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LAC Lithium Americas

Document and Entity Information

Document and Entity Information12 Months Ended
Dec. 31, 2020shares
Document Information [Line Items]
Document Type40-F
Amendment Flagfalse
Document Period End DateDec. 31,
2020
Document Fiscal Year Focus2020
Document Fiscal Period FocusFY
Trading SymbolLAC
Entity Registrant NameLITHIUM AMERICAS CORP.
Entity Central Index Key0001440972
Current Fiscal Year End Date--12-31
Entity Interactive Data CurrentYes
Entity Current Reporting StatusYes
Entity Emerging Growth Companytrue
Entity Ex Transition Periodfalse
Entity Common Stock, Shares Outstanding101,102,463
Title of 12(b) SecurityCommon Shares
Security Exchange NameNYSE
Entity File Number001-38350
Entity Incorporation, State or Country CodeA1
Entity Primary SIC Number1000
Entity Address, Address Line One900 West Hastings Street
Entity Address, Address Line TwoSuite 300
Entity Address, City or TownVancouver
Entity Address, State or ProvinceBC
Entity Address, CountryCA
Entity Address, Postal Zip CodeV6C 1E5
City Area Code778
Local Phone Number656-5820
Entity Tax Identification Number00-0000000
Document Annual Reporttrue
Annual Information Formtrue
Audited Annual Financial Statementstrue
Document Registration Statementfalse
Business Contact
Document Information [Line Items]
Entity Address, Address Line One28 Liberty St.
Entity Address, City or TownNew York
Entity Address, State or ProvinceNY
Entity Address, Postal Zip Code10005
City Area Code212
Local Phone Number894-8940
Contact Personnel NameC T Corporation System

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents $ 148,070 $ 83,614
Receivables, prepaids and deposits1,250 2,595
Deferred financing costs1,094 1,190
Inventories1,236
Total current assets other than assets held for sale150,414 88,635
Assets held for sale3,926 4,279
Total current assets154,340 92,914
NON-CURRENT ASSETS
Restricted cash150 150
Loans to Exar Capital34,562 37,959
Investment in Cauchari-Olaroz project131,394
Property, plant and equipment1,935 158,924
Exploration and evaluation assets4,342 3,852
Total non-current assets172,383 200,885
TOTAL ASSETS326,723 293,799
CURRENT LIABILITIES
Accounts payable and accrued liabilities5,204 11,879
Current portion of long-term liabilities3,550 3,111
Total current liabilities8,754 14,990
LONG-TERM LIABILITIES
Credit and loan facilities121,221 83,043
Company’s share of Exar Capital borrowings28,845
Decommissioning provision326 633
Foreign withholding tax liability1,445
Other liabilities5,719 5,222
Total long-term liabilities127,266 119,188
TOTAL LIABILITIES136,020 134,178
SHAREHOLDERS’ EQUITY
Share capital307,152 200,913
Contributed surplus27,204 28,404
Accumulated other comprehensive loss(3,487)(3,867)
Deficit(140,166)(65,829)
TOTAL SHAREHOLDERS’ EQUITY190,703 159,621
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 326,723 $ 293,799

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) $ in ThousandsDec. 31, 2019USD ($)
Statement Of Financial Position [Abstract]
Company's share in cash and cash equivalents $ 52,495
Joint Operation’s cash and cash equivalents $ 104,989

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income/(Loss) (Details) - USD ($) shares in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
EXPENSES
Exploration expenditures $ (17,726) $ (8,525)
General and administrative(7,713)(6,692)
Equity compensation(6,626)(4,119)
Share of income of Cauchari-Olaroz project1,451 3,648
Total expenses(30,614)(15,688)
OTHER ITEMS
Gain on Cauchari-Olaroz transactions288 74,492
Transaction costs(1,233)(1,102)
Foreign exchange loss(270)(326)
Finance costs(3,642)(2,928)
Finance and other income1,469 855
Other Income Expense(3,388)70,991
NET (LOSS)/INCOME BEFORE TAX(34,002)55,303
Tax expense(1,219)(1,445)
NET (LOSS)/INCOME BEFORE DISCONTINUED OPERATIONS(35,221)53,858
LOSS FROM DISCONTINUED OPERATIONS(1,013)(2,193)
NET (LOSS) /INCOME(36,234)51,665
OTHER COMPREHENSIVE (LOSS)/INCOME ITEMS THAT MAY BE RECLASSIFIED SUBSEQUENTLY TO NET LOSS
Unrealized income on translation to reporting currency380 426
TOTAL COMPREHENSIVE (LOSS)/INCOME $ (35,854) $ 52,091
BASIC AND DILUTED (LOSS)/INCOME PER SHARE FROM CONTINUING OPERATIONS
(Loss)/income per share – basic $ (0.38) $ 0.60
(Loss)/income per share – diluted(0.38)0.59
BASIC AND DILUTED (LOSS)/INCOME PER SHARE
(Loss)/income per share – basic(0.39)0.58
(Loss)/income per share – diluted $ (0.39) $ 0.56
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING- BASIC91,831 89,138
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING- DILUTED91,831 91,750

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in ThousandsTotalShare CapitalContributed SurplusAccumulated Other Comprehensive Income/ (Loss)Deficit
Beginning balance at Dec. 31, 2018 $ 82,282 $ 197,991 $ 26,172 $ (4,293) $ (137,588)
Beginning balance, Shares at Dec. 31, 201888,728
Shares issued on conversion of RSUs, DSUs and exercise of stock options568 $ 2,922 (2,354)
Shares issued on conversion of RSUs, DSUs and exercise of stock options, shares1,115
Equity compensation (Note 9)4,128 4,128
DSUs issued in lieu of directors’ fees458 458
Credit to equity as a result of the Project Investment (Note 5)20,094 20,094
Net income (loss)51,665 51,665
Other comprehensive income426 426
Ending balance at Dec. 31, 2019159,621 $ 200,913 28,404 (3,867)(65,829)
Ending balance, Shares at Dec. 31, 201989,843
Shares issued on conversion of RSUs, DSUs and exercise of stock options2,827 $ 9,463 (6,636)
Shares issued on conversion of RSUs, DSUs and exercise of stock options, shares1,993
Shares issued pursuant to the ATM program100,000 $ 100,000
Shares issued pursuant to the ATM program, shares9,267
Shares issuance costs(3,224) $ (3,224)
Equity compensation (Note 9)4,968 4,968
DSUs issued in lieu of directors’ fees468 468
Debit to equity as a result of the 2020 Cauchari Transaction (Note 5)(38,103)(38,103)
Net income (loss)(36,234)(36,234)
Other comprehensive income380 380
Ending balance at Dec. 31, 2020 $ 190,703 $ 307,152 $ 27,204 $ (3,487) $ (140,166)
Ending balance, Shares at Dec. 31, 2020101,103

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
OPERATING ACTIVITIES
Net (loss)/income $ (36,234) $ 51,665
Items not affecting cash and other items:
Equity compensation6,626 4,128
Depreciation687 1,062
Foreign exchange loss270 326
Share of income of Cauchari-Olaroz project(1,451)(3,648)
Gain on Cauchari-Olaroz transactions(288)(74,492)
Other items579 744
Payment of interest capitalized in property, plant and equipment(6,276)
Changes in non-cash working capital items:
Decrease in receivables, prepaids and deposits134 2,011
Decrease in inventories1,072 343
Increase in accounts payable and accrued liabilities4,000 214
Net cash used in operating activities(30,881)(17,647)
INVESTING ACTIVITIES
Loans to Exar Capital (Note 5)(14,700)(66,250)
Repayment of loans as part of transactions (Note 5)40,000 8,778
Contribution to Investment in Cauchari-Olaroz project(695)(1,019)
Cash (disposed)/acquired as a result of transactions(5,432)79,984
Additions to exploration and evaluation assets(490)(560)
Additions to property, plant and equipment(61,280)(29,290)
Net cash used in investing activities(42,597)(8,357)
FINANCING ACTIVITIES
Proceeds from stock option exercises2,827 568
Proceeds from the ATM program100,000
ATM program issuance costs(3,224)
Drawdowns from the credit facilities (Note 8)36,708 66,250
Finance lease repayments(342)(269)
Repayment of long-term borrowings(145)(135)
Other (Note 8)2,000 1,500
Net cash provided by financing activities137,824 67,914
EFFECT OF FOREIGN EXCHANGE ON CASH110 100
CHANGE IN CASH AND CASH EQUIVALENTS64,456 42,010
CASH AND CASH EQUIVALENTS – BEGINNING OF THE YEAR83,614 41,604
CASH AND CASH EQUIVALENTS – END OF THE YEAR $ 148,070 $ 83,614

Nature of Operations

Nature of Operations12 Months Ended
Dec. 31, 2020
Nature Of Operations [Abstract]
Nature of Operations1 .
Lithium Americas Corp. (“Lithium Americas” or the “Company”) is a Canadian-based resource company focused on the advancement of two significant lithium projects: the Cauchari-Olaroz project (“Cauchari-Olaroz”), located in Jujuy Province of Argentina, and the Thacker Pass project (“Thacker Pass”), located in north-western Nevada, USA. Cauchari-Olaroz is a lithium brine project and is owned by a legal entity in Argentina, Minera Exar S.A. (“Minera Exar”). Minera Exar is owned by the Company (49%) and Ganfeng Lithium Co. Ltd. (“Ganfeng”) (51%). Thacker Pass is a sedimentary-based lithium property located in the McDermitt Caldera in Humboldt County, Nevada, and is 100% owned by the Company’s wholly owned subsidiary, Lithium Nevada Corp. (“Lithium Nevada”). The Company’s common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange under the symbol “LAC” . The Company’s head office and principal address is Suite 300, 900 West Hastings Street, Vancouver, British Columbia, Canada, V6C 1E5. To date, the Company has not generated significant revenues from operations and has relied on equity and other financings to fund operations. The underlying values of exploration and evaluation assets, property, plant and equipment and the investment in Cauchari-Olaroz project are dependent on the existence of economically recoverable reserves, securing and maintaining title and beneficial interest in the properties, and the ability of the Company to obtain the necessary financing to complete permitting and development, and to attain future profitable operations.

Basis of Preparation and Presen

Basis of Preparation and Presentation12 Months Ended
Dec. 31, 2020
Basis Of Preparation And Presentation [Abstract]
Basis of Preparation and Presentation2.
BASIS OF PREPARATION AND PRESENTATION These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) and were approved for issuance by the Board of Directors on March 1, 2021. These consolidated financial statements are presented 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.

Significant Accounting Policies

Significant Accounting Policies12 Months Ended
Dec. 31, 2020
Disclosure Of Significant Accounting Policies [Abstract]
Significant Accounting Policies3.
SIGNIFICANT ACCOUNTING POLICIES Significant areas where judgment is applied, apart from those involving estimations, are: COVID-19 Uncertainty In March 2020, the World Health Organization declared a global pandemic related to COVID-19. Many countries, including Canada, the United States and Argentina, where the Company operates, announced mandatory emergency measures and restrictions on businesses and individuals to mitigate the spread of the virus. The outbreak and the related mitigation measures have had and will continue to have an adverse impact on global economic conditions as well as on the Company’s activities. On March 20, 2020, following the Presidential decree for mandatory social isolation in Argentina, construction of the Cauchari-Olaroz lithium project was temporarily suspended. Engineering, procurement and manufacturing of equipment, and other offsite activities continued. In April 2020, after the mandatory quarantine, Minera Exar implemented COVID-19 health and safety protocols, approved by Jujuy Province, at site and at the Jujuy office. Following this, limited construction activities resumed in mid-April 2020. By the end of Q2 2020, the number of positive COVID-19 cases in the Province of Jujuy had increased. In early July, the Company announced a second temporary suspension of construction activities at the Cauchari-Olaroz project site as a health and safety measure in response to workers testing positive for COVID-19. Again, engineering, procurement and manufacturing of equipment, and other offsite activities, continued. In September 2020 construction activities at the Cauchari-Olaroz Project resumed with enhanced COVID-19 protocols in effect. During the two temporary suspension periods, onsite construction activities were stopped and certain costs, primarily associated with idled labor, were expensed. Such costs were $1,893 for the project during the year ended December 31, 2020 and the Company’s share of such costs was $947. As significant offsite activities continued during the onsite construction suspension periods, interest costs continued to be capitalized. Joint Arrangements If a company is a party to an arrangement over which it does not have sole control, judgment is required in determining whether joint control over this arrangement exists and, if so, which parties have joint control and whether an arrangement is a joint venture or joint operation. In assessing whether joint control exists, the Company analyzes the activities of each arrangement and determines which activities most significantly affect the returns of the arrangement over its life. These activities are determined to be the relevant activities of the arrangement. If unanimous consent is required over the decisions about the relevant activities, the parties whose consent is required would have joint control over the arrangement. The judgments around which activities are considered the relevant activities of the arrangement are subject to analysis by each of the parties to the arrangement and may be interpreted differently.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) When performing this assessment, the Company generally considers decisions about activities such as managing the asset while it is being designed, developed and constructed, during its operating life and during the closure period. The Company may also consider other activities including the approval of budgets, expansion and disposition of assets, financing, significant operating and capital expenditures, appointment of key management personnel, representation on the board of directors and other items. When circumstances or contractual terms change, the Company reassesses the control group and the relevant activities of the arrangement. If a company has joint control over the arrangement, an assessment of whether the arrangement is a joint venture or joint operation is required. This assessment is based on whether a company has rights to the assets and obligations for the liabilities relating to the arrangement or whether a company has rights to the net assets of the arrangement. In making this determination, the Company reviews the legal form of the arrangement, the terms of the contractual arrangement and other facts and circumstances. In a situation where the legal form and the terms of the contractual arrangement do not give the Company rights to the assets and obligations for the liabilities, an assessment of other facts and circumstances is required, including whether the activities of the arrangement are primarily designed for the provision of output to the parties and whether the parties are substantially the only source of cash flows contributing to the arrangement. The consideration of other facts and circumstances may result in the conclusion that a joint arrangement is a joint operation. This conclusion requires judgment and is specific to each arrangement. On closing of the 2019 Project Investment (as defined in Note 5) on August 16, 2019, Lithium Americas and Ganfeng implemented certain amendments to the Shareholders Agreement governing the Cauchari-Olaroz joint arrangement, including the provision of equal representation on the Minera Exar board of directors and the Management Committee governing the project and an obligation to purchase all of the output of Minera Exar at market price. An analysis of the facts and circumstances led the Company to conclude that upon closing of the 2019 Project Investment, Minera Exar and Exar Capital B.V. were a joint operation (“Joint Operation”) for the purposes of the Company’s consolidated financial statements. The other facts and circumstances considered include the provision of output to the parties of the joint arrangement, agreement by the Company and Ganfeng to fund the construction of the project, jointly control the project’s budget, be the sole source of funding for Minera Exar, and distribute the project’s free cash flow (as defined in the Shareholders’ Agreement) upon commencement of commercial production. For Minera Exar, the Company and Ganfeng will take their share of the output from the assets directly over the life of the arrangement. Exar Capital B.V. is subject to the same constraints and controls as Minera Exar. Upon closing of the 2020 Cauchari Transaction (as defined in Note 5) on August 27, 2020, Ganfeng became the controlling shareholder of Minera Exar and Exar Capital (as defined in Note 5) while Lithium Americas received fulsome minority shareholder protection rights. The Company retains a 49% interest and significant influence over Minera Exar and Exar Capital; as a result, the Company concluded that the current arrangement constitutes an investment in an associate for each of Minera Exar and Exar Capital. As such, the Company is accounting for such investments using the equity accounting method from the date of closing of the 2020 Cauchari Transaction.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of exploration and evaluation assets The application of the Company’s accounting policy for impairment of exploration and evaluation assets requires judgment to determine whether indicators of impairment exist including information such as, the period for which the Company has the right to explore including expected renewals, whether substantive expenditures on further exploration and evaluation of resource properties are budgeted and evaluation of the results of exploration and evaluation activities up to the reporting date. Management has performed an impairment indicator assessment on the Company’s exploration and evaluation assets and has concluded that no impairment indicators exist as of December 31, 2020. Impairment of investments in associates The application of the Company’s accounting policy for the impairment assessment of its investments in associates requires judgment to determine whether objective evidence of impairment exists. An impairment review includes consideration of both external and internal sources of information, including factors such as market and economic conditions, taxation, prices and forecasts, capital expenditure requirements, future operating costs and production volumes. Management has performed an assessment and concluded that no objective evidence of impairment exists as of December 31, 2020. Principles of Consolidation These consolidated financial statements include the accounts of Lithium Americas Corp. and its wholly-owned US subsidiaries Lithium Nevada Corp., KV Project LLC, and RheoMinerals Inc., and Canadian wholly-owned subsidiary 2265866 Ontario Inc. All intercompany transactions and balances have been eliminated. Subsidiaries are all entities over which the Company has control. The Company controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. Joint Arrangements and Investments in Associates A joint arrangement is defined as one over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. There are two types of joint arrangements: joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and are the only source of funding the liabilities relating to the arrangement. The Company recognizes its share of any assets, liabilities, revenues and expenses of a joint operation.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Investments in joint ventures are accounted for using the equity method. Investments in Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. On acquisition, an equity method investment is initially recognized at cost. The carrying amount of equity method investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The carrying amount is adjusted by the Company’s share of post-acquisition net income or loss; depreciation, amortization or impairment of the fair value adjustments made on the underlying balance sheet at the date of acquisition; dividends; cash contributions; and the Company’s share of post-acquisition movements in Other Comprehensive Income (“OCI”). At each reporting date, we consider whether there is objective evidence of impairment of the investments in associates. If such evidence exists, we determine the amount of impairment to record, if any, by reference to the recoverable amount of the investment determined in accordance with IAS 36, Impairment of Assets as described in the Company’s accounting policy for impairment of property, plant and equipment. Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in US dollars. The functional currency of all subsidiaries is the US dollar, while the functional currency of the parent entity, Lithium Americas Corp., is the Canadian dollar. The functional currency of the Company’s associates Minera Exar S.A., and Exar capital B.V. 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.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) Parent and Subsidiary Companies The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

assets and liabilities for each reporting date are translated at the closing rate at that reporting date;

income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and

all resulting exchange differences are recognized in other comprehensive loss. The Company recognizes its share of the exchange differences on its investments in associates and joint ventures which result from translation of the results and financial position of its foreign associates and 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. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an ownership interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling 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 and are Exploration and Evaluation Assets Exploration expenditures excluding acquisition costs and claim maintenance costs are expensed until the establishment of technical feasibility and commercial viability based on a combination of the following factors:

