of a 360-day year. The maturity date of the first loan is two years following the drawdown date. The rate of interest on the second loan with a principal amount of $6,000 is 12-month LIBOR plus 10% and is calculated on the basis of a 360-day year. The maturity date of the second loan is fifteen years following the drawdown date. The interest on both loans is accrued on a non–compounding basis. The proceeds from the loans were used by Minera Exar for mining exploration or mining construction and development purposes. 5. JOINT VENTURE (continued) Joint Venture Commitments and Contingencies As at December 31, 2017, the Company’s 50% portion of the Joint Venture’s commitments and contingencies are as follows: • Annual royalty of $100 due in May of every year and expiring in 2041; • Aboriginal programs agreements with six communities located in the Cauchari-Olaroz project area have terms from five to thirty years. The annual fees due are $88 between 2017 and 2021 and $131 between 2021 and 2059, assuming that these payments will be extended for the life of the project. These payments will be incurred only if the Joint Venture starts production. Los Boros Option Agreement On March 28, 2016, the Joint Venture entered into a purchase option agreement (“Option Agreement”) with Grupo Minero Los Boros (“Los Boros”) for the transfer of title to the Joint Venture for certain mining properties that comprised a portion of the Cauchari-Olaroz project. Under the terms of the Option Agreement, the Joint Venture paid $100 (the Company’s portion was $50) upon signing and has a right to exercise the purchase option at any time within 30 months for the total consideration of $12,000 (the Company’s portion is $6,000) to be paid in sixty quarterly instalments of $200 (the Company’s portion is $100). The first installment becomes due upon occurrence of one of the following two conditions, whichever comes first: third year of the purchase option exercise date or the beginning of commercial exploitation with a minimum production of 20,000 tons of lithium carbonate equivalent. As a security for the transfer of title for the mining properties under the Option Agreement, Los Boros granted to the Joint Venture a mortgage for $12,000. If the Joint Venture exercises the purchase option, the following royalties will have to be paid to Los Boros: • $300 (the Company’s portion is $150) within 10 days of the commercial plant construction start date; and • 3% net profit interest (the Company’s portion is 1.5%) for 40 years, payable in pesos, annually within the 10 business days after calendar year end. The Joint Venture can cancel the first 20 years of net profit interest in exchange for a one-time payment of $7,000 (the Company’s portion is $3,500) and the next 20 years for additional $7,000 (the Company’s portion is $3,500). JEMSE Arrangement During 2012 Minera Exar granted a conditional right to Jujuy Energia y Mineria Sociedad del Estado (“JEMSE”), a mining investment company owned by the government of Jujuy Province in Argentina, to acquire an 8.5% equity interest in Minera Exar for one US dollar and provide management services as required to develop the project. If |
Property Plant and Equipment
Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property Plant and Equipment | 6. PROPERTY, PLANT AND EQUIPMENT Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Cost As at September 30, 2015 371 1,957 5,068 11,149 356 18,901 Additions 15 184 88 346 70 703 Disposition - - - - (29 ) (29 ) Contribution to Joint Venture - - - - (12 ) (12 ) Foreign exchange - - - - (3 ) (3 ) As at December 31, 2016 386 2,141 5,156 11,495 382 19,560 Additions - 2 805 - 254 1,061 Write down - - (399 ) - - (399 ) As at December 31, 2017 386 2,143 5,562 11,495 636 20,222 Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Accumulated depreciation As at September 30, 2015 - - 112 - 76 188 Depreciation for the year - 76 335 431 52 894 Disposition - - - - (20 ) (20 ) Contribution to Joint Venture - - - - (4 ) (4 ) As at December 31, 2016 - 76 447 431 104 1,058 Depreciation for the year - 107 366 575 76 1,124 Disposition - - (30 ) - - (30 ) As at December 31, 2017 - 183 783 1,006 180 2,152 Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Net book value As at December 31, 2016 386 2,065 4,709 11,064 278 18,502 As at December 31, 2017 386 1,960 4,779 10,489 456 18,070 |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2017 | |
Exploration And Evaluation Assets [Abstract] | |
Exploration and Evaluation Assets | 7. EXPLORATION AND EVALUATION ASSETS December 31, 2017 Lithium Nevada $ Acquisition costs Balance, beginning 1,447 Additions 706 Write offs (49 ) Total exploration and evaluation assets 2,104 7. EXPLORATION AND EVALUATION ASSETS (continued) December 31, 2016 Lithium Nevada $ Cauchari- Olaroz $ Total $ Acquisition costs Balance, beginning 958 41,665 42,623 Additions 489 71 560 Change in foreign exchange rate - (14,874 ) (14,874 ) Sale of 50% of net assets - (13,431 ) (13,431 ) Contribution to Joint Venture - (13,431 ) (13,431 ) Total exploration and evaluation assets 1,447 - 1,447 The Company has the following future payments and royalties on Lithium Nevada project. These payments will only be incurred 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 Lithium Nevada project. • $50 annual advance net smelter return royalty payment due on January 21 on certain mining claims. The Company’s interest in these claims is subject to a 3% net smelter return royalty; • $2 per year in advance net smelter return royalty payments due on November 15 on four mining claims. The Company’s interest in these claims is subject to a 1.5% net smelter return royalty; • 20% royalty on revenue solely in respect of uranium; • 8% gross revenue royalty on all claims up to a cumulative payment of $22,000. The royalty will then be reduced to 4% for the life of the project. The Company has the option at any time to reduce the royalty to 1.75% upon payment of $22,000. The Company has future royalties from sales of organoclay products manufactured at the facility in Saudi Arabia owned by Delmon Co Ltd. and receivable pursuant to its “Technical Assistance and Royalty Agreement”. The agreement was entered into on November 17, 2016 and includes a 12.5% net profit royalty payable for 7 years from the manufacturing completion date (as defined in the abovementioned agreement) and a 3% gross profit royalty on new products payable for 7 years from the date of sale of any new product. |
Long Term Borrowing
Long Term Borrowing | 12 Months Ended |
Dec. 31, 2017 | |
Borrowings [Abstract] | |
Long -Term Borrowing | 8. LONG-TERM BORROWING As at December 31, As at December 31, 2017 $ 2016 $ Current portion of long-term borrowings Promissory note 130 125 Obligation under finance leases 48 44 178 169 Long-term borrowings Promissory note 703 833 Obligation under finance leases 48 69 751 902 929 1,071 Promissory Note In July 2013, the Company purchased an industrial complex in the City of Fernley, Nevada to be the production site for its organoclay plant. 8. LONG-TERM BORROWING (continued) The property was purchased for $1,575, of which $236 was paid at the close of the transaction, and the remaining balance of $1,339 was financed by the seller with a ten-year promissory note payable in monthly instalments. The promissory note bears 5.25% annual interest for the first five years, and then at a reset interest rate of between 5.5% to 7.5% for the final five years, depending on the prime rate at the time of reset. Security provided for the promissory note includes a mortgage charge against the purchased property. |
Issued Capital, Equity Compensa
Issued Capital, Equity Compensation and Warrants | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Issued Capital, Equity Compensation and Warrants | 9. ISSUED CAPITAL, EQUITY COMPENSATION, AND WARRANTS Ganfeng and Bangchak Investment Agreements During the year ended December 31, 2017, the Company completed the closing of the investment agreement (the “Ganfeng Investment Agreement”) with GFL International Co., Ltd. (“Ganfeng”) and the investment agreement (the “Bangchak Investment Agreement”) with The Bangchak Petroleum Public Company Limited (“Bangchak”) through its wholly-owned subsidiary, BCP Innovation Pte Ltd (“BCPI”) for funding to advance the construction of the Cauchari-Olaroz lithium project in Jujuy, Argentina. Pursuant to these agreements, each of Ganfeng and Bangchak agreed to co-invest in the Company through a mixture of equity subscriptions and debt financing. The investment agreements consisted of four key components: • An equity financing by each of Ganfeng and Bangchak. Ganfeng subscribed for 15,000 common shares while BCP subscribed for 10,000 common shares at a price of CDN$4.25 per common share, for gross proceeds of approximately CDN$106,000 ($80,999). • A $205,000 credit facility. Under this agreement, each of Ganfeng and Bangchak have committed to advance $125,000 and $80,000 respectively, with proceeds to be used to fund the Company’s share of project development contributions for Stage 1 of the Cauchari-Olaroz project. As of December 31, 2017, the Company has not drawn down on this credit facility. • Off-take entitlements in favour of Ganfeng and Bangchak for the purchase of up to 80% and 20% respectively, of the Company’s share of Cauchari-Olaroz Project Stage 1 lithium carbonate production at market prices. The off-take agreements each have a term of 20 years following commencement of commercial production. • Investor Rights Agreement. The Company entered into an Investor Rights Agreement with each of Ganfeng and Bangchak. Pursuant to these agreements, Ganfeng and Bangchak each have the right to nominate one individual to the board of directors of the Company so long as they maintain a 15% or more interest in the Company’s issued share capital. Each of Ganfeng and Bangchak have a participation right in connection with future financings to maintain a 17.5% interest and 16.4% interest respectively, so long as they maintain a 15% or more interest in the Company’s issued share capital. The parties settled relevant agreements and satisfied all conditions over the course of the first half of 2017, and on July 14, 2017 completed the remaining equity subscriptions and entered into definitive agreements. The Company provided corporate guarantees, to both lenders, Bangchak and Ganfeng, in connection with the debt facility. Financing costs of $1,755, related to the equity portion of the Ganfeng and Bangchak financings, were recorded as share issuance costs. Financing costs of $1,888, related to the debt portion of the Ganfeng and Bangchak financings, are deferred and included in receivables, prepaids, and deposits and will be amortized over the terms of the loans. $1,361 of these costs are included in accounts payable and accrued liabilities on December 31, 2017. 9. ISSUED CAPITAL, EQUITY COMPENSATION, AND WARRANTS (continued) Equity Incentive Plan The Company has an equity incentive plan (“Plan”) in accordance with the policies of the TSX whereby, from time to time, at the discretion of the Board of Directors, eligible directors, officers, employees and consultants are: (1) granted incentive stock options exercisable to purchase common shares (“Stock Options”); (2) awarded restricted share rights (“RSs”) that convert automatically into common shares upon vesting; and (3) for eligible directors, awarded deferred share units (“DSUs”) which the directors are entitled to redeem for common shares upon retirement or termination from the Board. Under the Plan, common shares reserved for issuance of Stock Options, RSs and DSUs shall not exceed 10% of the outstanding shares from time to time. The exercise price of each stock option is based on the fair market price of the Company’s common shares at the time of the grant. The options can be granted for a maximum term of five years. Restricted Shares During the year ended December 31, 2017, the Company granted 1,589 RSs to its directors, executive officers, consultants and employees. The total estimated fair value of the RSs was $7,883 based on the market value of the Company’s shares on the grant date. The fair value of 27 RSs that were granted in lieu of deferred salaries was recorded as a reduction of accrued liabilities, and the fair value of the remaining 1,562 RSs is being recorded as a share-based payments expense and charged to operating expenses over the vesting period. As at December 31, 2017, $748 of the fair value of RSs previously granted but not yet vested remains to be expensed in fiscal 2018, $183 in 2019 and $28 in 2020. During the year ended December 31, 2017, the fair value of RSs of $6,989 was recorded as a share-based payments expense and charged to operating expenses (fifteen-month period ended December 31, 2015 - $1,682), $89 was charged to cost of sales (fifteen-month period ended December 31, 2015 - nil) and $1 was allocated to inventory (fifteen-month period ended December 31, 2015 - nil). A summary of changes to the number of restricted shares is as follows: Number of RSs (in 000's) Balance, RSs September 30, 2015 - Granted 873 Converted into common shares (383 ) Balance, RSs December 31, 2016 490 Granted 1,589 Converted into common shares (521 ) Forfeited (8 ) Balance, RSs December 31, 2017 1,550 9. ISSUED CAPITAL, EQUITY COMPENSATION, AND WARRANTS (continued) Equity Incentive