Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Trading Symbol | LAC |
Entity Registrant Name | LITHIUM AMERICAS CORP. |
Entity Central Index Key | 0001440972 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | No |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Common Stock, Shares Outstanding | 88,727,885 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 41,604 | $ 55,394 |
Restricted cash | 833 | |
Receivables, prepaids and deposits | 1,947 | 1,017 |
Deferred financing costs | 1,767 | 1,888 |
Organoclay inventories | 1,617 | 2,086 |
Total current assets | 46,935 | 61,218 |
NON-CURRENT ASSETS | ||
Restricted cash | 150 | 983 |
Loans to Joint Venture | 12,609 | 11,479 |
Investment in Joint Venture | 35,282 | 19,637 |
Property, plant and equipment | 5,423 | 18,070 |
Exploration and evaluation assets | 3,540 | 2,104 |
Total non-current assets | 57,004 | 52,273 |
TOTAL ASSETS | 103,939 | 113,491 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 2,822 | 3,546 |
Current portion of long-term borrowings | 539 | 178 |
Total current liabilities | 3,361 | 3,724 |
LONG-TERM LIABILITIES | ||
Long-term borrowings | 18,027 | 751 |
Decommissioning provision | 269 | 249 |
Total long-term liabilities | 18,296 | 1,000 |
TOTAL LIABILITIES | 21,657 | 4,724 |
SHAREHOLDERS’ EQUITY | ||
Share capital | 197,991 | 197,390 |
Contributed surplus | 26,172 | 20,812 |
Accumulated other comprehensive loss | (4,293) | (114) |
Deficit | (137,588) | (109,321) |
TOTAL SHAREHOLDERS’ EQUITY | 82,282 | 108,767 |
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY | $ 103,939 | $ 113,491 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
ORGANOCLAY SALES | $ 4,843 | $ 4,290 |
COST OF SALES | ||
Production costs | (5,681) | (5,339) |
Depreciation | (1,119) | (764) |
Total cost of sales | (6,800) | (6,103) |
GROSS LOSS | (1,957) | (1,813) |
EXPENSES | ||
Exploration expenditures | (10,015) | (4,339) |
Organoclay research and development | (578) | (423) |
General and administrative | (9,419) | (7,296) |
Stock-based compensation | (4,616) | (11,412) |
Share of loss in Joint Venture | (347) | (4,850) |
Gain on increase of interest in Joint Venture | 6,104 | |
Impairment of Organoclay property, plant and equipment | (11,580) | |
Transaction costs | (974) | |
Total expenses | (31,425) | (28,320) |
OTHER ITEMS | ||
Foreign exchange gain/(loss) | 3,828 | (3,759) |
Other income | 1,287 | 642 |
Total other items | 5,115 | (3,117) |
NET LOSS | (28,267) | (33,250) |
OTHER COMPREHENSIVE LOSS ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO NET LOSS | ||
Unrealized (loss)/gain on translation to reporting currency | (4,179) | 2,010 |
TOTAL COMPREHENSIVE LOSS | $ (32,446) | $ (31,240) |
LOSS PER SHARE - BASIC AND DILUTED | $ (0.32) | $ (0.44) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING- BASIC AND DILUTED | 88,598 | 75,979 |
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 Dec. 31, 2016 | $ 42,423 | $ 108,670 | $ 11,948 | $ (2,124) | $ (76,071) |
Beginning 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 RSUs, DSUs and exercise of options | $ 1,743 | (1,743) | |||
Shares issued on conversion of RSUs, DSUs and exercise of options, shares | 562 | ||||
DSUs and RSUs 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 | ||||
Shares issued on conversion of RSUs, DSUs and exercise of options | 9 | $ 601 | (592) | ||
Shares issued on conversion of RSUs, DSUs and exercise of options, shares | 249 | ||||
DSUs and RSUs issued in lieu of salaries and directors’ fees | 1,268 | 1,268 | |||
Stock-based compensation | 4,684 | 4,684 | |||
Net loss | (28,267) | (28,267) | |||
Other comprehensive income (loss) | (4,179) | (4,179) | |||
Ending balance at Dec. 31, 2018 | $ 82,282 | $ 197,991 | $ 26,172 | $ (4,293) | $ (137,588) |
Ending balance, Shares at Dec. 31, 2018 | 88,728 |
Consolidated Statements of Ch_2
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 | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | ||
Net loss | $ (28,267) | $ (33,250) |
Items not affecting cash: | ||
Stock-based compensation | 4,731 | 11,566 |
Depreciation | 1,364 | 939 |
Foreign exchange (gain)/loss | (3,828) | 3,759 |
Share of loss in Joint Venture | 347 | 4,850 |
Inventories write down | 326 | 774 |
Gain on increase of interest in Joint Venture (Note 5) | (6,104) | |
Impairment of Organoclay property, plant and equipment | 11,580 | |
Other expenses | 987 | 291 |
Changes in non-cash working capital items: | ||
Increase in receivables, prepaids and deposits | (264) | (596) |
Decrease/(increase) in inventories | 443 | (2,092) |
Increase in accounts payable and accrued liabilities | 141 | 845 |
Net cash used in operating activities | (18,544) | (12,914) |
INVESTING ACTIVITIES | ||
Loans to Joint Venture (Note 5) | (24,000) | (11,000) |
Repayment of loans and investment in Joint Venture (Note 5) | 25,000 | |
Contribution to Joint Venture (Note 5) | (11,337) | (13,700) |
Additions to exploration and evaluation assets | (1,416) | (626) |
Release of restricted cash | 1,666 | 834 |
Additions to property, plant and equipment | (586) | (1,059) |
Net cash used in investing activities | (10,673) | (25,551) |
FINANCING ACTIVITIES | ||
Proceeds from stock option exercises | 9 | 812 |
Proceeds from warrant exercises | 5,540 | |
Drawdowns from the credit facility (Note 8) | 17,500 | |
Debt financing costs paid | (1,550) | |
Net proceeds from equity financing (Note 9) | 79,244 | |
Finance lease repayments | (52) | (46) |
Repayment of long-term borrowings | (129) | (125) |
Net cash provided by financing activities | 15,778 | 85,425 |
EFFECT OF FOREIGN EXCHANGE ON CASH | (351) | 378 |
CHANGE IN CASH AND CASH EQUIVALENTS | (13,790) | 47,338 |
CASH AND CASH EQUIVALENTS - BEGINNING OF THE YEAR | 55,394 | 8,056 |
CASH AND CASH EQUIVALENTS - END OF THE YEAR | $ 41,604 | $ 55,394 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
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 Thacker Pass project (formerly Stage 1 of 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 the New York Stock Exchange under the symbol "LAC" . Effective March 15, 2019 the Company’s head office and principal address is 300-900 West Hastings Street, Vancouver, British Columbia, Canada, V6C 1E5. To date, the Company has not generated significant revenues from operations and has relied on equity and other financings to fund operations. The underlying values of exploration and evaluation assets 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, 2018 | |
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 April 1, 2019. 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, unless otherwise stated. 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, stock options, restricted share units, deferred share units and warrants. All information relating to basic and diluted earnings per share, issued and outstanding common shares, stock options (note 9), restricted share units (note 9), deferred share units (note 9), warrants (note 9), and per share amounts in these consolidated financial statements have been adjusted retrospectively to reflect the share consolidation. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 3. SIGNIFICANT ACCOUNTING POLICIES Critical Accounting Estimates and Judgments Significant areas where judgment is applied, apart from those involving estimations, are: 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, 2018. Impairment of investment in Joint Venture The application of the Company’s accounting policy for impairment of its investment in Joint Venture requires judgment to determine whether indicators of impairment exist. First, a review of impairment indicators is performed at the Joint Venture level and 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. Then, a review of impairment is performed at the Company (investee) level and includes factors such as financial difficulties of the investee, breaches of contracts and various other factors. Management has assessed impairment indicators on the Company’s investment in Joint Venture and has concluded that no impairment indicators exist as of December 31, 2018. Functional currency Items included in the financial statements of each of the Company’s subsidiaries and the Joint Venture are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). Effective January 1, 2018, the functional currency of the Minera Exar S.A. joint venture (“Minera Exar” or “the Joint Venture”) was changed from the Argentine peso to the US dollar as a result of the start of significant construction activities, denominated mainly in US dollars, adoption of the construction budget and in anticipation of the US dollar denominated indebtedness to be undertaken by Minera Exar in 2018 to finance the construction. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may vary from those estimates due to inherent uncertainty or other factors. The Company regularly reviews its estimates. Revisions to estimates and the resulting effects on the carrying amounts of the assets and liabilities are accounted for prospectively. Key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Critical Accounting Estimates and Judgments (continued) Estimation uncertainty Impairment of Organoclay property, plant and equipment The Company reviews the carrying amounts of property, plant and equipment whenever events or changes in circumstances indicate that the carrying amounts may exceed the estimated recoverable amounts determined by reference to estimated future operating results and discounted future cash flows. An impairment loss is recognized when the carrying amount of those assets is not recoverable. Calculating the estimated recoverable amount of the cash generating units for non-current asset impairment tests requires management to make estimates and assumptions with respect to estimated future sales prices, future production and sales volume, the expected future operating and capital costs and discount rates. These estimates are subject to various risks and uncertainties which may ultimately have an effect on the estimated recoverability of the carrying amounts of the property, plant and equipment. During the year ended December 31, 2018, the Company recognized a non-cash impairment loss on its Organoclay property, plant and equipment of $11,580, see note 19. Principles of Consolidation These consolidated financial statements 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 unrealized gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. 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 the Cauchari-Olaroz project, which includes Minera Exar S.A. (Argentina) and Exar Capital B.V. (Netherlands) 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 makes 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) 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 is the US dollar, while the functional currency of Lithium Americas Corp. is the Canadian dollar. The functional currency of Minera Exar S.A., the Company’s Joint Venture, is the US dollar. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. 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. 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 currency 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Foreign Currency Translation (continued) Parent and Subsidiary Companies (continued) When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an ownership interest in a foreign operation which remains a subsidiary or a joint venture, 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. Ownership interest is treated solely as a percentage ownership in a subsidiary or a joint venture. 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 until the establishment of technical feasibility and commercial viability based on a combination of the following factors: • The extent to which mineral reserves or mineral resources as defined in National Instrument 43-101 (“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. The Company assesses its exploration and evaluation assets for indications of impairment on each balance sheet date and when events and circumstances indicate a risk of impairment. A property is written down or written off when the Company determines that an impairment of value has occurred or when exploration results indicate that no further work is warranted. Exploration and evaluation assets are tested for impairment immediately prior to reclassification to mineral property development costs. 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) 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 useful 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 Property, plant and equipment are assessed for impairment indicators at each reporting date or when an impairment indicator arises if not at a reporting date. Impairment indicators are evaluated and, if considered necessary, an impairment assessment is carried out. If an impairment loss is identified, it is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of Property, Plant and Equipment (continued) Where the factors which resulted in an impairment loss subsequently reverse, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. 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. Financial Instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets and liabilities are classified as and measured at: amortized cost, fair value through profit or loss (“FVTPL”) or fair value through other comprehensive income (“OCI”) according to their contractual cash flow characteristics and the business models under which they are held. Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company’s intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. All of the Company’s financial assets fall under this category. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Financial Instruments (continued) Financial liabilities are measured at amortized cost unless they are required to be measured at FVTPL. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Impairment of financial assets. The Company assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost and fair value through OCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, Financial Instruments (“IFRS 9”), which requires expected lifetime losses to be recognised from initial recognition of the receivables. Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of assets requiring a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of that asset. Capitalization of borrowing costs begins when there are borrowings and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activities necessary to prepare a qualifying asset for its intended use are complete. When proceeds of project specific borrowings are invested on a temporary basis, borrowing costs are capitalized net of any investment income. 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Provisions (continued) Close down and restoration costs include dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, such as revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals. The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are capitalized within capital assets. These costs are then depreciated over the lives of the asset to which they relate, typically using the units of production method. The amortization or unwinding of the discount applied in establishing the net present value of provisions is charged to the statement of comprehensive (loss)/income as a financing cost. Provision is made for the estimated present value of the costs of environmental cleanup obligations outstanding at the statement of financial position date. Income Taxes Income tax expense comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at period-end, 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 The Company recognizes revenue from the sales of products when a customer obtains control of the product and the Company has satisfied its performance obligation. 