The extent to which mineral reserves or mineral resources as defined in National Instrument 43-101 (“NI 43-101”) have been identified through a feasibility study or similar document;

Whether exploration expenditures relate to a greenfield project or were performed within the geologic formation of an existing brownfield mining project; and

The status of mining leases, environmental and mining permits.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) 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 On initial recognition, property, plant and equipment are valued at cost. Cost includes the purchase price and directly attributable cost of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and foreign exchange losses or gains on borrowings and related cash used to construct qualifying assets as defined under IFRS. Capitalization of costs incurred ceases when the asset is capable of operating in the manner Property, plant and equipment are subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is not depreciated. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items or major components. Property, plant and equipment that are currently in use are depreciated as follows:

Process testing facility equipment included in “Equipment and machinery” – straight-line basis over the estimated useful life of 10 years;

Right-of-use assets included in “Other” – is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis; and

Office equipment included in “Other” – declining balance method at 20% annual rate . The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted, if appropriate, at each financial year-end. The gain or loss arising on the disposal of an item of property, plant and equipment is determined as the difference between the sale proceeds and the carrying amount of the asset and is recognized in profit and loss.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of Property, Plant and Equipment Property, plant and equipment are assessed for impairment indicators at each reporting date or when an impairment indicator arises if not at a reporting date. Impairment indicators are evaluated and, if considered necessary, an impairment assessment is carried out. If an impairment loss is identified, it is recognized for the amount by which the asset’s carrying amount exceeds 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. Where the factors which resulted in an impairment loss subsequently reverse, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. Non-current assets (or disposal groups) held for sale and discontinued operations Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the Company has the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement and if the Company has the right to direct the use of the asset. At inception or on reassessment of a contract that contains one or more lease components, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. The Company leases offices, buildings, equipment and cars. Lease contracts are typically made for fixed periods of 3 to 5 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

fixed payments (including in-substance fixed payments), less any lease incentives receivable;

variable lease payment that are based on an index or a rate;

amounts expected to be payable by the lessee under residual value guarantees;

the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and

payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) Right-of-use assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability;

any lease payments made on or before the commencement date less any lease incentives received;

any initial direct costs; and

restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Financial Instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets and liabilities are classified as and measured at: amortized cost, fair value through profit or loss (“FVTPL”) or fair value through OCI according to their contractual cash flow characteristics and the business models under which they are held. Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company’s intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. All of the Company’s financial assets fall under this category. 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 at fair value through OCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Borrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of assets requiring a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of that asset. Capitalization of borrowing costs begins when there are borrowings and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activities necessary to prepare a qualifying asset for its intended use are complete. When proceeds of project specific borrowings are invested on a temporary basis, borrowing costs are capitalized net of any investment income. Capitalization of borrowing is suspended during an extended period in which active development is interrupted.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) Provisions Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Close down and restoration costs include dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, such as revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals. The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are capitalized within capital assets. These costs are then depreciated over the lives of the asset to which they relate, typically using the units of production method. The amortization or unwinding of the discount applied in establishing the net present value of provisions is charged to the statement of comprehensive (loss)/income as a financing cost. Provision is made for the estimated present value of the costs of environmental cleanup obligations outstanding at the statement of financial position date. Income Taxes Income 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, unless arising in a business combination, nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recorded. Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) Earnings/(Loss) per Share Basic earnings/(loss) per share is computed by dividing the net earnings or loss attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reporting period. The diluted earnings/loss

Cash and Cash Equivalents

Cash and Cash Equivalents12 Months Ended
Dec. 31, 2020
Cash And Cash Equivalents [Abstract]
Cash and Cash Equivalents4.
CASH AND CASH EQUIVALENTS
December 31, 2020
December 31, 2019
$
$
Cash
148,070
53,894
Short-term bank deposits
-
29,720
148,070
83,614
As at December 31, 2020, $3,165 of cash was held in Canadian dollars (December 31, 2019 – $388), $144,905 of cash was held in US dollars (December 31, 2019 – $1,011). As at December 31, 2019, the Company’s $52,495 share of Joint Operation’s cash was held in US dollars. Cash balances earn interest between 0.25%-1.3%. Short-term bank deposits in 2019 were held in US dollars and earned interest between 1.0%-2.81%.

Investment in Cauchari-Olaroz P

Investment in Cauchari-Olaroz Project12 Months Ended
Dec. 31, 2020
Investments Accounted For Using Equity Method [Abstract]
Investment in Cauchari-Olaroz Project5.
INVESTMENT IN CAUCHARI-OLAROZ PROJECT As at December 31, 2020, the Company and Ganfeng are 49% and 51% shareholders, respectively, in Minera Exar, the company that holds the Cauchari-Olaroz project located in the Jujuy province of Argentina. In addition, the Company and Ganfeng are 49% and 51%, respectively, shareholders in Exar Capital B.V. (“Exar Capital”), the company in the Netherlands that provides financing to Minera Exar for the purpose of advancing the construction of the Cauchari-Olaroz project (the investment in Minera Exar and Exar Capital together, the “Investment in Cauchari-Olaroz project”). Minera Exar and Exar Capital are now accounted for using the equity method of accounting. The Company and Ganfeng manage the Cauchari-Olaroz project with a shareholders’ agreement in place regulating key aspects of governance of the project. 2020 Cauchari Transaction On August 27, 2020, the Company closed a transaction with Ganfeng whereby Ganfeng subscribed, through a wholly-owned subsidiary, for newly issued shares of Minera Exar, for cash consideration of $16,327, increasing its interest in the Cauchari-Olaroz project from 50% to 51%, with Lithium Americas holding the remaining 49% interest. In addition, the Company and Ganfeng restructured Exar Capital to reflect the parties’ 51%/49% proportionate ownership of Minera Exar. As part of this restructuring, Ganfeng provided $40,000 to Exar Capital in non-interest-bearing loans, repayable in 2029 (with a right for an additional one-year extension) and contributed $689 to Exar Capital’s equity to increase its interest from 37.5% to 51%. Proceeds of the loans from Ganfeng were used by Exar Capital to repay $40,000 of loans owed to Lithium Americas (the Minera Exar and Exar Capital transactions together, the “2020 Cauchari Transaction”). Upon closing of the 2020 Cauchari Transaction, Ganfeng became the controlling shareholder of Minera Exar and Exar Capital while Lithium Americas received fulsome minority shareholder protective rights. The Company retains 49% interest and significant influence over Minera Exar and Exar Capital and as a result, is equity accounting for these investments from closing of the 2020 Cauchari Transaction. 2019 Project Investment On August 16, 2019, the Company closed a transaction agreement whereby Ganfeng agreed to subscribe, through a wholly-owned subsidiary, for 141,000 newly issued shares of Minera Exar, for cash consideration of $160,000 (such transaction, the “2019 Project Investment”). As a result, Ganfeng increased its direct interest in Minera Exar from 37.5% to 50%, and diluted Lithium Americas’ interest from 62.5% to 50%. The Company’s and Ganfeng’s pre-existing interests in Exar Capital of 62.5% and 37.5% respectively remained unchanged.
5.
INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued) On closing of the 2019 Project Investment, Minera Exar repaid an $8,000 loan made by the Company, together with accrued but unpaid interest thereon. Beginning on August 16, 2019, and until closing of the 2020 Cauchari Transaction on August 27, 2020, the Company accounted for its investments in Minera Exar and Exar Capital as a Joint Operation and recognized its share of the assets and liabilities of Minera Exar and Exar Capital. Loans to Minera Exar and Exar Capital B.V. The Company has entered into the following loan agreements with Minera Exar and Exar Capital to fund construction of the Cauchari-Olaroz project. Changes on the loans’ balances are summarized below:
$
Loans to Minera Exar and Exar Capital, as at December 31, 2018
12,609
Accrued interest
3,791
Loans by the Company to Exar Capital
66,250
Initial difference between the face value and the fair value of loans to Exar Capital
(37,423
)
Repayment of loan to Minera Exar and accumulated interest thereon
(8,778
)
Loans from the Company to Exar Capital prior to the 2019 Project Investment
36,449
Elimination of loans as a result of Joint Operation accounting
(21,731
)
Share of loans from Exar Capital to Minera Exar
23,241
Loans to Joint Operation, as at December 31, 2019
37,959
Loans by the Company to Exar Capital
14,500
Initial difference between the face value and the fair value of
(7,746
)
Elimination of loans as a result of Joint Operation accounting
(3,377
)
Accrued interest
3,337
Loans to Minera Exar and Exar Capital prior to the 2020 Cauchari Transaction
44,673
Loans by the Company to Exar Capital after the 2020 Cauchari Transaction
14,700
Initial difference between the face value and the fair value of loans to Exar Capital
(7,265
)
Reversal of elimination of loans as a result of the 2020 Cauchari Transaction
28,132
Derecognition of share of loans from Exar Capital to Minera Exar as a result of the 2020 Cauchari Transaction
(26,368
)
Repayment of loans as a result of the 2020 Cauchari Transaction
(40,000
)
Gain on early repayment of the $40,000 loans
19,608
Accrued interest
1,082
Loans from the Company to Exar Capital, as at December 31, 2020
34,562
Loans by the Company and Ganfeng to Exar Capital are non-interest bearing. During the year ended December 31, 2020, prior to closing of the 2020 Cauchari Transaction, Ganfeng and the Company each provided a $14,500 non-interest bearing loan to Exar Capital to fund their respective 50% shares of Cauchari-Olaroz construction costs. After closing of the 2020 Cauchari Transaction the Company provided a $14,700 and Ganfeng provided a $15,300 non-interest bearing loan to Exar Capital to fund their respective 49% and 51% shares of the Cauchari-Olaroz construction costs. The Company accounts for loans initially at fair value and subsequently at amortized cost.
5.
INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued) The fair value of the loans at inception was calculated using the discounted cash flow valuation method applying market interest rates. The difference between the face value and the fair value of the loans provided after closing of the 2020 Cauchari Transaction of $7,265 was recognized as part of Investment in Cauchari-Olaroz project. Upon closing of the 2020 Cauchari Transaction, the Company became a minority shareholder and changed the method of accounting for Minera Exar and Exar Capital. The Company ceased to record its share of assets and liabilities of Minera Exar and Exar Capital and now accounts for its Investment in Cauchari-Olaroz project under the equity method. As a result, the Company reversed the elimination of loans from the Company to Exar Capital and derecognized its share of the loans from Exar Capital to Minera Exar. Prior to closing of the 2020 Cauchari Transaction, under joint operation accounting, all loans from the Company and Ganfeng to Exar Capital (which have a maturity of 7 years) were classified as long-term liabilities and recorded at fair value reflecting the perspective of the shareholders who control the timing of repayment. Post transaction closing, under the equity method, the loans are classified as current liabilities and are measured from an Exar Capital perspective at face value given that, according to the terms of the loan agreements, the Company and Ganfeng can by a unanimous decision demand early repayment of such loans, and Exar Capital does not have an unconditional right to defer repayment. As a result of the transition from joint operation accounting to the equity method, the effect of discounting on these non-interest bearing loans was reversed, with $9,608 related to the loans repaid to Lithium Americas in the period included as part of the transaction gain in the statement of comprehensive loss with the balance of the loss of $38,103 recorded directly to deficit within shareholders equity because it is a measurement change arising solely from the change in accounting method. Gain on the 2020 Cauchari Transaction Upon closing of the 2020 Cauchari Transaction, the Company recognized a $288 gain which was calculated as follows:
$
Company’s 49% share of the $16,327 increase in Minera Exar’s share capital
8,000
Company’s 49% share of the $689 increase in Exar Capital’s share capital
338
Gain on early repayment of the $40,000 loans
19,608
Reversal of the effect of discounting of the $40,000 loans
(9,608
)
Carrying values of the Company’s diluted share of Investment in Minera Exar and Exar Capital
(18,050
)
Gain on the 2020 Cauchari Transaction
288
5.
INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued) Investment in Cauchari-Olaroz Project Upon closing of the 2020 Cauchari Transaction, the Company accounts for its investments in Cauchari-Olaroz project using the equity method. As a matter of accounting policy, consistently applied with previous transactions, the Company recorded its retained interest in Minera Exar and Exar Capital at cost on transition to the equity method.
Minera S.A.
Exar Capital B.V.
Total
$
$
$
Recognition of Investment in Cauchari-Olaroz project
119,537
2,287
121,824
Contribution to Investment in Cauchari-Olaroz project
853
7,265
8,118
Share of income of Cauchari-Olaroz project
2,113
4,200
6,313
Elimination of unrealized gain on intercompany transactions
-
(4,861
)
(4,861
)
Investment in Cauchari-Olaroz project, as at December 31, 2020
122,503
8,891
131,394
Investment in Joint Venture Prior to the closing of the Project Investment on August 16, 2019, Minera Exar and Exar Capital were accounted for as a joint venture using the equity method and during the year ended December 31, 2019, the Company recognized a $3,648 share of income of the joint venture. 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, 2020
$
Current assets
Cash and cash equivalents
752
Other current assets
7,397
Total current assets
8,149
Non-current assets
512,990
Current liabilities
(20,458
)
Non-current liabilities
(273,050
)
Net assets
227,631
December 31, 2020
$
Other expenses
(1,893
)
Deferred tax recovery
4,342
Net income
2,449
5.
INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued) The following amounts represent the amounts presented in the financial statements of Exar Capital B.V.
December 31, 2020
$
Current assets
Cash and cash equivalents
10,769
Other current assets
3,126
Total current assets
13,895
Non-current assets – loans granted to Minera Exar S.A.
267,222
Current liabilities – loans from Lithium Americas and Ganfeng
(230,906
)
Other current liabilities
(1,000
)
Other non-current liabilities
(5,284
)
Net assets
43,927
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
December 31, 2020
$
Interest income on loans from Minera Exar S.A.
26,258
Withholding tax expense
(2,973
)
General and administrative expenses
(457
)
Net income
22,828
Reconciliation of Summarized Financial Information to Carrying Value:
Minera
Exar Capital B.V.
$
$
Net assets, December 31, 2020
227,631
43,927
Company’s share of net assets (49%)
111,539
21,524
Interest capitalized while proportionally consolidated
7,240
-
Elimination of unrealized gain on intercompany transactions and other, cumulative
-
(19,898
)
Joint Venture expenditures incurred by the Company net of eliminations
3,724
-
Difference between the face value and the fair value of loans to Exar Capital B.V.
-
7,265
Carrying value
122,503
8,891
Minera Exar’s Commitments and Contingencies As at December 31, 2020, Minera Exar has the following commitments and contingencies (Company’s 49% share):

Annual royalty of $98 due in May of every year and expiring in 2041;
5.
INVESTMENT IN CAUCHARI-OLAROZ PROJECT (continued)

Aboriginal programs agreements with seven communities located in the Cauchari-Olaroz project area have terms from five to thirty years. The annual fees due are $127 in 2021, $190 in 2022 and $218 between 2023 and 2061, assuming that these agreements will be extended for the life of the project. The annual fees are subject to change. Minera Exar’s obligations to make the payments are subject to continued development of the project and commencement and continuation of production operations on the project.

Commitments related to contracts for construction of evaporation ponds and other construction contracts of $4,372. Los Boros Option Agreement On September 11, 2018, Minera Exar exercised a purchase option agreement (“Option Agreement”) with Grupo Minero Los Boros (“Los Boros”), entered into on March 28, 2016, for the transfer of title to Minera Exar of certain mining properties that comprised a portion of the Cauchari-Olaroz project. Under the terms of the Option Agreement, Minera Exar paid $100 upon signing and exercised the purchase option for the total consideration of $12,000 to be paid in sixty quarterly installments of $200. The first installment becomes due upon occurrence of one of the following two conditions, whichever comes first: (i) the third anniversary of the purchase option exercise date, being September 11, 2021; or (ii) the beginning of commercial exploitation with a minimum production of 20,000 tons of lithium carbonate equivalent. As security for the transfer of title of the mining properties, Los Boros granted to Minera Exar 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 Minera Exar for 40 years, payable in Argentinian pesos, annually within the 10 business days after calendar year end. Minera Exar 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, to comply with Province of Jujuy regulations regarding government participation in mineral projects, Minera Exar entered into a letter of intent with and 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. Upon closing of the 2020 Cauchari Transaction, Minera Exar and JEMSE entered into a definitive agreement, which allows JEMSE to exercise its ownership right to 8.5% interest in Minera Exar and, among other items, provides for JEMSE to reimburse its pro rata (8.5%) share of the equity financing for the construction of the Cauchari-Olaroz project to the Company and Ganfeng through the assignment of one-third of the dividends otherwise payable to JEMSE in future periods. The annual distribution of dividends from Minera Exar to all shareholders including JEMSE, will only be considered once all of Minera Exar’s annual commitments related to the project’s debt have been met.

Property, Plant and Equipment

Property, Plant and Equipment12 Months Ended
Dec. 31, 2020
Disclosure Of Property Plant And Equipment [Abstract]
Property, Plant and Equipment6.
PROPERTY, PLANT AND EQUIPMENT
Cauchari-Olaroz 1
Land
Buildings
Equipment and machinery
Organoclay plant
Other 2
Total
$
$
$
$
$
$
$
Cost
As at December 31, 2018
-
386
2,143
5,066
11,471
823
19,889
IFRS 16 adoption adjustments
-
-
-
-
-
296
296
Restated balance at January 1, 2019
-
386
2,143
5,066
11,471
1,119
20,185
50% of Minera Exar fixed assets
124,752
-
-
-
-
-
124,752
Additions
31,447
-
-
526
-
1,046
33,019
Capitalization of interest
2,110
-
-
-
-
-
2,110
Disposal of fixed assets
-
-
-
-
-
(60
)
(60
)
Reclassification to assets held for sale
-
(386
)
(2,143
)
(4,641
)
(11,471
)
(216
)
(18,857
)
As at December 31, 2019
158,309
-
-
951
-
1,889
161,149
Additions
59,853
-
-
247
-
283
60,383
Capitalization of interest
5,132
-
-
-
-
-
5,132
Deconsolidation of Minera Exar fixed assets
(223,294
)
-
-
-
-
-
(223,294
)
Disposals
-
-
-
-
-
(83
)
(83
)
Foreign exchange
-
-
-
-
-
19
19
As at December 31, 2020
-
-
-
1,198
-
2,108
3,306
Cauchari-Olaroz 1
Land
Buildings
Equipment and machinery
Organoclay plant
Other 2
Total
$
$
$
$
$
$
$
Accumulated depreciation
As at December 31, 2018
-
-
835
1,859
11,471
301
14,466
50% of Minera Exar’s accumulated depreciation
1,260
-
-
-
-
-
1,260
Depreciation for the year
195
-
75
425
-
431
1,126
Disposals of fixed assets
-
-
-
-
-
(50
)
(50
)
Reclassification to assets held for sale
-
-
(910
)
(2,087
)
(11,471
)
(109
)
(14,577
)
As at December 31, 2019
1,455
-
-
197
-
573
2,225
Depreciation for the period
279
-
-
274
-
380
933
Deconsolidation of Minera Exar fixed assets
(1,734
)
-
-
-
-
-
(1,734
)
Disposals
-
-
-
-
-
(53
)
(53
)
As at December 31, 2020
-
-
-
471
-
900
1,371
Cauchari-Olaroz 1
Land
Buildings
Equipment and machinery
Organoclay plant
Other 2
Total
$
$
$
$
$
$
$
Net book value
As at December 31, 2019
156,854
-
-
754
-
1,316
158,924
As at December 31, 2020
-
-
-
727
-
1,208
1,935
1 Before the 2020 Cauchari Transaction closed 2 Other category includes right of use assets with $1,369 cost and $499 accumulated depreciation as at December 31, 2020.