Plan (continued) Deferred Share Units During the year ended December 31, 2017 the Company granted 73 DSUs with the total estimated fair value of $336 to the Company’s directors in lieu of the directors’ fees payments. Number of DSUs (in 000's) Balance, DSUs September 30, 2015 - Granted 9 Balance, DSUs December 31, 2016 9 Granted 73 Converted into common shares (41 ) Balance, DSUs December 31, 2017 41 Stock Options During the year ended December 31, 2017, the Company granted a total of 3,085 stock options to its directors, officers, and employees. The fair value of stock options granted are estimated on the dates of grants using the Black-Scholes Option Pricing Model with the following assumptions used for the grants made during the period: April 4, 2017 April 4, 2017 May 16, 2017 Sep 14, 2017 Nov 27, 2017 Dec 22, 2017 Number of options granted (‘000’s) 835 200 100 1,860 60 30 Exercise price per share (CDN$) $ 4.90 $ 4.90 $ 5.00 $ 8.05 $ 12.34 $ 11.07 Risk-free interest rate 0.7 % 0.7 % 0.7 % 1.6 % 1.6 % 1.8 % Expected life 3 3 3 3 3 3 Annualized volatility 73 % 73 % 72 % 69 % 66 % 73 % Dividend rate - - - - - - Fair value per stock option granted (CDN$) $ 2.10 $ 2.10 $ 2.35 $ 3.75 $ 5.52 $ 5.32 Total fair value of stock options granted (CDN$) $ 1,754 $ 420 $ 235 $ 6,975 $ 331 $ 160 9. ISSUED CAPITAL, EQUITY COMPENSATION, AND WARRANTS (continued) Equity Incentive Plan (continued) Stock Options (continued) Stock options outstanding and exercisable as at December 31, 2017 are as follows: Options Outstanding Options Exercisable Range of Exercise Prices CDN$ Number Outstanding as at December 31, 2017 (in 000's) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price CDN$ Number Exercisable as at December 31, 2017 (in 000's) Weighted Average Exercise Price CDN$ $1.35 - $1.50 1,074 1.75 1.44 1,074 1.44 $1.70 - $1.90 327 1.57 1.81 327 1.81 $2.35 - $3.75 820 3.12 2.61 820 2.61 $4.80 - $5.00 1,172 4.19 4.88 624 4.87 $8.05 - $11.05 1,913 4.72 8.23 478 8.23 5,306 3.56 4.85 3,323 3.39 A summary of changes to stock options outstanding is as follows: Number of Options (in 000's) Weighted Average Exercise Price, (CDN$) Balance, outstanding September 30, 2015 3,466 2.15 Granted 1,873 2.30 Exercised (1,602 ) 1.75 Expired (290 ) 6.15 Forfeited (23 ) 2.25 Balance, outstanding December 31, 2016 3,424 2.15 Granted 3,085 7.01 Exercised (1,073 ) 2.22 Forfeited (130 ) 5.20 Balance, outstanding December 31, 2017 5,306 4.85 During the year ended December 31, 2017, 608 (fifteen-month period ended December 31, 2016 – 933) options were exercised under the cashless exercise provision of the Company’s stock option plan, resulting in the issuance of 392 (fifteen-month period ended December 31, 2016 – 558) shares of the Company. 9. ISSUED CAPITAL, EQUITY COMPENSATION, AND WARRANTS (continued) Equity Incentive Plan (continued) Stock Options (continued) Stock-based compensation expense related to stock options of $4,423 (fifteen-month period ended December 31, 2016 - $1,511) was charged to operations $65 was charged to cost of sales (fifteen-month period ended December 31, 2015 - nil) and $50 was allocated to inventory (fifteen-month period ended December 31, 2015 - nil). At December 31, 2017, $3,052 of the fair value of stock options previously granted but not yet vested remains to be expensed in fiscal 2018, and $224 in fiscal 2019. The weighted-average share price on the date of the stock options exercised was CDN$6.22 (fifteen-month period ended December 31, 2016 – CDN$4.25). Warrants A summary of the changes in the number of the Company’s share purchase warrants is as follows: Number of Warrants (in ‘000’s) Weighted Average Exercise Price (CDN$) Balance, September 30, 2015 3,555 4.05 Exercised (407 ) 3.62 Expired (1,282 ) 3.75 Balance, December 31, 2016 1,867 4.35 Exercised (1,687 ) 4.32 Expired (180 ) 4.49 Balance, December 31, 2017 - - |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. RELATED PARTY TRANSACTIONS The Company`s 50%-owned joint venture Minera Exar entered in the following transactions with companies controlled by the family of the Company’s director and the President of Minera Exar S.A.: - Los Boros Option Agreement entered into with Grupo Minero Los Boros - Construction services contract for Cauchari-Olaroz project with Magna Construcciones S.R.L. for $2,411 (the Company’s portion is $1,206). In 2017 Minera Exar paid director’s fee of $75 to its President, who is also the director of the Company. 10. RELATED PARTY TRANSACTIONS (continued) Compensation of Key Management Up to August 14, 2017, the Company paid its non-executive directors a base annual fee of $35 per year and an additional $5 per year to a Committee Chair, $10 to the Company’s Audit Committee Chair, and $25 to the Company’s Board Chair. In addition, the Company paid $1 per meeting in cash for Board meetings in excess of six meetings per year. Effective August 14, 2017, the Company revised the remuneration of its non-executive directors to a base annual fee of $80 per year and an additional $18 per year to the Company’s Audit Committee Chair, $13 to the Company’s other Committee Chairs, and $40 to the Company’s Board Chair. In addition, the Company will pay $1 per meeting in cash for Board meetings in excess of six meeting per year. The fees will be settled through a combination of cash and the issuance of DSUs with each board member obligated to receive a minimum of 50% and a maximum of 100% of all such compensation in DSUs. The remuneration of directors and members of the executive management team included: For the year ended December 31, For the fifteen months ended December 31, 2017 $ 2016 $ Stock-based compensation 2,507 895 Bonuses - cash 1,425 - Bonuses - stock-based 6,000 1,499 Salaries, benefits and directors fees included in general and administrative expenses 1,707 1,901 Salaries and benefits included in exploration expenditures 368 396 Salaries and benefits capitalized to Investment in the Joint Venture 127 - 12,134 4,691 As at December 31, 2017 As at December 31, 2016 $ $ Total due to directors and executive team 265 411 There were |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of General And Administrative Expenses [Abstract] | |
General and Administrative Expenses | 11. GENERAL AND ADMINISTRATIVE EXPENSES The following table summarizes the Company’s general and administrative expenses during the year ended December 31, 2017 and fifteen months ended December 31, 2016: For the year ended December 31, For the fifteen months ended December 31, 2017 $ 2016 $ Investor relations 63 253 Marketing 565 875 Office and administration 743 741 Professional fees 926 886 Regulatory and filing fees 403 112 Salaries, benefits and directors fees 3,746 2,619 Travel and conferences 799 493 Transaction costs - 431 Depreciation 51 38 7,296 6,448 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES As at December 31, 2017, the Company had the following commitments that have not been disclosed elsewhere in these consolidated financial statements: Not later than 1 year $ Later than 1 year and not later than 5 years $ Later than 5 years $ Total $ Rent of office spaces 276 310 - 586 |
Exploration Expenditures
Exploration Expenditures | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Exploration Expenditures [Abstract] | |
Exploration Expenditures | 13. EXPLORATION EXPENDITURES The following tables summarize the Company’s exploration expenditures during the year ended December 31, 2017 and fifteen months ended December 31, 2016: For the year ended December 31, 2017 Lithium Nevada $ Cauchari-Olaroz¹ $ Total $ Drilling 1,195 - 1,195 Engineering 14 - 14 Environmental 279 - 279 Geological and consulting 1,871 - 1,871 Field supplies, other services, and taxes 397 471 868 Lithium demo plant equipment depreciation 112 - 112 3,868 471 4,339 1 13. EXPLORATION EXPENDITURES (continued) For the fifteen months ended December 31, 2016 Lithium Nevada $ Cauchari-Olaroz¹ $ Total $ Engineering 169 82 251 Environmental 83 - 83 Geological and consulting 1,800 454 2,254 Field supplies, other services, and taxes 280 440 720 Lithium demo plant equipment depreciation 140 - 140 2,472 976 3,448 1 |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Operating Segments [Abstract] | |
Segmented Information | 14. SEGMENTED INFORMATION The Company operates in three operating segments and four geographical segments. Organoclay project is in the production stage, Lithium Nevada is in the exploration stage and Cauchari-Olaroz project is in the development stage Organoclay $ Lithium Nevada $ Cauchari-Olaroz $ Corporate $ Total $ As at December 31, 2017 Property, plant and equipment 17,011 1,018 - 41 18,070 Exploration and evaluation assets - 2,104 - - 2,104 Total assets 19,745 3,642 19,637 70,467 113,491 Total liabilities (1,323 ) (896 ) - (2,505 ) (4,724 ) For the year ended December 31, 2017 Property, plant and equipment expenditures 891 143 - 27 1,061 Sales 4,290 - - - 4,290 Inventory write-down 774 - - - 774 Net loss 3,043 5,183 4,850 20,174 33,250 Exploration expenditures - 3,868 471 - 4,339 Depreciation 776 157 - 6 939 Organoclay research and development 423 - - - 423 Organoclay $ Lithium Nevada $ Cauchari- Olaroz $ Corporate $ Total $ As at December 31, 2016 Property, plant and equipment 17,450 1,033 - 19 18,502 Exploration and evaluation assets - 1,447 - - 1,447 Total assets 18,585 3,056 13,136 10,524 45,301 Total liabilities (1,513 ) (291 ) - (1,074 ) (2,878 ) For the fifteen months ended December 31, 2016 Property, plant and equipment expenditures 681 14 2 6 703 Sales 1,154 - - - 1,154 Inventory write-down 648 - - - 648 Net loss 2,871 3,335 3,987 17,531 27,724 Exploration expenditures - 2,472 976 - 3,448 Depreciation 720 168 - 6 894 Organoclay research and development 536 - - - 536 14. SEGMENTED INFORMATION (continued) The Company’s non-current assets and revenues are segmented geographically as follows: Canada $ United States $ Germany $ Argentina $ Total $ Non-current assets (1) As at December 31, 2017 41 19,377 756 19,637 39,811 As at December 31, 2016 19 19,062 868 13,136 33,085 Revenue For the year ended December 31, 2017 - 4,290 - - 4,290 For the fifteen months ended December 31, 2016 - 1,154 - - 1,154 1 |
Supplemental Disclosure with Re
Supplemental Disclosure with Respect to Cash Flows | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Information With Respect To Cash Flows [Abstract] | |
Supplemental Disclosure with Respect to Cash Flows | 15. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS Supplementary disclosure of the Company’s non-cash transactions is provided in the table below: For the year ended December 31, For the fifteen months ended December 31, 2017 $ 2016 $ Accounts payable related to property, plant and equipment 28 50 Assets acquired under finance leases 29 - Accounts payable related to inventories 197 197 Accounts payable related to financings 1,611 175 Deferred financings costs 1,361 - Accounts payable for salaries settled with DSUs and RSs 290 - RSs and DSUs granted in lieu of deferred salaries and directors’ fees 81 80 Interest/finance charges paid 52 77 Income taxes paid - - |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Major Components Of Tax Expense Income [Abstract] | |
Income Taxes | 16. INCOME TAXES A reconciliation of income taxes at Canadian statutory rates with reported taxes is as follows: For the year ended December 31 For the fifteen months ended December 31, 2017 $ 2016 $ Loss for the period (33,250 ) (27,724 ) Expected income tax recovery (8,645 ) (7,208 ) Items not deductible for income tax purposes 3,612 1,010 Loss of sale of 50% interest in Minera Exar - 3,278 Effect of change in deferred income tax rate 3,964 - Effect of lower (higher) tax rate in foreign jurisdiction (25 ) (647 ) Change in unrecognized deferred tax assets and other 1,094 3,567 Deferred income tax (expense)/recovery - - 16. INCOME TAXES (continued) The significant components of the Company's unrecognized deferred tax assets are as follows: December 31, 2017 $ December 31, 2016 $ Tax loss carryforwards 14,359 12,634 Exploration and evaluation assets 124 1,350 Financing costs 573 424 Capital assets 238 607 Other 564 94 Unrecognized deferred tax assets 15,858 15,108 The Company has Canadian non-capital loss carryforwards of CDN$33,500 24,200 $34,500 22,700 respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial Instruments | 17. FINANCIAL INSTRUMENTS Financial instruments recorded at fair value on the consolidated statements of financial position 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 to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. The Company did not have any financial instruments measured at fair value on the statement of financial position. 