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) 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 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 share units, performance share units -settled payment arrangements is recorded based on the estimated fair value at the grant date and charged to earnings 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 expenditures are stated at cost less accumulated amortization and any impairment losses. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Recent Accounting Pronouncements Newly adopted accounting standards and amendments IFRS 9, Financial Instruments (“IFRS 9”), addresses the classification, measurement and recognition of financial assets and financial liabilities. 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 applied IFRS 9 retrospectively; however, the adoption of IFRS 9 did not require any adjustments to the classification or measurement of the Company’s financial assets and financial liabilities. The adoption of the new expected credit loss model under IFRS 9 had a negligible impact on the carrying amount of our financial assets on the transition date given the Company has no history of bad debt expenses and no expectations of bad debt expenses in the future. 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. 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 recognition of revenue upon transfer of control to the customer is consistent with the Company’s revenue recognition policy applied in the annual consolidated financial statements for the year ended December 31, 2017, as the condition is generally satisfied when the title and risk have passed to the customer and acceptance of the product, when contractually required, has been obtained The Company elected to apply IFRS 15 using a modified retrospective approach; however, the adoption of IFRS 15 resulted in no impact on the financial statements of the Company, as the timing of revenue recognition was unchanged. Accounting standards and amendments issued but not yet adopted A number of new amendments to standards and interpretations are effective for annual periods beginning after January 1, 2018 and have not been applied in preparing these consolidated financial statements. None of these are expected to have a significant effect on the consolidated financial statements of the Company, except the following set out below: 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 has not yet quantified the impact of this standard, however, the Company anticipates it will record approximately $1,200 of lease assets and associated lease liabilities related to its office lease on its consolidated statement of financial position at January 1, 2019. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. CASH AND CASH EQUIVALENTS As at December 31, As at December 31, 2018 $ 2017 $ Cash 2,905 6,319 Short-term bank deposits 38,699 49,075 41,604 55,394 As at December 31, 2018 $215 of cash was held in Canadian dollars (December 31, 2017 – $5,898) and $2,691 in US dollars (December 31, 2017 – $421) and earning interest between 0.25-1.5%. Short-term bank deposits are held in US dollars and earn interest between 1.0-2.81%. |
Joint Venture
Joint Venture | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Joint Ventures [Abstract] | |
Joint Venture | 5. JOINT VENTURE On March 28, 2016, the Company entered into an agreement with SQM POTASIO S.A. (“SQM”) to form a 50/50 joint venture on the Cauchari-Olaroz project in Jujuy, Argentina (“Joint Venture”). On October 31, 2018 the Company completed several transactions (together, the “Transaction”), pursuant to which, among other things, a subsidiary of SQM sold its interest in Minera Exar to a subsidiary of Ganfeng Lithium Co., Ltd. (“Ganfeng”). As a result of the Transaction, Lithium Americas’ interest in Minera Exar increased from 50% to 62.5% with Ganfeng holding the remaining 37.5% interest. In connection with the Transaction, Ganfeng provided Lithium Americas with a new $100,000 unsecured, limited recourse, subordinated loan facility. In addition, Ganfeng provided a loan to Minera Exar which was used to repay $25,000 of its outstanding indebtedness to the Company. Upon closing the Transaction, restricted cash of $833 was released to the Company. As part of the Transaction, the Company and Ganfeng established Exar Capital B.V. in the Netherlands as a jointly controlled entity to provide further financing to Minera Exar for the purpose of advancing the construction of the Cauchari-Olaroz project. Both Minera Exar S.A. and Exar Capital B.V. are accounted for as a Joint Venture. The Joint Venture is governed by a Shareholders Agreement which provides for, among other things, (i) the formation of a management committee at Minera Exar (the “Exar Management Committee”) comprised of three representatives of the Company and two representatives of Ganfeng; (ii) the composition of the board of directors of Exar Capital B.V. and Minera Exar, being three representatives of the Company and two representatives of Ganfeng; (iii) the review and approval by the Exar Management Committee of programs and budgets and other key decisions; and (iv) the right of each party to purchase its pro rata share of the production. 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: Minera S.A. Exar Capital B.V. Total $ $ $ Investment in Joint Venture – December 31, 2016 13,136 - 13,136 Share of loss of Joint Venture (4,850 ) - (4,850 ) Translation adjustment (2,127 ) - (2,127 ) Contribution to Joint Venture 13,717 - 13,717 Elimination of unrealized interest on loans to Joint Venture (239 ) - (239 ) Investment in Joint Venture – December 31, 2017 19,637 - 19,637 Share of loss of Joint Venture (1,077 ) 730 (347 ) Contribution to Joint Venture 11,403 7,390 18,793 Return of the investment as part of the Transaction (8,004 ) - (8,004 ) Increase in Company's share as part of the Transaction 6,104 - 6,104 Elimination of unrealized gain on intercompany transactions (833 ) (68 ) (901 ) Investment in Joint Venture – December 31, 2018 27,230 8,052 35,282 Pursuant to the Transaction Minera Exar repaid $8,004 to the Company, $427 of this amount is recorded in accounts receivable at the year end. In addition, the Company’s equity ownership in Minera Exar increased by 12.5% with a corresponding $6,104 gain recognized in the statement of comprehensive loss. As part of the Transaction, the Company contributed $1,563 to Exar Capital B.V. which was provided as a loan to Minera Exar and then used such funds to repay pre-Transaction loan balances with the Company. The Company’s contribution to Exar Capital B.V. includes $5,827 representing the difference between the face value and the fair value of non-interest-bearing loans provided to fund the construction of the Cauchari-Olaroz project. 5. JOINT VENTURE (continued) Investment in Joint Venture (continued) 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, 2018 December 31, 2017 $ $ Current assets Cash and cash equivalents 2,668 9,198 Other current assets 2,854 2,410 Total current assets 5,522 11,608 Non-current assets 148,479 66,821 Current liabilities (8,783 ) (13,189 ) Non-current liabilities (96,459 ) (26,323 ) Net assets 48,759 38,917 Summarized statement of loss from operations For the years ended December 31, 2018 December 31, 2017 $ $ Exploration expenditures - 8,898 Depreciation - 213 Other expense 2,154 589 Net loss 2,154 9,700 The following amounts represent the amounts presented in the financial statements of Exar Capital B.V. December 31, 2018 $ Current assets Cash and cash equivalents 395 Other current assets 13 Total current assets 408 Non-current assets - loans granted to Minera Exar S.A. 69,453 Current liabilities - loans from Lithium Americas and Ganfeng (65,869 ) Other current liabilities (167 ) Net assets 3,825 5. JOINT VENTURE (continued) Investment in Joint Venture (continued) Loans from Lithium Americas and Ganfeng are presented as current liabilities in Exar Capital B.V. In accordance with the terms of the loan agreements, the loans can be called at any time by unanimous agreement of Lithium Americas and Ganfeng. Summarized statement of loss from operations For the year ended December 31, 2018 $ Interest income on loans from Minera Exar S.A. 1,353 General and administrative expenses (28 ) Net income 1,325 Reconciliation of Summarized Financial Information to Carrying Value Minera Exar Capital B.V. $ $ Opening net assets 38,917 - Equity contribution 20,000 2,500 Return of the investment as part of the Transaction (8,004 ) - Net (loss)/income (2,154 ) 1,325 Closing net assets, December 31, 2018 48,759 3,825 Company's share of net assets (62.5%) 30,474 2,391 50% of return of the investment as part of the Transaction (4,002 ) - Elimination of unrealized gain on intercompany transactions and other (1,072 ) (166 ) Joint Venture expenditures incurred by the Company 1,830 - Difference between the face value and the fair value of loans to Exar Capital B.V. - 5,827 Carrying value 27,230 8,052 Loans to Joint Venture The Company has entered into the following loan agreements with Minera Exar and Exar Capital B.V., terms of which are summarized below: $ Loans granted to Minera Exar in 2017, maturity 7 years, interest rate LIBOR+7.57% 11,000 Accrued interest 479 Loans to Joint Venture, at December 31, 2017 11,479 Loans granted to Minera Exar in 2018, maturity 7 years, interest rate LIBOR+7.57% 16,500 Repayment of principal and accrued interest as part of the Transaction (18,740 ) Accrued interest 1,697 Loans granted to Exar Capital B.V. 7,500 Difference between the face value and the fair value of loans to Exar Capital B.V. (5,827 ) Loans to Joint Venture, at December 31, 2018 12,609 5. JOINT VENTURE (continued) The interest on the loans to Minera Exar is accrued semi-annually on a non–compounding basis. The proceeds from the loans were used by Minera Exar for mining exploration or mining construction and development purposes. The loans to Exar Capital B.V. are non-interest bearing. The loans are accounted for initially at fair value and subsequently at amortized cost. The fair value of the loans at inception was calculated using discounted cash flow technique applying market interest rates. The difference between the face value and the fair value of $5,827 was recognized as part of Investment in Joint Venture. 5. JOINT VENTURE (continued) Joint Venture Commitments and Contingencies As at December 31, 2018, the Joint Venture’s commitments and contingencies are as follows: • Annual royalty of $200 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 $257 between 2019 and 2021 and $416 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. • Commitments related to a contract for construction of ponds of $30,212. Los Boros Option Agreement On September 11, 2018 the Joint Venture exercised a purchase option agreement (“Option Agreement”) with Grupo Minero Los Boros (“Los Boros”), entered into on March 28, 2016, for the transfer of title to 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 upon signing and exercised the purchase option for the total consideration of $12,000 to be paid in sixty quarterly instalments of $200. The first installment becomes due upon occurrence of one of the following two conditions, whichever comes first: the third anniversary 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 security for the transfer of title to the mining properties, Los Boros granted to the Joint Venture a mortgage over those mining properties for $12,000. In accordance with the Option Agreement, on November 27, 2018 Minera Exar paid Los Boros a $300 royalty which was due within 10 days of the commercial plant construction start date. According to the Option Agreement , a 3% net profit interest royalty will have to be paid to Los Boros by the Joint Venture for 40 years, payable in Argentinian pesos, annually within the 10 business days after calendar year end. The Joint Venture can cancel the first 20 years of net profit interest royalties in exchange for a one-time payment of $7,000 and the next 20 years for an additional payment of $7,000. 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 the provision of management services as required to develop the project. If |
Property Plant and Equipment
Property Plant and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
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 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 Additions - - 624 - 187 811 Disposals - - (1,120 ) (24 ) - (1,144 ) As at December 31, 2018 386 2,143 5,066 11,471 823 19,889 Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Accumulated depreciation 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 Depreciation for the year - 107 406 576 121 1,210 Disposals - - (476 ) - - (476 ) Impairment - 545 1,146 9,889 - 11,580 As at December 31, 2018 - 835 1,859 11,471 301 14,466 Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Net book value As at December 31, 2017 386 1,960 4,779 10,489 456 18,070 As at December 31, 2018 386 1,308 3,207 - 522 5,423 |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2018 | |
Exploration And Evaluation Assets [Abstract] | |
Exploration and Evaluation Assets | 7. EXPLORATION AND EVALUATION ASSETS December 31, 2018 December 31, 2017 Thacker Pass Thacker Pass $ $ Acquisition costs Balance, beginning 2,104 1,447 Additions 1,436 706 Write offs - (49 ) Total exploration and evaluation assets 3,540 2,104 The Company has the following contingent obligations to make future royalty and other payments on the Thacker Pass project. These amounts will only be payable if the Company continues to hold the subject claims in the future and the royalties will only be incurred if the Company starts production from the Thacker Pass project. • $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. • Option payments of $82.5 payable in 2019, $110 in 2020, $137.5 in 2021 and 2022, and $2,887.5 in 2023 to purchase water rights. |
Long Term Borrowings
Long Term Borrowings | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [Abstract] | |
Long -Term Borrowings | 8. LONG-TERM BORROWINGS As at December 31, As at December 31, 2018 $ 2017 $ Current portion of long-term borrowings Promissory note 135 130 Obligation under finance leases 66 48 Accrued interest 338 - 539 178 Long-term borrowings Promissory note 568 703 Credit facility 17,356 - Obligation under finance leases 103 48 18,027 751 18,566 929 Credit Facility In the year ended December 31, 2018, the Company received $17,350 (net of $150 of financing costs) from its drawdowns of the $205,000 credit facility (Note 9). The credit facility has a term of six years from the first draw-down date of August 8, 2018, with an interest rate of 8.0% for the first three years that increases to 8.5% in year four, 9.0% in year five and 9.5% in year six. The repayment of the credit facility must start on the fourth anniversary of the first drawdown date from 75% of Minera Exar’s Free Cash Flow (as defined in the credit facility agreement). Further drawdowns on the credit facility were made subsequent to the year end (Note 20). 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. 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 7% annual interest. Security provided for the promissory note includes a mortgage charge against the purchased property. Limited Recourse Loan In connection with the Transaction (Note 5), Ganfeng provided Lithium Americas with a new $100,000 unsecured, limited recourse, subordinated loan facility (the “Limited Recourse Loan”), repayable from 50% of Minera Exar’s cash flows and bearing an interest rate of 1-month LIBOR plus 5.5% (subject to an aggregate maximum per annum rate of 10%). The Company has not made any drawdowns on this loan. The $205,000 credit facility and the Limited Recourse Loan contain operating and reporting covenants, which the Company is in compliance with as at December 31, 2018. |