Exploration and Evaluation Asse

Exploration and Evaluation Assets12 Months Ended
Dec. 31, 2020
Exploration And Evaluation Assets [Abstract]
Exploration and Evaluation Assets7.
EXPLORATION AND EVALUATION ASSETS Exploration and evaluation assets relating to the Thacker Pass project were as follows:
December 31, 2020
December 31, 2019
$
$
Acquisition costs
Balance, beginning
3,852
3,540
Additions
490
560
Write offs
-
(248
)
Total exploration and evaluation assets
4,342
3,852
The Company has the following commitments 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.

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 $160.5 payable in 2021, $137.5 in 2022, and $2,887.5 in 2023 to purchase water rights.

Long-Term Borrowings

Long-Term Borrowings12 Months Ended
Dec. 31, 2020
Borrowings [Abstract]
Long-Term Borrowings8.
LONG-TERM BORROWINGS
December 31 2020
December 31 2019
$
$
Current portion of long-term borrowings
Accrued interest
3,056
2,662
Other liabilities
494
449
3,550
3,111
Long-term borrowings
Credit facility (net of financing costs)
95,068
83,043
Limited Recourse Loan Facility
26,153
-
Share of Joint Operation borrowings
-
28,845
Other liabilities
5,719
5,222
126,940
117,110
130,490
120,221
Credit Facility During the year ended December 31, 2020, the Company drew $12,000 on its $205,000 senior credit facility, comprised of $7,800 from Ganfeng and $4,200 from BCP Innovation Pte Ltd. (“Bangchak”)
8.
LONG-TERM BORROWINGS (continued) As security for the facility, the Company granted to the lenders a first priority security interest in all assets except those that represent its ownership interest in the Cauchari-Olaroz project. In consideration for Bangchak providing its consent to the 2019 Project Investment, following the Company’s approval of the expansion of the stated production capacity of the Cauchari-Olaroz project from its previously targeted production of 25,000 tonnes per annum (“tpa”) to 40,000 tpa and entry into an amended off-take agreement with Bangchak, the Company provided incremental off-take rights in favour of Bangchak to acquire up to an additional 3,500 tpa of lithium carbonate, up to an aggregate maximum of 6,000 tpa of lithium carbonate (at a 40,000 tpa project capacity) at market prices. Should the Company elect to pursue this additional debt financing in the future, such financing will be subject to negotiation of definitive documentation and consent of the Company’s other lender, Ganfeng, under its senior credit and subordinated loan agreements. There can be no assurances that the Company will be able to realize on such additional debt financing, including the terms and timing thereof. Limited Recourse Loan Facility In October 2018, Ganfeng provided Lithium Americas with a $100,000 unsecured, limited recourse, subordinated loan facility (the “Limited Recourse Loan Facility”) bearing an interest rate of 6-month LIBOR plus 5.5% (subject to an aggregate maximum interest rate of 10% per annum). The loan facility is repayable in an amount of 50% of Minera Exar’s Free Cash Flows (as defined in the credit facility agreement). Repayment will start once the Company’s obligations with respect to the repayments of the $205,000 senior credit facility are met. As at December 31, 2020, the Company had drawn $20,000 on the $100,000 Limited Recourse Loan Facility to fund the development expenditures on the Cauchari-Olaroz project and an additional $4,708 to fund the payment of interest under the $205,000 senior credit facility. Accrued interest under the facility, included in long-term liabilities, was $1,446 as at December 31, 2020. The $205,000 senior credit facility and the Limited Recourse Loan Facility contain operating and reporting covenants, which the Company was in compliance with as at December 31, 2020. Joint Operation Borrowings Upon closing of the 2020 Cauchari Transaction, the Company changed the accounting method and derecognized its 62.5% share of Exar Capital loans received from Ganfeng (Note 5). Other Liabilities Other liabilities consist of lease liabilities and the $4,830 mining contractor liability. During Q2 2019, Lithium Nevada entered into a mining design, consulting and mining operations agreement with a mining contractor for its Thacker Pass project. According to the agreement, Lithium Nevada received $3,500 from the mining contractor in seven consecutive equal quarterly instalments, of which $1,500 was received in 2019 and $2,000 was received in 2020. Lithium Nevada will pay a success fee to the mining contractor of $4,650 payable upon achieving commercial mining milestones or repay $3,500 without interest if a final project construction decision is not made by 2024.

Equity Compensation

Equity Compensation12 Months Ended
Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]
Equity Compensation9.
EQUITY COMPENSATION Equity Incentive Plan The Company has an equity incentive plan (“Plan”) in accordance with the policies of the TSX whereby, from time to time, at the discretion of the Board of Directors, eligible directors, officers, employees and consultants are: (1) granted incentive stock options exercisable to purchase common shares (“Stock Options”); (2) awarded restricted share units (“RSUs”) and performance share units (“PSUs”) that, subject to a recipient’s deferral right in accordance with the Income Tax Act (Canada), convert automatically into common shares upon vesting; and (3) for independent directors, awarded deferred share units (“DSUs”) which the directors are entitled to redeem for common shares upon retirement or termination from the Board. During the year ended December 31, 2020, the Company amended the Plan from a “rolling 10% plan” to a “fixed plan” pursuant to which the aggregate number of common shares to be issued shall not exceed 16% of the Company’s issued and outstanding common shares as of April 1, 2020 of 14,400,737 shares. 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, 2020, the Company granted 810 (2019 – 955) RSUs to its executive officers, consultants and employees. The total estimated fair value of the RSUs was $2,247 (2019 - $4,613) based on the market value of the Company’s shares on the grant date. As at December 31, 2020, there was $667 (2019 - $1,525) of total unrecognized compensation cost relating to unvested RSUs. During the year ended December 31, 2020, stock-based compensation expense related to RSUs of $4,669 was charged to operating expenses (2019 - $2,252) out of which $1,658 was included in payables pending issuance of the RSUs. A summary of changes to the number of outstanding RSUs is as follows:
Number of RSUs (in 000’s)
Balance, RSUs outstanding as at December 31, 2018
1,668
Converted into common shares
(206
)
Granted
955
Forfeited
(20
)
Cancelled
(9
)
Balance, RSUs outstanding as at December 31, 2019
2,388
Converted into Common shares
(886
)
Granted
810
Forfeited
(22
)
Balance, RSUs outstanding as December 31, 2020
2,290
9.
EQUITY COMPENSATION (continued) Deferred Share Units (in thousands) During the year ended December 31, 2020, the Company granted 121 DSUs (2019 – 135) with the total estimated fair value of $468 (2019 – $458) to the Company’s independent directors in lieu of cash payments of directors’ fees.
Number of DSUs (in 000’s)
Balance, DSUs outstanding as at December 31, 2018
128
Granted
135
Converted into common shares
(35
)
Balance, DSUs outstanding as at December 31, 2019
228
Granted
121
Converted into common shares
(131
)
Balance, DSUs outstanding as at December 31, 2020
218
Stock Options (in thousands) No stock options were granted by the Company during the year ended December 31, 2020 (2019 – Nil). Stock options outstanding and exercisable as at December 31, 2020 are as follows:
Range of Exercise Prices CDN$
Number outstanding and exercisable as at December 31, 2020 (in 000’s)
Weighted Average Remaining Contractual Life (years)
Weighted Average Exercise Price CDN$
$1.50-$2.35
476
0.2
2.35
$4.55 - $5.00
649
1.3
4.90
$8.05 - $11.07
1,178
1.7
8.18
2,303
1.3
6.05
A summary of changes to stock options outstanding is as follows:
Number of Options (in 000’s)
Weighted Average Exercise Price, (CDN$)
Balance, stock options outstanding as at December 31, 2018
5,152
5.02
Exercised
(1,203
)
(2.60
)
Expired
(218
)
(6.41
)
Balance, stock options outstanding as at December 31, 2019
3,731
5.94
Exercised
(1,233
)
(5.19
)
Expired
(195
)
(8.99
)
Balance, stock options outstanding as at December 31, 2020
2,303
6.05
Weighted average share price at the time of exercise of options during the year ended December 31, 2020, was CAD$12.57 (2019 – CAD$4.73)
9.
EQUITY COMPENSATION (continued) During the year ended December 31, 2020, equity compensation expense related to stock options of $Nil (2019 - $239) was charged to operations. Performance Share Units (“PSUs”) (in thousands) No PSUs were granted by the Company during the year ended December 31, 2020 (2019 – 323). As at December 31, 2020, there was $1,613 (2019 - $3,398) of total unrecognized compensation cost relating to unvested PSUs. During the year ended December 31, 2020, equity compensation expense related to PSUs of $1,957 was charged to operating expenses (2019 - $1,628). A summary of changes to the number of outstanding PSUs is as follows:
Number of PSUs (in 000’s)
Balance, PSUs outstanding as at December 31, 2018
699
Forfeited
(12
)
Granted
323
Balance, PSUs outstanding as at December 31, 2019
1010
Cancelled
(11
)
Balance, PSUs outstanding as at December 31, 2020
999

Related Party Transactions

Related Party Transactions12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions10.
RELATED PARTY TRANSACTIONS Minera Exar, the Company’s 49%-owned equity-accounted investee, has entered into the following transactions with companies controlled by the family of its President, who is also a director of Lithium Americas:
-
Los Boros Option Agreement, entered into with Grupo Minero Los Boros on March 28, 2016, for the transfer to Minera Exar of title to
-
Construction services contract for Cauchari-Olaroz project with Magna Construcciones S.R.L., the Company’s 49% share of which was $1,943 paid during the year ended December 31, 2020. During the year ended December 31, 2020, the Company’s 49% share of director’s fees paid by Minera Exar to its President, who is also a director of Lithium Americas, was $36 (2019 - $37). The amounts due to related parties arising from such transactions are unsecured, non-interest bearing and have no specific terms of payment. Transactions with Ganfeng, a related party of the Company by virtue of its position as a shareholder and a lender to the Company, are disclosed in Notes 5, 8 and 19.
10.
RELATED PARTY TRANSACTIONS (continued) Compensation of Key Management Key management includes the directors of the Company and the executive management team. The remuneration of directors and members of the executive management team was as follows:
December 31, 2020 $
December 31, 2019 $
Equity compensation
3,761
2,731
Salaries, bonuses, benefits and directors’ fees included in general and administrative expenses
2,684
2,565
Salaries, bonuses and benefits included in exploration expenditures
450
369
Salaries and benefits capitalized to Investment in Cauchari-Olaroz project
767
708
7,662
6,373
December 31 2020
December 31 2019
$
$
Total due to directors and executive team
1,676
357

General and Administrative Expe

General and Administrative Expenses12 Months Ended
Dec. 31, 2020
Disclosure Of General And Administrative Expenses [Abstract]
General and Administrative Expenses11.
GENERAL AND ADMINISTRATIVE EXPENSES The following table summarizes the Company’s general and administrative expenses:
December 31 2020
December 31 2019
$
$
Salaries, benefits and directors’ fees
4,475
3,657
Office and administration
1,360
941
Professional fees
1,073
955
Regulatory and filing fees
277
235
Travel
27
444
Investor relations
303
227
Depreciation
198
233
7,713
6,692

Exploration Expenditures

Exploration Expenditures12 Months Ended
Dec. 31, 2020
Disclosure Of Exploration Expenditures [Abstract]
Exploration Expenditures12.
EXPLORATION EXPENDITURES The following table summarizes the Company’s exploration expenditures related to Thacker Pass
December 31, 2020 $
December 31, 2019 $
Engineering
9,605
1,063
Consulting and salaries
4,525
5,574
Permitting and environmental
2,196
227
Field supplies and other
494
757
Depreciation
454
371
Drilling and geological expenses
452
533
Total exploration expenditures
17,726
8,525

Segmented Information

Segmented Information12 Months Ended
Dec. 31, 2020
Disclosure Of Operating Segments [Abstract]
Segmented Information13.
SEGMENTED INFORMATION The Company operates in three operating segments and three geographical areas. The Thacker Pass project is in the exploration stage and the Cauchari-Olaroz project is in the development stage. From August 16, 2019 to August 27, 2020, the Cauchari-Olaroz project was accounted for as a joint operation; prior to this period, it was accounted for as a joint venture using the equity method The Company’s reportable segments are summarized in the following tables:
Organoclay $
Thacker Pass $
Cauchari- Olaroz $
Corporate $
Total $
As at December 31, 2020
Property, plant and equipment
-
1,175
-
760
1,935
Assets held for sale
3,926
-
-
-
3,926
Exploration and evaluation assets
-
4,342
-
-
4,342
Total assets
4,169
6,437
131,394
184,723
326,723
Total liabilities
(552
)
(7,000
)
-
(128,468
)
(136,020
)
For the year ended December 31, 2020
Property, plant and equipment additions
507
64,985
23
65,515
Loss from discontinued operations
(1,013
)
-
-
-
(1,013
)
Net loss
(1,013
)
(18,123
)
(767
)
(16,331
)
(36,234
)
Exploration expenditures
-
(16,794
)
(932
)
-
(17,726
)
Depreciation
-
(484
)
(279
)
(170
)
(933
)
Organoclay $
Thacker Pass $
Cauchari- Olaroz $
Corporate $
Total $
As at December 31, 2019
Property, plant and equipment
-
1,147
156,854
923
158,924
Assets held for sale
4,279
-
-
-
4,279
Exploration and evaluation assets
-
3,852
-
-
3,852
Total assets
5,621
5,817
248,821
33,540
293,799
Total liabilities
(1,207
)
(3,325
)
(42,431
)
(87,215
)
(134,178
)
For the year ended December 31, 2019
Property, plant and equipment additions
23
736
31,447
813
33,019
Loss from discontinued operations
(2,193
)
-
-
-
(2,193
)
Net (loss)/income
(2,193
)
(9,462
)
3,035
60,285
51,665
Exploration expenditures
-
(8,525
)
-
-
(8,525
)
Depreciation
(326
)
(379
)
(195
)
(226
)
(1,126
)
13.
SEGMENTED INFORMATION (continued) The Company’s non-current assets and revenues of the discontinued operation are segmented geographically as follows:
Canada $
United States $
Argentina $
Total $
Non-current assets (1)
As at December 31, 2020
760
5,517
131,394
137,671
As at December 31, 2019
923
5,000
156,853
162,776
Revenue of the discontinued operation
For the twelve months ended December 31, 2020
-
670
-
670
For the twelve months ended December 31, 2019
-
5,348
-
5,348
1

Supplemental Disclosure with Re

Supplemental Disclosure with Respect to Cash Flows12 Months Ended
Dec. 31, 2020
Supplemental Information With Respect To Cash Flows [Abstract]
Supplemental Disclosure with Respect to Cash Flows14.
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS Supplementary disclosure of the Company’s non-cash transactions is provided in the table below:
December 31, 2020
December 31, 2019
$
$
Accounts payable related to property, plant and equipment
-
29
Accounts payable related to inventories
-
357
Accounts payable related to financings
80
78
December 31, 2020
December 31, 2019
$
$
Assets acquired under lease agreements
298
1,197
Interest paid
7,318
3,194
Income taxes paid
-
-

Income Taxes

Income Taxes12 Months Ended
Dec. 31, 2020
Major Components Of Tax Expense Income [Abstract]
Income Taxes15.
INCOME TAXES Income tax recognized in profit or loss is comprised of the following:
December 31, 2020 $
December 31, 2019 $
Withholding taxes accrued (i)
1,219
1,445
Current income tax
-
-
Tax expense (recovery)
1,219
1,445
i)
Estimated accrued foreign withholding taxes of $1,219 at December 31, 2020 (2019 - $1,445) are payable when interest from intercompany loans between the Company and its Joint Operation is received. A reconciliation of income taxes at Canadian statutory rates with reported taxes is as follows:
December 31, 2020 $
December 31, 2019 $
(Loss)/Income from continuing operations before tax
(34,002
)
55,303
Loss from discontinued operations
(1,013
)
(2,193
)
(35,015
)
53,110
Statutory tax rate
27
%
27
%
Expected income tax expense/(recovery) at statutory tax rate
(9,454
)
14,340
Items not taxable for income tax purposes
288
(369
)
Gain on dilution of interest in Joint Venture
-
(20,113
)
Initial recognition of temporary differences on investment in Cauchari-Olaroz project
10,931
-
Recognition of previously unrecognized deductible temporary differences on loans to Exar Capital
(4,126
)
-
Effect of higher tax rate in foreign jurisdiction
1,185
1,034
Withholding taxes
1,219
1,445
Change in unrecognized deferred tax assets and other
1,176
5,108
Tax expense
1,219
1,445
15.
INCOME TAXES (Continued) The significant components of the Company's deferred tax assets and liabilities are as follows:
December 31, 2020 $
December 31, 2019 $
Deferred tax assets:
Tax loss carryforwards
34,976
29,308
Loans to Exar Capital
4,487
-
Exploration and evaluation assets
584
170
Financing costs
661
112
Capital assets
1,308
1,707
Other
851
3,190
Deferred tax assets
42,867
34,487
Deferred tax liabilities:
Capital assets
-
(3,749
)
Investment in Cauchari-Olaroz project
(11,713
)
-
Other
(1,190
)
(270
)
Deferred tax liabilities
(12,903
)
(4,019
)
Unrecognized deferred tax assets
29,964
30,468
The Company has non-capital loss carryforwards in Canada of CDN$82,000 $83,000 respectively.