17. FINANCIAL INSTRUMENTS (continued) The Company may be exposed to risks of varying degrees of significance which could affect its ability to achieve its strategic objectives. The Company manages risks to minimize potential losses. The main objective of the Company’s risk management process is to ensure that the risks are properly identified and that the capital base is adequate in relation to those risks. The principal risks to which the Company is exposed 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, restricted cash, receivables and loans to the Joint Venture. The Company’s maximum exposure to credit risk for cash, cash equivalents, restricted cash and receivables is the amount disclosed in the consolidated statements of financial position. The Company limits its exposure to credit loss by placing its cash and cash equivalents with major financial institutions and invests only in short-term obligations that are guaranteed by the Canadian government or by Canadian and US chartered banks. Included in the receivables, prepaids and deposits are credit sales receivables of $399. Management’s assessment of recoverability involves judgments regarding classification on the consolidated statements of financial position and the probable outcomes of claimed deductions and/or disputes. The provisions and classifications made to date may be subject to change. The Company’s receivables, prepaids and deposits include a $105 bank deposit for the Company’s secured credit cards and other miscellaneous receivables that are subject to normal Management believes that the credit risk concentration with respect to financial instruments included in cash, cash equivalents and receivables is minimal. 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 ensure that it maintains 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 is related to its capital programs. The Company prepares annual budgets, which are regularly monitored and updated as considered necessary. 17. FINANCIAL INSTRUMENTS (continued) As at December 31, 2017, the Company had a cash and cash equivalents balance of $55,394 (December 31, 2016 - $8,056) to settle current liabilities of $3,724 (December 31, 2016 - $1,806). The following table summarizes the maturities of the Company’s financial liabilities on undiscounted basis: Years ending December 31, 2018 2019 2020 and later Total $ $ $ $ Accounts payable and accrued liabilities 3,546 - - 3,546 Long-term borrowing¹ 172 172 618 962 Obligation under finance leases¹ 52 49 - 101 Total 3,770 221 618 4,609 ¹ Long-term borrowing and obligation under capital leases include principal and interest/finance charges. Market Risk Market risk incorporates a range of risks. Movement in risk factors, such as market price risk and currency risk, affect the fair values of financial assets and liabilities. The Company is exposed to these risks as the ability of the Company to develop or market its property and the future profitability of the Company are related to the market price of certain minerals. Foreign Currency Risk The Company’s operations in foreign countries are subject of currency fluctuations and such fluctuations may affect the Company’s financial results. The Company reports its financial results in United States dollars and incurs expenditures in Canadian dollars (“CDN$”) and US dollars (“US$”) with the majority of the expenditures being incurred in US$ by the Company’s subsidiaries. As at December 31, 2017, $49,496 of the Company’s $55,394 in cash and cash equivalents was held in United States Dollars. |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Capital Disclosures [Abstract] | |
Capital Disclosures | 18. CAPITAL DISCLOSURE The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration and development of its mineral properties and to maintain a flexible capital structure. During the year ended December 31, 2017, the Company completed the closing of financing transactions with Ganfeng and Bangchak (Note 9). The capital structure of the Company consists of long-term borrowing, project debt facilities and equity attributable to common shareholders, comprising issued capital, contributed surplus, and deficit. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to carry out the planned exploration and development of its projects and pay for administrative costs, the Company will spend its existing working capital, draw on its project debt facilities . Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company’s approach to capital management during the year ended December 31, 2017. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Subsequent Events | 19. SUBSEQUENT EVENTS On January 18, 2018 the Company received approval for the listing of its common shares on the NYSE, which began trading on the NYSE under the symbol “LAC” on January 25, 2018. On February 7, 2018 the Company filed a final short form base shelf prospectus in each province of Canada, other than the Province of Quebec, to qualify the distribution, from time to time over a 25-month period of up to US$500 million of the Company’s debt and equity securities. The Company also filed a corresponding shelf registration statement with the SEC on Form F-10 under the Multijurisdictional Disclosure System. |
Significant Accounting Polici29
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Critical Accounting Estimates and Judgements | Critical Accounting Estimates and Judgements The preparation of these financial statements in conformity with IFRS requires judgments, estimates, and assumptions that affect the amounts reported. Those estimates and assumptions concerning the future may differ from actual results. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following are the estimates, assumptions and areas of judgment applied by management that most significantly affect the Company’s financial statements: Commercial viability and technical feasibility of the Cauchari-Olaroz project The application of the Company’s accounting policy for exploration and evaluation assets requires judgement in assessing when the commercial viability and technical feasibility of the Cauchari-Olaroz project has been determined, at which point the asset is reclassified to property, plant and equipment. In the judgement of the Company, the commercial viability and technical feasibility of the Cauchari-Olaroz project has been demonstrated effective July 1, 2017. 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 indicators assessment on the Company’s exploration and evaluation assets and has concluded that no impairment indicators exist as of December 31, 2017. Impairment of other long lived assets The application of the Company’s accounting policy for impairment of its investment in joint venture and property, plant and equipment requires judgment to determine whether indicators of impairment exist. The review of impairment indicators includes consideration of both external and internal sources of information, including factors such as market and economic conditions, taxation, prices and forecasts, capital expenditure requirements, future operating costs and production volumes. Management has assessed impairment indicators on the Company’s investment in joint venture and property, plant and equipment and has concluded that no impairment indicators exist as of December 31, 2017. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements contained herein include the accounts of Lithium Americas Corp. and its wholly-owned USA subsidiaries Lithium Nevada Corp., KV Project LLC, and RheoMinerals Inc., and Canadian wholly-owned subsidiary 2265866 Ontario Inc. All inter-company transactions and balances have been eliminated. Subsidiaries are all entities over which the group has control. The group 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 group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealised 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 group. |
Investments in Joint Arrangements | Investments in Joint Arrangements A joint arrangement is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control. Joint control is the contractually agreed sharing of control such that significant operating and financial decisions require the unanimous consent of the parties sharing control. The Company’s arrangement with respect to Cauchari-Olaroz project is classified as a joint venture and is accounted for using the equity method. The equity method involves recording the initial investment at cost. When a joint venture is formed from a previous investment in a subsidiary, the Company made a policy choice decision to recognize a gain or loss on change of control in relation to the portion of the investment no longer owned based upon the carrying value of the assets. Additional funding into an investee is recorded as an increase in the carrying value of the investment. The carrying amount is adjusted by the Company’s share of a joint venture’s net income or loss, depreciation, amortization or impairment and foreign currency differences arising on translation from functional to the presentation currency. When the Company’s share of losses of a joint venture exceeds the Company’s carrying value of the investment, the Company discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the joint venture. |
Foreign Currency Translation | Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the group’s 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 all subsidiaries in the Company’s group other than Lithium Americas Corporation is the US dollar, while the functional currency of Lithium Americas Corporation is the Canadian dollar. The functional currency of the Company’s Joint Venture is the Argentinian Peso. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. They are deferred in equity if they are attributable to part of the net investment in a foreign operation. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as available-for-sale financial assets are recognized in other comprehensive income. 3. SIG (continued) Parent and Subsidiary Companies The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each reporting date are translated at the closing rate at that reporting date; • income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and • all resulting exchange differences are recognized in other comprehensive loss. The Company recognizes its share of the exchange differences of its joint ventures which result from translation of the results and financial position of its foreign joint ventures from the functional to the presentation currency. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from the item are considered to form part of the net investment in a foreign operation and are recognized in other comprehensive income. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling interests. |
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 |
Exploration and Evaluation Assets | Exploration and Evaluation Assets Exploration expenditures not including the acquisition costs and claim maintenance costs are expensed as incurred until an economic feasibility study has established the presence of proven and probable reserves and development of the project has commenced, at which time exploration and development expenditures incurred on the property thereafter are capitalized. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, including: • The extent to which mineral reserves or mineral resources as defined in National Instrument 43-101 (“NI 43-101”) have been identified through a feasibility study or similar document; • The status of environmental permits; and • The status of mining leases or 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, 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) The Company assesses its capitalized mineral property costs 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. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, or title may be affected by undetected defects. |
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. During the development and commissioning phase, pre-production expenditures, net of incidental proceeds from sales during this period, Capitalization of costs incurred ceases when commercial production commences 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: • Organoclay plant – straight-line basis over the estimated useful life of 20 years; • Buildings – straight-line basis over the estimated useful life of 20 years; • Organoclay plant equipment included in “Equipment and machinery” – straight line basis over the estimated life of 5-20 years; • Lithium demo plant equipment included in “Equipment and machinery” – straight-line basis over the estimated useful life of 10 years; • Office equipment included in “Other” – declining balance method at 20% annual rate ; and • Other equipment included in “Other” – straight-line basis over the estimated useful life of 7-15 years. The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted, if appropriate, at each financial year-end. 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 | 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of Property, Plant and Equipment Property, plant and equipment are assessed for impairment indicators at each reporting date or when an impairment indicator arises if not at a reporting date. Impairment indicators are evaluated and, if considered necessary, an impairment assessment is carried out. If an impairment loss is identified, it is recognized for the amount by which the asset’s carrying amount exceeds it 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 discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). These are typically individual mines, plants or development projects. Where the factors which resulted in an impairment loss subsequently reverses, 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. |
