0001193125-26-118478
SEC filingLithium 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.
Lithium Argentina AG posted a FY2025 net loss of $76.9 million, up from $15.2 million in FY2024, driven by increased share of losses from Cauchari-Olaroz ($39.8M vs $28.2M) and higher share-based compensation ($15.1M vs $7.2M). Total expenses climbed to $77.5M from $60.4M, with exploration at $6.7M and G&A $15.7M. No revenue recognized as agent for $133.3M lithium sales. Assets dipped to $1.10B from $1.13B, cash $61.1M vs $85.5M. Equity $767.9M. Cauchari-Olaroz (44.8% stake) hit 34,100t LCE production.
No direct revenue for Lithium Argentina; acted as agent for 49% of Cauchari-Olaroz output sold to Ganfeng/Bangchak ($133.3M total sales value). Cauchari-Olaroz (100% basis) sales $271.5M (up 37% YoY), 33,670t sold at $8,014/t realized price.
N/A for Lithium Argentina (no revenue). Cauchari-Olaroz gross profit $33.0M (12.1% margin) vs $19.7M (10.0%). C1 cash costs $6,108/t (down 14% YoY). Adjusted EBITDA $55.6M (up from $18.1M).
Operating cash $10.8M (2025) vs used $79.8M (2024). Investing used $22.5M. Financing provided $75.2M. Cash $70.8M (up from $11.2M). Debt restructured; third-party net debt $206.0M.
2026 Cauchari-Olaroz guidance 35-40kt LCE. Stage 2 expansion (45ktpa) plan mid-2026. PPG JV closing Q2 2026, Scoping Study NPV $8.1B. $130M debt facility secured.