Financial Instruments

Financial Instruments12 Months Ended
Dec. 31, 2020
Disclosure Of Financial Instruments [Abstract]
Financial Instruments16.
FINANCIAL INSTRUMENTS Financial instruments recorded at fair value on the consolidated statements of financial position and presented in fair value disclosures are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices that are observable for assets or liabilities, either directly or indirectly; and Level 3 – Inputs for assets and liabilities that are not based on observable market data. The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified in the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. The Company did not have any financial instruments measured at fair value on the statement of financial position. As at December 31, 2020, the fair value of financial instruments not measured at fair value approximate 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 which impact the Company’s financial instruments are described below. Credit Risk Credit risk is the risk of loss associated with a counterparty’s inability to fulfill its payment obligations. Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, receivables, and loans to Exar Capital. The Company’s maximum exposure to credit risk for cash, cash equivalents, restricted cash, receivables, and loans to Exar Capital is the amount disclosed in the consolidated statements of financial position. The Company limits its exposure to credit loss by placing its cash and cash equivalents with major financial institutions and invests only in short-term obligations that are guaranteed by the Canadian government or by Canadian and US chartered banks with expected credit losses estimated to be de minimis. Management believes that the credit risk concentration with respect to financial instruments included in cash, cash equivalents, receivables and loans to Exar Capital is minimal. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to evaluate current and expected liquidity requirements under both normal and stressed conditions to estimate and maintain sufficient reserves of cash and cash equivalents to meet its liquidity requirements in the short and long term. As the industry in which the Company operates is very capital intensive, the majority of the Company’s spending or that of its investees is related to its capital programs. The Company prepares annual budgets, which are regularly monitored and updated as considered necessary. As at December 31, 2020, the Company had a cash and cash equivalents balance of $148,070 to settle current liabilities of $8,754.
16.
FINANCIAL INSTRUMENTS (continued) The following table summarizes the contractual maturities of the Company’s financial liabilities on an undiscounted basis:
Years ending December 31,
2021
2022
2023
2024 and later
Total
$
$
$
$
$
Credit facility¹
7,652
8,139
8,618
139,824
164,233
Accounts payable and accrued liabilities
5,204
-
-
-
5,204
Obligations under office leases¹
317
236
189
219
961
Other obligations¹
241
205
105
4,929
5,480
Total
13,414
8,580
8,912
144,972
175,878
¹ Credit facility, Obligations under office leases and Other obligations 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 to currency fluctuations and such fluctuations may affect the Company’s financial results. The Company reports its financial results in United States dollars (“US$”) and incurs expenditures in Canadian dollars (“CDN$”) and US$ with the majority of the expenditures being incurred in US$ by the Company’s subsidiaries and investees. The Company has a CDN$ functional currency. As at December 31, 2020, the Company held $144,905 in US$ denominated cash and cash equivalents, $34,562 in US$ denominated loans to Exar Capital and has drawn $121,221 under its US$ denominated credit facilities. Strengthening/(weakening) of a US$ exchange rate versus CDN$ by 10% at December 31, 2020, would have resulted in a foreign exchange gain/(loss) for the Company of $5,824.

Capital Disclosure

Capital Disclosure12 Months Ended
Dec. 31, 2020
Disclosure Of Capital Disclosures [Abstract]
Capital Disclosure17.
CAPITAL DISCLOSURE The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue the exploration and development of its mineral properties and to maintain a flexible capital structure. The capital structure of the Company consists of long-term borrowings, project debt facilities and equity attributable to common shareholders, comprising issued capital, contributed surplus, and deficit. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to carry out the planned exploration and development of its projects and pay for administrative costs, the Company will spend its existing working capital, draw on its project debt facilities and the Limited Recourse 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, 2020.

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operation12 Months Ended
Dec. 31, 2020
Assets Held For Sale And Discontinued Operation [Abstract]
Assets Held for Sale and Discontinued Operation18.
ASSETS HELD FOR SALE AND DISCONTINUED OPERATION In Q4 2019, the Company’s Board made a strategic decision to wind-up the organoclay business in an orderly fashion, including divesting of its assets. The organoclay business is non-core to the Company’s portfolio of lithium projects. Organoclay property, plant and equipment is classified as assets held for sale as at December 31, 2020 and is recognized at the lower of its carrying value and fair value less cost to sell. Refer to Note 19 for the details of the sale of the organoclay property, plant and equipment subsequent to year end. The results from operations for the organoclay business have, together with restated comparatives, been presented as discontinued operations within the Consolidated Statements of Comprehensive Income/(Loss) and the Consolidated Statements of Cash Flows.
Years ended December 31,
2020
2019
$
$
ORGANOCLAY SALES
670
5,348
COST OF SALES
Production costs
(1,277
)
(5,867
)
Depreciation
(33
)
(427
)
Total cost of sales
(1,310
)
(6,294
)
GROSS LOSS
(640
)
(946
)
EXPENSES
Organoclay research and development
-
(281
)
Impairment of Organoclay property, plant and equipment and write-off of other assets
-
(393
)
Assets write off
(11
)
-
General, administrative, and other
(443
)
(573
)
(454
)
(1,247
)
Other Income
81
-
NET LOSS FROM DISCONTINUED OPERATIONS
(1,013
)
(2,193
)
Loss per share - basic
(0.01
)
(0.02
)
Loss per share - diluted
(0.01
)
(0.02
)
Net cash outflow from discontinued operations
(473
)
(673
) Cash outflow from discontinued operations is included in cash flow from operating activities in the statements of cash flows. Discontinued operations have not generated or used cash in investing or financing activities.

Subsequent Events

Subsequent Events12 Months Ended
Dec. 31, 2020
Disclosure Of Nonadjusting Events After Reporting Period [Abstract]
Subsequent Events1 9 .
SUBSEQUENT EVENTS On January 13, 2021, the Company completed the sale of the Organoclay property, plant and equipment for gross proceeds of $4,250. On January 22, 2021, Lithium Americas closed an underwritten public offering of 18,182 Common Shares, including 2,273 Common Shares following the exercise in full by the underwriters of their over-allotment option. The shares were issued at a price of $22.00 per Common Share for gross proceeds to the Company of approximately $400,000 (approximately $377,000 net proceeds). In January 2021, the Company received a $4,550 drawdown from its Credit Facility to fund development expenditures on the Cauchari-Olaroz project. In February 2021 the Company paid $3,866 in interest under the Credit Facility. Subsequent to year end, the Company issued 140 shares as a result of the conversion of 122 stock options into 101 common shares and the conversion of 39 RSUs into 39 common shares. Also, the Company granted 7 DSUs, 162 PSUs and 240 RSUs under its Equity Compensation Plan. PSUs have a three-year vesting period and vest on January 4, 2024. The vesting periods of RSUs vary from immediate vesting to vesting periods of up to 4 years.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)12 Months Ended
Dec. 31, 2020
Disclosure Of Significant Accounting Policies [Abstract]
Accounting Estimates and JudgementsSignificant areas where judgment is applied, apart from those involving estimations, are: COVID-19 Uncertainty In March 2020, the World Health Organization declared a global pandemic related to COVID-19. Many countries, including Canada, the United States and Argentina, where the Company operates, announced mandatory emergency measures and restrictions on businesses and individuals to mitigate the spread of the virus. The outbreak and the related mitigation measures have had and will continue to have an adverse impact on global economic conditions as well as on the Company’s activities. On March 20, 2020, following the Presidential decree for mandatory social isolation in Argentina, construction of the Cauchari-Olaroz lithium project was temporarily suspended. Engineering, procurement and manufacturing of equipment, and other offsite activities continued. In April 2020, after the mandatory quarantine, Minera Exar implemented COVID-19 health and safety protocols, approved by Jujuy Province, at site and at the Jujuy office. Following this, limited construction activities resumed in mid-April 2020. By the end of Q2 2020, the number of positive COVID-19 cases in the Province of Jujuy had increased. In early July, the Company announced a second temporary suspension of construction activities at the Cauchari-Olaroz project site as a health and safety measure in response to workers testing positive for COVID-19. Again, engineering, procurement and manufacturing of equipment, and other offsite activities, continued. In September 2020 construction activities at the Cauchari-Olaroz Project resumed with enhanced COVID-19 protocols in effect. During the two temporary suspension periods, onsite construction activities were stopped and certain costs, primarily associated with idled labor, were expensed. Such costs were $1,893 for the project during the year ended December 31, 2020 and the Company’s share of such costs was $947. As significant offsite activities continued during the onsite construction suspension periods, interest costs continued to be capitalized. Joint Arrangements If a company is a party to an arrangement over which it does not have sole control, judgment is required in determining whether joint control over this arrangement exists and, if so, which parties have joint control and whether an arrangement is a joint venture or joint operation. In assessing whether joint control exists, the Company analyzes the activities of each arrangement and determines which activities most significantly affect the returns of the arrangement over its life. These activities are determined to be the relevant activities of the arrangement. If unanimous consent is required over the decisions about the relevant activities, the parties whose consent is required would have joint control over the arrangement. The judgments around which activities are considered the relevant activities of the arrangement are subject to analysis by each of the parties to the arrangement and may be interpreted differently.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) When performing this assessment, the Company generally considers decisions about activities such as managing the asset while it is being designed, developed and constructed, during its operating life and during the closure period. The Company may also consider other activities including the approval of budgets, expansion and disposition of assets, financing, significant operating and capital expenditures, appointment of key management personnel, representation on the board of directors and other items. When circumstances or contractual terms change, the Company reassesses the control group and the relevant activities of the arrangement. If a company has joint control over the arrangement, an assessment of whether the arrangement is a joint venture or joint operation is required. This assessment is based on whether a company has rights to the assets and obligations for the liabilities relating to the arrangement or whether a company has rights to the net assets of the arrangement. In making this determination, the Company reviews the legal form of the arrangement, the terms of the contractual arrangement and other facts and circumstances. In a situation where the legal form and the terms of the contractual arrangement do not give the Company rights to the assets and obligations for the liabilities, an assessment of other facts and circumstances is required, including whether the activities of the arrangement are primarily designed for the provision of output to the parties and whether the parties are substantially the only source of cash flows contributing to the arrangement. The consideration of other facts and circumstances may result in the conclusion that a joint arrangement is a joint operation. This conclusion requires judgment and is specific to each arrangement. On closing of the 2019 Project Investment (as defined in Note 5) on August 16, 2019, Lithium Americas and Ganfeng implemented certain amendments to the Shareholders Agreement governing the Cauchari-Olaroz joint arrangement, including the provision of equal representation on the Minera Exar board of directors and the Management Committee governing the project and an obligation to purchase all of the output of Minera Exar at market price. An analysis of the facts and circumstances led the Company to conclude that upon closing of the 2019 Project Investment, Minera Exar and Exar Capital B.V. were a joint operation (“Joint Operation”) for the purposes of the Company’s consolidated financial statements. The other facts and circumstances considered include the provision of output to the parties of the joint arrangement, agreement by the Company and Ganfeng to fund the construction of the project, jointly control the project’s budget, be the sole source of funding for Minera Exar, and distribute the project’s free cash flow (as defined in the Shareholders’ Agreement) upon commencement of commercial production. For Minera Exar, the Company and Ganfeng will take their share of the output from the assets directly over the life of the arrangement. Exar Capital B.V. is subject to the same constraints and controls as Minera Exar. Upon closing of the 2020 Cauchari Transaction (as defined in Note 5) on August 27, 2020, Ganfeng became the controlling shareholder of Minera Exar and Exar Capital (as defined in Note 5) while Lithium Americas received fulsome minority shareholder protection rights. The Company retains a 49% interest and significant influence over Minera Exar and Exar Capital; as a result, the Company concluded that the current arrangement constitutes an investment in an associate for each of Minera Exar and Exar Capital. As such, the Company is accounting for such investments using the equity accounting method from the date of closing of the 2020 Cauchari Transaction.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) Impairment of exploration and evaluation assets The application of the Company’s accounting policy for impairment of exploration and evaluation assets requires judgment to determine whether indicators of impairment exist including information such as, the period for which the Company has the right to explore including expected renewals, whether substantive expenditures on further exploration and evaluation of resource properties are budgeted and evaluation of the results of exploration and evaluation activities up to the reporting date. Management has performed an impairment indicator assessment on the Company’s exploration and evaluation assets and has concluded that no impairment indicators exist as of December 31, 2020. Impairment of investments in associates The application of the Company’s accounting policy for the impairment assessment of its investments in associates requires judgment to determine whether objective evidence of impairment exists. An impairment review includes consideration of both external and internal sources of information, including factors such as market and economic conditions, taxation, prices and forecasts, capital expenditure requirements, future operating costs and production volumes. Management has performed an assessment and concluded that no objective evidence of impairment exists as of December 31, 2020.
Principles of ConsolidationPrinciples of Consolidation These consolidated financial statements include the accounts of Lithium Americas Corp. and its wholly-owned US subsidiaries Lithium Nevada Corp., KV Project LLC, and RheoMinerals Inc., and Canadian wholly-owned subsidiary 2265866 Ontario Inc. All intercompany transactions and balances have been eliminated. Subsidiaries are all entities over which the Company has control. The Company controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealized gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company.
Joint Arrangements and Investments in AssociatesJoint Arrangements and Investments in Associates A joint arrangement is defined as one over which two or more parties have joint control, which is the contractually agreed sharing of control over an arrangement. This exists only when the decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require the unanimous consent of the parties sharing control. There are two types of joint arrangements: joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and are the only source of funding the liabilities relating to the arrangement. The Company recognizes its share of any assets, liabilities, revenues and expenses of a joint operation.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Investments in joint ventures are accounted for using the equity method.
Investment in AssociatesInvestments in Associates Associates are all entities over which the group has significant influence but not control or joint control. This is generally the case where the group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. On acquisition, an equity method investment is initially recognized at cost. The carrying amount of equity method investments includes goodwill identified on acquisition, net of any accumulated impairment losses. The carrying amount is adjusted by the Company’s share of post-acquisition net income or loss; depreciation, amortization or impairment of the fair value adjustments made on the underlying balance sheet at the date of acquisition; dividends; cash contributions; and the Company’s share of post-acquisition movements in Other Comprehensive Income (“OCI”). At each reporting date, we consider whether there is objective evidence of impairment of the investments in associates. If such evidence exists, we determine the amount of impairment to record, if any, by reference to the recoverable amount of the investment determined in accordance with IAS 36, Impairment of Assets as described in the Company’s accounting policy for impairment of property, plant and equipment.
Foreign Currency TranslationForeign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in US dollars. The functional currency of all subsidiaries is the US dollar, while the functional currency of the parent entity, Lithium Americas Corp., is the Canadian dollar. The functional currency of the Company’s associates Minera Exar S.A., and Exar capital B.V. 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.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) Parent and Subsidiary Companies The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

assets and liabilities for each reporting date are translated at the closing rate at that reporting date;

income and expenses are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and

all resulting exchange differences are recognized in other comprehensive loss. The Company recognizes its share of the exchange differences on its investments in associates and joint ventures which result from translation of the results and financial position of its foreign associates and 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. When an entity disposes of its entire interest in a foreign operation, or loses control, joint control, or significant influence over a foreign operation, the foreign currency gains or losses accumulated in other comprehensive income related to the foreign operation are recognized in profit or loss. If an entity disposes of part of an ownership interest in a foreign operation which remains a subsidiary, a proportionate amount of foreign currency gains or losses accumulated in other comprehensive income related to the subsidiary is reallocated between controlling and non-controlling interests. Ownership interest is treated solely as a percentage ownership in a subsidiary or a joint venture.
Cash and Cash EquivalentsCash and Cash Equivalents Cash and cash equivalents consist of cash held with banks and highly liquid short-term investments which can be withdrawn at any time and are
Exploration and Evaluation AssetsExploration and Evaluation Assets Exploration expenditures excluding acquisition costs and claim maintenance costs are expensed until the establishment of technical feasibility and commercial viability based on a combination of the following factors:

The extent to which mineral reserves or mineral resources as defined in National Instrument 43-101 (“NI 43-101”) have been identified through a feasibility study or similar document;

Whether exploration expenditures relate to a greenfield project or were performed within the geologic formation of an existing brownfield mining project; and

The status of mining leases, environmental and mining permits.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) 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 EquipmentProperty, Plant and Equipment On initial recognition, property, plant and equipment are valued at cost. Cost includes the purchase price and directly attributable cost of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and foreign exchange losses or gains on borrowings and related cash used to construct qualifying assets as defined under IFRS. Capitalization of costs incurred ceases when the asset is capable of operating in the manner Property, plant and equipment are subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is not depreciated. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items or major components. Property, plant and equipment that are currently in use are depreciated as follows:

Process testing facility equipment included in “Equipment and machinery” – straight-line basis over the estimated useful life of 10 years;

Right-of-use assets included in “Other” – is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis; and