Leased Assets | Leased Assets Finance leases, which transfer to the Company substantially all the risks and rewards incidental to ownership of the leased item, are capitalized at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. The corresponding lease commitment is shown as a liability. Lease payments are apportioned between capital and interest. Interest charges are capitalized to asset under construction during the development and commissioning phase. The capital element reduces the balance owed to the lessor. |
Inventories | Inventories Organoclay products, in-process and stockpile inventories are recorded at the lower of average cost and net realizable value. The cost of finished goods and work-in-progress is determined by the weighted average cost method and comprises raw materials, direct labour, and other direct costs, as well as related production overheads including applicable depreciation on property, plant and equipment. Net realizable value is the estimated selling price less applicable selling expenses. When inventories have been written down to net realizable value, a new assessment of net realizable value is made in each subsequent period. When the circumstances that caused the write down no longer exist, the amount of the write down is reversed. Materials and supplies inventories are valued at the lower of average cost and net realizable value. Cost includes acquisition, freight and other directly attributable costs. |
Financial Instruments | Financial Instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. 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. All of the Company’s financial instruments are classified into one of the following categories: loans and receivables or other financial liabilities. All financial instruments are measured in the statement of financial position at fair value initially. Loans and receivables and other financial liabilities are subsequently measured at amortized cost. The Company does not use derivative instruments or hedges to manage risks. Cash and receivables and short-term restricted cash have been designated as loans and receivables and are included in current assets due to their short-term nature. Loans to the Joint Venture and long-term restricted cash have been designated as loans and receivables and are included in non-current assets due to their long-term nature. The Company’s other financial liabilities include accounts payable and accrued liabilities, long-term borrowing, convertible security, and obligation under finance leases. |
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 begin when there are borrowings and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activity 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. |
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 rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Close down and restoration costs include dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, such as revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals. The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are capitalized within capital assets. These costs are then depreciated over the lives of the asset to which they relate, typically using the units of production method. The amortization or unwinding of the discount applied in establishing the net present value of provisions is charged to the statement of comprehensive (loss)/income as a financing cost. Provision is made for the estimated present value of the costs of environmental cleanup obligations outstanding at the statement of financial position date |
Income Taxes | Income Taxes Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at period-end, adjusted for amendments to tax payable with regards to previous years. Deferred tax is recorded using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Temporary differences are not provided for the initial recognition of assets or liabilities that affect neither accounting or taxable loss, nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recorded. |
Share Capital | Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity. |
Revenue | Revenue Organoclay products revenue is recognized when it is probable that the economic benefits will flow to the Company, risks and rewards of ownership are transferred to the customer, delivery has occurred, the sales price is reasonably determinable, and collectability is reasonably assured. These criteria are generally met at the time the product is shipped or delivered to the customer and, depending on the delivery conditions, title and risk have passed to the customer and acceptance of the product, when contractually required, has been obtained. Revenue is measured based on the price specified in the sales contract, net of discounts, at the time of sale. |
Earnings/(Loss) per Share | Earnings/(Loss) per Share Basic earnings/(loss) per share is computed by dividing net loss attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reporting period. The diluted 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. |
Stock-Based Compensation | Stock-Based Compensation The Company grants stock options to buy common shares of the Company to directors, officers, employees and service providers. The fair value of stock options granted by the Company is treated as compensation costs in accordance with IFRS 2, Share-based Payment 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. 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, they are recorded at the fair value of the goods or services received in the statement of comprehensive (loss)/income, unless they are related to the issuance of shares. Amounts related to the issuance of shares are recorded as a reduction of share capital. When the value of goods or services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The Company’s equity incentive plan also allows the grant of restricted shares and deferred share units. The cost of equity -settled payment arrangements is recorded based on the estimated fair value at the grant date and charged to earning over the vesting period. |
Organoclay Product Development | Organoclay Product Development Expenditure on research activities related to the obtaining of new scientific or technical knowledge is expensed as incurred. Expenditure on development activities, whereby the research results or other knowledge is applied to accomplish new or improved products or processes, is recognized as an intangible asset in the statement of financial position, provided the product or process is technically and commercially feasible and the Company has sufficient resources to complete development, and is subsequently able to use or sell the intangible asset. The carrying amount includes the directly attributable expenditure, such as the cost of materials and services, costs of employee benefits, fees to register intellectual property rights and amortization of patents and licenses. In the statement of financial position, product development are stated at cost less accumulated amortization and any impairment losses. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting standards and amendments issued but not yet adopted IFRS 9, Financial Instruments (“IFRS 9”), addresses the classification, measurement and recognition of financial assets and financial liabilities. The complete version of IFRS 9 was issued in July 2014. It replaces the guidance in International Accounting Standard (“IAS”) 39 that relates to the classification and measurement of financial instruments. IFRS 9 retains but simplifies the mixed measurement model and establishes three primary measurement categories for financial assets: amortized cost, fair value through other comprehensive income (“FVOCI”) and fair value through profit and loss (“FVTPL”). There is now a new expected credit losses model that replaces the incurred loss impairment model used in IAS 39. For financial liabilities there were no changes to classification and measurement except for the recognition of changes in own credit risk in OCI, for liabilities designated as FVTPL. The standard is effective for accounting periods beginning on or after January 1, 2018. The Company has determined that adoption of this standard will have no significant impact on the consolidated financial statements. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) IFRS 15, Revenue from Contracts with Customers (“IFRS 15”), deals with revenue recognition and establishes principles for reporting useful information to users of financial statements about the nature, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers. IFRS 15 was issued in May 2014 by the IASB. Under IFRS 15, revenue is recognized when a customer obtains control of a good or service and thus has the ability to direct the use and obtain the benefits from the good or service. The standard replaces IAS 18, Revenue, and IAS 11, Construction Contracts, and related interpretations. The standard is effective for annual periods beginning on or after January 1, 2018. The Company has determined that adoption of this standard will have no significant impact on the consolidated financial statements. IFRS 16, Leases (“IFRS 16”), was issued in January 2016 by the IASB. According to the new standard, all leases will be on the statement of financial position of lessees, except those that meet the limited exception criteria. The standard is effective for annual periods beginning on or after January 1, 2019. The Company is currently evaluating the effect the standard will have on its consolidated financial statements. |
Cash and Cash Equivalents - (Ta
Cash and Cash Equivalents - (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | As at December 31, As at December 31, 2017 $ 2016 $ Cash 6,319 1,449 Short-term bank deposits 49,075 6,607 55,394 8,056 |
Joint Venture (Tables)
Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Joint Ventures [Line Items] | |
Disclosure of Change in Investments in Joint Ventures | The changes in investment in the Joint Venture since initial contribution are as follows: Initial contribution to Joint Venture – March 28, 2016 $ 50% of net asset value of Minera Exar 13,276 50% of contribution for Joint Venture project development 5,000 Total initial contribution 18,276 Share of loss of Joint Venture (3,987 ) Translation adjustment (1,153 ) Investment in Joint Venture – December 31, 2016 13,136 Share of loss of Joint Venture (4,850 ) Translation adjustment (2,127 ) Contribution to Joint Venture by LAC 13,717 Elimination of unrealized gains on intercompany transactions (239 ) Investment in Joint Venture – December 31, 2017 19,637 |
Minera Exar | |
Disclosure Of Joint Ventures [Line Items] | |
Summary of Financial Statements Information of Joint Ventures | The following amounts represent the amounts presented in the financial statements of Minera Exar. They have been amended to reflect modifications for differences in accounting policies. December 31, 2017 December 31, 2016 $ $ Current assets Cash and cash equivalents 9,198 3,119 Other current assets 2,410 1,281 Total current assets 11,608 4,400 Non-current assets 66,821 28,261 Current liabilities (13,189 ) (6,268 ) Non-current liabilities (26,323 ) (121 ) Net assets 38,917 26,272 Summarized statement of loss from operations For the year ended December 31, 2017 For the period March 28, 2016 - December 31, 2016 $ $ Exploration expenditures 8,898 8,060 Depreciation 213 24 Other expenses/(income) 589 (108 ) Loss from continuing operations 9,700 7,976 |
Property Plant and Equipment (T
Property Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Property Plant and Equipment | Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Cost As at September 30, 2015 371 1,957 5,068 11,149 356 18,901 Additions 15 184 88 346 70 703 Disposition - - - - (29 ) (29 ) Contribution to Joint Venture - - - - (12 ) (12 ) Foreign exchange - - - - (3 ) (3 ) As at December 31, 2016 386 2,141 5,156 11,495 382 19,560 Additions - 2 805 - 254 1,061 Write down - - (399 ) - - (399 ) As at December 31, 2017 386 2,143 5,562 11,495 636 20,222 Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Accumulated depreciation As at September 30, 2015 - - 112 - 76 188 Depreciation for the year - 76 335 431 52 894 Disposition - - - - (20 ) (20 ) Contribution to Joint Venture - - - - (4 ) (4 ) As at December 31, 2016 - 76 447 431 104 1,058 Depreciation for the year - 107 366 575 76 1,124 Disposition - - (30 ) - - (30 ) As at December 31, 2017 - 183 783 1,006 180 2,152 Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Net book value As at December 31, 2016 386 2,065 4,709 11,064 278 18,502 As at December 31, 2017 386 1,960 4,779 10,489 456 18,070 |
Exploration and Evaluation As33
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Exploration And Evaluation Assets [Abstract] | |
Schedule of Exploration and Evaluation Assets | December 31, 2017 Lithium Nevada $ Acquisition costs Balance, beginning 1,447 Additions 706 Write offs (49 ) Total exploration and evaluation assets 2,104 December 31, 2016 Lithium Nevada $ Cauchari- Olaroz $ Total $ Acquisition costs Balance, beginning 958 41,665 42,623 Additions 489 71 560 Change in foreign exchange rate - (14,874 ) (14,874 ) Sale of 50% of net assets - (13,431 ) (13,431 ) Contribution to Joint Venture - (13,431 ) (13,431 ) Total exploration and evaluation assets 1,447 - 1,447 |
Long Term Borrowing (Tables)
Long Term Borrowing (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Borrowings [Abstract] | |