Issued Capital, Equity Compensa
Issued Capital, Equity Compensation and Warrants | 12 Months Ended |
Dec. 31, 2018 | |
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., a subsidiary of 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 GFL International Co., Ltd 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 BCPI 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 (Note 8). Under this agreement, 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. • 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, respectively, in LAC’s issued share capital, a participation right in connection with future financings that was valid until March 31, 2019, and registration rights. 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. Certain subsidiaries of the Company provided guarantees to both lenders, Bangchak and Ganfeng, in connection with the debt facility. In 2017 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 $1,767, incurred in 2017 and 2018 and related to the debt portion of the Ganfeng and Bangchak financings, remain deferred and included in deferred financing costs and are amortized over the terms of the loans. $73 of these costs are included in accounts payable and accrued liabilities on December 31, 2018. 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 units (“RSUs”) and performance share units (“PSUs”) that convert automatically into common shares upon vesting; and (3) for independent directors, awarded deferred share units (“DSUs”) which the directors are entitled to redeem for common shares upon retirement or termination from the Board. Under the Plan, common shares reserved for issuance of Stock Options, RSUs, PSUs 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 Share Units (in thousands) During the year ended December 31, 2018, the Company granted 246 RSUs to its executive officers, consultants and employees. The total estimated fair value of the RSUs was $1,048 based on the market value of the Company’s shares on the grant date. The fair value of 197 RSUs that were granted in lieu of deferred salaries was recorded as a reduction of accrued liabilities, and the fair value of the remaining 49 RSUs is being recorded as a stock-based compensation expense and charged to operating expenses over the vesting period. As at December 31, 2018, $214 of the fair value of RSUs previously granted but not yet vested remains to be expensed in fiscal 2019, $28 in 2020. During the year ended December 31, 2018, stock-based compensation expense related to RSUs of $946 was charged to operating expenses (2017 - $6,989), $2 was charged to cost of sales (2017 – $89) and nil was allocated to inventory (2017 – $1). A summary of changes to the number of outstanding RSUs is as follows: Number of RSUs (in 000's) Balance, RSUs December 31, 2016 490 Granted 1,589 Converted into common shares (521 ) Cancelled (8 ) Balance, RSUs December 31, 2017 1,550 Converted into common shares (123 ) Granted 246 Forfeited (5 ) Balance, RSUs December 31, 2018 1,668 9. ISSUED CAPITAL, EQUITY COMPENSATION, AND WARRANTS (continued) Equity Incentive Plan (continued) Deferred Share Units (in thousands) During the year ended December 31, 2018 the Company granted 87 DSUs with the total estimated fair value of $497 to the Company’s independent directors in lieu of payment of directors’ fees. Number of DSUs (in 000's) Balance, DSUs December 31, 2016 9 Granted 73 Converted into common shares (41 ) Balance, DSUs December 31, 2017 41 Granted 87 Balance, DSUs December 31, 2018 128 Stock Options (in thousands) During the year ended December 31, 2018, the Company granted a total of 90 stock options to its officers and employees. The fair value of stock options granted are estimated on the date of grant using the Black-Scholes Option Pricing Model with the following assumptions used for the grants made during the period: January 24, 2018 Number of options granted (‘000’s) 90 Risk-free interest rate 1.8 % Expected life 3 Annualized volatility 73 % Dividend rate 0 % Fair value per stock option granted (CDN$) 4.40 Total fair value of stock options granted (CDN$) 396 9. ISSUED CAPITAL, EQUITY COMPENSATION, AND WARRANTS (continued) Equity Incentive Plan (continued) Stock Options (in thousands) (continued) Stock options outstanding and exercisable as at December 31, 2018 are as follows: Options Outstanding Options Exercisable Range of Exercise Prices CAD$ Number Outstanding as at December 31, 2018 (in 000's) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price CAD$ Number Exercisable as at December 31, 2018 (in 000's) Weighted Average Exercise Price CAD$ $1.43 - $1.50 929 0.8 1.44 929 1.44 $1.68 - $1.88 327 0.6 1.81 327 1.81 $2.35 - $3.75 790 2.1 2.62 790 2.62 $4.55 - $5.00 1,153 3.2 4.88 1,078 4.88 $8.05 - $12.34 1,953 3.7 8.30 1,442 8.28 5,152 2.6 5.02 4,566 4.64 A summary of changes to stock options outstanding is as follows: Number of Options (in 000's) Weighted Average Exercise Price, (CDN$) 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 Granted 90 9.54 Exercised (176 ) (1.59 ) Forfeited (44 ) (7.72 ) Expired (24 ) (6.23 ) Balance, outstanding December 31, 2018 5,152 5.02 9. ISSUED CAPITAL, EQUITY COMPENSATION, AND WARRANTS (continued) Equity Incentive Plan (continued) Stock Options (in thousands) (continued) During the year ended December 31, 2018, stock-based compensation expense related to stock options of $3,189 (2017- $4,423) was charged to operations, $62 was charged to cost of sales (2017 – $65), and $4 was allocated to inventory (2017 – $50). At December 31, 2018, $238 of the fair value of stock options previously granted but not yet vested remains to be expensed in fiscal 2019. The weighted-average share price on the date of the stock options exercised was CDN$5.52 (2017 – CDN$6.22). Performance share units (“PSUs”) (in thousands) On August 21, 2018, the Company granted 699 PSUs to its officers and employees. All PSUs vest on the third anniversary of the grant date. The total estimated fair value of the PSUs was $4,030. The fair value of the PSUs granted is being recorded as a stock-based compensation expense and charged to operating expenses over the vesting period. The PSUs are earned on the basis of Total Shareholder Return (“TSR”) relative to the return of the peer companies over four weighted performance periods: - 20% will be earned based on TSR during year 1 of the performance period (first year following the grant date); - 20% will be earned based on TSR during year 2 of the performance period (second year following the grant date); - 20% will be earned based on TSR during year 3 of the performance period (third year following the grant date); - 40% will be earned based on TSR during years 1-3 of the performance period (first, second and third years following the grant date). The number of shares issued upon vesting of PSUs depends on the performance of the Company shares compared to the peer group of companies and can vary from zero to up to two times the number of PSUs granted. 9. ISSUED CAPITAL, EQUITY COMPENSATION, AND WARRANTS (continued) Equity Incentive Plan (continued) The fair value of the PSUs is estimated on the date of grant using a valuation model based on Monte Carlo simulation with the following assumptions used for the grants made during the period: August 21, 2018 Number of PSUs granted 699 Correlation coefficient between the peer group companies 13.1 % Risk-free interest rate 2.7 % Dividend rate 0 % Annualized volatility 71.9 % Peer Group average volatility 65.9 % Estimated forfeiture rate 11.6 % Fair value per PSU granted (CDN$) 8.50 Total fair value of PSUs granted, prior to forfeiture rate adjustment (CDN$) 5,945 As at December 31, 2018, $1,284 of the fair value of PSUs previously granted but not yet vested remains to be expensed in fiscal 2019, $1,284 in 2020, and $820 in 2021. During the year ended December 31, 2018, stock-based compensation expense related to PSUs of $481 was charged to operating expenses (2017 - nil). A summary of changes to the number of outstanding PSUs is as follows: Number of PSUs (in 000's) Balance, PSUs December 31, 2017 - Granted 699 Balance, RSUs December 31, 2018 699 Warrants (in thousands) A summary of the changes in the number of the Company’s share purchase warrants is as follows: Number of Weighted Average Warrants Exercise Price (in ‘000’s) (CDN$) Balance, December 31, 2016 1,867 4.35 Exercised (1,687 ) 4.32 Expired (180 ) 4.49 Balance, December 31, 2017 and December 31, 2018 - - |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. RELATED PARTY TRANSACTIONS The Company`s Joint Venture, Minera Exar, entered into the following transactions with companies controlled by the family of its President, who is also a director of the Company - 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 during the year ended December 31, 2018. In 2018 Minera Exar paid director’s fees of $75 (2017 - $75) to its President, who is also a director of the Company. Compensation of Key Management Key management includes the directors of the Company and the executive management team. Effective July 1, 2018, the Company revised the remuneration of its independent directors to a base annual fee of $100 per year, of which a minimum of $60 is payable in DSUs, and an additional $17.5 per year to the Company’s Audit Committee Chair, $12.5 to the Company’s other committee chairs and $5 to committee members. The Board Chairman remuneration was increased to $150, of which a minimum of $90 is payable in DSUs. In addition, the Company pays $1 per meeting in cash for Board meetings in excess of six meetings per year. The Board established a Special Committee of independent directors to oversee the Transaction with subsidiaries of SQM and Ganfeng for the Cauchari-Olaroz project (Note 5). The Company established remuneration consisting of a $10 retainer to the members of the Special Committee and $20 to the Chair. In addition, the Company paid $1 per Special Committee meeting in excess of five meetings. The remuneration of directors and members of the executive management team was as follows: For the years ended December 31, 2018 $ 2017 $ Stock-based compensation 2,410 8,507 Salaries, benefits and directors' fees included in general and administrative expenses 2,636 3,132 Salaries and benefits included in exploration expenditures 547 368 Salaries and benefits capitalized to Investment in the Joint Venture 812 127 6,405 12,134 As at December 31, As at December 31, 2018 $ 2017 $ Total due to directors and executive team 164 265 There were |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2018 | |
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 years ended December 31, 2018 and 2017: For the years ended December 31, 2018 2017 $ $ Salaries, benefits and directors' fees 4,410 3,746 Office and administration 1,331 743 Professional fees 1,247 926 Regulatory and filing fees 826 403 Travel 624 711 Organoclay marketing expenses 579 565 Investor relations 309 152 Depreciation 93 51 9,419 7,296 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 12. COMMITMENTS AND CONTINGENCIES As at December 31, 2018, 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 350 1,005 342 1,697 |
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 years ended December 31, 2018 and 2017: For the year ended December 31, 2018 Thacker Pass $ Drilling and geological expenses 1,319 Permitting and environmental 3,239 Engineering 173 Consulting and salaries 4,255 Field supplies and other 552 Lithium demo plant equipment depreciation and loss on disposal 477 Total exploration expenditures 10,015 13. EXPLORATION EXPENDITURES (continued) For the year ended December 31, 2017 Thacker Pass $ Cauchari-Olaroz¹ $ Total $ Drilling 1,195 - 1,195 Engineering 14 - 14 Environmental 279 - 279 Geological and consulting 1,871 471 2,342 Field supplies and other 397 - 397 Lithium demo plant equipment depreciation 112 - 112 Total exploration expenditures 3,868 471 4,339 1 |
Segmented Information
Segmented Information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Operating Segments [Abstract] | |
Segmented Information | 14. SEGMENTED INFORMATION The Company operates in three operating segments and four geographical segments. The organoclay business is in the production stage, Thacker Pass is in the exploration stage and the Cauchari-Olaroz project is in the development stage and accounted for as a joint venture using the equity method Organoclay $ Thacker Pass $ Cauchari- Olaroz $ Corporate $ Total $ As at December 31, 2018 Property, plant and equipment 4,581 791 - 51 5,423 Exploration and evaluation assets - 3,540 - - 3,540 Total assets 7,406 5,157 35,282 56,094 103,939 Total liabilities (1,695 ) (1,442 ) - (18,520 ) (21,657 ) For the year ended December 31, 2018 Property, plant and equipment additions 178 610 - 23 811 Sales 4,843 - - - 4,843 Net loss 14,445 11,182 (347 ) 2,987 28,267 Exploration expenditures - 10,015 - - 10,015 Depreciation 1,158 193 - 13 1,364 Organoclay research and development 578 - - - 578 14. SEGMENTED INFORMATION (continued) Organoclay $ Thacker Pass $ 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 additions 891 143 - 27 1,061 Sales 4,290 - - - 4,290 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 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, 2018 51 8,912 - 35,282 44,245 As at December 31, 2017 41 19,377 756 19,637 39,811 Revenue For the year ended December 31, 2018 - 4,843 - - 4,843 For the year ended December 31,2017 - 4,290 - - 4,290 1 |
Supplemental Disclosure with Re
Supplemental Disclosure with Respect to Cash Flows | 12 Months Ended |
Dec. 31, 2018 | |
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: As at December 31, As at December 31, 2018 $ 2017 $ Accounts payable related to property, plant and equipment 101 28 Accounts payable related to inventories 699 197 Accounts payable related to financings 73 1,611 For the years ended December 31, 2018 $ 2017 $ Interest/finance charges paid 50 52 RSUs and DSUs granted in lieu of deferred salaries and directors’ fees 1,268 371 Assets acquired under finance leases 43 29 Income taxes paid - - |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
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 year ended December 31 2018 $ 2017 $ Loss for the year (28,267 ) (33,250 ) Expected income tax recovery (7,632 ) (8,645 ) Items not deductible for income tax purposes (1,316) 3,612 Effect of change in deferred income tax rate - 3,964 Effect of higher (lower) tax rate in foreign jurisdiction 2,021 (25 ) Change in unrecognized deferred tax assets and other 6,956 1,094 Deferred income tax (expense)/recovery - - The significant components of the Company's unrecognized deferred tax assets are as follows: December 31, 2018 $ December 31, 2017 $ Tax loss carryforwards 18,956 14,359 Exploration and evaluation assets 472 124 Financing costs 436 573 Capital assets 2,203 238 Other 131 564 Unrecognized deferred tax assets 22,198 15,858 The Company has Canadian non-capital loss carryforwards of CDN$44,100 33,500 $48,500 34,500 respectively. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