Office equipment included in “Other” – declining balance method at 20% annual rate . The assets’ residual values, useful lives and depreciation methods are reviewed and adjusted, if appropriate, at each financial year-end. 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 EquipmentImpairment 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. Where the factors which resulted in an impairment loss subsequently reverse, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.
Non-current assets (or disposal groups) held for sale and discontinued operationsNon-current assets (or disposal groups) held for sale and discontinued operations Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss.
LeasesLeases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the Company has the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement and if the Company has the right to direct the use of the asset. At inception or on reassessment of a contract that contains one or more lease components, the Company allocates the consideration in the contract to each lease component on the basis of their relative standalone prices. The Company leases offices, buildings, equipment and cars. Lease contracts are typically made for fixed periods of 3 to 5 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:

fixed payments (including in-substance fixed payments), less any lease incentives receivable;

variable lease payment that are based on an index or a rate;

amounts expected to be payable by the lessee under residual value guarantees;

the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and

payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
3.
SIGNIFICANT ACCOUNTING POLICIES (continued) Right-of-use assets are measured at cost comprising the following:

the amount of the initial measurement of lease liability;

any lease payments made on or before the commencement date less any lease incentives received;

any initial direct costs; and

restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
Financial InstrumentsFinancial Instruments Financial assets and liabilities are recognized when the Company becomes a party to the contractual provisions of the instrument. On initial recognition, financial assets and liabilities are classified as and measured at: amortized cost, fair value through profit or loss (“FVTPL”) or fair value through OCI according to their contractual cash flow characteristics and the business models under which they are held. Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company’s intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. All of the Company’s financial assets fall under this category. 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 at fair value through OCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
Borrowing CostsBorrowing Costs Borrowing costs directly attributable to the acquisition, construction or production of assets requiring a substantial period of time to get ready for their intended use or sale are capitalized as part of the cost of that asset. Capitalization of borrowing costs begins when there are borrowings and activities commence to prepare an asset for its intended use. Capitalization of borrowing costs ends when substantially all activities necessary to prepare a qualifying asset for its intended use are complete. When proceeds of project specific borrowings are invested on a temporary basis, borrowing costs are capitalized net of any investment income. Capitalization of borrowing is suspended during an extended period in which active development is interrupted.
ProvisionsProvisions Provisions are recognized when the Company has a present obligation, legal or constructive, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. Close down and restoration costs include dismantling and demolition of infrastructure and the removal of residual materials and remediation of disturbed areas. Estimated close down and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs, based on the net present value of estimated future costs. The cost estimates are updated during the life of the operation to reflect known development, such as revisions to cost estimates and to the estimated lives of the operations, and are subject to formal reviews at regular intervals. The initial closure provision together with changes resulting from changes in estimated cash flows or discount rates are capitalized within capital assets. These costs are then depreciated over the lives of the asset to which they relate, typically using the units of production method. The amortization or unwinding of the discount applied in establishing the net present value of provisions is charged to the statement of comprehensive (loss)/income as a financing cost. Provision is made for the estimated present value of the costs of environmental cleanup obligations outstanding at the statement of financial position date.
Income TaxesIncome 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, unless arising in a business combination, nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. To the extent that the Company does not consider it probable that a deferred tax asset will be recovered, the deferred tax asset is not recorded.
Share CapitalShare Capital Common shares are classified as equity. Incremental costs directly attributable to the issuance of shares are recognized as a deduction from equity.
Earnings/(Loss) per ShareEarnings/(Loss) per Share Basic earnings/(loss) per share is computed by dividing the net earnings or loss attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reporting period. The diluted earnings/loss per share calculation is based on the weighted average number of common shares outstanding during the period, plus the effects of dilutive common share equivalents. This method requires that the dilutive effect of outstanding options and warrants issued should be calculated using the treasury stock method. This method assumes that all common share equivalents have been exercised at the beginning of the period (or at the time of issuance, if later), and that the funds obtained thereby were used to purchase common shares of the Company at the average trading price of the common shares during the period, but only if dilutive.
Equity- Based CompensationEquity-Based Compensation The Company’s equity incentive plan allows the grant of share options, restricted share units, performance share units and deferred share units. The cost of equity-settled payment arrangements is recorded based on the estimated fair value at the grant date and charged to earnings over the vesting period. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured at the date of grant using the appropriate pricing model, including Black-Scholes option model for options and Monte Carlo simulation methodology for performance share units. Compensation expense is recognized over the tranche’s vesting period based on the number of awards expected to vest, by increasing contributed surplus. The number of awards expected to vest is reviewed at least annually with any impact being recognized immediately. Where equity instruments are granted to non-employees, 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.
Newly Adopted Accounting Standards and Amendments and Pronouncements Not Yet EffectiveNewly Adopted Accounting Standards and Amendments Several amendments to accounting standards became effective in 2020, which did not have a significant impact on the Company’s financial statements. New IFRS pronouncements issued but not yet effective to these financial statements are noted below. Amendments to IAS 16 – Property, Plant and Equipment – proceeds before intended use. In May 2020, the IASB issued amendments to IAS 16, Property, Plant and Equipment (IAS 16) . The amendments prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. A company will be required to recognize these sales proceeds and related costs in earnings. T hese amendments become effective for annual reporting periods beginning on or after January 1, 2022, and will apply retrospectively to items of property, plant and equipment that are available for use after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments. The Company expects this amendment will impact the accounting by its associate, Minera Exar, for the commencement of operations at the Cauchari-Olaroz project.

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)12 Months Ended
Dec. 31, 2020
Cash And Cash Equivalents [Abstract]
Summary of Cash and Cash EquivalentsDecember 31, 2020
December 31, 2019
$
$
Cash
148,070
53,894
Short-term bank deposits
-
29,720
148,070
83,614

Investment in Cauchari-Olaroz_2

Investment in Cauchari-Olaroz Project (Tables)12 Months Ended
Dec. 31, 2020
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Summary of Loans to Joint OperationThe Company has entered into the following loan agreements with Minera Exar and Exar Capital to fund construction of the Cauchari-Olaroz project. Changes on the loans’ balances are summarized below:
$
Loans to Minera Exar and Exar Capital, as at December 31, 2018
12,609
Accrued interest
3,791
Loans by the Company to Exar Capital
66,250
Initial difference between the face value and the fair value of loans to Exar Capital
(37,423
)
Repayment of loan to Minera Exar and accumulated interest thereon
(8,778
)
Loans from the Company to Exar Capital prior to the 2019 Project Investment
36,449
Elimination of loans as a result of Joint Operation accounting
(21,731
)
Share of loans from Exar Capital to Minera Exar
23,241
Loans to Joint Operation, as at December 31, 2019
37,959
Loans by the Company to Exar Capital
14,500
Initial difference between the face value and the fair value of
(7,746
)
Elimination of loans as a result of Joint Operation accounting
(3,377
)
Accrued interest
3,337
Loans to Minera Exar and Exar Capital prior to the 2020 Cauchari Transaction
44,673
Loans by the Company to Exar Capital after the 2020 Cauchari Transaction
14,700
Initial difference between the face value and the fair value of loans to Exar Capital
(7,265
)
Reversal of elimination of loans as a result of the 2020 Cauchari Transaction
28,132
Derecognition of share of loans from Exar Capital to Minera Exar as a result of the 2020 Cauchari Transaction
(26,368
)
Repayment of loans as a result of the 2020 Cauchari Transaction
(40,000
)
Gain on early repayment of the $40,000 loans
19,608
Accrued interest
1,082
Loans from the Company to Exar Capital, as at December 31, 2020
34,562
Schedule of Gain on 2020 Cauchari TransactionUpon closing of the 2020 Cauchari Transaction, the Company recognized a $288 gain which was calculated as follows:
$
Company’s 49% share of the $16,327 increase in Minera Exar’s share capital
8,000
Company’s 49% share of the $689 increase in Exar Capital’s share capital
338
Gain on early repayment of the $40,000 loans
19,608
Reversal of the effect of discounting of the $40,000 loans
(9,608
)
Carrying values of the Company’s diluted share of Investment in Minera Exar and Exar Capital
(18,050
)
Gain on the 2020 Cauchari Transaction
288
Schedule of Investment in Cauchari-Olaroz ProjectUpon closing of the 2020 Cauchari Transaction, the Company accounts for its investments in Cauchari-Olaroz project using the equity method. As a matter of accounting policy, consistently applied with previous transactions, the Company recorded its retained interest in Minera Exar and Exar Capital at cost on transition to the equity method.
Minera S.A.
Exar Capital B.V.
Total
$
$
$
Recognition of Investment in Cauchari-Olaroz project
119,537
2,287
121,824
Contribution to Investment in Cauchari-Olaroz project
853
7,265
8,118
Share of income of Cauchari-Olaroz project
2,113
4,200
6,313
Elimination of unrealized gain on intercompany transactions
-
(4,861
)
(4,861
)
Investment in Cauchari-Olaroz project, as at December 31, 2020
122,503
8,891
131,394
Schedule of Reconciliation of Summarized Financial Information to Carrying ValueReconciliation of Summarized Financial Information to Carrying Value:
Minera
Exar Capital B.V.
$
$
Net assets, December 31, 2020
227,631
43,927
Company’s share of net assets (49%)
111,539
21,524
Interest capitalized while proportionally consolidated
7,240
-
Elimination of unrealized gain on intercompany transactions and other, cumulative
-
(19,898
)
Joint Venture expenditures incurred by the Company net of eliminations
3,724
-
Difference between the face value and the fair value of loans to Exar Capital B.V.
-
7,265
Carrying value
122,503
8,891
Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Schedule of Amounts Presented in Financial Statements of Joint VentureThe 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, 2020
$
Current assets
Cash and cash equivalents
752
Other current assets
7,397
Total current assets
8,149
Non-current assets
512,990
Current liabilities
(20,458
)
Non-current liabilities
(273,050
)
Net assets
227,631
December 31, 2020
$
Other expenses
(1,893
)
Deferred tax recovery
4,342
Net income
2,449
Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Schedule of Amounts Presented in Financial Statements of Joint VentureThe following amounts represent the amounts presented in the financial statements of Exar Capital B.V.
December 31, 2020
$
Current assets
Cash and cash equivalents
10,769
Other current assets
3,126
Total current assets
13,895
Non-current assets – loans granted to Minera Exar S.A.
267,222
Current liabilities – loans from Lithium Americas and Ganfeng
(230,906
)
Other current liabilities
(1,000
)
Other non-current liabilities
(5,284
)
Net assets
43,927
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
December 31, 2020
$
Interest income on loans from Minera Exar S.A.
26,258
Withholding tax expense
(2,973
)
General and administrative expenses
(457
)
Net income
22,828

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)12 Months Ended
Dec. 31, 2020
Disclosure Of Property Plant And Equipment [Abstract]
Summary of Property, Plant and EquipmentCauchari-Olaroz 1
Land
Buildings
Equipment and machinery
Organoclay plant
Other 2
Total
$
$
$
$
$
$
$
Cost
As at December 31, 2018
-
386
2,143
5,066
11,471
823
19,889
IFRS 16 adoption adjustments
-
-
-
-
-
296
296
Restated balance at January 1, 2019
-
386
2,143
5,066
11,471
1,119
20,185
50% of Minera Exar fixed assets
124,752
-
-
-
-
-
124,752
Additions
31,447
-
-
526
-
1,046
33,019
Capitalization of interest
2,110
-
-
-
-
-
2,110
Disposal of fixed assets
-
-
-
-
-
(60
)
(60
)
Reclassification to assets held for sale
-
(386
)
(2,143
)
(4,641
)
(11,471
)
(216
)
(18,857
)
As at December 31, 2019
158,309
-
-
951
-
1,889
161,149
Additions
59,853
-
-
247
-
283
60,383
Capitalization of interest
5,132
-
-
-
-
-
5,132
Deconsolidation of Minera Exar fixed assets
(223,294
)
-
-
-
-
-
(223,294
)
Disposals
-
-
-
-
-
(83
)
(83
)
Foreign exchange
-
-
-
-
-
19
19
As at December 31, 2020
-
-
-
1,198
-
2,108
3,306
Cauchari-Olaroz 1
Land
Buildings
Equipment and machinery
Organoclay plant
Other 2
Total
$
$
$
$
$
$
$
Accumulated depreciation
As at December 31, 2018
-
-
835
1,859
11,471
301
14,466
50% of Minera Exar’s accumulated depreciation
1,260
-
-
-
-
-
1,260
Depreciation for the year
195
-
75
425
-
431
1,126
Disposals of fixed assets
-
-
-
-
-
(50
)
(50
)
Reclassification to assets held for sale
-
-
(910
)
(2,087
)
(11,471
)
(109
)
(14,577
)
As at December 31, 2019
1,455
-
-
197
-
573
2,225
Depreciation for the period
279
-
-
274
-
380
933
Deconsolidation of Minera Exar fixed assets
(1,734
)
-
-
-
-
-
(1,734
)
Disposals
-
-
-
-
-
(53
)
(53
)
As at December 31, 2020
-
-
-
471
-
900
1,371
Cauchari-Olaroz 1
Land
Buildings
Equipment and machinery
Organoclay plant
Other 2
Total
$
$
$
$
$
$
$
Net book value
As at December 31, 2019
156,854
-
-
754
-
1,316
158,924
As at December 31, 2020
-
-
-
727
-
1,208
1,935
1 Before the 2020 Cauchari Transaction closed 2 Other category includes right of use assets with $1,369 cost and $499 accumulated depreciation as at December 31, 2020.

Exploration and Evaluation As_2

Exploration and Evaluation Assets (Tables)12 Months Ended
Dec. 31, 2020
Exploration And Evaluation Assets [Abstract]
Schedule of Exploration and Evaluation Assets Relating to Thacker Pass ProjectExploration and evaluation assets relating to the Thacker Pass project were as follows:
December 31, 2020
December 31, 2019
$
$
Acquisition costs
Balance, beginning
3,852
3,540
Additions
490
560
Write offs
-
(248
)
Total exploration and evaluation assets
4,342
3,852

Long-Term Borrowings (Tables)

Long-Term Borrowings (Tables)12 Months Ended
Dec. 31, 2020
Borrowings [Abstract]
Schedule of Long-Term BorrowingsDecember 31 2020
December 31 2019
$
$
Current portion of long-term borrowings
Accrued interest
3,056
2,662
Other liabilities
494
449
3,550
3,111
Long-term borrowings
Credit facility (net of financing costs)
95,068
83,043
Limited Recourse Loan Facility
26,153
-
Share of Joint Operation borrowings
-
28,845
Other liabilities
5,719
5,222
126,940
117,110
130,490
120,221

Equity Compensation (Tables)

Equity Compensation (Tables)12 Months Ended
Dec. 31, 2020
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract]
Summary of Changes to Number of Restricted SharesA summary of changes to the number of outstanding RSUs is as follows:
Number of RSUs (in 000’s)
Balance, RSUs outstanding as at December 31, 2018
1,668
Converted into common shares
(206
)
Granted
955
Forfeited
(20
)
Cancelled
(9
)
Balance, RSUs outstanding as at December 31, 2019
2,388
Converted into Common shares
(886
)
Granted
810
Forfeited
(22
)
Balance, RSUs outstanding as December 31, 2020
2,290
Summary of Changes to Number of Deferred Share UnitsDuring the year ended December 31, 2020, the Company granted 121 DSUs (2019 – 135) with the total estimated fair value of $468 (2019 – $458) to the Company’s independent directors in lieu of cash payments of directors’ fees.
Number of DSUs (in 000’s)
Balance, DSUs outstanding as at December 31, 2018
128
Granted
135
Converted into common shares
(35
)
Balance, DSUs outstanding as at December 31, 2019
228
Granted
121
Converted into common shares
(131
)
Balance, DSUs outstanding as at December 31, 2020
218
Summary of Stock Options Outstanding and ExercisableStock options outstanding and exercisable as at December 31, 2020 are as follows:
Range of Exercise Prices CDN$
Number outstanding and exercisable as at December 31, 2020 (in 000’s)
Weighted Average Remaining Contractual Life (years)
Weighted Average Exercise Price CDN$
$1.50-$2.35
476
0.2
2.35
$4.55 - $5.00
649
1.3
4.90
$8.05 - $11.07
1,178
1.7
8.18
2,303
1.3
6.05
Summary of Changes to Stock Options OutstandingA summary of changes to stock options outstanding is as follows:
Number of Options (in 000’s)
Weighted Average Exercise Price, (CDN$)
Balance, stock options outstanding as at December 31, 2018
5,152
5.02
Exercised
(1,203
)
(2.60
)
Expired
(218
)
(6.41
)
Balance, stock options outstanding as at December 31, 2019
3,731
5.94
Exercised
(1,233
)
(5.19
)
Expired
(195
)
(8.99
)
Balance, stock options outstanding as at December 31, 2020
2,303
6.05
Summary of Changes to Number of RS-PsA summary of changes to the number of outstanding PSUs is as follows:
Number of PSUs (in 000’s)
Balance, PSUs outstanding as at December 31, 2018
699
Forfeited
(12
)
Granted
323
Balance, PSUs outstanding as at December 31, 2019
1010
Cancelled
(11
)
Balance, PSUs outstanding as at December 31, 2020
999

Related Party Transactions (Tab

Related Party Transactions (Tables)12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]
Summary of Compensation of Key ManagementThe remuneration of directors and members of the executive management team was as follows:
December 31, 2020 $
December 31, 2019 $
Equity compensation
3,761
2,731
Salaries, bonuses, benefits and directors’ fees included in general and administrative expenses
2,684
2,565
Salaries, bonuses and benefits included in exploration expenditures
450
369
Salaries and benefits capitalized to Investment in Cauchari-Olaroz project
767
708
7,662
6,373
December 31 2020
December 31 2019
$
$
Total due to directors and executive team
1,676
357

General and Administrative Ex_2

General and Administrative Expenses (Tables)12 Months Ended
Dec. 31, 2020
Disclosure Of General And Administrative Expenses [Abstract]
Summary of Company's General and Administrative ExpensesThe following table summarizes the Company’s general and administrative expenses:
December 31 2020
December 31 2019
$
$
Salaries, benefits and directors’ fees
4,475
3,657
Office and administration
1,360
941
Professional fees
1,073
955
Regulatory and filing fees
277
235
Travel
27
444
Investor relations
303
227
Depreciation
198
233
7,713
6,692

Exploration Expenditures (Table

Exploration Expenditures (Tables)12 Months Ended
Dec. 31, 2020
Disclosure Of Exploration Expenditures [Abstract]
Summary of Company's Exploration ExpendituresThe following table summarizes the Company’s exploration expenditures related to Thacker Pass
December 31, 2020 $
December 31, 2019 $
Engineering
9,605
1,063
Consulting and salaries
4,525
5,574
Permitting and environmental
2,196
227
Field supplies and other
494
757
Depreciation
454
371
Drilling and geological expenses
452
533
Total exploration expenditures
17,726
8,525

Segmented Information (Tables)

Segmented Information (Tables)12 Months Ended
Dec. 31, 2020
Disclosure Of Operating Segments [Abstract]
Summary of Reportable SegmentsThe Company’s reportable segments are summarized in the following tables:
Organoclay $
Thacker Pass $
Cauchari- Olaroz $
Corporate $
Total $
As at December 31, 2020
Property, plant and equipment
-
1,175
-
760
1,935
Assets held for sale
3,926
-
-
-
3,926
Exploration and evaluation assets
-
4,342
-
-
4,342
Total assets
4,169
6,437
131,394
184,723
326,723
Total liabilities
(552
)
(7,000
)
-
(128,468
)
(136,020
)
For the year ended December 31, 2020
Property, plant and equipment additions
507
64,985
23
65,515
Loss from discontinued operations
(1,013
)
-
-
-
(1,013
)
Net loss
(1,013
)
(18,123
)
(767
)
(16,331
)
(36,234
)
Exploration expenditures
-
(16,794
)
(932
)
-
(17,726
)
Depreciation
-
(484
)
(279
)
(170
)
(933
)
Organoclay $
Thacker Pass $
Cauchari- Olaroz $
Corporate $
Total $
As at December 31, 2019
Property, plant and equipment
-
1,147
156,854
923
158,924
Assets held for sale
4,279
-
-
-
4,279
Exploration and evaluation assets
-
3,852
-
-
3,852
Total assets
5,621
5,817
248,821
33,540
293,799
Total liabilities
(1,207
)
(3,325
)
(42,431
)
(87,215
)
(134,178
)
For the year ended December 31, 2019
Property, plant and equipment additions
23
736
31,447
813
33,019
Loss from discontinued operations
(2,193
)
-
-
-
(2,193
)
Net (loss)/income
(2,193
)
(9,462
)
3,035
60,285
51,665
Exploration expenditures
-
(8,525
)
-
-
(8,525
)
Depreciation
(326
)
(379
)
(195
)
(226
)
(1,126
)
Schedule of Non-current Assets and Revenues of Discontinued Operation by Geographical SegmentThe Company’s non-current assets and revenues of the discontinued operation are segmented geographically as follows:
Canada $
United States $
Argentina $
Total $
Non-current assets (1)
As at December 31, 2020
760
5,517
131,394
137,671
As at December 31, 2019
923
5,000
156,853
162,776
Revenue of the discontinued operation
For the twelve months ended December 31, 2020
-
670
-
670
For the twelve months ended December 31, 2019
-
5,348
-
5,348
1