Schedule of Long-Term Borrowing | As at December 31, As at December 31, 2017 $ 2016 $ Current portion of long-term borrowings Promissory note 130 125 Obligation under finance leases 48 44 178 169 Long-term borrowings Promissory note 703 833 Obligation under finance leases 48 69 751 902 929 1,071 |
Issued Capital, Equity Compen35
Issued Capital, Equity Compensation and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Summary of Changes to Number of Restricted Shares | A summary of changes to the number of restricted shares is as follows: Number of RSs (in 000's) Balance, RSs September 30, 2015 - Granted 873 Converted into common shares (383 ) Balance, RSs December 31, 2016 490 Granted 1,589 Converted into common shares (521 ) Forfeited (8 ) Balance, RSs December 31, 2017 1,550 |
Summary of Changes to Number of Deferred Share Units | During the year ended December 31, 2017 the Company granted 73 DSUs with the total estimated fair value of $336 to the Company’s directors in lieu of the directors’ fees payments. Number of DSUs (in 000's) Balance, DSUs September 30, 2015 - Granted 9 Balance, DSUs December 31, 2016 9 Granted 73 Converted into common shares (41 ) Balance, DSUs December 31, 2017 41 |
Summary of Fair Value of Stock Options Granted by Using Black-Scholes Option Pricing Model | The fair value of stock options granted are estimated on the dates of grants using the Black-Scholes Option Pricing Model with the following assumptions used for the grants made during the period: April 4, 2017 April 4, 2017 May 16, 2017 Sep 14, 2017 Nov 27, 2017 Dec 22, 2017 Number of options granted (‘000’s) 835 200 100 1,860 60 30 Exercise price per share (CDN$) $ 4.90 $ 4.90 $ 5.00 $ 8.05 $ 12.34 $ 11.07 Risk-free interest rate 0.7 % 0.7 % 0.7 % 1.6 % 1.6 % 1.8 % Expected life 3 3 3 3 3 3 Annualized volatility 73 % 73 % 72 % 69 % 66 % 73 % Dividend rate - - - - - - Fair value per stock option granted (CDN$) $ 2.10 $ 2.10 $ 2.35 $ 3.75 $ 5.52 $ 5.32 Total fair value of stock options granted (CDN$) $ 1,754 $ 420 $ 235 $ 6,975 $ 331 $ 160 |
Summary of Stock Options Outstanding and Exercisable | Stock options outstanding and exercisable as at December 31, 2017 are as follows: Options Outstanding Options Exercisable Range of Exercise Prices CDN$ Number Outstanding as at December 31, 2017 (in 000's) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price CDN$ Number Exercisable as at December 31, 2017 (in 000's) Weighted Average Exercise Price CDN$ $1.35 - $1.50 1,074 1.75 1.44 1,074 1.44 $1.70 - $1.90 327 1.57 1.81 327 1.81 $2.35 - $3.75 820 3.12 2.61 820 2.61 $4.80 - $5.00 1,172 4.19 4.88 624 4.87 $8.05 - $11.05 1,913 4.72 8.23 478 8.23 5,306 3.56 4.85 3,323 3.39 |
Summary of Changes to Stock Options Outstanding | A summary of changes to stock options outstanding is as follows: Number of Options (in 000's) Weighted Average Exercise Price, (CDN$) Balance, outstanding September 30, 2015 3,466 2.15 Granted 1,873 2.30 Exercised (1,602 ) 1.75 Expired (290 ) 6.15 Forfeited (23 ) 2.25 Balance, outstanding December 31, 2016 3,424 2.15 Granted 3,085 7.01 Exercised (1,073 ) 2.22 Forfeited (130 ) 5.20 Balance, outstanding December 31, 2017 5,306 4.85 |
Summary of Changes in Number of Share Purchase Warrants | A summary of the changes in the number of the Company’s share purchase warrants is as follows: Number of Warrants (in ‘000’s) Weighted Average Exercise Price (CDN$) Balance, September 30, 2015 3,555 4.05 Exercised (407 ) 3.62 Expired (1,282 ) 3.75 Balance, December 31, 2016 1,867 4.35 Exercised (1,687 ) 4.32 Expired (180 ) 4.49 Balance, December 31, 2017 - - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Summary of Compensation of Key Management | The remuneration of directors and members of the executive management team included: For the year ended December 31, For the fifteen months ended December 31, 2017 $ 2016 $ Stock-based compensation 2,507 895 Bonuses - cash 1,425 - Bonuses - stock-based 6,000 1,499 Salaries, benefits and directors fees included in general and administrative expenses 1,707 1,901 Salaries and benefits included in exploration expenditures 368 396 Salaries and benefits capitalized to Investment in the Joint Venture 127 - 12,134 4,691 As at December 31, 2017 As at December 31, 2016 $ $ Total due to directors and executive team 265 411 |
General and Administrative Ex37
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 during the year ended December 31, 2017 and fifteen months ended December 31, 2016: For the year ended December 31, For the fifteen months ended December 31, 2017 $ 2016 $ Investor relations 63 253 Marketing 565 875 Office and administration 743 741 Professional fees 926 886 Regulatory and filing fees 403 112 Salaries, benefits and directors fees 3,746 2,619 Travel and conferences 799 493 Transaction costs - 431 Depreciation 51 38 7,296 6,448 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
Schedule of Other Commitments | As at December 31, 2017, the Company had the following commitments that have not been disclosed elsewhere in these consolidated financial statements: Not later than 1 year $ Later than 1 year and not later than 5 years $ Later than 5 years $ Total $ Rent of office spaces 276 310 - 586 |
Exploration Expenditures (Table
Exploration Expenditures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Exploration Expenditures [Abstract] | |
Summary of Company's Exploration Expenditures | The following tables summarize the Company’s exploration expenditures during the year ended December 31, 2017 and fifteen months ended December 31, 2016: For the year ended December 31, 2017 Lithium Nevada $ Cauchari-Olaroz¹ $ Total $ Drilling 1,195 - 1,195 Engineering 14 - 14 Environmental 279 - 279 Geological and consulting 1,871 - 1,871 Field supplies, other services, and taxes 397 471 868 Lithium demo plant equipment depreciation 112 - 112 3,868 471 4,339 1 13. EXPLORATION EXPENDITURES (continued) For the fifteen months ended December 31, 2016 Lithium Nevada $ Cauchari-Olaroz¹ $ Total $ Engineering 169 82 251 Environmental 83 - 83 Geological and consulting 1,800 454 2,254 Field supplies, other services, and taxes 280 440 720 Lithium demo plant equipment depreciation 140 - 140 2,472 976 3,448 1 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Operating Segments [Abstract] | |
Summary of Reportable Segments | The Company’s reportable segments are summarized in the following tables: Organoclay $ Lithium Nevada $ Cauchari-Olaroz $ Corporate $ Total $ As at December 31, 2017 Property, plant and equipment 17,011 1,018 - 41 18,070 Exploration and evaluation assets - 2,104 - - 2,104 Total assets 19,745 3,642 19,637 70,467 113,491 Total liabilities (1,323 ) (896 ) - (2,505 ) (4,724 ) For the year ended December 31, 2017 Property, plant and equipment expenditures 891 143 - 27 1,061 Sales 4,290 - - - 4,290 Inventory write-down 774 - - - 774 Net loss 3,043 5,183 4,850 20,174 33,250 Exploration expenditures - 3,868 471 - 4,339 Depreciation 776 157 - 6 939 Organoclay research and development 423 - - - 423 Organoclay $ Lithium Nevada $ Cauchari- Olaroz $ Corporate $ Total $ As at December 31, 2016 Property, plant and equipment 17,450 1,033 - 19 18,502 Exploration and evaluation assets - 1,447 - - 1,447 Total assets 18,585 3,056 13,136 10,524 45,301 Total liabilities (1,513 ) (291 ) - (1,074 ) (2,878 ) For the fifteen months ended December 31, 2016 Property, plant and equipment expenditures 681 14 2 6 703 Sales 1,154 - - - 1,154 Inventory write-down 648 - - - 648 Net loss 2,871 3,335 3,987 17,531 27,724 Exploration expenditures - 2,472 976 - 3,448 Depreciation 720 168 - 6 894 Organoclay research and development 536 - - - 536 |
Schedule of Non-current Assets and Revenue by Geographical Segment | The Company’s non-current assets and revenues are segmented geographically as follows: Canada $ United States $ Germany $ Argentina $ Total $ Non-current assets (1) As at December 31, 2017 41 19,377 756 19,637 39,811 As at December 31, 2016 19 19,062 868 13,136 33,085 Revenue For the year ended December 31, 2017 - 4,290 - - 4,290 For the fifteen months ended December 31, 2016 - 1,154 - - 1,154 1 |
Supplemental Disclosure with 41
Supplemental Disclosure with Respect to Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Information With Respect To Cash Flows [Abstract] | |
Supplementary Disclosure of Company's Non Cash Transactions | Supplementary disclosure of the Company’s non-cash transactions is provided in the table below: For the year ended December 31, For the fifteen months ended December 31, 2017 $ 2016 $ Accounts payable related to property, plant and equipment 28 50 Assets acquired under finance leases 29 - Accounts payable related to inventories 197 197 Accounts payable related to financings 1,611 175 Deferred financings costs 1,361 - Accounts payable for salaries settled with DSUs and RSs 290 - RSs and DSUs granted in lieu of deferred salaries and directors’ fees 81 80 Interest/finance charges paid 52 77 Income taxes paid - - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Major Components Of Tax Expense Income [Abstract] | |
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: For the year ended December 31 For the fifteen months ended December 31, 2017 $ 2016 $ Loss for the period (33,250 ) (27,724 ) Expected income tax recovery (8,645 ) (7,208 ) Items not deductible for income tax purposes 3,612 1,010 Loss of sale of 50% interest in Minera Exar - 3,278 Effect of change in deferred income tax rate 3,964 - Effect of lower (higher) tax rate in foreign jurisdiction (25 ) (647 ) Change in unrecognized deferred tax assets and other 1,094 3,567 Deferred income tax (expense)/recovery - - |
Summary of Significant Components of Company's Unrecognized Deferred Tax Assets | The significant components of the Company's unrecognized deferred tax assets are as follows: December 31, 2017 $ December 31, 2016 $ Tax loss carryforwards 14,359 12,634 Exploration and evaluation assets 124 1,350 Financing costs 573 424 Capital assets 238 607 Other 564 94 Unrecognized deferred tax assets 15,858 15,108 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Financial Instruments [Abstract] | |
Summary of Maturities for Financial Liabilities on Undiscounted Basis | The following table summarizes the maturities of the Company’s financial liabilities on undiscounted basis: Years ending December 31, 2018 2019 2020 and later Total $ $ $ $ Accounts payable and accrued liabilities 3,546 - - 3,546 Long-term borrowing¹ 172 172 618 962 Obligation under finance leases¹ 52 49 - 101 Total 3,770 221 618 4,609 ¹ Long-term borrowing and obligation under capital leases include principal and interest/finance charges. |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2017Project | |
Nature Of Operations [Abstract] | |
Name of reporting entity | Lithium Americas Corp. |
Number of significant projects | 2 |
Basis of Preparation and Pres45
Basis of Preparation and Presentation - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2017 | Nov. 08, 2017 | |
Basis Of Preparation And Presentation [Abstract] | ||
Description of reason why using different reporting date | The Company changed its fiscal year end from September 30 to December 31, effective 2016, so the comparative period is the fifteen-month period from October 1, 2015 to December 31, 2016. The Company changed its year end in order to align it with the Joint Venture (as defined in Note 5) for reporting and planning purposes as well as to bring its financial reporting timetable in line with the other companies in the industry. | |
Share consolidation, number of outstanding common shares for each new common share | 5 | |
Date of consolidated financial statements approved for issuance | Mar. 28, 2018 |
Significant Accounting Polici46
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Organoclay Plant | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, estimated useful life | 20 years |
Property, plant and equipment, depreciation method | straight-line basis |
Buildings | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, estimated useful life | 20 years |
Property, plant and equipment, depreciation method | straight-line basis |
Organoclay Plant Equipment | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, depreciation method | straight line basis |
Organoclay Plant Equipment | Bottom of Range | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, estimated useful life | 5 years |
Organoclay Plant Equipment | Top of Range | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, estimated useful life | 20 years |
Lithium Demo Plant Equipment | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, estimated useful life | 10 years |
Property, plant and equipment, depreciation method | straight-line basis |
Office Equipment | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, depreciation method | declining balance method |
Property, plant and equipment, annual depreciation rate | 20.00% |
Other Equipment | |
Significant Accounting Policies [Line Items] | |
Property, plant and equipment, depreciation method | straight-line basis |
Other Equipment | Bottom of Range | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, estimated useful life | 7 years |
Other Equipment | Top of Range | |
Significant Accounting Policies [Line Items] | |
Property plant and equipment, estimated useful life | 15 years |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 |
Cash And Cash Equivalents [Abstract] | |||
Cash | $ 6,319 | $ 1,449 | |
Short-term bank deposits | 49,075 | 6,607 | |