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. As at December 31, 2018, the fair value of financial instruments not measured at fair value approximates their carrying value. 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, 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 $896. 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, receivables and loans to the Joint Venture is minimal. 17. FINANCIAL INSTRUMENTS (continued) 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. As at December 31, 2018, the Company had a cash and cash equivalents balance of $41,604 (December 31, 2017 - $55,394) to settle current liabilities of $3,361 (December 31, 2017 - $3,724). The following table summarizes the maturities of the Company’s financial liabilities on an undiscounted basis: Years ending December 31, 2019 2020 2021 and later Total $ $ $ $ Credit facility¹ 1,400 1,404 24,680 27,484 Accounts payable and accrued liabilities 2,822 - - 2,822 Long-term borrowing¹ 180 180 464 824 Obligation under finance leases¹ 69 44 48 161 Obligation under car lease 6 6 13 25 Total 4,477 1,634 25,205 31,316 ¹ Credit facility, 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. 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 (“US$”) and incurs expenditures in Canadian dollars (“CDN$”) and US$ with the majority of the expenditures being incurred in US$ by the Company’s subsidiaries. As at December 31, 2018, $41,389 of the Company’s $41,604 in cash and cash equivalents was held in US$. The Company has drawn $17,500 under its denominated credit facility as at December 31, 2018. Strengthening/(weakening) of a exchange rate versus CDN$ by 10% will result in a foreign exchange gain/(loss) for the Company of $2,389, respectively. |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
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 subsidiaries of Ganfeng and Bangchak (Note 9). The capital structure of the Company consists of long-term borrowings, project debt facilities and equity attributable to common shareholders, comprising issued capital, contributed surplus, and deficit. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to carry out the planned exploration and development of its projects and pay for administrative costs, the Company will spend its existing working capital, draw on its project debt facilities and subordinated loan facility . We have no significant financial covenants or capital requirements with our lenders or other parties. 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, 2018. |
Impairment of Non-current Asset
Impairment of Non-current Assets | 12 Months Ended |
Dec. 31, 2018 | |
Impairment Of Non Current Assets [Abstract] | |
Impairment of Non-current Assets | 19. IMPAIRMENT OF NON-CURRENT ASSETS In accordance with the Company’s accounting policy, non-current assets are reviewed at each reporting date to determine whether there are any indications of impairment. An impairment loss is recognized when the carrying amount exceeds the recoverable amount. For the year ended December 31, 2018, the Company recognized a non-cash impairment loss on its Organoclay property, plant and equipment of $11,580. Indicators of impairment As at December 31, 2018, management determined that slower than expected ramp up of the Organoclay sales, resulting in the negative profitability of the Company’s RheoMinerals Inc. subsidiary constituted an indicator of impairment. Therefore, the Company completed an impairment assessment for the Organoclay cash-generating unit (“CGU”) whereby the carrying value of the CGU was compared to its recoverable amount. The estimated recoverable amount was calculated as the fair value less cost of disposal (“FVLCD”) for the CGU. FVLCD was calculated using a discounted future cash flow model. The calculation of FVLCD uses Level 3 valuation techniques. There were no impairment indicators with respect to the Company’s other business segments as at December 31, 2018. 19. IMPAIRMENT OF NON-CURRENT ASSETS (continued) Key assumptions The projected cash flows used in impairment testing are significantly affected by changes in assumptions for volume of sales, sales growth, production costs estimates, future capital expenditures, and discount rates. The determination of FVLCD includes the following key applicable assumptions: • EBITDA margin*: (8.3%) in 2019, 1% in 2020, 5.8% in 2021 and 9.9% in 2022 and beyond • Sales growth: 69% in 2019, 32% in 2020, 20% in 2021 and 2022 and 0% beyond • Operating and capital costs based on historical costs incurred and estimated forecasts • Production volume as indicated in the RheoMinerals Inc. business plan • After-tax real discount rate of 7.5% * EBITDA margin is calculated by dividing earnings before interest, tax, depreciation and amortization by sales revenue. Sensitivities The Company has performed a sensitivity analysis on CGUs where impairments were recorded. The Company calculated that a 1% decrease in sales would result in $359 additional impairment charge, and 1% increase in the discount rate assumption would result in $553 additional impairment charge. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Subsequent Events | 20. SUBSEQUENT EVENTS Subsequent to the year end, the Company received an additional $37,500 in drawdowns from its $205,000 credit facility and provided $37,500 in loans to Minera Exar to fund the development expenditures on the Cauchari-Olaroz project. On April 1, 2019 the Company entered into a definitive transaction agreement whereby Ganfeng has agreed to subscribe, through a wholly-owned subsidiary, for 141,017 newly issued shares of Minera Exar, for cash consideration of $160,000. As a result, Ganfeng will increase its direct and indirect interest in the Cauchari-Olaroz project from 37.5% to 50%, with Lithium Americas holding the remaining 50% interest (each subject to the rights of JEMSE (the Government of Jujuy) to acquire an approximate 8.5% interest in Minera Exar). Closing of the transaction remains subject to Ganfeng shareholder and regulatory approvals, the consent of BCP Innovation Pte. Ltd. in its capacity as lender pursuant to the Company’s senior credit facility, the Company’s shareholder approval and other customary closing conditions. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Critical Accounting Estimates and Judgments | Critical Accounting Estimates and Judgments Significant areas where judgment is applied, apart from those involving estimations, are: 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, 2018. Impairment of investment in Joint Venture The application of the Company’s accounting policy for impairment of its investment in Joint Venture requires judgment to determine whether indicators of impairment exist. First, a review of impairment indicators is performed at the Joint Venture level and 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. Then, a review of impairment is performed at the Company (investee) level and includes factors such as financial difficulties of the investee, breaches of contracts and various other factors. Management has assessed impairment indicators on the Company’s investment in Joint Venture and has concluded that no impairment indicators exist as of December 31, 2018. Functional currency Items included in the financial statements of each of the Company’s subsidiaries and the Joint Venture are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). Effective January 1, 2018, the functional currency of the Minera Exar S.A. joint venture (“Minera Exar” or “the Joint Venture”) was changed from the Argentine peso to the US dollar as a result of the start of significant construction activities, denominated mainly in US dollars, adoption of the construction budget and in anticipation of the US dollar denominated indebtedness to be undertaken by Minera Exar in 2018 to finance the construction. The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results may vary from those estimates due to inherent uncertainty or other factors. The Company regularly reviews its estimates. Revisions to estimates and the resulting effects on the carrying amounts of the assets and liabilities are accounted for prospectively. Key sources of estimation uncertainty that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Critical Accounting Estimates and Judgments (continued) Estimation uncertainty Impairment of Organoclay property, plant and equipment The Company reviews the carrying amounts of property, plant and equipment whenever events or changes in circumstances indicate that the carrying amounts may exceed the estimated recoverable amounts determined by reference to estimated future operating results and discounted future cash flows. An impairment loss is recognized when the carrying amount of those assets is not recoverable. Calculating the estimated recoverable amount of the cash generating units for non-current asset impairment tests requires management to make estimates and assumptions with respect to estimated future sales prices, future production and sales volume, the expected future operating and capital costs and discount rates. These estimates are subject to various risks and uncertainties which may ultimately have an effect on the estimated recoverability of the carrying amounts of the property, plant and equipment. During the year ended December 31, 2018, the Company recognized a non-cash impairment loss on its Organoclay property, plant and equipment of $11,580, see note 19. |
Principles of Consolidation | Principles of Consolidation These consolidated financial statements 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 unrealized gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the 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 the Cauchari-Olaroz project, which includes Minera Exar S.A. (Argentina) and Exar Capital B.V. (Netherlands) 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 makes 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 is the US dollar, while the functional currency of Lithium Americas Corp. is the Canadian dollar. The functional currency of Minera Exar S.A., the Company’s Joint Venture, is the US dollar. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in profit or loss. 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. 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 currency 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Foreign Currency Translation (continued) Parent and Subsidiary Companies (continued) When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an ownership interest in a foreign operation which remains a subsidiary or a joint venture, 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. Ownership interest is treated solely as a percentage ownership in a subsidiary or a joint venture. |
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 until the establishment of technical feasibility and commercial viability based on a combination of the following factors: • The extent to which mineral reserves or mineral resources as defined in National Instrument 43-101 (“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. The Company assesses its exploration and evaluation assets for indications of impairment on each balance sheet date and when events and circumstances indicate a risk of impairment. A property is written down or written off when the Company determines that an impairment of value has occurred or when exploration results indicate that no further work is warranted. Exploration and evaluation assets are tested for impairment immediately prior to reclassification to mineral property development costs. 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 | 3. SIGNIFICANT ACCOUNTING POLICIES (continued) 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 useful 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 | Impairment of Property, Plant and Equipment Property, plant and equipment are assessed for impairment indicators at each reporting date or when an impairment indicator arises if not at a reporting date. Impairment indicators are evaluated and, if considered necessary, an impairment assessment is carried out. If an impairment loss is identified, it is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost of disposal and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax 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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of Property, Plant and Equipment (continued) Where the factors which resulted in an impairment loss subsequently reverse, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. |
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. On initial recognition, financial assets and liabilities are classified as and measured at: amortized cost, fair value through profit or loss (“FVTPL”) or fair value through other comprehensive income (“OCI”) according to their contractual cash flow characteristics and the business models under which they are held. Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company’s intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. All of the Company’s financial assets fall under this category. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Financial Instruments (continued) Financial liabilities are measured at amortized cost unless they are required to be measured at FVTPL. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Impairment of financial assets. The Company assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortized cost and fair value through OCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, Financial Instruments (“IFRS 9”), which requires expected lifetime losses to be recognised from initial recognition of the receivables. |
Borrowing Costs | Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of assets requiring a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of that asset. Capitalization of borrowing costs begins when there are borrowings and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activities necessary to prepare a qualifying asset for its intended use are complete. When proceeds of project specific borrowings are invested on a temporary basis, borrowing costs are capitalized net of any investment income. |
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. 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Provisions (continued) 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 The Company recognizes revenue from the sales of products when a customer obtains control of the product and the Company has satisfied its performance obligation. 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 | 3. SIGNIFICANT ACCOUNTING POLICIES (continued) 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 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 share units, performance share units -settled payment arrangements is recorded based on the estimated fair value at the grant date and charged to earnings 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 expenditures are stated at cost less accumulated amortization and any impairment losses. |