Supplemental Disclosure with _2

Supplemental Disclosure with Respect to Cash Flows (Tables)12 Months Ended
Dec. 31, 2020
Supplemental Information With Respect To Cash Flows [Abstract]
Supplementary Disclosure of Company's Non Cash TransactionsSupplementary disclosure of the Company’s non-cash transactions is provided in the table below:
December 31, 2020
December 31, 2019
$
$
Accounts payable related to property, plant and equipment
-
29
Accounts payable related to inventories
-
357
Accounts payable related to financings
80
78
December 31, 2020
December 31, 2019
$
$
Assets acquired under lease agreements
298
1,197
Interest paid
7,318
3,194
Income taxes paid
-
-

Income Taxes (Tables)

Income Taxes (Tables)12 Months Ended
Dec. 31, 2020
Major Components Of Tax Expense Income [Abstract]
Income Tax Recognized in Profit or LossIncome tax recognized in profit or loss is comprised of the following:
December 31, 2020 $
December 31, 2019 $
Withholding taxes accrued (i)
1,219
1,445
Current income tax
-
-
Tax expense (recovery)
1,219
1,445
i)
Estimated accrued foreign withholding taxes of $1,219 at December 31, 2020 (2019 - $1,445) are payable when interest from intercompany loans between the Company and its Joint Operation is received.
Summary of Reconciliation of Income Taxes at Canadian Statutory Rates with Reported TaxesA reconciliation of income taxes at Canadian statutory rates with reported taxes is as follows:
December 31, 2020 $
December 31, 2019 $
(Loss)/Income from continuing operations before tax
(34,002
)
55,303
Loss from discontinued operations
(1,013
)
(2,193
)
(35,015
)
53,110
Statutory tax rate
27
%
27
%
Expected income tax expense/(recovery) at statutory tax rate
(9,454
)
14,340
Items not taxable for income tax purposes
288
(369
)
Gain on dilution of interest in Joint Venture
-
(20,113
)
Initial recognition of temporary differences on investment in Cauchari-Olaroz project
10,931
-
Recognition of previously unrecognized deductible temporary differences on loans to Exar Capital
(4,126
)
-
Effect of higher tax rate in foreign jurisdiction
1,185
1,034
Withholding taxes
1,219
1,445
Change in unrecognized deferred tax assets and other
1,176
5,108
Tax expense
1,219
1,445
Summary of Significant Components of Company's Deferred Tax Assets and LiabilitiesThe significant components of the Company's deferred tax assets and liabilities are as follows:
December 31, 2020 $
December 31, 2019 $
Deferred tax assets:
Tax loss carryforwards
34,976
29,308
Loans to Exar Capital
4,487
-
Exploration and evaluation assets
584
170
Financing costs
661
112
Capital assets
1,308
1,707
Other
851
3,190
Deferred tax assets
42,867
34,487
Deferred tax liabilities:
Capital assets
-
(3,749
)
Investment in Cauchari-Olaroz project
(11,713
)
-
Other
(1,190
)
(270
)
Deferred tax liabilities
(12,903
)
(4,019
)
Unrecognized deferred tax assets
29,964
30,468

Financial Instruments (Tables)

Financial Instruments (Tables)12 Months Ended
Dec. 31, 2020
Disclosure Of Financial Instruments [Abstract]
Summary of Contractual Maturities for Financial Liabilities on Undiscounted BasisThe following table summarizes the contractual maturities of the Company’s financial liabilities on an undiscounted basis:
Years ending December 31,
2021
2022
2023
2024 and later
Total
$
$
$
$
$
Credit facility¹
7,652
8,139
8,618
139,824
164,233
Accounts payable and accrued liabilities
5,204
-
-
-
5,204
Obligations under office leases¹
317
236
189
219
961
Other obligations¹
241
205
105
4,929
5,480
Total
13,414
8,580
8,912
144,972
175,878
¹ Credit facility, Obligations under office leases and Other obligations include principal and interest/finance charges.

Assets Held for Sale and Disc_2

Assets Held for Sale and Discontinued Operation (Tables)12 Months Ended
Dec. 31, 2020
Assets Held For Sale And Discontinued Operation [Abstract]
Summary of Discontinued Operations within Consolidated Statements of Comprehensive Income/(Loss) and Consolidated Statements of Cash Flows ExplanatoryThe results from operations for the organoclay business have, together with restated comparatives, been presented as discontinued operations within the Consolidated Statements of Comprehensive Income/(Loss) and the Consolidated Statements of Cash Flows.
Years ended December 31,
2020
2019
$
$
ORGANOCLAY SALES
670
5,348
COST OF SALES
Production costs
(1,277
)
(5,867
)
Depreciation
(33
)
(427
)
Total cost of sales
(1,310
)
(6,294
)
GROSS LOSS
(640
)
(946
)
EXPENSES
Organoclay research and development
-
(281
)
Impairment of Organoclay property, plant and equipment and write-off of other assets
-
(393
)
Assets write off
(11
)
-
General, administrative, and other
(443
)
(573
)
(454
)
(1,247
)
Other Income
81
-
NET LOSS FROM DISCONTINUED OPERATIONS
(1,013
)
(2,193
)
Loss per share - basic
(0.01
)
(0.02
)
Loss per share - diluted
(0.01
)
(0.02
)
Net cash outflow from discontinued operations
(473
)
(673
)

Nature of Operations - Addition

Nature of Operations - Additional Information (Details)12 Months Ended
Dec. 31, 2020Project
Nature Of Operations [Line Items]
Name of reporting entityLithium Americas Corp.
Number of significant projects2
Cauchari-Olaroz | Minera Exar S.A.
Nature Of Operations [Line Items]
Ownership interest in joint venture49.00%
Cauchari-Olaroz | Minera Exar S.A. | Ganfeng
Nature Of Operations [Line Items]
Ownership interest in joint venture51.00%
Thacker Pass | Lithium Nevada Corp
Nature Of Operations [Line Items]
Ownership interest in subsidiary100.00%

Basis of Preparation and Pres_2

Basis of Preparation and Presentation - Additional Information (Detail)12 Months Ended
Dec. 31, 2020
Basis Of Preparation And Presentation [Abstract]
Date of consolidated financial statements approved for issuanceMar. 1,
2021

Significant Accounting Polici_3

Significant Accounting Policies - Additional Information (Details)Aug. 27, 2020Dec. 31, 2020USD ($)JointArrangement
Significant Accounting Policies [Line Items]
Idled labor expenses $ 1,893,000
Cost of idle labor $ 947,000
Number of joint arrangements | JointArrangement2
Process Testing Facility Equipment
Significant Accounting Policies [Line Items]
Property plant and equipment, estimated useful life10 years
Property, plant and equipment, depreciation methodstraight-line basis
Right-of-use Assets
Significant Accounting Policies [Line Items]
Property, plant and equipment, depreciation methodstraight-line basis
Office Equipment
Significant Accounting Policies [Line Items]
Property, plant and equipment, depreciation methoddeclining balance method
Property, plant and equipment, annual depreciation rate20.00%
Bottom of Range
Significant Accounting Policies [Line Items]
Proportion of voting rights held in associate20.00%
Bottom of Range | Office Equipment
Significant Accounting Policies [Line Items]
Lease contracts term3 years
Bottom of Range | Offices
Significant Accounting Policies [Line Items]
Lease contracts term3 years
Bottom of Range | Buildings
Significant Accounting Policies [Line Items]
Lease contracts term3 years
Bottom of Range | Cars
Significant Accounting Policies [Line Items]
Lease contracts term3 years
Top of Range
Significant Accounting Policies [Line Items]
Proportion of voting rights held in associate50.00%
Top of Range | Office Equipment
Significant Accounting Policies [Line Items]
Lease contracts term5 years
Top of Range | Offices
Significant Accounting Policies [Line Items]
Lease contracts term5 years
Top of Range | Buildings
Significant Accounting Policies [Line Items]
Lease contracts term5 years
Top of Range | Cars
Significant Accounting Policies [Line Items]
Lease contracts term5 years
Investments in Associates
Significant Accounting Policies [Line Items]
Impairment loss $ 0
Exploration and Evaluation Assets
Significant Accounting Policies [Line Items]
Impairment loss $ 0
Minera Exar and Exar Capital B.V.
Significant Accounting Policies [Line Items]
Ownership interest in joint venture49.00%

Cash and Cash Equivalents - Sum

Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019Dec. 31, 2018
Cash And Cash Equivalents [Abstract]
Cash $ 148,070 $ 53,894
Short-term bank deposits29,720
Cash and cash equivalents $ 148,070 $ 83,614 $ 41,604

Cash and Cash Equivalents - Add

Cash and Cash Equivalents - Additional Information (Details) $ in Thousands, $ in ThousandsDec. 31, 2020USD ($)Dec. 31, 2020CAD ($)Dec. 31, 2019USD ($)Dec. 31, 2019CAD ($)
Disclosure Of Cash And Cash Equivalents [Line Items]
Cash $ 148,070 $ 53,894
Company’s joint operation’s cash52,495
Canadian Dollar
Disclosure Of Cash And Cash Equivalents [Line Items]
Cash $ 3,165 $ 388
US Dollar
Disclosure Of Cash And Cash Equivalents [Line Items]
Cash $ 144,905 1,011
Company’s joint operation’s cash $ 52,495
Bottom of Range
Disclosure Of Cash And Cash Equivalents [Line Items]
Percentage of interest on cash0.25%0.25%
Percentage of interest on short term bank deposits1.00%1.00%
Top of Range
Disclosure Of Cash And Cash Equivalents [Line Items]
Percentage of interest on cash1.30%1.30%
Percentage of interest on short term bank deposits2.81%2.81%

Investment in Cauchari-Olaroz_3

Investment in Cauchari-Olaroz Project - Additional Information (Details) shares in Thousands, $ in ThousandsAug. 27, 2020USD ($)Aug. 26, 2020Aug. 16, 2019USD ($)sharesAug. 15, 2019Sep. 11, 2018USD ($)tonDec. 31, 2020USD ($)CommunityDec. 31, 2019USD ($)Dec. 31, 2012USD ($)Dec. 31, 2018USD ($)
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Loans to Exar Capital $ 34,562 $ 37,959 $ 12,609
Repayments of loans owed145 135
Amount recorded as deficit as result of transition from joint operation accounting to equity method38,103
Gain recognized upon closing of 2020 cauchari transaction $ 288 74,492
Share of income of Cauchari-Olaroz project $ 3,648
Percentage of commitments and contingencies in joint operation share49.00%
Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Annual royalty due $ 98
Royalty expiration descriptionMay of every year and expiring in 2041
Annual fees due in 2021 $ 127
Annual fees due in 2022190
Annual fees due in between 2023 and 2061218
Commitments related to contract for construction of evaporation ponds and other construction contracts $ 4,372
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. | Grupo Minero Los Boros
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Description of terms of option agreementMinera Exar paid $100 upon signing and exercised the purchase option for the total consideration of $12,000 to be paid in sixty quarterly installments of $200. The first installment becomes due upon occurrence of one of the following two conditions, whichever comes first: (i) the third anniversary of the purchase option exercise date, being September 11, 2021; or (ii) 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 option12,000
Consideration payments in quarterly installments $ 200
Minimum production for the purchase option exercise | ton20,000
Borrowings of joint venture $ 12,000
Royalty payment upon the exercises the purchase option $ 300
Royalty payment descriptionwithin 10 days of the commercial plant construction start date
Net operating interest of exercises the purchase option3.00%
Net operation interest payable description40 years, payable in Argentinian pesos, annually within the 10 business days after calendar year end.
Equity Accounting Investments | Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
After 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Loans to Exar Capital $ 34,562
Repayments of loans owed40,000
Percentage of Minority interest retained49.00%
Difference between the face value and the fair value of loans7,265
Reversal of discounting on non-interest bearing loans repaid9,608
Amount recorded as deficit as result of transition from joint operation accounting to equity method38,103
Gain recognized upon closing of 2020 cauchari transaction $ 288
2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation50.00%
Difference between the face value and the fair value of loans $ 7,746
JEMSE Arrangement | Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Rights granted to acquire equity interest in joint venture, percentage8.50%
Rights granted to acquire equity interest in joint venture, value $ 1
Ganfeng | After 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation51.00%
Ganfeng | 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation50.00%
Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation50.00%62.50%
Proceeds from issue of ordinary shares $ 160,000
Common shares issued | shares141,000
Investment repaid $ 8,000
Minera Exar S.A. | 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
Proceeds from issue of ordinary shares $ 16,327
Minera Exar S.A. | After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
Proceeds from issue of ordinary shares $ 16,327
Minera Exar S.A. | Ganfeng
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation50.00%37.50%
Minera Exar S.A. | Ganfeng | 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation51.00%50.00%
Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation62.50%
Exar Capital B.V. | 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Repayments of loans owed $ 40,000
Exar Capital B.V. | After 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Non-interest bearing loan $ 14,700
Exar Capital B.V. | After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
Proceeds from issue of ordinary shares $ 689
Exar Capital B.V. | 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Loans to Exar Capital $ 14,500
Non-interest bearing loan maturity period7 years
Exar Capital B.V. | Ganfeng
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation37.50%
Exar Capital B.V. | Ganfeng | 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation51.00%37.50%
Loans to Exar Capital $ 40,000
Right of additional extension period for repayment of noninterest bearing loan1 year
Amount contributed to equity $ 689
Exar Capital B.V. | Ganfeng | After 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Non-interest bearing loan $ 15,300
Exar Capital B.V. | Ganfeng | 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Loans to Exar Capital $ 14,500
Non-interest bearing loan maturity period7 years
Cauchari-Olaroz
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Share of income of Cauchari-Olaroz project $ 6,313
Cauchari-Olaroz | Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Share of income of Cauchari-Olaroz project $ 2,113
Number of communities | Community7
Cauchari-Olaroz | Minera Exar S.A. | Bottom of Range
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Term of Project5 years
Cauchari-Olaroz | Minera Exar S.A. | Top of Range
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Term of Project30 years
Cauchari-Olaroz | JEMSE Arrangement | Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Percentage of equity interest in joint venture to exercise8.50%
Percentage of pro rata share8.50%
Percentage of assignment of the dividends otherwise payable in future periods33.33%
Cauchari-Olaroz | Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
Cauchari-Olaroz | Minera Exar S.A. | Ganfeng
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation51.00%
Cauchari-Olaroz | Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
Cauchari-Olaroz | Exar Capital B.V. | Ganfeng
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation51.00%

Investment in Cauchari-Olaroz_4

Investment in Cauchari-Olaroz Project - Summary of Loans to Joint Operation (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Loans, beginning balance $ 37,959 $ 12,609
Accrued interest3,791
Repayment of loan to Minera Exar and accumulated interest thereon(8,778)
Elimination of loans as a result of Joint Operation accounting(21,731)
Share of loans from Exar Capital to Minera Exar23,241
Loans, ending balance34,562 37,959
Repayment of long-term borrowings(145)(135)
Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Loans to Joint Venture66,250
Initial difference between the face value and the fair value of loans to Exar Capital7,265 (37,423)
Prior to 2019 Project Investment | Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Loans to Joint Venture $ 36,449
Prior to 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Accrued interest3,337
Initial difference between the face value and the fair value of loans to Exar Capital(7,746)
Elimination of loans as a result of Joint Operation accounting(3,377)
Prior to 2020 Cauchari Transaction | Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Loans to Joint Venture14,500
Prior to 2020 Cauchari Transaction | Minera Exar and Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Loans to Joint Venture44,673
After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Accrued interest1,082
Initial difference between the face value and the fair value of loans to Exar Capital(7,265)
Loans, ending balance34,562
Reversal of elimination of loans as a result of the 2020 Cauchari Transaction28,132
Derecognition of share of loans from Exar Capital to Minera Exar as a result of the 2020 Cauchari Transaction(26,368)
Repayment of long-term borrowings(40,000)
Gain on early repayment of the $40,000 loans19,608
After 2020 Cauchari Transaction | Equity Accounting Investments | Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Initial difference between the face value and the fair value of loans to Exar Capital(7,265)
Loans by the Company to Exar Capital after the 2020 Cauchari Transaction $ 14,700

Investment in Cauchari-Olaroz_5

Investment in Cauchari-Olaroz Project - Summary of Loans to Joint Operation (Parenthetical) (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Repayments of loans owed $ 145 $ 135
After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Repayments of loans owed $ 40,000

Investment in Cauchari-Olaroz_6

Investment in Cauchari-Olaroz Project - Schedule of Gain on 2020 Cauchari Transaction (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Gain on the 2020 Cauchari Transaction $ 288 $ 74,492
After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Gain on early repayment of the $40,000 loans19,608
Reversal of the effect of discounting of the $40,000 loans(9,608)
Carrying values of the Company’s diluted share of Investment in Minera Exar and Exar Capital(18,050)
Gain on the 2020 Cauchari Transaction288
Minera Exar S.A. | After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Company’s share of the increase in share capital8,000
Exar Capital B.V. | After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Company’s share of the increase in share capital $ 338

Investment in Cauchari-Olaroz_7

Investment in Cauchari-Olaroz Project - Schedule of Gain on 2020 Cauchari Transaction (Parenthetical) (Details) - USD ($) $ in ThousandsAug. 16, 2019Aug. 15, 2019Dec. 31, 2020Dec. 31, 2019
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Repayments of loans owed $ 145 $ 135
After 2020 Cauchari Transaction
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Repayments of loans owed $ 40,000
Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation50.00%62.50%
Proceeds from issue of ordinary shares $ 160,000
Minera Exar S.A. | After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
Proceeds from issue of ordinary shares $ 16,327
Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation62.50%
Exar Capital B.V. | After 2020 Cauchari Transaction | Equity Accounting Investments
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Ownership interest in joint operation49.00%
Proceeds from issue of ordinary shares $ 689

