Lithium Americas (Argentina) Corp. (TSX: LAAC) (NYSE:
LAAC) (“
Lithium Argentina” or the
“
Company”) today announced preliminary 2023
operational results for the Caucharí-Olaroz lithium brine operation
(“
Caucharí-Olaroz” or the
“
Project”) in Jujuy, Argentina.
HIGHLIGHTS
- 2023 production surpassed guidance
reaching approximately 6,000 tonnes of lithium carbonate.
- Lithium carbonate plant is
producing at approximately 50% capacity.
- The KCl plant is operational and in
the process of ramping up in production volume and product
quality.
- Lithium Argentina to report
year-end financial results on March 21, 2024 after market
close.
“We are very pleased with the production results
from Caucharí-Olaroz to date and continue to progress of the ramp
up of both production volume and product quality,” commented John
Kanellitsas Executive Chair, President and interim CEO. “The team
in Argentina has gained valuable experience and has consistently
achieved important milestones as the Project transitioned from
construction into operations. We look forward to 2024 with a focus
on achieving nameplate capacity and laying the foundation for our
next phase of growth.”
Following the achievement of first lithium
carbonate production in June 2023, Caucharí-Olaroz has been
consistently producing lithium carbonate as commissioning and
ramp-up continue. Production is currently achieving 99.5% lithium
carbonate content with technical quality specifications approaching
battery quality.
The Project produced approximately 6,000 tonnes
of lithium carbonate in 2023 exceeding the Company’s previous
guidance of 5,000 tonnes. The first lithium shipment left Argentina
in early October with regular shipments continuing since then.
Fourth Quarter and Full Year
2023 Financial Results
Lithium Argentina
plans release its fourth quarter and full year 2023 financial
results, including an update on production guidance for 2024, after
market hours on, March 21, 2024.
Senior management
plans to host a conference call on March 22, 2024, at 10:00 a.m.
(Eastern Time).
Webcast details and an
online archive of the webcast will be available by accessing the
Company's website at www.lithium-argentina.com
ABOUT LITHIUM
ARGENTINA
Lithium Argentina is
an emerging producer of lithium carbonate for use predominately in
lithium-ion batteries and electric vehicles. The Company, in
partnership with Ganfeng Lithium Co, Ltd., is ramping up production
of the Caucharí-Olaroz lithium brine operation in Argentina and
advancing development of additional lithium resources in the
region. Lithium Argentina currently trades on the TSX and on the
NYSE, under the ticker symbol “LAAC.”
TECHNICAL
INFORMATION
The Technical
Information in this news release with respect to Caucharí-Olaroz,
has been reviewed and approved by Ernest Burga, P.Eng., a Qualified
Person as defined by National Instrument 43-101 independent of the
Company.
FORWARD-LOOKING INFORMATION
This news release
contains “forward-looking information” within the meaning of
applicable Canadian securities legislation and “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (collectively referred to
herein as “forward-looking information”). These statements relate
to future events or the Company’s future performance. All
statements, other than statements of historical fact, may be
forward-looking information. Forward-looking information generally
can be identified by the use of words such as “seek,” “anticipate,”
“plan,” “continue,” “estimate,” “expect,” “may,” “will,” “project,”
“predict,” “propose,” “potential,” “targeting,” “intend,” “could,”
“might,” “should,” “believe” and similar expressions. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information.
In particular, this
news release contains forward-looking information, including,
without limitation, with respect to the following matters or the
Company’s expectations relating to such matters: goals of the
Company; development of the Caucharí-Olaroz project, including
timing of the ramp up in production capacity and product quality,
timing of commissioning and ramp up of the KCI plant; and the
release of fourth quarter and full year 2023 financial results, and
production guidance for 2024.
Forward-looking
information does not take into account the effect of transactions
or other items announced or occurring after the statements are
made. Forward-looking information contained in this news release is
based upon a number of expectations and assumptions and is subject
to a number of risks and uncertainties, including but not limited
to those related to: current technological trends; a cordial
business relationship between the Company and third party strategic
and contractual partners, including the co-owners of the
Caucharí-Olaroz project; ability of the Company to fund, advance,
develop and ramp up the Caucharí-Olaroz project, the impacts of the
project when full production commences; ability of the Company to
advance and develop the Pastos Grandes and Sal de la Puna projects;
the Company’s ability to operate in a safe and effective manner;
uncertainties relating to receiving and maintaining mining,
exploration, environmental and other permits or approvals in
Argentina; demand for lithium, including that such demand is
supported by growth in the electric vehicle market; the impact of
increasing competition in the lithium business, and the Company’s
competitive position in the industry; general economic,
geopolitical, and political conditions; the stable and supportive
legislative, regulatory and community environment in the
jurisdictions where the Company operates; regulatory, and political
matters that may influence or be influenced by future events or
conditions; local and global political and economic conditions;
governmental and regulatory requirements and actions by
governmental authorities, including changes in government policies;
stability and inflation of the Argentine peso, including any
foreign exchange or capital controls which may be enacted in
respect thereof, and the effect of current or any additional
regulations on the Company’s operations; the impact of unknown
financial contingencies, including litigation costs, on the
Company’s operations; gains or losses, in each case, if any, from
short-term investments in Argentine bonds and equities; estimates
of and unpredictable changes to the market prices for lithium
products; development and ramp up costs for the Caucharí-Olaroz
project, and costs for any additional exploration work at the
projects; uncertainties inherent to estimates of Mineral Resources
and Mineral Reserves, including whether Mineral Resources not
included in Mineral Reserves will be further developed into Mineral
Reserves; reliability of technical data; anticipated timing and
results of exploration, development and construction activities;
the Company’s ability to obtain additional financing on
satisfactory terms or at all; the ability to develop and achieve
production at any of the Company’s mineral exploration and
development properties; the impact of inflationary and other
conditions on the Company’s business and global mark; and accuracy
of development budget and construction estimates. Many of these
expectations, assumptions, risk and uncertainties are beyond the
Company’s control, and could cause actual results to differ
materially from those that are disclosed in or implied by such
forward-looking information.
Although the Company
believes that the assumptions and expectations reflected in such
forward-looking information are reasonable, the Company can give no
assurance that these assumptions and expectations will prove to be
correct. Since forward-looking information inherently involves
risks and uncertainties, undue reliance should not be placed on
such information. The Company’s actual results could differ
materially from those anticipated in any forward-looking
information as a result of the risk factors set out herein and, in
the Company’s latest annual information form
(“AIF”), management information circular
management discussion & analysis and other publicly filed
documents (collectively, the “Company Public
Disclosure”) all of which are available on SEDAR+.
All forward-looking
information contained in this news release is expressly qualified
by the risk factors set out in the latest Company Public
Disclosures. Such risk factors are not exhaustive. The Company does
not undertake any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by law.
All forward-looking information contained in this news release is
expressly qualified in its entirety by this cautionary statement.
Additional information about the above-noted assumptions, risks and
uncertainties is contained in the Company Public Disclosures, which
are available on SEDAR+ at www.sedarplus.ca.
For further information contact:
Investor Relations
Telephone: +54-11-52630616
Email: ir@lithium-argentina.com
Website: www.lithium-argentina.com
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