Recent Accounting Pronouncements | 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Recent Accounting Pronouncements Newly adopted accounting standards and amendments IFRS 9, Financial Instruments (“IFRS 9”), addresses the classification, measurement and recognition of financial assets and financial liabilities. 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 applied IFRS 9 retrospectively; however, the adoption of IFRS 9 did not require any adjustments to the classification or measurement of the Company’s financial assets and financial liabilities. The adoption of the new expected credit loss model under IFRS 9 had a negligible impact on the carrying amount of our financial assets on the transition date given the Company has no history of bad debt expenses and no expectations of bad debt expenses in the future. 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. 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 recognition of revenue upon transfer of control to the customer is consistent with the Company’s revenue recognition policy applied in the annual consolidated financial statements for the year ended December 31, 2017, as the condition is generally satisfied when the title and risk have passed to the customer and acceptance of the product, when contractually required, has been obtained The Company elected to apply IFRS 15 using a modified retrospective approach; however, the adoption of IFRS 15 resulted in no impact on the financial statements of the Company, as the timing of revenue recognition was unchanged. Accounting standards and amendments issued but not yet adopted A number of new amendments to standards and interpretations are effective for annual periods beginning after January 1, 2018 and have not been applied in preparing these consolidated financial statements. None of these are expected to have a significant effect on the consolidated financial statements of the Company, except the following set out below: 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 has not yet quantified the impact of this standard, however, the Company anticipates it will record approximately $1,200 of lease assets and associated lease liabilities related to its office lease on its consolidated statement of financial position at January 1, 2019. |
Cash and Cash Equivalents - (Ta
Cash and Cash Equivalents - (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash and Cash Equivalents | As at December 31, As at December 31, 2018 $ 2017 $ Cash 2,905 6,319 Short-term bank deposits 38,699 49,075 41,604 55,394 |
Joint Venture (Tables)
Joint Venture (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: Minera S.A. Exar Capital B.V. Total $ $ $ Investment in Joint Venture – December 31, 2016 13,136 - 13,136 Share of loss of Joint Venture (4,850 ) - (4,850 ) Translation adjustment (2,127 ) - (2,127 ) Contribution to Joint Venture 13,717 - 13,717 Elimination of unrealized interest on loans to Joint Venture (239 ) - (239 ) Investment in Joint Venture – December 31, 2017 19,637 - 19,637 Share of loss of Joint Venture (1,077 ) 730 (347 ) Contribution to Joint Venture 11,403 7,390 18,793 Return of the investment as part of the Transaction (8,004 ) - (8,004 ) Increase in Company's share as part of the Transaction 6,104 - 6,104 Elimination of unrealized gain on intercompany transactions (833 ) (68 ) (901 ) Investment in Joint Venture – December 31, 2018 27,230 8,052 35,282 |
Reconciliation of Summarized Financial Information to Carrying Value | Reconciliation of Summarized Financial Information to Carrying Value Minera Exar Capital B.V. $ $ Opening net assets 38,917 - Equity contribution 20,000 2,500 Return of the investment as part of the Transaction (8,004 ) - Net (loss)/income (2,154 ) 1,325 Closing net assets, December 31, 2018 48,759 3,825 Company's share of net assets (62.5%) 30,474 2,391 50% of return of the investment as part of the Transaction (4,002 ) - Elimination of unrealized gain on intercompany transactions and other (1,072 ) (166 ) Joint Venture expenditures incurred by the Company 1,830 - Difference between the face value and the fair value of loans to Exar Capital B.V. - 5,827 Carrying value 27,230 8,052 |
Summary of Loans to Joint Venture | The Company has entered into the following loan agreements with Minera Exar and Exar Capital B.V., terms of which are summarized below: $ Loans granted to Minera Exar in 2017, maturity 7 years, interest rate LIBOR+7.57% 11,000 Accrued interest 479 Loans to Joint Venture, at December 31, 2017 11,479 Loans granted to Minera Exar in 2018, maturity 7 years, interest rate LIBOR+7.57% 16,500 Repayment of principal and accrued interest as part of the Transaction (18,740 ) Accrued interest 1,697 Loans granted to Exar Capital B.V. 7,500 Difference between the face value and the fair value of loans to Exar Capital B.V. (5,827 ) Loans to Joint Venture, at December 31, 2018 12,609 |
Minera Exar S.A. | |
Disclosure Of Joint Ventures [Line Items] | |
Disclosure 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, 2018 December 31, 2017 $ $ Current assets Cash and cash equivalents 2,668 9,198 Other current assets 2,854 2,410 Total current assets 5,522 11,608 Non-current assets 148,479 66,821 Current liabilities (8,783 ) (13,189 ) Non-current liabilities (96,459 ) (26,323 ) Net assets 48,759 38,917 Summarized statement of loss from operations For the years ended December 31, 2018 December 31, 2017 $ $ Exploration expenditures - 8,898 Depreciation - 213 Other expense 2,154 589 Net loss 2,154 9,700 |
Exar Capital B V | |
Disclosure Of Joint Ventures [Line Items] | |
Disclosure of Financial Statements Information of Joint Ventures | The following amounts represent the amounts presented in the financial statements of Exar Capital B.V. December 31, 2018 $ Current assets Cash and cash equivalents 395 Other current assets 13 Total current assets 408 Non-current assets - loans granted to Minera Exar S.A. 69,453 Current liabilities - loans from Lithium Americas and Ganfeng (65,869 ) Other current liabilities (167 ) Net assets 3,825 Loans from Lithium Americas and Ganfeng are presented as current liabilities in Exar Capital B.V. In accordance with the terms of the loan agreements, the loans can be called at any time by unanimous agreement of Lithium Americas and Ganfeng. Summarized statement of loss from operations For the year ended December 31, 2018 $ Interest income on loans from Minera Exar S.A. 1,353 General and administrative expenses (28 ) Net income 1,325 |
Property Plant and Equipment (T
Property Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 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 Additions - - 624 - 187 811 Disposals - - (1,120 ) (24 ) - (1,144 ) As at December 31, 2018 386 2,143 5,066 11,471 823 19,889 Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Accumulated depreciation 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 Depreciation for the year - 107 406 576 121 1,210 Disposals - - (476 ) - - (476 ) Impairment - 545 1,146 9,889 - 11,580 As at December 31, 2018 - 835 1,859 11,471 301 14,466 Land Buildings Equipment and machinery Organoclay plant Other Total $ $ $ $ $ $ Net book value As at December 31, 2017 386 1,960 4,779 10,489 456 18,070 As at December 31, 2018 386 1,308 3,207 - 522 5,423 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Exploration And Evaluation Assets [Abstract] | |
Schedule of Exploration and Evaluation Assets | December 31, 2018 December 31, 2017 Thacker Pass Thacker Pass $ $ Acquisition costs Balance, beginning 2,104 1,447 Additions 1,436 706 Write offs - (49 ) Total exploration and evaluation assets 3,540 2,104 |
Long Term Borrowings (Tables)
Long Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Borrowings [Abstract] | |
Schedule of Long-Term Borrowings | As at December 31, As at December 31, 2018 $ 2017 $ Current portion of long-term borrowings Promissory note 135 130 Obligation under finance leases 66 48 Accrued interest 338 - 539 178 Long-term borrowings Promissory note 568 703 Credit facility 17,356 - Obligation under finance leases 103 48 18,027 751 18,566 929 |
Issued Capital, Equity Compen_2
Issued Capital, Equity Compensation and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 outstanding RSUs is as follows: Number of RSUs (in 000's) Balance, RSUs December 31, 2016 490 Granted 1,589 Converted into common shares (521 ) Cancelled (8 ) Balance, RSUs December 31, 2017 1,550 Converted into common shares (123 ) Granted 246 Forfeited (5 ) Balance, RSUs December 31, 2018 1,668 |
Summary of Changes to Number of Deferred Share Units | During the year ended December 31, 2018 the Company granted 87 DSUs with the total estimated fair value of $497 to the Company’s independent directors in lieu of payment of directors’ fees. Number of DSUs (in 000's) Balance, DSUs December 31, 2016 9 Granted 73 Converted into common shares (41 ) Balance, DSUs December 31, 2017 41 Granted 87 Balance, DSUs December 31, 2018 128 |
Summary of Fair Value of Stock Options Granted by Using Black-Scholes Option Pricing Model | The fair value of stock options granted are estimated on the date of grant using the Black-Scholes Option Pricing Model with the following assumptions used for the grants made during the period: January 24, 2018 Number of options granted (‘000’s) 90 Risk-free interest rate 1.8 % Expected life 3 Annualized volatility 73 % Dividend rate 0 % Fair value per stock option granted (CDN$) 4.40 Total fair value of stock options granted (CDN$) 396 |
Summary of Stock Options Outstanding and Exercisable | Stock options outstanding and exercisable as at December 31, 2018 are as follows: Options Outstanding Options Exercisable Range of Exercise Prices CAD$ Number Outstanding as at December 31, 2018 (in 000's) Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price CAD$ Number Exercisable as at December 31, 2018 (in 000's) Weighted Average Exercise Price CAD$ $1.43 - $1.50 929 0.8 1.44 929 1.44 $1.68 - $1.88 327 0.6 1.81 327 1.81 $2.35 - $3.75 790 2.1 2.62 790 2.62 $4.55 - $5.00 1,153 3.2 4.88 1,078 4.88 $8.05 - $12.34 1,953 3.7 8.30 1,442 8.28 5,152 2.6 5.02 4,566 4.64 |
Summary of Changes to Stock Options Outstanding | A summary of changes to stock options outstanding is as follows: Number of Options (in 000's) Weighted Average Exercise Price, (CDN$) Balance, outstanding 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 Granted 90 9.54 Exercised (176 ) (1.59 ) Forfeited (44 ) (7.72 ) Expired (24 ) (6.23 ) Balance, outstanding December 31, 2018 5,152 5.02 |
Summary of Fair Value of Performance Awards Granted by Using Monte Carlo Simulation Model | August 21, 2018 Number of PSUs granted 699 Correlation coefficient between the peer group companies 13.1 % Risk-free interest rate 2.7 % Dividend rate 0 % Annualized volatility 71.9 % Peer Group average volatility 65.9 % Estimated forfeiture rate 11.6 % Fair value per PSU granted (CDN$) 8.50 Total fair value of PSUs granted, prior to forfeiture rate adjustment (CDN$) 5,945 |
Summary of Changes to Number of RS-Ps | A summary of changes to the number of outstanding PSUs is as follows: Number of PSUs (in 000's) Balance, PSUs December 31, 2017 - Granted 699 Balance, RSUs December 31, 2018 699 |
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 Weighted Average Warrants Exercise Price (in ‘000’s) (CDN$) Balance, December 31, 2016 1,867 4.35 Exercised (1,687 ) 4.32 Expired (180 ) 4.49 Balance, December 31, 2017 and December 31, 2018 - - |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Summary of Compensation of Key Management | The remuneration of directors and members of the executive management team was as follows: For the years ended December 31, 2018 $ 2017 $ Stock-based compensation 2,410 8,507 Salaries, benefits and directors' fees included in general and administrative expenses 2,636 3,132 Salaries and benefits included in exploration expenditures 547 368 Salaries and benefits capitalized to Investment in the Joint Venture 812 127 6,405 12,134 As at December 31, As at December 31, 2018 $ 2017 $ Total due to directors and executive team 164 265 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 years ended December 31, 2018 and 2017: For the years ended December 31, 2018 2017 $ $ Salaries, benefits and directors' fees 4,410 3,746 Office and administration 1,331 743 Professional fees 1,247 926 Regulatory and filing fees 826 403 Travel 624 711 Organoclay marketing expenses 579 565 Investor relations 309 152 Depreciation 93 51 9,419 7,296 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
Schedule of Other Commitments | As at December 31, 2018, 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 350 1,005 342 1,697 |
Exploration Expenditures (Table
Exploration Expenditures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Exploration Expenditures [Abstract] | |
Summary of Company's Exploration Expenditures | The following tables summarize the Company’s exploration expenditures during the years ended December 31, 2018 and 2017: For the year ended December 31, 2018 Thacker Pass $ Drilling and geological expenses 1,319 Permitting and environmental 3,239 Engineering 173 Consulting and salaries 4,255 Field supplies and other 552 Lithium demo plant equipment depreciation and loss on disposal 477 Total exploration expenditures 10,015 For the year ended December 31, 2017 Thacker Pass $ Cauchari-Olaroz¹ $ Total $ Drilling 1,195 - 1,195 Engineering 14 - 14 Environmental 279 - 279 Geological and consulting 1,871 471 2,342 Field supplies and other 397 - 397 Lithium demo plant equipment depreciation 112 - 112 Total exploration expenditures 3,868 471 4,339 1 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Operating Segments [Abstract] | |
Summary of Reportable Segments | The Company’s reportable segments are summarized in the following tables: Organoclay $ Thacker Pass $ Cauchari- Olaroz $ Corporate $ Total $ As at December 31, 2018 Property, plant and equipment 4,581 791 - 51 5,423 Exploration and evaluation assets - 3,540 - - 3,540 Total assets 7,406 5,157 35,282 56,094 103,939 Total liabilities (1,695 ) (1,442 ) - (18,520 ) (21,657 ) For the year ended December 31, 2018 Property, plant and equipment additions 178 610 - 23 811 Sales 4,843 - - - 4,843 Net loss 14,445 11,182 (347 ) 2,987 28,267 Exploration expenditures - 10,015 - - 10,015 Depreciation 1,158 193 - 13 1,364 Organoclay research and development 578 - - - 578 14. SEGMENTED INFORMATION (continued) Organoclay $ Thacker Pass $ 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 additions 891 143 - 27 1,061 Sales 4,290 - - - 4,290 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 |
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, 2018 51 8,912 - 35,282 44,245 As at December 31, 2017 41 19,377 756 19,637 39,811 Revenue For the year ended December 31, 2018 - 4,843 - - 4,843 For the year ended December 31,2017 - 4,290 - - 4,290 1 |
Supplemental Disclosure with _2
Supplemental Disclosure with Respect to Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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: As at December 31, As at December 31, 2018 $ 2017 $ Accounts payable related to property, plant and equipment 101 28 Accounts payable related to inventories 699 197 Accounts payable related to financings 73 1,611 For the years ended December 31, 2018 $ 2017 $ Interest/finance charges paid 50 52 RSUs and DSUs granted in lieu of deferred salaries and directors’ fees 1,268 371 Assets acquired under finance leases 43 29 Income taxes paid - - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 year ended December 31 2018 $ 2017 $ Loss for the year (28,267 ) (33,250 ) Expected income tax recovery (7,632 ) (8,645 ) Items not deductible for income tax purposes (1,316) 3,612 Effect of change in deferred income tax rate - 3,964 Effect of higher (lower) tax rate in foreign jurisdiction 2,021 (25 ) Change in unrecognized deferred tax assets and other 6,956 1,094 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, 2018 $ December 31, 2017 $ Tax loss carryforwards 18,956 14,359 Exploration and evaluation assets 472 124 Financing costs 436 573 Capital assets 2,203 238 Other 131 564 Unrecognized deferred tax assets 22,198 15,858 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 an undiscounted basis: Years ending December 31, 2019 2020 2021 and later Total $ $ $ $ Credit facility¹ 1,400 1,404 24,680 27,484 Accounts payable and accrued liabilities 2,822 - - 2,822 Long-term borrowing¹ 180 180 464 824 Obligation under finance leases¹ 69 44 48 161 Obligation under car lease 6 6 13 25 Total 4,477 1,634 25,205 31,316 ¹ Credit facility, 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, 2018Project | |