Investment in Cauchari-Olaroz_8

Investment in Cauchari-Olaroz Project - Schedule of Investment in Cauchari-Olaroz Project (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Share of income of Cauchari-Olaroz project $ 3,648
Cauchari-Olaroz
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Recognition of Investment in Cauchari-Olaroz project $ 121,824
Contribution to Investment in Cauchari-Olaroz project8,118
Share of income of Cauchari-Olaroz project6,313
Elimination of unrealized gain on intercompany transactions(4,861)
Investment in Cauchari-Olaroz project, as at December 31, 2020131,394
Minera Exar S.A.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Investment in Cauchari-Olaroz project, as at December 31, 2020122,503
Minera Exar S.A. | Cauchari-Olaroz
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Recognition of Investment in Cauchari-Olaroz project119,537
Contribution to Investment in Cauchari-Olaroz project853
Share of income of Cauchari-Olaroz project2,113
Investment in Cauchari-Olaroz project, as at December 31, 2020122,503
Exar Capital B.V.
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Investment in Cauchari-Olaroz project, as at December 31, 20208,891
Exar Capital B.V. | Cauchari-Olaroz
Disclosure Of Investments Accounted For Using Equity Method [Line Items]
Recognition of Investment in Cauchari-Olaroz project2,287
Contribution to Investment in Cauchari-Olaroz project7,265
Share of income of Cauchari-Olaroz project4,200
Elimination of unrealized gain on intercompany transactions(4,861)
Investment in Cauchari-Olaroz project, as at December 31, 2020 $ 8,891

Investment in Cauchari-Olaroz_9

Investment in Cauchari-Olaroz Project - Schedule of Amounts Presented in Financial Statements of Joint Venture (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents $ 148,070 $ 83,614 $ 41,604
Total current assets154,340 92,914
Non-current assets172,383 200,885
Current liabilities(8,754)(14,990)
Non-current liabilities(127,266)(119,188)
Withholding tax expense(1,219)(1,445)
General and administrative(7,713)(6,692)
NET (LOSS) /INCOME(36,234) $ 51,665
Minera Exar S.A.
CURRENT ASSETS
Cash and cash equivalents752
Other current assets7,397
Total current assets8,149
Non-current assets512,990
Current liabilities(20,458)
Non-current liabilities(273,050)
Net assets227,631
Other expenses(1,893)
Deferred tax recovery4,342
NET (LOSS) /INCOME2,449
Exar Capital B.V.
CURRENT ASSETS
Cash and cash equivalents10,769
Other current assets3,126
Total current assets13,895
Other current liabilities(1,000)
Other non-current liabilities(5,284)
Net assets43,927
Withholding tax expense(2,973)
General and administrative(457)
NET (LOSS) /INCOME22,828
Exar Capital B.V. | Lithium Americas and Ganfeng | Loans
CURRENT ASSETS
Current liabilities(230,906)
Exar Capital B.V. | Minera Exar S.A.
CURRENT ASSETS
Interest income on loans from Minera Exar S.A.26,258
Exar Capital B.V. | Minera Exar S.A. | Loans
CURRENT ASSETS
Non-current assets $ 267,222

Investment in Cauchari-Olaro_10

Investment in Cauchari-Olaroz Project - Schedule of Reconciliation of Summarized Financial Information to Carrying Value (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Minera Exar S.A.
Disclosure Of Joint Ventures [Line Items]
Company’s share of net assets (49%) $ 111,539
Interest capitalized while proportionally consolidated7,240
Joint Venture expenditures incurred by the Company net of eliminations3,724
Carrying value122,503
Exar Capital B.V.
Disclosure Of Joint Ventures [Line Items]
Company’s share of net assets (49%)21,524
Elimination of unrealized gain on intercompany transactions and other, cumulative(19,898)
Difference between the face value and the fair value of loans to Exar Capital B.V.7,265 $ (37,423)
Carrying value8,891
Minera Exar S.A.
Disclosure Of Joint Ventures [Line Items]
Net assets227,631
Exar Capital B.V.
Disclosure Of Joint Ventures [Line Items]
Net assets $ 43,927

Investment in Cauchari-Olaro_11

Investment in Cauchari-Olaroz Project - Schedule of Reconciliation of Summarized Financial Information to Carrying Value (Parenthetical) (Details)12 Months Ended
Dec. 31, 2020
Minera Exar S.A.
Disclosure Of Joint Ventures [Line Items]
Percentage of company's share of net assets49.00%
Exar Capital B.V.
Disclosure Of Joint Ventures [Line Items]
Percentage of company's share of net assets49.00%

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year $ 158,924
Additions65,515 $ 33,019
Deconsolidation of Minera Exar fixed assets(223,294)
Net book value at ending of the year1,935 158,924
Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year161,149 19,889
IFRS 16 adoption adjustments296
Restated balance at January 1, 201920,185
50% of Minera Exar fixed assets124,752
Additions60,383 33,019
Capitalization of interest5,132 2,110
Disposal of fixed assets(83)(60)
Reclassification to assets held for sale(18,857)
Foreign exchange19
Net book value at ending of the year3,306 161,149
Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year(2,225)(14,466)
50% of Minera Exar’s accumulated depreciation1,260
Depreciation for the year933 1,126
Deconsolidation of Minera Exar fixed assets1,734
Disposal of fixed assets53 50
Reclassification to assets held for sale14,577
Net book value at ending of the year(1,371)(2,225)
Cauchari-Olaroz
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year156,854
Deconsolidation of Minera Exar fixed assets(223,294)
Net book value at ending of the year156,854
Cauchari-Olaroz | Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year158,309
50% of Minera Exar fixed assets124,752
Additions59,853 31,447
Capitalization of interest5,132 2,110
Net book value at ending of the year158,309
Cauchari-Olaroz | Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year(1,455)
50% of Minera Exar’s accumulated depreciation1,260
Depreciation for the year279 195
Deconsolidation of Minera Exar fixed assets1,734
Net book value at ending of the year(1,455)
Land | Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year386
Restated balance at January 1, 2019386
Reclassification to assets held for sale(386)
Buildings | Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year2,143
Restated balance at January 1, 20192,143
Reclassification to assets held for sale(2,143)
Buildings | Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year(835)
Depreciation for the year75
Reclassification to assets held for sale910
Equipment and Machinery
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year754
Net book value at ending of the year727 754
Equipment and Machinery | Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year951 5,066
Restated balance at January 1, 20195,066
Additions247 526
Reclassification to assets held for sale(4,641)
Net book value at ending of the year1,198 951
Equipment and Machinery | Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year(197)(1,859)
Depreciation for the year274 425
Reclassification to assets held for sale2,087
Net book value at ending of the year(471)(197)
Organoclay Plant | Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year11,471
Restated balance at January 1, 201911,471
Reclassification to assets held for sale(11,471)
Organoclay Plant | Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year(11,471)
Reclassification to assets held for sale11,471
Other
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year1,316
Net book value at ending of the year1,208 1,316
Other | Cost
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year1,889 823
IFRS 16 adoption adjustments296
Restated balance at January 1, 20191,119
Additions283 1,046
Disposal of fixed assets(83)(60)
Reclassification to assets held for sale(216)
Foreign exchange19
Net book value at ending of the year2,108 1,889
Other | Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Net book value at beginning of the year(573)(301)
Depreciation for the year380 431
Disposal of fixed assets53 50
Reclassification to assets held for sale109
Net book value at ending of the year $ (900) $ (573)

Property, Plant and Equipment_2

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Parenthetical) (Details) $ in Thousands12 Months Ended
Dec. 31, 2020USD ($)
Cauchari-Olaroz
Disclosure Of Property Plant And Equipment [Line Items]
Company's share in construction costs and project-related costs50.00%
Other Equipment
Disclosure Of Property Plant And Equipment [Line Items]
Lease assets $ 1,369
Accumulated depreciation $ 499
Minera Exar S.A. | Cost
Disclosure Of Property Plant And Equipment [Line Items]
Percentage of fixed assets50.00%
Minera Exar S.A. | Accumulated Depreciation
Disclosure Of Property Plant And Equipment [Line Items]
Percentage of accumulated depreciation50.00%

Exploration and Evaluation As_3

Exploration and Evaluation Assets - Schedule of Exploration and Evaluation Assets Relating to Thacker Pass Project (Details) - Exploration and Evaluation Assets - Thacker Pass - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Acquisition costs
Total exploration and evaluation assets, beginning balance $ 3,852 $ 3,540
Additions490 560
Write offs(248)
Total exploration and evaluation assets, ending balance $ 4,342 $ 3,852

Exploration and Evaluation As_4

Exploration and Evaluation Assets - Additional Information (Details) - Thacker Pass12 Months Ended
Dec. 31, 2020USD ($)
Disclosure Of Exploration And Evaluation Assets [Line Items]
Percentage of royalty revenue20.00%
Percentage of gross royalty revenue8.00%
Cumulative payment $ 22,000,000
Percentage royalty revenue, reduction4.00%
Percentage of option to reduce royalty revenue1.75%
2021
Disclosure Of Exploration And Evaluation Assets [Line Items]
Cumulative payment $ 160,500
2022
Disclosure Of Exploration And Evaluation Assets [Line Items]
Cumulative payment137,500
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 ThousandsDec. 31, 2020Dec. 31, 2019
Current portion of long-term borrowings
Current portion of long-term borrowings $ 3,550 $ 3,111
Long-term borrowings
Long-term borrowings126,940 117,110
Borrowings130,490 120,221
Accrued Interest
Current portion of long-term borrowings
Current portion of long-term borrowings3,056 2,662
Other Liabilities
Current portion of long-term borrowings
Current portion of long-term borrowings494 449
Long-term borrowings
Long-term borrowings5,719 5,222
Credit Facility (Net of Financing Costs)
Long-term borrowings
Long-term borrowings95,068 83,043
Limited Recourse Loan Facility
Long-term borrowings
Long-term borrowings $ 26,153
Share of Joint Operation Borrowings
Long-term borrowings
Long-term borrowings $ 28,845

Long-Term Borrowings - Addition

Long-Term Borrowings - Additional Information (Details) $ in Thousands1 Months Ended6 Months Ended12 Months Ended
Oct. 31, 2018USD ($)Jun. 30, 2019USD ($)Dec. 31, 2020USD ($)InstalmentDec. 31, 2019USD ($)tpa
Disclosure Of Detailed Information About Borrowings [Line Items]
Drawn borrowing facilities $ 36,708 $ 66,250
Accrued interest3,791
Other liabilities5,719 5,222
Lithium Nevada Corp | Thacker Pass
Disclosure Of Detailed Information About Borrowings [Line Items]
Other liabilities $ 4,830
Payments from mining contractor $ 3,500
Number of quarterly instalments | Instalment7
Success fee to mining contractor $ 4,650
Repayment amount upon failing to achieve milestone3,500
Other Liabilities | Lithium Nevada Corp | Thacker Pass
Disclosure Of Detailed Information About Borrowings [Line Items]
Payments from mining contractor $ 2,000 $ 1,500
Bangchak | Bottom of Range
Disclosure Of Detailed Information About Borrowings [Line Items]
Production capacity expansion incremental off-take rights | tpa3,500
Bangchak | Top of Range
Disclosure Of Detailed Information About Borrowings [Line Items]
Production capacity expansion incremental off-take rights | tpa6,000
Ganfeng | Exar Capital B.V.
Disclosure Of Detailed Information About Borrowings [Line Items]
Percentage of share of loans derecognized62.50%
Cauchari-Olaroz Project | Bottom of Range
Disclosure Of Detailed Information About Borrowings [Line Items]
Production capacity expansion | tpa25,000
Cauchari-Olaroz Project | Top of Range
Disclosure Of Detailed Information About Borrowings [Line Items]
Production capacity expansion | tpa40,000
Cauchari-Olaroz Project | Bangchak
Disclosure Of Detailed Information About Borrowings [Line Items]
Description of terms of option agreementIn consideration for Bangchak providing its consent to the 2019 Project Investment, following the Company’s approval of the expansion of the stated production capacity of the Cauchari-Olaroz project from its previously targeted production of 25,000 tonnes per annum (“tpa”) to 40,000 tpa and entry into an amended off-take agreement with Bangchak, the Company provided incremental off-take rights in favour of Bangchak to acquire up to an additional 3,500 tpa of lithium carbonate, up to an aggregate maximum of 6,000 tpa of lithium carbonate (at a 40,000 tpa project capacity) at market prices.
Additional debt financing costs paid $ 50,000
Senior Credit Facility
Disclosure Of Detailed Information About Borrowings [Line Items]
Borrowings obtained from drawdown of credit facility $ 12,000
Drawn borrowing facilities205,000
Net drawn borrowing facilities $ 95,750
Term of credit facilityThe credit facility has a term of six years from 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.
Credit facility term6 years
Description of repayment of credit facilityRepayments of borrowings made under the credit facility must start on August 8, 2022, being the fourth anniversary of the first drawdown date, in an amount equal to 75% of Minera Exar’s Free Cash Flow (as defined in the credit facility agreement). As security for the facility, the Company granted to the lenders a first priority security interest in all assets except those that represent its ownership interest in the Cauchari-Olaroz Project.
Percentage of right to purchase share of production75.00%
Senior Credit Facility | First Three Years
Disclosure Of Detailed Information About Borrowings [Line Items]
Borrowings interest rate8.00%
Senior Credit Facility | Year Four
Disclosure Of Detailed Information About Borrowings [Line Items]
Borrowings interest rate8.50%
Senior Credit Facility | Year Five
Disclosure Of Detailed Information About Borrowings [Line Items]
Borrowings interest rate9.00%
Senior Credit Facility | Year Six
Disclosure Of Detailed Information About Borrowings [Line Items]
Borrowings interest rate9.50%
Senior Credit Facility | Ganfeng
Disclosure Of Detailed Information About Borrowings [Line Items]
Proceed from long-term borrowings $ 7,800
Senior Credit Facility | Bangchak
Disclosure Of Detailed Information About Borrowings [Line Items]
Proceed from related party borrowings4,200
Non-Recourse Loan Agreement | Ganfeng
Disclosure Of Detailed Information About Borrowings [Line Items]
Borrowings interest rate10.00%
Percentage of right to purchase share of production50.00%
Borrowing facility $ 100,000
Borrowings, interest rate basisLIBOR plus 5.5%
Limited Recourse Loan Facility
Disclosure Of Detailed Information About Borrowings [Line Items]
Borrowings obtained from drawdown of credit facility20,000
Drawn borrowing facilities100,000
Additional drawdowns from credit facility4,708
Limited Recourse Loan Facility | Long-term liabilities
Disclosure Of Detailed Information About Borrowings [Line Items]
Accrued interest $ 1,446

Equity Compensation - Additiona

Equity Compensation - Additional Information (Details) $ in Thousands12 Months Ended
Dec. 31, 2020USD ($)sharesDec. 31, 2020USD ($)$ / sharesDec. 31, 2019USD ($)sharesDec. 31, 2019USD ($)$ / sharesApr. 01, 2020shares
Disclosure Of Equity Compensation [Line Items]
Weighted average share price at the time of exercise of options | $ / shares $ 12.57 $ 4.73
Equity compensation expense $ 6,626 $ 4,119
Directors, Officers and Employees
Disclosure Of Equity Compensation [Line Items]
Stock options granted | shares0 0
Restricted Share Units
Disclosure Of Equity Compensation [Line Items]
Number of shares granted | shares810,000 955,000
Unrecognized compensation cost related to unvested share based compensation arrangements $ 667 $ 1,525
Fair value of share units recorded as a share-based payments expense included in payables pending issuance1,658
Restricted Share Units | Operating Expense
Disclosure Of Equity Compensation [Line Items]
Fair value of share units recorded as a share-based payments expense $ 4,669 $ 2,252
Deferred Share Units
Disclosure Of Equity Compensation [Line Items]
Number of shares granted | shares121,000 135,000
Fair value of shares granted $ 468 $ 468 $ 458 $ 458
Cashless Exercise Provision Stock Option Plan
Disclosure Of Equity Compensation [Line Items]
Equity compensation expense $ 0 $ 239
Performance Share Units
Disclosure Of Equity Compensation [Line Items]
Number of shares granted | shares0 323,000
Unrecognized compensation cost related to unvested share based compensation arrangements $ 1,613 $ 3,398
Performance Share Units | Operating Expense
Disclosure Of Equity Compensation [Line Items]
Fair value of share units recorded as a share-based payments expense $ 1,957 $ 1,628
Equity Incentive Plan
Disclosure Of Equity Compensation [Line Items]
Maximum percentage of outstanding common shares reserved for issuance16.00%10.00%
Common shares issued | shares14,400,737,000
Number of common shares outstanding | shares14,400,737,000
Maximum term for stock option granted5 years
Equity Incentive Plan | Restricted Share Units
Disclosure Of Equity Compensation [Line Items]
Number of shares granted | shares810,000 955,000
Fair value of shares granted $ 2,247 $ 2,247 $ 4,613 $ 4,613

Equity Compensation - Summary o

Equity Compensation - Summary of Changes to Number of Restricted Shares (Details) - Restricted Share Units - shares shares in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Fair Value Measurement Of Equity [Line Items]
Number of shares outstanding balance2,388 1,668
Number of shares converted into common shares(886)(206)
Number of shares granted810 955
Number of shares forfeited(22)(20)
Number of shares cancelled(9)
Number of shares outstanding balance2,290 2,388

Equity Compensation - Summary_2

Equity Compensation - Summary of Changes to Number of Deferred Share Units (Details) - Deferred Share Units - shares shares in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Fair Value Measurement Of Equity [Line Items]
Number of shares outstanding balance228 128
Number of shares granted121 135
Number of shares converted into common shares(131)(35)
Number of shares outstanding balance218 228