Cash and cash equivalents | $ 55,394 | $ 8,056 | $ 5,552 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) $ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD ($) |
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash | $ 6,319 | $ 1,449 | ||
Canadian Dollar | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash | $ 5,898 | $ 250 | ||
US Dollar | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash | $ 421 | $ 1,199 | ||
Bottom of Range | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Percentage of interest on cash | 0.25% | 0.25% | ||
Percentage of interest on short term bank deposits | 1.00% | 1.00% | ||
Top of Range | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Percentage of interest on cash | 1.50% | 1.50% | ||
Percentage of interest on short term bank deposits | 2.00% | 2.00% |
Joint Venture - Additional Info
Joint Venture - Additional Information (Details) $ in Thousands | Mar. 28, 2016 | Apr. 30, 2017USD ($) | May 31, 2016USD ($) | Dec. 31, 2017USD ($)LoanAgreementton |
Disclosure Of Joint Ventures [Line Items] | ||||
One time payment in exchange of first 20 years of net profit interest | $ 3,500 | |||
One time payment in exchange of next 20 years of net profit interest | 3,500 | |||
Grupo Minero Los Boros | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Payment for purchase option | 50 | |||
Total consideration on right to exercise purchase option | 6,000 | |||
Consideration payments in quarterly installments | 100 | |||
Royalty payment upon the exercises the purchase option | $ 150 | |||
Net operating interest of exercises the purchase option | 1.50% | |||
Minera Exar | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Percentage of right to purchase share of production | 50.00% | |||
Escrow account contribution | $ 15,000 | |||
Escrow deposit amount | 2,500 | |||
Escrow account amount released in current year | $ 833 | |||
Escrow account amount to be released on March 28, 2018 | 833 | |||
Escrow account amount to be released on March 28, 2019 | 833 | |||
Guarantee on transaction related costs | $ 354 | |||
Number of loan agreements | LoanAgreement | 2 | |||
Loans to joint venture | $ 11,000 | |||
Annual royalty due | $ 100 | |||
Royalty expiration description | May of every year and expiring in 2041 | |||
Annual fees due in 2017 to 2021 | $ 88 | |||
Annual fees due in 2021 to 2055 | 131 | |||
One time payment in exchange of first 20 years of net profit interest | 7,000 | |||
One time payment in exchange of next 20 years of net profit interest | $ 7,000 | |||
Minera Exar | JEMSE Arrangement | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Rights granted to acquire equity interest in joint venture, percentage | 8.50% | |||
Rights granted to acquire equity interest in joint venture, value | $ 1 | |||
Minera Exar | Grupo Minero Los Boros | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Payment for purchase option | 100 | |||
Total consideration on right to exercise purchase option | 12,000 | |||
Consideration payments in quarterly installments | $ 200 | |||
Minimum production for the purchase option exercise | ton | 20,000 | |||
Borrowings of joint venture | $ 12,000 | |||
Royalty payment upon the exercises the purchase option | $ 300 | |||
Royalty payment description | within 10 days of the commercial plant construction start date | |||
Net operating interest of exercises the purchase option | 3.00% | |||
Net operation interest payable description | 40 years, payable in pesos, annually within the 10 business days after calendar year end | |||
Minera Exar | Cauchari Olaroz | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Increase in contribution towards develop, explore and operation of project | $ 13,300 | |||
Minera Exar | Loan Agreement One | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Loans to joint venture | $ 5,000 | |||
Borrowings, interest rate basis | 12-month LIBOR plus 3% and is calculated on the basis of a 360-day year | |||
Borrowings, interest rate | 3.00% | |||
Maturity period of borrowings | two years | |||
Minera Exar | Loan Agreement Two | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Loans to joint venture | $ 6,000 | |||
Borrowings, interest rate basis | 12-month LIBOR plus 10% and is calculated on the basis of a 360-day year | |||
Borrowings, interest rate | 10.00% | |||
Maturity period of borrowings | fifteen years |
Joint Venture - Summary of Chan
Joint Venture - Summary of Changes in Investments in Joint Ventures Initial Contribution (Details) - Minera Exar - USD ($) $ in Thousands | Mar. 28, 2016 | Dec. 31, 2016 | Dec. 31, 2017 |
Disclosure Of Joint Ventures [Line Items] | |||
50% of net asset value of Minera Exar | $ 13,276 | ||
50% of contribution for Joint Venture project development | 5,000 | ||
Investment in Joint Venture. Balance | $ 18,276 | $ 18,276 | $ 13,136 |
Share of loss of Joint Venture | (3,987) | (4,850) | |
Translation adjustment | (1,153) | (2,127) | |
Contribution to Joint Venture by LAC | 13,717 | ||
Elimination of unrealized gains on intercompany transactions | (239) | ||
Investment in Joint Venture. Balance | $ 13,136 | $ 19,637 |
Joint Venture - Summary of Fina
Joint Venture - Summary of Financial Statements Information of Joint Ventures (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | 15 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 8,056 | $ 55,394 | $ 8,056 | $ 5,552 |
Total current assets | 10,399 | 61,218 | 10,399 | |
Non-current assets | 34,902 | 52,273 | 34,902 | |
Current liabilities | (1,806) | (3,724) | (1,806) | |
Non-current liabilities | (1,072) | (1,000) | (1,072) | |
TOTAL ASSETS | 45,301 | 113,491 | 45,301 | |
Exploration expenditures | 4,339 | 3,448 | ||
Depreciation | 939 | 894 | ||
Loss from continuing operations | 33,250 | 27,724 | ||
Minera Exar | ||||
CURRENT ASSETS | ||||
Cash and cash equivalents | 3,119 | 9,198 | 3,119 | |
Other current assets | 1,281 | 2,410 | 1,281 | |
Total current assets | 4,400 | 11,608 | 4,400 | |
Non-current assets | 28,261 | 66,821 | 28,261 | |
Current liabilities | (6,268) | (13,189) | (6,268) | |
Non-current liabilities | (121) | (26,323) | (121) | |
TOTAL ASSETS | 26,272 | 38,917 | $ 26,272 | |
Exploration expenditures | 8,060 | 8,898 | ||
Depreciation | 24 | 213 | ||
Other expenses/(income) | (108) | 589 | ||
Loss from continuing operations | $ 7,976 | $ 9,700 |
Property Plant and Equipment -
Property Plant and Equipment - Summary of Property Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | $ 18,502 | |
Additions | 1,061 | $ 703 |
Net book value at ending of the year | 18,070 | 18,502 |
Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 19,560 | 18,901 |
Additions | 1,061 | 703 |
Write down | (399) | |
Disposition | (29) | |
Contribution to Joint Venture | (12) | |
Foreign exchange | (3) | |
Net book value at ending of the year | 20,222 | 19,560 |
Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 1,058 | 188 |
Depreciation for the year | 1,124 | 894 |
Disposition | (30) | (20) |
Contribution to Joint Venture | (4) | |
Net book value at ending of the year | 2,152 | 1,058 |
Land | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 386 | |
Net book value at ending of the year | 386 | 386 |
Land | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 386 | 371 |
Additions | 15 | |
Net book value at ending of the year | 386 | 386 |
Buildings | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 2,065 | |
Net book value at ending of the year | 1,960 | 2,065 |
Buildings | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 2,141 | 1,957 |
Additions | 2 | 184 |
Net book value at ending of the year | 2,143 | 2,141 |
Buildings | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 76 | |
Depreciation for the year | 107 | 76 |
Net book value at ending of the year | 183 | 76 |
Equipment and Machinery | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 4,709 | |
Net book value at ending of the year | 4,779 | 4,709 |
Equipment and Machinery | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 5,156 | 5,068 |
Additions | 805 | 88 |
Write down | (399) | |
Net book value at ending of the year | 5,562 | 5,156 |
Equipment and Machinery | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 447 | 112 |
Depreciation for the year | 366 | 335 |
Disposition | (30) | |
Net book value at ending of the year | 783 | 447 |
Organoclay Plant | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 11,064 | |
Net book value at ending of the year | 10,489 | 11,064 |
Organoclay Plant | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 11,495 | 11,149 |
Additions | 346 | |
Net book value at ending of the year | 11,495 | 11,495 |
Organoclay Plant | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 431 | |
Depreciation for the year | 575 | 431 |
Net book value at ending of the year | 1,006 | 431 |
Other | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 278 | |
Net book value at ending of the year | 456 | 278 |
Other | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 382 | 356 |
Additions | 254 | 70 |
Disposition | (29) | |
Contribution to Joint Venture | (12) | |
Foreign exchange | (3) | |
Net book value at ending of the year | 636 | 382 |
Other | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 104 | 76 |
Depreciation for the year | 76 | 52 |
Disposition | (20) | |
Contribution to Joint Venture | (4) | |
Net book value at ending of the year | $ 180 | $ 104 |
Exploration and Evaluation As53
Exploration and Evaluation Assets - Schedule of Exploration and Evaluation Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Acquisition costs | ||
Change in foreign exchange rate | $ (3,759) | $ 351 |
Exploration and Evaluation Assets | ||
Acquisition costs | ||
Total exploration and evaluation assets, beginning balance | 1,447 | 42,623 |
Additions | 560 | |
Change in foreign exchange rate | (14,874) | |
Sale of 50% of net assets | (13,431) | |
Contribution to Joint Venture | (13,431) | |
Total exploration and evaluation assets, ending balance | 1,447 | |
Exploration and Evaluation Assets | Lithium Nevada | ||
Acquisition costs | ||
Total exploration and evaluation assets, beginning balance | 1,447 | 958 |
Additions | 706 | 489 |
Write offs | (49) | |
Total exploration and evaluation assets, ending balance | $ 2,104 | 1,447 |
Exploration and Evaluation Assets | Cauchari Olaroz | ||
Acquisition costs | ||
Total exploration and evaluation assets, beginning balance | 41,665 | |
Additions | 71 | |
Change in foreign exchange rate | (14,874) | |
Sale of 50% of net assets | (13,431) | |
Contribution to Joint Venture | $ (13,431) |
Exploration and Evaluation As54
Exploration and Evaluation Assets - Additional Information (Details) $ in Thousands | Nov. 17, 2016 | Dec. 31, 2017USD ($)Claim |
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||
Percentage of royalty revenue | 20.00% | |
Percentage of gross royalty revenue | 8.00% | |
Cumulative payment | $ 22,000 | |
Percentage royalty revenue, reduction | 4.00% | |
Percentage of option to reduce royalty revenue | 1.75% | |
Delmon Co Ltd | ||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||
Percentage of net royalty receivable | 12.50% | |
Net royalty receivable term | 7 years | |
Gross royalty receivable percentage | 3.00% | |
Gross royalty receivable term | 7 years | |
Smelter Royalty Payment Due on January 21 | ||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||
Advance net smelter return royalty payment | $ 50 | |
Percentage of net smelter return royalty | 3.00% | |
Smelter Royalty Payment Due on November 15 | ||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||
Advance net smelter return royalty payment | $ 2 | |
Percentage of net smelter return royalty | 1.50% | |
Number of mining claims | Claim | 4 |
Long-Term Borrowing - Schedule
Long-Term Borrowing - Schedule of Long-Term Borrowing (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current portion of long-term borrowings | ||
Current portion of long-term borrowings | $ 178 | $ 169 |
Long-term borrowings | ||
Long-term borrowings | 751 | 902 |
Borrowings | 929 | 1,071 |
Promissory Note | ||
Current portion of long-term borrowings | ||
Current portion of long-term borrowings | 130 | 125 |
Long-term borrowings | ||
Long-term borrowings | 703 | 833 |
Obligation Under Finance Leases | ||
Current portion of long-term borrowings | ||
Current portion of long-term borrowings | 48 | 44 |
Long-term borrowings | ||
Long-term borrowings | $ 48 | $ 69 |
Long-Term Borrowing - Additiona
Long-Term Borrowing - Additional Information (Details) $ in Thousands | 1 Months Ended |
Jul. 31, 2013USD ($) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Purchase price of property | $ 1,575 |
Payments for purchase of property | 236 |
Remaining balance of transaction | $ 1,339 |
Promissory note, maturity term | 10 years |
Annual interest of promissory note for first five years | 5.25% |
Bottom of Range | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Annual interest of promissory note for final five years | 5.50% |
Top of Range | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Annual interest of promissory note for final five years | 7.50% |
Issued Capital, Equity Compen57
Issued Capital, Equity Compensation, and Warrants - Additional Information (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Dec. 22, 2017shares | Nov. 27, 2017shares | Sep. 14, 2017shares | May 16, 2017shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016CAD ($)shares | Dec. 31, 2015USD ($) | Dec. 31, 2017$ / shares |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Credit facility | $ 929 | $ 1,071 | ||||||||