Nature Of Operations [Abstract] | |
Name of reporting entity | Lithium Americas Corp. |
Number of significant projects | 2 |
Basis of Preparation and Pres_2
Basis of Preparation and Presentation - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2018 | Nov. 08, 2017 | |
Basis Of Preparation And Presentation [Abstract] | ||
Date of consolidated financial statements approved for issuance | Apr. 1, 2019 | |
Share consolidation, number of outstanding common shares for each new common share | 5 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Jan. 01, 2019 | |
Significant Accounting Policies [Line Items] | ||
Non-cash impairment loss | $ 11,580 | |
Events after reporting period | ||
Significant Accounting Policies [Line Items] | ||
Lease assets | $ 1,200 | |
Lease liabilities | $ 1,200 | |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash And Cash Equivalents [Abstract] | |||
Cash | $ 2,905 | $ 6,319 | |
Short-term bank deposits | 38,699 | 49,075 | |
Cash and cash equivalents | $ 41,604 | $ 55,394 | $ 8,056 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) $ in Thousands, $ in Thousands | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) |
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash | $ 2,905 | $ 6,319 | ||
Canadian Dollar | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash | $ 215 | $ 5,898 | ||
US Dollar | ||||
Disclosure Of Cash And Cash Equivalents [Line Items] | ||||
Cash | $ 2,691 | $ 421 | ||
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 | 2.81% | 2.81% |
Joint Venture - Additional Info
Joint Venture - Additional Information (Details) $ in Thousands | Oct. 31, 2018USD ($) | Mar. 28, 2016 | Dec. 31, 2018USD ($)Communityton | Dec. 31, 2017USD ($) | Dec. 31, 2012USD ($) |
Disclosure Of Joint Ventures [Line Items] | |||||
Ownership interest in joint venture | 62.50% | 50.00% | |||
Repayments of outstanding indebtness | $ 25,000 | ||||
Restricted cash | $ 833 | $ 833 | |||
Share of loss in Joint Venture | $ (347) | $ (4,850) | |||
Minera Exar S.A. | |||||
Disclosure Of Joint Ventures [Line Items] | |||||
Increase in ownership interest percentage | 0.125 | ||||
Ganfeng | |||||
Disclosure Of Joint Ventures [Line Items] | |||||
Ownership interest held by non-controlling interest | 37.50% | ||||
Borrowing facility | $ 100,000 | ||||
Minera Exar S.A. | |||||
Disclosure Of Joint Ventures [Line Items] | |||||
Percentage of right to purchase share of production | 50.00% | ||||
Investment repaid | 8,004 | ||||
Accounts receivable | 427 | ||||
Share of loss in Joint Venture | 6,104 | ||||
Annual royalty due | $ 200 | ||||
Royalty expiration description | May of every year and expiring in 2041 | ||||
Annual fees due in 2017 to 2021 | $ 257 | ||||
Annual fees due in 2021 to 2055 | 416 | ||||
Commitments related to contract for construction of ponds | 30,212 | ||||
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 S.A. | 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 S.A. | Grupo Minero Los Boros | |||||
Disclosure Of Joint Ventures [Line Items] | |||||
Description of terms of option agreement | The Joint Venture paid $100 upon signing and exercised the purchase option for the total consideration of $12,000 to be paid in sixty quarterly instalments of $200. The first installment becomes due upon occurrence of one of the following two conditions, whichever comes first: the third anniversary of the purchase option exercise date or the beginning of commercial exploitation with a minimum production of 20,000 tons of lithium carbonate equivalent. | ||||
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 Argentinian pesos, annually within the 10 business days after calendar year end | ||||
Minera Exar S.A. | Cauchari-Olaroz | |||||
Disclosure Of Joint Ventures [Line Items] | |||||
Number of communities | Community | 6,000 | ||||
Minera Exar S.A. | Cauchari-Olaroz | JEMSE Arrangement | |||||
Disclosure Of Joint Ventures [Line Items] | |||||
Percentage of pro rata share | 8.50% | ||||
Minera Exar S.A. | Cauchari-Olaroz | Bottom of Range | |||||
Disclosure Of Joint Ventures [Line Items] | |||||
Term of Project | 5 years | ||||
Minera Exar S.A. | Cauchari-Olaroz | Top of Range | |||||
Disclosure Of Joint Ventures [Line Items] | |||||
Term of Project | 30 years | ||||
Exar Capital B V | |||||
Disclosure Of Joint Ventures [Line Items] | |||||
Loan to related party | 1,563 | ||||
Amount of difference between face value and fair value of non-interest-bearing loans | $ 5,827 | $ 5,827 |
Joint Venture - Summary of Chan
Joint Venture - Summary of Changes in Investments in Joint Ventures Initial Contribution (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Joint Ventures [Line Items] | ||
Investment in Joint Venture. Balance | $ 19,637 | $ 13,136 |
Share of loss of Joint Venture | (347) | (4,850) |
Translation adjustment | (2,127) | |
Contribution to Joint Venture | 18,793 | 13,717 |
Return of the investment as part of the Transaction | (8,004) | |
Increase in Company's share as part of the Transaction | 6,104 | |
Elimination of unrealized interest on loans to Joint Venture | (239) | |
Elimination of unrealized gain on intercompany transactions | (901) | |
Investment in Joint Venture. Balance | 35,282 | 19,637 |
Minera Exar S.A. | ||
Disclosure Of Joint Ventures [Line Items] | ||
Investment in Joint Venture. Balance | 19,637 | 13,136 |
Share of loss of Joint Venture | (1,077) | (4,850) |
Translation adjustment | (2,127) | |
Contribution to Joint Venture | 11,403 | 13,717 |
Return of the investment as part of the Transaction | (8,004) | |
Increase in Company's share as part of the Transaction | 6,104 | |
Elimination of unrealized interest on loans to Joint Venture | (239) | |
Elimination of unrealized gain on intercompany transactions | (833) | |
Investment in Joint Venture. Balance | 27,230 | $ 19,637 |
Exar Capital B V | ||
Disclosure Of Joint Ventures [Line Items] | ||
Share of loss of Joint Venture | 730 | |
Contribution to Joint Venture | 7,390 | |
Elimination of unrealized gain on intercompany transactions | (68) | |
Investment in Joint Venture. Balance | $ 8,052 |
Joint Venture - Summary of Fina
Joint Venture - Summary of Financial Statements Information of Joint Ventures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CURRENT ASSETS | |||
Cash and cash equivalents | $ 41,604 | $ 55,394 | $ 8,056 |
Total current assets | 46,935 | 61,218 | |
Non-current assets | 57,004 | 52,273 | |
Current liabilities | (3,361) | (3,724) | |
Non-current liabilities | (18,296) | (1,000) | |
TOTAL ASSETS | 103,939 | 113,491 | |
Exploration expenditures | 10,015 | 4,339 | |
Depreciation | 1,364 | 939 | |
NET LOSS | (28,267) | (33,250) | |
General and administrative | (9,419) | (7,296) | |
Minera Exar S.A. | |||
CURRENT ASSETS | |||
Cash and cash equivalents | 2,668 | 9,198 | |
Other current assets | 2,854 | 2,410 | |
Total current assets | 5,522 | 11,608 | |
Non-current assets | 148,479 | 66,821 | |
Current liabilities | (8,783) | (13,189) | |
Non-current liabilities | (96,459) | (26,323) | |
TOTAL ASSETS | 48,759 | 38,917 | |
Exploration expenditures | 8,898 | ||
Depreciation | 213 | ||
Other expense | 2,154 | 589 | |
NET LOSS | (2,154) | $ (9,700) | |
Exar Capital B V | |||
CURRENT ASSETS | |||
Cash and cash equivalents | 395 | ||
Other current assets | 13 | ||
Total current assets | 408 | ||
TOTAL ASSETS | 3,825 | ||
NET LOSS | 1,325 | ||
Other current liabilities | (167) | ||
General and administrative | (28) | ||
Exar Capital B V | Minera Exar S.A. | |||
CURRENT ASSETS | |||
Non-current assets | 69,453 | ||
Interest income on loans | 1,353 | ||
Exar Capital B V | Lithium Americas and Ganfeng | |||
CURRENT ASSETS | |||
Current liabilities | $ (65,869) |
Joint Venture - Reconciliation
Joint Venture - Reconciliation of Summarized Financial Information to Carrying Value (Details) - USD ($) $ in Thousands | Oct. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Joint Ventures [Line Items] | ||||
Opening net assets | $ 113,491 | |||
Return of the investment as part of the Transaction | (8,004) | |||
Net loss | (28,267) | $ (33,250) | ||
Closing net assets, December 31, 2018 | 103,939 | 113,491 | ||
Carrying value | 35,282 | 19,637 | $ 13,136 | |
Minera Exar S.A. | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Opening net assets | 38,917 | |||
Equity contribution | 20,000 | |||
Return of the investment as part of the Transaction | (8,004) | |||
Net loss | (2,154) | (9,700) | ||
Closing net assets, December 31, 2018 | 48,759 | 38,917 | ||
Company's share of net assets (62.5%) | 30,474 | |||
Elimination of unrealized gain on intercompany transactions and other | (1,072) | |||
Joint Venture expenditures incurred by the Company | 1,830 | |||
Carrying value | 27,230 | $ 19,637 | $ 13,136 | |
Minera Exar S.A. | 50% of Return on Investment | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Return of the investment as part of the Transaction | (4,002) | |||
Exar Capital B V | ||||
Disclosure Of Joint Ventures [Line Items] | ||||
Equity contribution | 2,500 | |||
Net loss | 1,325 | |||
Closing net assets, December 31, 2018 | 3,825 | |||
Company's share of net assets (62.5%) | 2,391 | |||
Elimination of unrealized gain on intercompany transactions and other | (166) | |||
Difference between the face value and the fair value of loans to Exar Capital B.V. | $ 5,827 | 5,827 | ||
Carrying value | $ 8,052 |
Joint Venture - Reconciliatio_2
Joint Venture - Reconciliation of Summarized Financial Information to Carrying Value (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Minera Exar S.A. | |
Disclosure Of Joint Ventures [Line Items] | |
Percentage of share of net assets | 62.50% |
Percentage of return of investment in joint venture | 50.00% |
Exar Capital B V | |
Disclosure Of Joint Ventures [Line Items] | |
Percentage of share of net assets | 62.50% |
Percentage of return of investment in joint venture | 50.00% |
Joint Venture - Summary of Loan
Joint Venture - Summary of Loans to Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Joint Ventures [Line Items] | ||
Loans to Joint Venture, at December 31, 2017 | $ 12,609 | $ 11,479 |
Repayment of principal and accrued interest as part of the Transaction | (25,000) | |
LIBOR | ||
Disclosure Of Joint Ventures [Line Items] | ||
Loans to Joint Venture | 16,500 | 11,000 |
Accrued interest | 1,697 | 479 |
Loans to Joint Venture, at December 31, 2017 | 12,609 | $ 11,479 |
Repayment of principal and accrued interest as part of the Transaction | (18,740) | |
Loans granted to Exar Capital B.V. | 7,500 | |
Difference between the face value and the fair value of loans to Exar Capital B.V. | $ (5,827) |
Joint Venture - Summary of Lo_2
Joint Venture - Summary of Loans to Joint Venture (Parenthetical) (Details) - Minera Exar S.A. | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Joint Ventures [Line Items] | ||
Borrowings, interest rate basis | LIBOR+7.57% | LIBOR+7.57% |
Maturity period of borrowings | 7 years | 7 years |
LIBOR | ||
Disclosure Of Joint Ventures [Line Items] | ||
Borrowings, adjustment to interest rate basis | 7.57% | 7.57% |
Property Plant and Equipment -
Property Plant and Equipment - Summary of Property Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | $ 18,070 | |
Additions | 811 | $ 1,061 |
Net book value at ending of the year | 5,423 | 18,070 |
Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 20,222 | 19,560 |
Additions | 811 | 1,061 |
Disposals | (1,144) | |
Write down/Impairment | (399) | |
Net book value at ending of the year | 19,889 | 20,222 |
Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 2,152 | 1,058 |
Depreciation for the year | 1,210 | 1,124 |
Disposals | (476) | (30) |
Write down/Impairment | 11,580 | |
Net book value at ending of the year | 14,466 | 2,152 |
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 | 386 |
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 | 1,960 | |
Net book value at ending of the year | 1,308 | 1,960 |
Buildings | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 2,143 | 2,141 |
Additions | 2 | |
Net book value at ending of the year | 2,143 | 2,143 |
Buildings | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 183 | 76 |
Depreciation for the year | 107 | 107 |
Write down/Impairment | 545 | |
Net book value at ending of the year | 835 | 183 |
Equipment and Machinery | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 4,779 | |
Net book value at ending of the year | 3,207 | 4,779 |
Equipment and Machinery | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 5,562 | 5,156 |
Additions | 624 | 805 |
Disposals | (1,120) | |
Write down/Impairment | (399) | |
Net book value at ending of the year | 5,066 | 5,562 |
Equipment and Machinery | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 783 | 447 |
Depreciation for the year | 406 | 366 |
Disposals | (476) | (30) |
Write down/Impairment | 1,146 | |
Net book value at ending of the year | 1,859 | 783 |
Organoclay Plant | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 10,489 | |
Net book value at ending of the year | 10,489 | |
Organoclay Plant | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 11,495 | 11,495 |
Disposals | (24) | |
Net book value at ending of the year | 11,471 | 11,495 |
Organoclay Plant | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 1,006 | 431 |
Depreciation for the year | 576 | 575 |
Write down/Impairment | 9,889 | |
Net book value at ending of the year | 11,471 | 1,006 |
Other | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 456 | |
Net book value at ending of the year | 522 | 456 |
Other | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 636 | 382 |
Additions | 187 | 254 |
Net book value at ending of the year | 823 | 636 |
Other | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Net book value at beginning of the year | 180 | 104 |
Depreciation for the year | 121 | 76 |
Net book value at ending of the year | $ 301 | $ 180 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets - Schedule of Exploration and Evaluation Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Acquisition costs | ||
Change in foreign exchange rate | $ 3,828 | $ (3,759) |
Exploration and Evaluation Assets | Thacker Pass | ||
Acquisition costs | ||
Total exploration and evaluation assets, beginning balance | 2,104 | 1,447 |
Additions | 1,436 | 706 |
Write offs | (49) | |
Total exploration and evaluation assets, ending balance | $ 3,540 | $ 2,104 |
Exploration and Evaluation As_4
Exploration and Evaluation Assets - Additional Information (Details) - Thacker Pass | 12 Months Ended |
Dec. 31, 2018USD ($)Claim | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Percentage of royalty revenue | 20.00% |
Percentage of gross royalty revenue | 8.00% |
Cumulative payment | $ 22,000,000 |
Percentage royalty revenue, reduction | 4.00% |
Percentage of option to reduce royalty revenue | 1.75% |
Smelter Royalty Payment Due on November 15 | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Advance net smelter return royalty payment | $ 2,000 |
Number of mining claims | Claim | 4 |
Percentage of net smelter return royalty | 1.50% |
2019 | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Cumulative payment | $ 82,500 |
2020 | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Cumulative payment | 110,000 |
2021 | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Cumulative payment | 137,500 |
2022 | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Cumulative payment | 137,500 |
2023 | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | |
Cumulative payment | $ 2,887,500 |