Equity Compensation - Summary_3

Equity Compensation - Summary of Stock Options Outstanding and Exercisable (Details) shares in Thousands12 Months Ended
Dec. 31, 2020shares$ / sharesDec. 31, 2019shares$ / sharesDec. 31, 2018shares$ / shares
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Number of options outstanding | shares2,303 3,731 5,152
Weighted average remaining contractual life of options outstanding (years)1 year 3 months 18 days
Weighted average exercise price of options outstanding $ 6.05 $ 5.94 $ 5.02
Number of options exercisable | shares2,303
Weighted average exercise price of options exercisable $ 6.05
$1.50-$2.35
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Number of options outstanding | shares476
Weighted average remaining contractual life of options outstanding (years)2 months 12 days
Weighted average exercise price of options outstanding $ 2.35
Number of options exercisable | shares476
Weighted average exercise price of options exercisable $ 2.35
$1.50-$2.35 | Bottom of Range
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Exercise price of options outstanding1.50
$1.50-$2.35 | Top of Range
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Exercise price of options outstanding $ 2.35
$4.55 - $5.00
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Number of options outstanding | shares649
Weighted average remaining contractual life of options outstanding (years)1 year 3 months 18 days
Weighted average exercise price of options outstanding $ 4.90
Number of options exercisable | shares649
Weighted average exercise price of options exercisable $ 4.90
$4.55 - $5.00 | Bottom of Range
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Exercise price of options outstanding4.55
$4.55 - $5.00 | Top of Range
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Exercise price of options outstanding $ 5
$8.05 - $11.07
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Number of options outstanding | shares1,178
Weighted average remaining contractual life of options outstanding (years)1 year 8 months 12 days
Weighted average exercise price of options outstanding $ 8.18
Number of options exercisable | shares1,178
Weighted average exercise price of options exercisable $ 8.18
$8.05 - $11.07 | Bottom of Range
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Exercise price of options outstanding8.05
$8.05 - $11.07 | Top of Range
Disclosure Of Issued Capital Equity Compensation And Warrants [Line Items]
Exercise price of options outstanding $ 11.07

Equity Compensation - Summary_4

Equity Compensation - Summary of Changes to Stock Options Outstanding (Details) shares in Thousands12 Months Ended
Dec. 31, 2020shares$ / sharesDec. 31, 2019shares$ / shares
Disclosure Of Changes To Stock Options Outstanding [Abstract]
Number of Options, Balance Outstanding | shares3,731 5,152
Number of Options, Exercised | shares(1,233)(1,203)
Number of Options, Expired | shares(195)(218)
Number of Options, Balance Outstanding | shares2,303 3,731
Weighted Average Exercise Price, Balance Outstanding | $ / shares $ 5.94 $ 5.02
Weighted Average Exercise Price, Exercised | $ / shares(5.19)(2.60)
Weighted Average Exercise Price, Expired | $ / shares(8.99)(6.41)
Weighted Average Exercise Price, Balance Outstanding | $ / shares $ 6.05 $ 5.94

Equity Compensation -Summary of

Equity Compensation -Summary of Changes to Number of RS-Ps (Details) - Performance Share Units - shares12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Fair Value Measurement Of Equity [Line Items]
Number of shares outstanding balance1,010,000 699,000
Number of shares forfeited(12,000)
Number of shares granted0 323,000
Number of shares cancelled(11,000)
Number of shares outstanding balance999,000 1,010,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in ThousandsMar. 02, 2021Dec. 31, 2020Dec. 31, 2019
Disclosure Of Transactions Between Related Parties [Line Items]
Compensation paid $ 7,662 $ 6,373
Minera Exar S.A.
Disclosure Of Transactions Between Related Parties [Line Items]
Directors remuneration expense36 $ 37
Former President | Potential Transactions
Disclosure Of Transactions Between Related Parties [Line Items]
Compensation paid $ 646
Compensation paid in cash300
Compensation paid in the form of RSUs346
Advisory consulting monthly fees $ 14
Advisory consulting term12 months
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 $ 1,943
Percentage of share of joint venture49.00%
Minera Exar S.A. | Equity Accounting Investments
Disclosure Of Transactions Between Related Parties [Line Items]
Percentage of ownership interest49.00%

Related Party Transactions - Su

Related Party Transactions - Summary of Compensation of Key Management (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Related Party Transactions [Abstract]
Equity compensation $ 3,761 $ 2,731
Salaries, bonuses, benefits and directors’ fees included in general and administrative expenses2,684 2,565
Salaries, bonuses and benefits included in exploration expenditures450 369
Salaries and benefits capitalized to Investment in Cauchari-Olaroz project767 708
Total remuneration7,662 6,373
Total due to directors and executive team $ 1,676 $ 357

General and Administrative Ex_3

General and Administrative Expenses - Summary of Company's General and Administrative Expenses (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of General And Administrative Expenses [Line Items]
General and administrative expenses $ 7,713 $ 6,692
Salaries, Benefits and Directors Fees
Disclosure Of General And Administrative Expenses [Line Items]
General and administrative expenses4,475 3,657
Office and Administration
Disclosure Of General And Administrative Expenses [Line Items]
General and administrative expenses1,360 941
Professional Fees
Disclosure Of General And Administrative Expenses [Line Items]
General and administrative expenses1,073 955
Regulatory and Filing Fees
Disclosure Of General And Administrative Expenses [Line Items]
General and administrative expenses277 235
Travel
Disclosure Of General And Administrative Expenses [Line Items]
General and administrative expenses27 444
Depreciation
Disclosure Of General And Administrative Expenses [Line Items]
General and administrative expenses303 227
Investor Relations
Disclosure Of General And Administrative Expenses [Line Items]
General and administrative expenses $ 198 $ 233

Exploration Expenditures - Summ

Exploration Expenditures - Summary of Company's Exploration Expenditures (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Exploration Expenditures [Line Items]
Total exploration expenditures $ 17,726 $ 8,525
Thacker Pass and Other Project Expenditures
Disclosure Of Exploration Expenditures [Line Items]
Total exploration expenditures17,726 8,525
Engineering | Thacker Pass and Other Project Expenditures
Disclosure Of Exploration Expenditures [Line Items]
Total exploration expenditures9,605 1,063
Geological, Consulting and Salaries | Thacker Pass and Other Project Expenditures
Disclosure Of Exploration Expenditures [Line Items]
Total exploration expenditures4,525 5,574
Permitting and Environmental | Thacker Pass and Other Project Expenditures
Disclosure Of Exploration Expenditures [Line Items]
Total exploration expenditures2,196 227
Field Supplies and Other | Thacker Pass and Other Project Expenditures
Disclosure Of Exploration Expenditures [Line Items]
Total exploration expenditures494 757
Depreciation | Thacker Pass and Other Project Expenditures
Disclosure Of Exploration Expenditures [Line Items]
Total exploration expenditures454 371
Drilling and Geological Expenses | Thacker Pass and Other Project Expenditures
Disclosure Of Exploration Expenditures [Line Items]
Total exploration expenditures $ 452 $ 533

Segmented Information - Additio

Segmented Information - Additional Information (Details)12 Months Ended
Dec. 31, 2020Segment
Disclosure Of Operating Segments [Abstract]
Number of operating segments3
Number of geographic areas3

Segmented Information - Summary

Segmented Information - Summary of Reportable Segments (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Disclosure Of Operating Segments [Line Items]
Property, plant and equipment $ 1,935 $ 158,924
Assets held for sale3,926 4,279
Exploration and evaluation assets4,342 3,852
Total assets326,723 293,799
Total liabilities(136,020)(134,178)
Property, plant and equipment additions65,515 33,019
Loss from discontinued operations(1,013)(2,193)
Net (loss)/income(36,234)51,665
Exploration expenditures(17,726)(8,525)
Depreciation(933)(1,126)
Operating Segments | Organoclay Plant
Disclosure Of Operating Segments [Line Items]
Assets held for sale3,926 4,279
Total assets4,169 5,621
Total liabilities(552)(1,207)
Property, plant and equipment additions23
Loss from discontinued operations(1,013)(2,193)
Net (loss)/income(1,013)(2,193)
Depreciation(326)
Operating Segments | Thacker Pass
Disclosure Of Operating Segments [Line Items]
Property, plant and equipment1,175 1,147
Exploration and evaluation assets4,342 3,852
Total assets6,437 5,817
Total liabilities(7,000)(3,325)
Property, plant and equipment additions507 736
Net (loss)/income(18,123)(9,462)
Exploration expenditures(16,794)(8,525)
Depreciation(484)(379)
Operating Segments | Cauchari-Olaroz
Disclosure Of Operating Segments [Line Items]
Property, plant and equipment156,854
Total assets131,394 248,821
Total liabilities(42,431)
Property, plant and equipment additions64,985 31,447
Net (loss)/income(767)3,035
Exploration expenditures(932)
Depreciation(279)(195)
Corporate
Disclosure Of Operating Segments [Line Items]
Property, plant and equipment760 923
Total assets184,723 33,540
Total liabilities(128,468)(87,215)
Property, plant and equipment additions23 813
Net (loss)/income(16,331)60,285
Depreciation $ (170) $ (226)

Segmented Information - Schedul

Segmented Information - Schedule of Non-current Assets and Revenues of Discontinued Operation by Geographical Segment (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Non-current assets
Non-current assets $ 137,671 $ 162,776
Discontinued Operation
Revenue of the discontinued operation
Revenue of the discontinued operation670 5,348
Canada
Non-current assets
Non-current assets760 923
United States
Non-current assets
Non-current assets5,517 5,000
United States | Discontinued Operation
Revenue of the discontinued operation
Revenue of the discontinued operation670 5,348
Argentina
Non-current assets
Non-current assets $ 131,394 $ 156,853

Supplemental Disclosure with _3

Supplemental Disclosure with Respect to Cash Flows - Supplementary Disclosure of Company's Non Cash Transactions (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Supplemental Information With Respect To Cash Flows [Abstract]
Accounts payable related to property, plant and equipment $ 29
Accounts payable related to inventories357
Accounts payable related to financings $ 80 78
Assets acquired under lease agreements298 1,197
Interest paid $ 7,318 $ 3,194

Income Taxes - Income Tax Recog

Income Taxes - Income Tax Recognized in Profit or Loss (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Major Components Of Tax Expense Income [Abstract]
Withholding taxes accrued $ 1,219 $ 1,445
Tax expense (recovery) $ 1,219 $ 1,445

Income Taxes - Income Tax Rec_2

Income Taxes - Income Tax Recognized in Profit or Loss (Parenthetical) (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Major Components Of Tax Expense Income [Abstract]
Withholding taxes accrued $ 1,219 $ 1,445

Income Taxes - Summary of Recon

Income Taxes - Summary of Reconciliation of Income Taxes at Canadian Statutory Rates with Reported Taxes (Details) - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Reconciliation Of Accounting Profit Multiplied By Applicable Tax Rates [Abstract]
(Loss)/Income from continuing operations before tax $ (34,002) $ 55,303
Loss from discontinued operations(1,013)(2,193)
(Loss)/Income before tax $ (35,015) $ 53,110
Statutory tax rate27.00%27.00%
Expected income tax expense/(recovery) at statutory tax rate $ (9,454) $ 14,340
Items not taxable for income tax purposes288 (369)
Gain on dilution of interest in Joint Venture(20,113)
Initial recognition of temporary differences on investment in Cauchari-Olaroz project10,931
Recognition of previously unrecognized deductible temporary differences on loans to Exar Capital(4,126)
Effect of higher tax rate in foreign jurisdiction1,185 1,034
Withholding taxes accrued1,219 1,445
Change in unrecognized deferred tax assets and other1,176 5,108
Tax expense (recovery) $ 1,219 $ 1,445

Income Taxes - Summary of Signi

Income Taxes - Summary of Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in ThousandsDec. 31, 2020Dec. 31, 2019
Deferred tax assets:
Deferred tax assets $ 42,867 $ 34,487
Deferred tax liabilities:
Deferred tax liabilities(12,903)(4,019)
Unrecognized deferred tax assets29,964 30,468
Tax Loss Carryforwards
Deferred tax assets:
Deferred tax assets34,976 29,308
Loans to Exar Capital
Deferred tax assets:
Deferred tax assets4,487
Exploration and Evaluation Assets
Deferred tax assets:
Deferred tax assets584 170
Financing Costs
Deferred tax assets:
Deferred tax assets661 112
Capital Assets
Deferred tax assets:
Deferred tax assets1,308 1,707
Deferred tax liabilities:
Deferred tax liabilities(3,749)
Equity Accounting Investments
Deferred tax liabilities:
Deferred tax liabilities(11,713)
Other
Deferred tax assets:
Deferred tax assets851 3,190
Deferred tax liabilities:
Deferred tax liabilities $ (1,190) $ (270)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) $ in Thousands, $ in Thousands12 Months Ended
Dec. 31, 2020USD ($)Dec. 31, 2020CAD ($)Dec. 31, 2019USD ($)Dec. 31, 2019CAD ($)
Canada
Major Components Of Tax Expense Income Line Item
Non-capital loss carryforwards $ 82,000 $ 61,000
Non-capital loss carryforwards expiration year periodbetween 2027 – 2039
US
Major Components Of Tax Expense Income Line Item
Non-capital loss carryforwards $ 83,000 $ 64,000
Non-capital loss carryforwards expiration year period2029

Financial Instruments - Additio

Financial Instruments - Additional Information (Details) $ in Thousands12 Months Ended
Dec. 31, 2020USD ($)Dec. 31, 2019USD ($)Dec. 31, 2018USD ($)
Disclosure Of Financial Instruments [Line Items]
Cash and cash equivalents $ 148,070 $ 83,614 $ 41,604
Current liabilities8,754 14,990
Cash and cash equivalents held in USD144,905
Credit facility denominated in USD $ 121,221
Foreign exchange rate0.10
Foreign exchange gain (loss) $ (270) $ (326)
Exar Capital B.V.
Disclosure Of Financial Instruments [Line Items]
Joint operation borrowings34,562
Credit Risk
Disclosure Of Financial Instruments [Line Items]
Cash and cash equivalents148,070
Current liabilities8,754
Currency Risk
Disclosure Of Financial Instruments [Line Items]
Foreign exchange gain (loss) $ 1,088

Financial instruments - Summary

Financial instruments - Summary of Contractual Maturities for Financial Liabilities on Undiscounted Basis (Details) $ in ThousandsDec. 31, 2020USD ($)
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total $ 175,878
Credit Facility (Net of Financing Costs)
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total164,233
Accounts Payable and Accrued Liabilities
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total5,204
Obligations Under Office Leases
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total961
Other Obligations
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total5,480
2021
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total13,414
2021 | Credit Facility (Net of Financing Costs)
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total7,652
2021 | Accounts Payable and Accrued Liabilities
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total5,204
2021 | Obligations Under Office Leases
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total317
2021 | Other Obligations
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total241
Later than one year [member]
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total8,580
Later than one year [member] | Credit Facility (Net of Financing Costs)
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total8,139
Later than one year [member] | Obligations Under Office Leases
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total236
Later than one year [member] | Other Obligations
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total205
2022
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total8,912
2022 | Credit Facility (Net of Financing Costs)
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total8,618
2022 | Obligations Under Office Leases
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total189
2022 | Other Obligations
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total105
2023 and Later
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total144,972
2023 and Later | Credit Facility (Net of Financing Costs)
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total139,824
2023 and Later | Obligations Under Office Leases
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total219
2023 and Later | Other Obligations
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items]
Financial liabilities on undiscounted basis ,Total $ 4,929

Assets Held for Sale and Disc_3

Assets Held for Sale and Discontinued Operation - Summary of Discontinued Operations within Consolidated Statements of Comprehensive Income/(Loss) and Consolidated Statements of Cash Flows Explanatory (Details) - USD ($) $ / shares in Units, $ in Thousands12 Months Ended
Dec. 31, 2020Dec. 31, 2019
EXPENSES
NET LOSS FROM DISCONTINUED OPERATIONS $ (1,013) $ (2,193)
Discontinued Operation
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items]
Revenue of the discontinued operation670 5,348
COST OF SALES
Production costs(1,277)(5,867)
Depreciation(33)(427)
Total cost of sales(1,310)(6,294)
GROSS LOSS(640)(946)
EXPENSES
Organoclay research and development(281)
Impairment of Organoclay property, plant and equipment and write-off of other assets(393)
Assets write off(11)
General, administrative, and other(443)(573)
Total expenses(454)(1,247)
Other Income81
NET LOSS FROM DISCONTINUED OPERATIONS $ (1,013) $ (2,193)
Loss per share - basic $ (0.01) $ (0.02)
Loss per share - diluted $ (0.01) $ (0.02)
Net cash outflow from discontinued operations $ (473) $ (673)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in ThousandsJan. 22, 2021USD ($)$ / sharessharesJan. 13, 2021USD ($)Jan. 01, 2021sharesFeb. 28, 2021USD ($)Dec. 31, 2020USD ($)sharesDec. 31, 2019USD ($)sharesJan. 31, 2021USD ($)Dec. 31, 2018shares
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Gross proceeds from common shares issued | $ $ 100,000
Interest paid on drawdown amount under credit facility | $ $ 3,791
Number of options outstanding2,303,000 3,731,000 5,152,000
Restricted Share Units
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
RSUs converted into shares2,290,000 2,388,000 1,668,000
Number Of Other Equity Instruments Converted Into Common Shares In Sharebased Payment Arrangement886,000 206,000
Number of shares granted810,000 955,000
Performance Share Units
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
RSUs converted into shares999,000 1,010,000 699,000
Number of shares granted0 323,000
Deferred Share Units
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
RSUs converted into shares218,000 228,000 128,000
Number Of Other Equity Instruments Converted Into Common Shares In Sharebased Payment Arrangement131,000 35,000
Number of shares granted121,000 135,000
Common Share Transactions | Common Shares
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Common shares issued18,182,000
Common shares issued upon full exercise by underwriters through over-allotment option2,273,000
Share issued price per share | $ / shares $ 22
Gross proceeds from common shares issued | $ $ 400,000
Net proceeds from common shares issued | $ $ 377,000
Events After Reporting Period | Credit Facility (Net of Financing Costs)
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Borrowings obtained from drawdown of credit facility | $ $ 4,550
Interest paid on drawdown amount under credit facility | $ $ 3,866
Share Transactions
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Common shares issued140,000
Number of options outstanding122,000
Number of equity instruments converted into common shares in sharebased payment arrangement101,000
Share Transactions | Restricted Share Units
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
RSUs converted into shares39,000
Number Of Other Equity Instruments Converted Into Common Shares In Sharebased Payment Arrangement39,000
Number of shares granted240,000
Vesting period4 years
Vesting descriptionThe vesting periods of RSUs vary from immediate vesting to vesting periods of up to 4 years
Share Transactions | Performance Share Units
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Number of shares granted162,000
Vesting period3 years
Vesting descriptionPSUs have a three-year vesting period and vest on January 4, 2024
Share Transactions | Deferred Share Units
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Number of shares granted7,000
Organoclay Property, Plant and Equipment | Sale of Property
Disclosure Of Nonadjusting Events After Reporting Period [Line Items]
Gross proceeds from sale of property, plant and equipment | $ $ 4,250