Lithium Argentina AG

Lithium Argentina AG reported a net loss of $76.9 million for FY 2025, widening from $15.2 million in FY 2024, primarily due to a $39.8 million share of loss from the Cauchari-Olaroz project (up from $28.2 million), higher share-based compensation of $15.1 million (vs. $7.2 million), and a $9.3 million loss on JEMSE receivable. Total expenses rose to $77.5 million from $60.4 million, driven by exploration costs of $6.7 million and G&A of $15.7 million. No revenue was recognized as the Company acted as an agent for lithium carbonate sales totaling $133.3 million to Ganfeng and Bangchak. Balance sheet showed total assets of $1.10 billion (down from $1.13 billion), with cash at $61.1 million (vs. $85.5 million) and investments in Cauchari-Olaroz at $93.4 million. Equity attributable to shareholders was $767.9 million. Cauchari-Olaroz (44.8% interest) produced 34,100 tonnes LCE in 2025, meeting high-end guidance. Forward-looking, 2026 production guidance is 35,000-40,000 tonnes, with Stage 2 expansion targeting 45,000 tpa LCE and PPG Scoping Study outlining $8.1B NPV at $18,000/t LCE. Debt facility of $130M secured post-year-end supports refinancing.

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