Long-Term Borrowings - Schedule
Long-Term Borrowings - Schedule of Long-Term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current portion of long-term borrowings | ||
Current portion of long-term borrowings | $ 539 | $ 178 |
Long-term borrowings | ||
Long-term borrowings | 18,027 | 751 |
Borrowings | 18,566 | 929 |
Promissory Note | ||
Current portion of long-term borrowings | ||
Current portion of long-term borrowings | 135 | 130 |
Long-term borrowings | ||
Long-term borrowings | 568 | 703 |
Obligation Under Finance Leases | ||
Current portion of long-term borrowings | ||
Current portion of long-term borrowings | 66 | 48 |
Long-term borrowings | ||
Long-term borrowings | 103 | $ 48 |
Accrued Interest | ||
Current portion of long-term borrowings | ||
Current portion of long-term borrowings | 338 | |
Credit Facility | ||
Long-term borrowings | ||
Long-term borrowings | $ 17,356 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2013 | Dec. 31, 2018 | Oct. 31, 2018 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Drawn borrowing facilities | $ 17,500,000 | ||
Purchase price of property | $ 1,575,000 | ||
Payments for purchase of property | 236,000 | ||
Remaining balance of transaction | $ 1,339,000 | ||
Promissory note, maturity term | 10 years | ||
Annual interest of promissory note for first five years | 7.00% | ||
Ganfeng | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowing facility | $ 100,000,000 | ||
Credit Facility | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Proceed from long-term borrowings | 17,350,000 | ||
Finance costs | 150,000 | ||
Drawn borrowing facilities | $ 205,000,000 | ||
Credit facility term | 6 years | ||
Percentage of right to purchase share of production | 75.00% | ||
Credit Facility | First Three Years | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings interest rate | 8.00% | ||
Credit Facility | Year Four | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings interest rate | 8.50% | ||
Credit Facility | Year Five | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings interest rate | 9.00% | ||
Credit Facility | Year Six | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings interest rate | 9.50% | ||
Non-Recourse Loan Agreement | Ganfeng | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings interest rate | 10.00% | ||
Percentage of right to purchase share of production | 50.00% | ||
Borrowing facility | $ 100,000,000 | ||
Borrowings, interest rate basis | LIBOR plus 5.5% |
Issued Capital, Equity Compen_3
Issued Capital, Equity Compensation, and Warrants - Additional Information (Details) $ / shares in Units, shares in Thousands | Aug. 21, 2018USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018CAD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017CAD ($)shares | Aug. 21, 2018CAD ($) | Dec. 31, 2017$ / shares |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Credit facility | $ 18,566,000 | $ 929,000 | |||||
Deferred financing costs | 1,767,000 | 1,888,000 | |||||
Accounts payable and accrued liabilities | $ 2,822,000 | $ 3,546,000 | |||||
Stock options granted | shares | 90 | 90 | 3,085 | 3,085 | |||
Stock-based compensation expense | $ 4,616,000 | $ 11,412,000 | |||||
Weighted average exercise price of share options exercised | $ (1.59) | $ 2.22 | |||||
Directors, Officers and Employees | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Stock options granted | shares | 90 | 90 | |||||
Restricted Share Units | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of shares granted | shares | 246 | 246 | 1,589 | 1,589 | |||
Restricted Share Units | Operating Expense | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Fair value of share units recorded as a share-based payments expense | $ 946,000 | $ 6,989,000 | |||||
Restricted Share Units | Cost of Sales | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Fair value of share units recorded as a share-based payments expense | 2,000 | 89,000 | |||||
Restricted Share Units | Inventory | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Fair value of share units recorded as a share-based payments expense | 0 | $ 1,000 | |||||
Restricted Share Units | 2019 | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Fair value of share units previously granted but not yet vested | 214,000 | ||||||
Restricted Share Units | 2020 | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Fair value of share units previously granted but not yet vested | $ 28,000 | ||||||
Deferred Share Units | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of shares granted | shares | 87 | 87 | 73 | 73 | |||
Fair value of shares granted | $ 497,000 | ||||||
Cashless Exercise Provision Stock Option Plan | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Stock-based compensation expense | 3,189,000 | $ 4,423,000 | |||||
Weighted average exercise price of share options exercised | $ 5.52 | $ 6.22 | |||||
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 | 238,000 | ||||||
Cashless Exercise Provision Stock Option Plan | Cost of Sales | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Stock-based compensation expense | 62,000 | 65,000 | |||||
Cashless Exercise Provision Stock Option Plan | Inventory | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Stock-based compensation expense | $ 4,000 | 50,000 | |||||
Performance Share Units | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of shares granted | shares | 699 | 699 | 699 | ||||
Performance based restricted share units vesting description | All PSUs vest on the third anniversary of the grant date. | ||||||
Fair value per PSUs granted | $ 4,030,000 | $ 8,500 | |||||
Rate of earnings on TSR during year 1 | 20.00% | ||||||
Rate of earnings on TSR during year 2 | 20.00% | ||||||
Rate of earnings on TSR during year 3 | 20.00% | ||||||
Rate of earnings on TSR during 1-3 years | 40.00% | ||||||
Performance Share Units | Operating Expense | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Fair value of share units recorded as a share-based payments expense | $ 481,000 | $ 0 | |||||
Performance Share Units | 2019 | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Fair value of share units previously granted but not yet vested | 1,284,000 | ||||||
Performance Share Units | 2020 | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Fair value of share units previously granted but not yet vested | 1,284,000 | ||||||
Performance Share Units | 2021 | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Fair value of share units previously granted but not yet vested | $ 820,000 | ||||||
Equity Incentive Plan | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Maximum percentage of outstanding common shares reserved for issuance | 10.00% | 10.00% | |||||
Maximum term for stock option granted | 5 years | 5 years | |||||
Equity Incentive Plan | Restricted Share Units | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of shares granted | shares | 246 | 246 | |||||
Fair value of shares granted | $ 1,048,000 | ||||||
Accrued Liabilities Reduction | Equity Incentive Plan | Restricted Share Units | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of shares granted | shares | 197 | 197 | |||||
Operating Expenses | Equity Incentive Plan | Restricted Share Units | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of shares granted | shares | 49 | 49 | |||||
Ganfeng | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Number of shares issued | shares | 15,000 | ||||||
Credit facility | $ 125,000,000 | ||||||
Percentage of offtake entitlement | 80.00% | 80.00% | |||||
Off-take agreements term | 20 years | 20 years | |||||
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 | $ 80,999,000 | $ 106,000,000 | |||||
Ganfeng and Bangchak Investment Agreements | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Credit facility | 205,000,000 | ||||||
Financing costs related to the equity portion | 1,755,000 | ||||||
Deferred financing costs | $ 1,767,000 | 1,767,000 | |||||
Ganfeng and Bangchak Investment Agreements | Debt Issuance Costs | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Accounts payable and accrued liabilities | $ 73,000 | ||||||
Bangchak | |||||||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||||||
Credit facility | $ 80,000,000 | ||||||
Percentage of offtake entitlement | 20.00% | 20.00% | |||||
Off-take agreements term | 20 years | 20 years | |||||
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 Compen_4
Issued Capital, Equity Compensation, and Warrants - Summary of Changes to Number of Restricted Shares (Details) - Restricted Share Units - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Number of shares outstanding balance | 1,550 | 490 |
Number of shares granted | 246 | 1,589 |
Number of shares converted into common shares | (123) | (521) |
Number of shares cancelled or forfeited | (5) | (8) |
Number of shares outstanding balance | 1,668 | 1,550 |
Issued Capital, Equity Compen_5
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 | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Number of shares outstanding balance | 41 | 9 |
Number of shares granted | 87 | 73 |
Number of shares converted into common shares | (41) | |
Number of shares outstanding balance | 128 | 41 |
Issued Capital, Equity Compen_6
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 | Jan. 24, 2018CAD ($)sharesYear | Dec. 31, 2018shares | Dec. 31, 2017shares |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options granted (‘000’s) | shares | 90 | 3,085 | |
Stock Option One | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options granted (‘000’s) | shares | 90 | ||
Risk-free interest rate | 1.80% | ||
Expected life | Year | 3 | ||
Annualized volatility | 73.00% | ||
Dividend rate | 0.00% | ||
Fair value per stock option granted (CDN$) | $ | $ 4.40 | ||
Total fair value of stock options granted (CDN$) | $ | $ 396,000 |
Issued Capital, Equity Compen_7
Issued Capital, Equity Compensation, and Warrants - Summary of Stock Options Outstanding and Exercisable (Details) shares in Thousands | Dec. 31, 2018CAD ($)sharesYear | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options outstanding | shares | 5,152 | 5,306 | 3,424 |
Weighted average remaining contractual life of options outstanding (years) | Year | 2.6 | ||
Weighted average exercise price of options outstanding | $ 5.02 | $ 4.85 | $ 2.15 |
Number of options exercisable | shares | 4,566 | ||
Weighted average exercise price of options exercisable | $ 4.64 | ||
$1.35 - $1.50 | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options outstanding | shares | 929 | ||
Weighted average remaining contractual life of options outstanding (years) | Year | 0.8 | ||
Weighted average exercise price of options outstanding | $ 1.44 | ||
Number of options exercisable | shares | 929 | ||
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 | 1.43 | ||
$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 | 0.6 | ||
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 | 1.68 | ||
$1.70 - $1.90 | Top of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | $ 1.88 | ||
$2.35 - $3.75 | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of options outstanding | shares | 790 | ||
Weighted average remaining contractual life of options outstanding (years) | Year | 2.1 | ||
Weighted average exercise price of options outstanding | $ 2.62 | ||
Number of options exercisable | shares | 790 | ||
Weighted average exercise price of options exercisable | $ 2.62 | ||
$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 | 1,153 | ||
Weighted average remaining contractual life of options outstanding (years) | Year | 3.2 | ||
Weighted average exercise price of options outstanding | $ 4.88 | ||
Number of options exercisable | shares | 1,078 | ||
Weighted average exercise price of options exercisable | $ 4.88 | ||
$4.80 - $5.00 | Bottom of Range | |||
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Exercise price of options outstanding | 4.55 | ||
$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 | 1,953 | ||
Weighted average remaining contractual life of options outstanding (years) | Year | 3.7 | ||
Weighted average exercise price of options outstanding | $ 8.30 | ||
Number of options exercisable | shares | 1,442 | ||
Weighted average exercise price of options exercisable | $ 8.28 | ||
$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 | $ 12.34 |
Issued Capital, Equity Compen_8
Issued Capital, Equity Compensation, and Warrants - Summary of Changes to Stock Options Outstanding (Details) shares in Thousands | 12 Months Ended | |
Dec. 31, 2018CAD ($)shares | Dec. 31, 2017CAD ($)shares | |
Disclosure Of Changes To Stock Options Outstanding [Abstract] | ||
Number of Options, Balance Outstanding | shares | 5,306 | 3,424 |
Number of Options, Granted | shares | 90 | 3,085 |
Number of Options, Exercised | shares | (176) | (1,073) |
Number of Options, Forfeited | shares | (44) | (130) |
Number of Options, Balance Outstanding | shares | 5,152 | 5,306 |
Number of Options, Expired | shares | (24) | |
Weighted Average Exercise Price, Balance Outstanding | $ | $ 4.85 | $ 2.15 |
Weighted Average Exercise Price, Granted | $ | 9.54 | 7.01 |
Weighted Average Exercise Price, Exercised | $ | (1.59) | 2.22 |
Weighted Average Exercise Price, Forfeited | $ | (7.72) | 5.20 |
Weighted Average Exercise Price, Balance Outstanding | $ | 5.02 | $ 4.85 |
Weighted Average Exercise Price, Expired | $ | $ (6.23) |
Issued Capital and Equity Incen
Issued Capital and Equity Incentive Plan - Summary of Fair Value of Performance Awards Granted by Using Monte Carlo Simulation Model (Details) - Performance Share Units shares in Thousands, $ in Thousands | Aug. 21, 2018USD ($)shares | Dec. 31, 2018shares | Aug. 21, 2018CAD ($) |
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items] | |||
Number of shares granted | shares | 699 | 699 | |
Correlation coefficient between the peer group companies | 13.10% | 13.10% | |
Risk-free interest rate | 2.70% | 2.70% | |
Dividend rate | 0.00% | 0.00% | |
Annualized volatility | 71.90% | 71.90% | |
Peer Group average volatility | 65.90% | 65.90% | |
Estimated forfeiture rate | 11.60% | 11.60% | |
Fair value per PSU granted (CDN$) | $ 4,030 | $ 8,500 | |
Total fair value of PSUs granted, prior to forfeiture rate adjustment (CDN$) | $ | $ 5,945,000 |
Issued Capital and Equity Inc_2
Issued Capital and Equity Incentive Plan -Summary of Changes to Number of RS-Ps (Details) - Performance Share Units - shares shares in Thousands | Aug. 21, 2018 | Dec. 31, 2018 |
Disclosure Of Fair Value Measurement Of Equity [Line Items] | ||
Number of shares granted | 699 | 699 |
Number of shares outstanding balance | 699 |
Issued Capital, Equity Compen_9
Issued Capital, Equity Compensation, and Warrants - Summary of Changes in Number of Share Purchase Warrants (Details) - Warrants shares in Thousands | 12 Months Ended |
Dec. 31, 2017CAD ($)shares | |
Disclosure Of Changes In Number Of Share Purchase Warrants [Line Items] | |
Number of shares outstanding balance | shares | 1,867 |
Number of Warrants, Exercised | shares | (1,687) |
Number of Warrants, Expired | shares | (180) |
Weighted Average Exercise Price, Balance | $ | $ 4.35 |
Weighted Average Exercise Price, Exercised | $ | 4.32 |
Weighted Average Exercise Price, Expired | $ | $ 4.49 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Contractual or other commitments from related party transactions | $ 0 | |
Minera Exar S.A. | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | 75,000 | $ 75,000 |
Non Executive Directors | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | 100,000 | |
Non Executive Directors | Bottom of Range | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Remunerations payable in DSU's | 60,000 | |