Financing costs related to the equity portion | 1,755 | |||||||||
Financing costs related to the debt portion | 1,888 | |||||||||
Accounts payable and accrued liabilities | $ 3,546 | $ 1,637 | ||||||||
Stock options granted | shares | 30 | 60 | 1,860 | 100 | 3,085 | 3,085 | 1,873 | 1,873 | ||
Number of share options exercised | shares | 1,073 | 1,073 | 1,602 | 1,602 | ||||||
Stock-based compensation expense | $ 11,412 | $ 3,193 | ||||||||
Weighted average exercise price of share options exercised | $ 2.22 | $ 1.75 | ||||||||
Directors, Officers and Employees | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Stock options granted | shares | 3,085 | 3,085 | ||||||||
Restricted Shares | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Number of shares granted | shares | 1,589 | 1,589 | 873 | 873 | ||||||
Restricted Shares | Operating Expense | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Fair value of RSs recorded as a share-based payments expense | $ 6,989 | $ 1,682 | ||||||||
Restricted Shares | Cost of Sales | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Fair value of RSs recorded as a share-based payments expense | 89 | |||||||||
Restricted Shares | Inventory | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Fair value of RSs recorded as a share-based payments expense | 1 | |||||||||
Restricted Shares | 2018 | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Fair value of RSs previously granted but not yet vested | 748 | |||||||||
Restricted Shares | 2019 | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Fair value of RSs previously granted but not yet vested | 183 | |||||||||
Restricted Shares | 2020 | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Fair value of RSs previously granted but not yet vested | $ 28 | |||||||||
Deferred Share Units | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Number of shares granted | shares | 73 | 73 | 9 | 9 | ||||||
Fair value of shares granted | $ 336 | |||||||||
Cashless Exercise Provision Stock Option Plan | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Number of shares issued | shares | 392 | 558 | ||||||||
Number of share options exercised | shares | 608 | 608 | 933 | 933 | ||||||
Stock-based compensation expense | $ 4,423 | $ 1,511 | ||||||||
Weighted average exercise price of share options exercised | $ 6.22 | $ 4.25 | ||||||||
Cashless Exercise Provision Stock Option Plan | 2018 | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Fair value of options granted but not yet vested | 3,052 | |||||||||
Cashless Exercise Provision Stock Option Plan | 2019 | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Fair value of options granted but not yet vested | 224 | |||||||||
Cashless Exercise Provision Stock Option Plan | Cost of Sales | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Stock-based compensation expense | 65 | |||||||||
Cashless Exercise Provision Stock Option Plan | Inventory | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Stock-based compensation expense | $ 50 | |||||||||
Equity Incentive Plan | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Maximum term for stock option granted | 5 years | 5 years | ||||||||
Equity Incentive Plan | Restricted Shares | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Number of shares granted | shares | 1,589 | 1,589 | ||||||||
Fair value of shares granted | $ 7,883 | |||||||||
Debt Issuance Costs | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Accounts payable and accrued liabilities | $ 1,361 | |||||||||
Accrued Liabilities Reduction | Equity Incentive Plan | Restricted Shares | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Number of shares granted | shares | 27 | 27 | ||||||||
Operating Expenses | Equity Incentive Plan | Restricted Shares | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Number of shares granted | shares | 1,562 | 1,562 | ||||||||
Ganfeng | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Number of shares issued | shares | 15,000 | |||||||||
Credit facility | $ 125,000 | |||||||||
Percentage of offtake entitlement | 80.00% | 80.00% | ||||||||
Off-take agreements term | 20 years | 20 years | ||||||||
Percentage of interest required in issued capital to nominate one individual. | 17.50% | 17.50% | ||||||||
Ganfeng | Bottom of Range | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Percentage of interest required in issued capital to nominate one individual. | 15.00% | 15.00% | ||||||||
BCP Innovation Pte Ltd | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Number of shares issued | shares | 10,000 | |||||||||
Par value per share | $ / shares | $ 4.25 | |||||||||
Gross proceeds from common share | $ 80,999 | $ 106,000,000 | ||||||||
Ganfeng and Bangchak Investment Agreements | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Credit facility | 205,000 | |||||||||
Bangchak | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Credit facility | $ 80,000 | |||||||||
Percentage of offtake entitlement | 20.00% | 20.00% | ||||||||
Off-take agreements term | 20 years | 20 years | ||||||||
Percentage of interest required in issued capital to nominate one individual. | 16.40% | 16.40% | ||||||||
Bangchak | Bottom of Range | ||||||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | ||||||||||
Percentage of interest required in issued capital to nominate one individual. | 15.00% | 15.00% |
Issued Capital, Equity Compen58
Issued Capital, Equity Compensation, and Warrants - Summary of Changes to Number of Restricted Shares (Details) - Restricted Shares - shares shares in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Number of shares outstanding balance | 490 | |
Number of shares granted | 1,589 | 873 |
Number of shares converted into common shares | (521) | (383) |
Number of shares forfeited | (8) | |
Number of shares outstanding balance | 1,550 | 490 |
Issued Capital, Equity Compen59
Issued Capital, Equity Compensation, and Warrants - Summary of Changes to Number of Deferred Share Units (Details) - Deferred Share Units - shares shares in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Number of shares outstanding balance | 9 | |
Number of shares granted | 73 | 9 |
Number of shares converted into common shares | (41) | |
Number of shares outstanding balance | 41 | 9 |
Issued Capital, Equity Compen60
Issued Capital, Equity Compensation, and Warrants - Summary of Fair Value of Stock Options Granted by Using Black-Scholes Option Pricing Model (Details) shares in Thousands | Dec. 22, 2017CAD ($)sharesYear | Nov. 27, 2017CAD ($)sharesYear | Sep. 14, 2017CAD ($)sharesYear | May 16, 2017CAD ($)sharesYear | Apr. 04, 2017CAD ($)sharesYear | Dec. 31, 2017shares | Dec. 31, 2016shares |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of options granted (‘000’s) | shares | 30 | 60 | 1,860 | 100 | 3,085 | 1,873 | |
Exercise price per share (CDN$) | $ 11.07 | $ 12.34 | $ 8.05 | $ 5 | |||
Risk-free interest rate | 1.80% | 1.60% | 1.60% | 0.70% | |||
Expected life | Year | 3 | 3 | 3 | 3 | |||
Annualized volatility | 73.00% | 66.00% | 69.00% | 72.00% | |||
Fair value per stock option granted (CDN$) | $ 5.32 | $ 5.52 | $ 3.75 | $ 2.35 | |||
Total fair value of stock options granted (CDN$) | $ 160,000 | $ 331,000 | $ 6,975,000 | $ 235,000 | |||
Stock Option One | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of options granted (‘000’s) | shares | 835 | ||||||
Exercise price per share (CDN$) | $ 4.90 | ||||||
Risk-free interest rate | 0.70% | ||||||
Expected life | Year | 3 | ||||||
Annualized volatility | 73.00% | ||||||
Fair value per stock option granted (CDN$) | $ 2.10 | ||||||
Total fair value of stock options granted (CDN$) | $ 1,754,000 | ||||||
Stock Option Two | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of options granted (‘000’s) | shares | 200 | ||||||
Exercise price per share (CDN$) | $ 4.90 | ||||||
Risk-free interest rate | 0.70% | ||||||
Expected life | Year | 3 | ||||||
Annualized volatility | 73.00% | ||||||
Fair value per stock option granted (CDN$) | $ 2.10 | ||||||
Total fair value of stock options granted (CDN$) | $ 420,000 |
Issued Capital, Equity Compen61
Issued Capital, Equity Compensation, and Warrants - Summary of Stock Options Outstanding and Exercisable (Details) shares in Thousands | Dec. 31, 2017CAD ($)sharesYear | Dec. 31, 2016CAD ($)shares | Sep. 30, 2015CAD ($)shares |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options outstanding | shares | 5,306 | 3,424 | 3,466 |
Weighted average remaining contractual life of options outstanding (years) | Year | 3.56 | ||
Weighted average exercise price of options outstanding | $ 4.85 | $ 2.15 | $ 2.15 |
Number of options exercisable | shares | 3,323 | ||
Weighted average exercise price of options exercisable | $ 3.39 | ||
$1.35 - $1.50 | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options outstanding | shares | 1,074 | ||
Weighted average remaining contractual life of options outstanding (years) | Year | 1.75 | ||
Weighted average exercise price of options outstanding | $ 1.44 | ||
Number of options exercisable | shares | 1,074 | ||
Weighted average exercise price of options exercisable | $ 1.44 | ||
$1.35 - $1.50 | Bottom of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | 1.35 | ||
$1.35 - $1.50 | Top of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | $ 1.50 | ||
$1.70 - $1.90 | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options outstanding | shares | 327 | ||
Weighted average remaining contractual life of options outstanding (years) | Year | 1.57 | ||
Weighted average exercise price of options outstanding | $ 1.81 | ||
Number of options exercisable | shares | 327 | ||
Weighted average exercise price of options exercisable | $ 1.81 | ||
$1.70 - $1.90 | Bottom of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | 1.70 | ||
$1.70 - $1.90 | Top of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | $ 1.90 | ||
$2.35 - $3.75 | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options outstanding | shares | 820 | ||
Weighted average remaining contractual life of options outstanding (years) | Year | 3.12 | ||
Weighted average exercise price of options outstanding | $ 2.61 | ||
Number of options exercisable | shares | 820 | ||
Weighted average exercise price of options exercisable | $ 2.61 | ||
$2.35 - $3.75 | Bottom of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | 2.35 | ||
$2.35 - $3.75 | Top of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | $ 3.75 | ||
$4.80 - $5.00 | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options outstanding | shares | 1,172 | ||
Weighted average remaining contractual life of options outstanding (years) | Year | 4.19 | ||
Weighted average exercise price of options outstanding | $ 4.88 | ||
Number of options exercisable | shares | 624 | ||
Weighted average exercise price of options exercisable | $ 4.87 | ||
$4.80 - $5.00 | Bottom of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | 4.80 | ||
$4.80 - $5.00 | Top of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | $ 5 | ||
$8.05 - $11.05 | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options outstanding | shares | 1,913 | ||
Weighted average remaining contractual life of options outstanding (years) | Year | 4.72 | ||
Weighted average exercise price of options outstanding | $ 8.23 | ||
Number of options exercisable | shares | 478 | ||
Weighted average exercise price of options exercisable | $ 8.23 | ||
$8.05 - $11.05 | Bottom of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | 8.05 | ||
$8.05 - $11.05 | Top of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | $ 11.05 |
Issued Capital, Equity Compen62
Issued Capital, Equity Compensation, and Warrants - Summary of Changes to Stock Options Outstanding (Details) shares in Thousands | Dec. 22, 2017shares | Nov. 27, 2017shares | Sep. 14, 2017shares | May 16, 2017shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares |
Disclosure Of Changes To Stock Options Outstanding [Abstract] | ||||||
Number of Options, Balance Outstanding | shares | 3,424 | 3,466 | ||||
Number of options granted (‘000’s) | shares | 30 | 60 | 1,860 | 100 | 3,085 | 1,873 |
Number of Options, Exercised | shares | (1,073) | (1,602) | ||||
Number of Options, Expired | shares | (290) | |||||
Number of Options, Forfeited | shares | (130) | (23) | ||||
Number of Options, Balance Outstanding | shares | 5,306 | 3,424 | ||||
Weighted Average Exercise Price, Balance Outstanding | $ | $ 2.15 | $ 2.15 | ||||
Weighted Average Exercise Price, Granted | $ | 7.01 | 2.30 | ||||
Weighted Average Exercise Price, Exercised | $ | 2.22 | 1.75 | ||||
Weighted Average Exercise Price, Expired | $ | 6.15 | |||||
Weighted Average Exercise Price, Forfeited | $ | 5.20 | 2.25 | ||||
Weighted Average Exercise Price, Balance Outstanding | $ | $ 4.85 | $ 2.15 |
Issued Capital, Equity Compen63
Issued Capital, Equity Compensation, and Warrants - Summary of Changes in Number of Share Purchase Warrants (Details) - Warrants shares in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares | |
Disclosure Of Changes In Number Of Share Purchase Warrants [Line Items] | ||
Number of shares outstanding balance | shares | 1,867 | 3,555 |
Number of Warrants, Exercised | shares | (1,687) | (407) |
Number of Warrants, Expired | shares | (180) | (1,282) |
Number of shares outstanding balance | shares | 1,867 | |
Weighted Average Exercise Price, Balance | $ | $ 4.35 | $ 4.05 |
Weighted Average Exercise Price, Exercised | $ | 4.32 | 3.62 |
Weighted Average Exercise Price, Expired | $ | $ 4.49 | 3.75 |
Weighted Average Exercise Price, Balance | $ | $ 4.35 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Aug. 14, 2017 | Aug. 13, 2017 | Dec. 31, 2017 |
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Ownership interest in joint venture | 50.00% | ||
Contractual or other commitments from related party transactions | $ 0 | ||
Bottom of Range | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Percentage of remunerations payable in DSU's | 50.00% | ||
Top of Range | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Percentage of remunerations payable in DSU's | 100.00% | ||
Minera Exar | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Payment of base annual fee | 75,000 | ||
Non Executive Directors | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Payment of base annual fee | $ 80,000 | $ 35,000 | |
Committee Chair | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Payment of base annual fee | 13,000 | 5,000 | |
Company's Audit Committee Chair | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Payment of base annual fee | 18,000 | 10,000 | |
Company's Board Chair Member | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Payment of base annual fee | 40,000 | 25,000 | |
Excess of Six Meetings Per Year | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Payment of base annual fee | $ 1,000 | $ 1,000 | |
Cauchari-Olaroz Project | Minera Exar | Magna Construcciones S.R.L | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Total construction services contract value | 2,411,000 | ||
Construction services contract value own portion | $ 1,206,000 | ||
Minera Exar | |||
Disclosure Of Transactions Between Related Parties [Line Items] | |||
Ownership interest in joint venture | 50.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation of Key Management (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transactions [Abstract] | ||
Stock-based compensation | $ 2,507 | $ 895 |
Bonuses - cash | 1,425 | |
Bonuses - stock-based | 6,000 | 1,499 |
Salaries, benefits and directors fees included in general and administrative expenses | 1,707 | 1,901 |
Salaries and benefits included in exploration expenditures | 368 | 396 |
Salaries and benefits capitalized to Investment in the Joint Venture | 127 | |
Total remuneration | 12,134 | 4,691 |
Total due to directors and executive team | $ 265 | $ 411 |
General and Administrative Ex66
General and Administrative Expenses - Summary of Company's General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 7,296 | $ 6,448 |
Investor Relations | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 63 | 253 |
Marketing | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 565 | 875 |
Office and Administration | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 743 | 741 |
Professional Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 926 | 886 |
Regulatory and Filing Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 403 | 112 |
Salaries, Benefits and Directors Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 3,746 | 2,619 |
Travel and Conferences | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 799 | 493 |
Transaction Costs | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 431 | |
Depreciation | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 51 | $ 38 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Other Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Disclosure Of Commitments [Line Items] | |
Rent of office spaces | $ 586 |
Not Later Than 1 Year | |
Disclosure Of Commitments [Line Items] | |
Rent of office spaces | 276 |
Later Than 1 Year and Not Later Than 5 Years | |
Disclosure Of Commitments [Line Items] | |
Rent of office spaces | $ 310 |
Exploration Expenditures - Summ
Exploration Expenditures - Summary of Company's Exploration Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | $ 4,339 | $ 3,448 |
Drilling | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 1,195 | |
Engineering | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 14 | 251 |
Environmental | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 279 | 83 |
Geological and Consulting | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 1,871 | 2,254 |
Field Supplies, Other Services, and Taxes | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 868 | 720 |
Lithium Demo Plant Equipment Depreciation | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 112 | 140 |
Lithium Nevada | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 3,868 | 2,472 |
Lithium Nevada | Drilling | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 1,195 | |
Lithium Nevada | Engineering | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 14 | 169 |
Lithium Nevada | Environmental | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 279 | 83 |
Lithium Nevada | Geological and Consulting | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 1,871 | 1,800 |
Lithium Nevada | Field Supplies, Other Services, and Taxes | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 397 | 280 |
Lithium Nevada | Lithium Demo Plant Equipment Depreciation | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 112 | 140 |
Cauchari Olaroz | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 471 | 976 |
Cauchari Olaroz | Engineering | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 82 | |
Cauchari Olaroz | Geological and Consulting | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 454 | |
Cauchari Olaroz | Field Supplies, Other Services, and Taxes | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | $ 471 | $ 440 |
Segmented Information - Additio
Segmented Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2017Segment | |
Disclosure Of Operating Segments [Abstract] | |
Number of operating segments | 3 |
Number of geographic segments | 4 |
Segmented Information - Summary
Segmented Information - Summary of Reportable Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | $ 18,070 | $ 18,502 |
Exploration and evaluation assets | 2,104 | 1,447 |
Total assets | 113,491 | 45,301 |
Total liabilities | (4,724) | (2,878) |
Property, plant and equipment expenditures | 1,061 | 703 |
Sales | 4,290 | 1,154 |
Inventory write-down | 774 | 648 |
Net loss | 33,250 | 27,724 |
Exploration expenditures | 4,339 | 3,448 |
Depreciation | 939 | 894 |
Organoclay research and development | 423 | 536 |
Cauchari Olaroz | ||
Disclosure Of Operating Segments [Line Items] | ||
Exploration expenditures | 471 | 976 |
Operating Segments | Organoclay Plant | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 17,011 | 17,450 |
Total assets | 19,745 | 18,585 |
Total liabilities | (1,323) | (1,513) |
Property, plant and equipment expenditures | 891 | 681 |
Sales | 4,290 | 1,154 |
Inventory write-down | 774 | 648 |
Net loss | 3,043 | 2,871 |
Depreciation | 776 | 720 |
Organoclay research and development | 423 | 536 |
Operating Segments | Lithium Nevada Project | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 1,018 | 1,033 |
Exploration and evaluation assets | 2,104 | 1,447 |
Total assets | 3,642 | 3,056 |
Total liabilities | (896) | (291) |
Property, plant and equipment expenditures | 143 | 14 |
Net loss | 5,183 | 3,335 |
Exploration expenditures | 3,868 | 2,472 |
Depreciation | 157 | 168 |
Operating Segments | Cauchari Olaroz | ||
Disclosure Of Operating Segments [Line Items] | ||
Total assets | 19,637 | 13,136 |
Property, plant and equipment expenditures | 2 | |
Net loss | 4,850 | 3,987 |
Exploration expenditures | 471 | 976 |
Corporate | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 41 | 19 |
Total assets | 70,467 | 10,524 |
Total liabilities | (2,505) | (1,074) |
Property, plant and equipment expenditures | 27 | 6 |
Net loss | 20,174 | 17,531 |
Depreciation | $ 6 | $ 6 |
Segmented Information - Schedul
Segmented Information - Schedule of Non-current Assets and Revenue by Geographical Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
NON-CURRENT ASSETS | ||
Non-current assets | $ 39,811 | $ 33,085 |
Revenue | ||
ORGANOCLAY SALES | 4,290 | 1,154 |
Canada | ||
NON-CURRENT ASSETS | ||
Non-current assets | 41 | 19 |
United States | ||
NON-CURRENT ASSETS | ||
Non-current assets | 19,377 | 19,062 |
Revenue | ||
ORGANOCLAY SALES | 4,290 | 1,154 |
Germany | ||
NON-CURRENT ASSETS | ||
Non-current assets | 756 | 868 |
Argentina | ||
NON-CURRENT ASSETS | ||
Non-current assets | $ 19,637 | $ 13,136 |
Supplemental Disclosure with 72
Supplemental Disclosure with Respect to Cash Flows - Supplementary Disclosure of Company's Non Cash Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Information With Respect To Cash Flows [Abstract] | ||
Accounts payable related to property, plant and equipment | $ 28 | $ 50 |
Assets acquired under finance leases | 29 | |
Accounts payable related to inventories | 197 | 197 |
Accounts payable related to financings | 1,611 | 175 |
Deferred financings costs | 1,361 | |
Accounts payable for salaries settled with DSUs and RSs | 290 | |
RSs and DSUs granted in lieu of deferred salaries and directors’ fees | 81 | 80 |
Interest/finance charges paid | $ 52 | $ 77 |
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 | 15 Months Ended |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates [Line Items] | ||
Loss for the period | $ (33,250) | $ (27,724) |
Expected income tax recovery | (8,645) | (7,208) |
Items not deductible for income tax purposes | 3,612 | 1,010 |
Effect of change in deferred income tax rate | 3,964 | |
Effect of lower (higher) tax rate in foreign jurisdiction | (25) | (647) |
Change in unrecognized deferred tax assets and other | $ 1,094 | 3,567 |
Minera Exar | ||
Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates [Line Items] | ||
Loss of sale of 50% interest in Minera Exar | $ 3,278 |
Income Taxes - Summary of Rec74
Income Taxes - Summary of Reconciliation of Income Taxes at Canadian Statutory Rates with Reported Taxes (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates [Line Items] | |
Ownership percentage in Minera Exar | 50.00% |
Minera Exar | |
Reconciliation of Accounting Profit Multiplied by Applicable Tax Rates [Line Items] | |
Ownership percentage in Minera Exar | 50.00% |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of Company's Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | $ 15,858 | $ 15,108 |
Tax Loss Carryforwards | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | 14,359 | 12,634 |
Exploration and Evaluation Assets | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | 124 | 1,350 |
Financing Costs | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | 573 | 424 |
Capital Assets | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | 238 | 607 |
Other | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | $ 564 | $ 94 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD ($) | |
Major Components Of Tax Expense Income [Abstract] | ||||
Non-capital loss carryforwards | $ 34,500 | $ 33,500 | $ 22,700 | $ 24,200 |
Non-capital loss carryforwards expiration year period | between 2028 – 2037 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | |
Disclosure Of Financial Instruments [Line Items] | |||
Cash and cash equivalents | $ 55,394 | $ 8,056 | $ 5,552 |
Current liabilities | 3,724 | 1,806 | |
Cash and cash equivalents held in USD | 49,496 | ||
Credit Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Amount on receivables, prepaids and deposits | 105 | ||
Cash and cash equivalents | 55,394 | 8,056 | |
Current liabilities | 3,724 | $ 1,806 | |
Credit Risk | Prepaids and Deposits | |||
Disclosure Of Financial Instruments [Line Items] | |||
Credit sales receivables | $ 399 |
Financial instruments - Summary
Financial instruments - Summary of Maturities for Financial Liabilities on Undiscounted Basis (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | $ 4,609 |
2,018 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 3,770 |
2,019 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 221 |
2020 and Later | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 618 |
Accounts Payable and Accrued Liabilities | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 3,546 |
Accounts Payable and Accrued Liabilities | 2018 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 3,546 |
Long-term Borrowing | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 962 |
Long-term Borrowing | 2018 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 172 |
Long-term Borrowing | 2019 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 172 |
Long-term Borrowing | 2020 and Later | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 618 |
Obligation Under Finance Leases | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 101 |
Obligation Under Finance Leases | 2018 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 52 |
Obligation Under Finance Leases | 2019 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | $ 49 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Shelf Prosectus Filed After Reporting Period | Feb. 07, 2018USD ($) |
Top of Range | |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |
Debt and equity securities distribution | $ 500,000,000 |
Canada | |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |
Shelf prospectus maturity period | 25 months |