Committee Chair | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | 12,500 | |
Company's Audit Committee Chair | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | 17,500 | |
Committee Members | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | 5,000 | |
Company's Board Chair Member | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | 150,000 | |
Company's Board Chair Member | Bottom of Range | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Remunerations payable in DSU's | 90,000 | |
Excess Of Six Meetings Per Year | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | 1,000 | |
Cauchari-Olaroz Project | Minera Exar S.A. | Magna Construcciones S.R.L | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Total construction services contract value | 2,411,000 | |
Cauchari-Olaroz Project | Company's Board Chair Member | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | 20,000 | |
Cauchari-Olaroz Project | Special Committee | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | 10,000 | |
Cauchari-Olaroz Project | Excess of Five Meetings Per Year | ||
Disclosure Of Transactions Between Related Parties [Line Items] | ||
Payment of base annual fees | $ 1,000 |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation of Key Management (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | ||
Stock-based compensation | $ 2,410 | $ 8,507 |
Salaries, benefits and directors’ fees included in general and administrative expenses | 2,636 | 3,132 |
Salaries and benefits included in exploration expenditures | 547 | 368 |
Salaries and benefits capitalized to Investment in the Joint Venture | 812 | 127 |
Total remuneration | 6,405 | 12,134 |
Total due to directors and executive team | $ 164 | $ 265 |
General and Administrative Ex_3
General and Administrative Expenses - Summary of Company's General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 9,419 | $ 7,296 |
Salaries, Benefits and Directors Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 4,410 | 3,746 |
Office and Administration | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 1,331 | 743 |
Professional Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 1,247 | 926 |
Regulatory and Filing Fees | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 826 | 403 |
Travel | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 624 | 711 |
Organoclay Marketing Expenses | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 579 | 565 |
Depreciation | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | 93 | 51 |
Investor Relations | ||
Disclosure Of General And Administrative Expenses [Line Items] | ||
General and administrative expenses | $ 309 | $ 152 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Other Commitments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Disclosure Of Commitments [Line Items] | |
Rent of office spaces | $ 1,697 |
Not Later Than 1 Year | |
Disclosure Of Commitments [Line Items] | |
Rent of office spaces | 350 |
Later Than 1 Year and Not Later Than 5 Years | |
Disclosure Of Commitments [Line Items] | |
Rent of office spaces | 1,005 |
Later Than 5 Years | |
Disclosure Of Commitments [Line Items] | |
Rent of office spaces | $ 342 |
Exploration Expenditures - Summ
Exploration Expenditures - Summary of Company's Exploration Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | $ 10,015 | $ 4,339 |
Drilling and Geological Expenses | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 1,195 | |
Permitting and Environmental | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 279 | |
Engineering | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 14 | |
Geological, Consulting and Salaries | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 2,342 | |
Field Supplies and Other | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 397 | |
Lithium Demo Plant Equipment Depreciation and Loss on Disposal | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 112 | |
Thacker Pass | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 10,015 | 3,868 |
Thacker Pass | Drilling and Geological Expenses | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 1,319 | 1,195 |
Thacker Pass | Permitting and Environmental | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 3,239 | 279 |
Thacker Pass | Engineering | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 173 | 14 |
Thacker Pass | Geological, Consulting and Salaries | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 4,255 | 1,871 |
Thacker Pass | Field Supplies and Other | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 552 | 397 |
Thacker Pass | Lithium Demo Plant Equipment Depreciation and Loss on Disposal | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | $ 477 | 112 |
Cauchari-Olaroz | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | 471 | |
Cauchari-Olaroz | Geological, Consulting and Salaries | ||
Disclosure Of Exploration Expenditures [Line Items] | ||
Exploration expenditures | $ 471 |
Segmented Information - Additio
Segmented Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2018Segment | |
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 | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | $ 5,423 | $ 18,070 |
Exploration and evaluation assets | 3,540 | 2,104 |
Total assets | 103,939 | 113,491 |
Total liabilities | (21,657) | (4,724) |
Property, plant and equipment additions | 811 | 1,061 |
Sales | 4,843 | 4,290 |
Net loss | 28,267 | 33,250 |
Exploration expenditures | 10,015 | 4,339 |
Depreciation | 1,364 | 939 |
Organoclay research and development | 578 | 423 |
Thacker Pass | ||
Disclosure Of Operating Segments [Line Items] | ||
Exploration expenditures | 10,015 | 3,868 |
Cauchari-Olaroz | ||
Disclosure Of Operating Segments [Line Items] | ||
Exploration expenditures | 471 | |
Operating Segments | Organoclay Plant | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 4,581 | 17,011 |
Total assets | 7,406 | 19,745 |
Total liabilities | (1,695) | (1,323) |
Property, plant and equipment additions | 178 | 891 |
Sales | 4,843 | 4,290 |
Net loss | 14,445 | 3,043 |
Depreciation | 1,158 | 776 |
Organoclay research and development | 578 | 423 |
Operating Segments | Thacker Pass | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 791 | 1,018 |
Exploration and evaluation assets | 3,540 | 2,104 |
Total assets | 5,157 | 3,642 |
Total liabilities | (1,442) | (896) |
Property, plant and equipment additions | 610 | 143 |
Net loss | 11,182 | 5,183 |
Exploration expenditures | 10,015 | 3,868 |
Depreciation | 193 | 157 |
Operating Segments | Cauchari-Olaroz | ||
Disclosure Of Operating Segments [Line Items] | ||
Total assets | 35,282 | 19,637 |
Net loss | (347) | 4,850 |
Exploration expenditures | 471 | |
Corporate | ||
Disclosure Of Operating Segments [Line Items] | ||
Property, plant and equipment | 51 | 41 |
Total assets | 56,094 | 70,467 |
Total liabilities | (18,520) | (2,505) |
Property, plant and equipment additions | 23 | 27 |
Net loss | 2,987 | 20,174 |
Depreciation | $ 13 | $ 6 |
Segmented Information - Schedul
Segmented Information - Schedule of Non-current Assets and Revenue by Geographical Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
NON-CURRENT ASSETS | ||
Non-current assets | $ 44,245 | $ 39,811 |
Revenue | ||
ORGANOCLAY SALES | 4,843 | 4,290 |
Canada | ||
NON-CURRENT ASSETS | ||
Non-current assets | 51 | 41 |
United States | ||
NON-CURRENT ASSETS | ||
Non-current assets | 8,912 | 19,377 |
Revenue | ||
ORGANOCLAY SALES | 4,843 | 4,290 |
Germany | ||
NON-CURRENT ASSETS | ||
Non-current assets | 756 | |
Argentina | ||
NON-CURRENT ASSETS | ||
Non-current assets | $ 35,282 | $ 19,637 |
Supplemental Disclosure with _3
Supplemental Disclosure with Respect to Cash Flows - Supplementary Disclosure of Company's Non Cash Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Information With Respect To Cash Flows [Abstract] | ||
Accounts payable related to property, plant and equipment | $ 101 | $ 28 |
Accounts payable related to inventories | 699 | 197 |
Accounts payable related to financings | 73 | 1,611 |
Interest/finance charges paid | 50 | 52 |
RSUs and DSUs granted in lieu of deferred salaries and directors’ fees | 1,268 | 371 |
Assets acquired under finance leases | $ 43 | $ 29 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Income Taxes at Canadian Statutory Rates with Reported Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract] | ||
Loss for the year | $ (28,267) | $ (33,250) |
Expected income tax recovery | (7,632) | (8,645) |
Items not deductible for income tax purposes | (1,316) | 3,612 |
Effect of change in deferred income tax rate | 3,964 | |
Effect of higher (lower) tax rate in foreign jurisdiction | 2,021 | (25) |
Change in unrecognized deferred tax assets and other | $ 6,956 | $ 1,094 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of Company's Unrecognized Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | $ 22,198 | $ 15,858 |
Tax Loss Carryforwards | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | 18,956 | 14,359 |
Exploration and Evaluation Assets | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | 472 | 124 |
Financing Costs | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | 436 | 573 |
Capital Assets | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | 2,203 | 238 |
Other | ||
Disclosure of Temporary Difference Unused Tax Losses and Unused Tax Credits [Line Items] | ||
Tax loss carryforwards | $ 131 | $ 564 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | |
Major Components Of Tax Expense Income [Abstract] | ||||
Non-capital loss carryforwards | $ 48,500 | $ 44,100 | $ 34,500 | $ 33,500 |
Non-capital loss carryforwards expiration year period | between 2028 – 2038 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure Of Financial Instruments [Line Items] | |||
Cash and cash equivalents | $ 41,604 | $ 55,394 | $ 8,056 |
Current liabilities | 3,361 | 3,724 | |
Cash and cash equivalents held in USD | 41,389 | ||
Credit facility denominated in USD | $ 17,500 | ||
Foreign exchange rate | 0.10 | ||
Foreign exchange gain/(loss) | $ 3,828 | (3,759) | |
Credit Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Amount on receivables, prepaids and deposits | 105 | ||
Cash and cash equivalents | 41,604 | 55,394 | |
Current liabilities | 3,361 | $ 3,724 | |
Credit Risk | Prepaids and Deposits | |||
Disclosure Of Financial Instruments [Line Items] | |||
Credit sales receivables | 896 | ||
Currency Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Foreign exchange gain/(loss) | $ 2,389 |
Financial instruments - Summary
Financial instruments - Summary of Maturities for Financial Liabilities on Undiscounted Basis (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | $ 31,316 |
2019 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 4,477 |
2020 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 1,634 |
2021 and Later | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 25,205 |
Credit Facility | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 27,484 |
Credit Facility | 2019 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 1,400 |
Credit Facility | 2020 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 1,404 |
Credit Facility | 2021 and Later | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 24,680 |
Accounts Payable and Accrued Liabilities | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 2,822 |
Accounts Payable and Accrued Liabilities | 2019 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 2,822 |
Long-term Borrowing | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 824 |
Long-term Borrowing | 2019 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 180 |
Long-term Borrowing | 2020 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 180 |
Long-term Borrowing | 2021 and Later | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 464 |
Obligation Under Finance Leases | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 161 |
Obligation Under Finance Leases | 2019 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 69 |
Obligation Under Finance Leases | 2020 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 44 |
Obligation Under Finance Leases | 2021 and Later | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 48 |
Obligation Under Car Leases | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 25 |
Obligation Under Car Leases | 2019 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 6 |
Obligation Under Car Leases | 2020 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | 6 |
Obligation Under Car Leases | 2021 and Later | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Financial liabilities on undiscounted basis ,Total | $ 13 |
Impairment of Non-current Ass_2
Impairment of Non-current Assets - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Impairment Of Non Current Assets [Line Items] | |
Non-cash impairment loss | $ 11,580 |
After tax real discount rate | 7.50% |
Decrease in sales | 1.00% |
Increase in discount rate | 1.00% |
1% decrease in sales | |
Impairment Of Non Current Assets [Line Items] | |
Additional impairment charges | $ 359 |
1% increase in discount rate | |
Impairment Of Non Current Assets [Line Items] | |
Additional impairment charges | $ 553 |
2019 | |
Impairment Of Non Current Assets [Line Items] | |
EBITDA margin | 8.30% |
Sales growth | 69.00% |
2020 | |
Impairment Of Non Current Assets [Line Items] | |
EBITDA margin | 1.00% |
Sales growth | 32.00% |
2021 | |
Impairment Of Non Current Assets [Line Items] | |
EBITDA margin | 5.80% |
Sales growth | 20.00% |
2022 | |
Impairment Of Non Current Assets [Line Items] | |
EBITDA margin | 9.90% |
Sales growth | 0.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) shares in Thousands | Apr. 01, 2019 | Oct. 31, 2018 | Mar. 28, 2016 | Dec. 31, 2018 | Dec. 31, 2012 | Jan. 01, 2019 | Dec. 31, 2017 |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Drawdowns From The Credit Facility | $ 17,500,000 | ||||||
Loans to Joint Venture | 12,609,000 | $ 11,479,000 | |||||
Ownership interest in joint venture | 62.50% | 50.00% | |||||
Ganfeng | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Number of shares newly issued | 15,000 | ||||||
Credit Facility | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Drawdowns From The Credit Facility | $ 205,000,000 | ||||||
Events after reporting period | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Additional borrowings obtained from drawdown of line of credit facility | $ 37,500,000 | ||||||
Cash consideration | $ 160,000,000 | ||||||
Events after reporting period | Lithium Americas Holding | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Ownership interest in joint venture | 50.00% | ||||||
Events after reporting period | Bottom of Range | Cauchari-Olaroz | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Ownership interest in joint venture | 37.50% | ||||||
Events after reporting period | Top of Range | Cauchari-Olaroz | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Ownership interest in joint venture | 50.00% | ||||||
Events after reporting period | Ganfeng | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Number of shares newly issued | 141,017 | ||||||
Minera Exar S.A. | JEMSE Arrangement | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Rights granted to acquire equity interest in joint venture, percentage | 8.50% | ||||||
Minera Exar S.A. | Events after reporting period | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Loans to Joint Venture | $ 37,500,000 | ||||||
Minera Exar S.A. | Events after reporting period | JEMSE Arrangement | |||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||||||
Rights granted to acquire equity interest in joint venture, percentage | 8.50% |