Lithium Americas Reports Second Quarter 2020 Results

VANCOUVER, British Columbia, Aug. 14, 2020 (GLOBE NEWSWIRE) -- Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium Americas" or the "Company") has reported financial and operating results for the second quarter ended June 30, 2020.

This news release should be read in conjunction with Lithium Americas’ unaudited condensed consolidated interim financial statements and management's discussion and analysis (“MD&A”) for the six months ended June 30, 2020, which are available on the Company’s website and SEDAR.  All amounts are in U.S. dollars unless otherwise indicated.

“We remain focused on protecting our workers and communities, while coordinating closely with the Province of Jujuy to ensure we operate responsibly and safely as we begin to restart construction activities over the next few weeks,” said Jon Evans, President and CEO of Lithium Americas. “I would like to personally thank all of our workers in Argentina for their commitment and recognize the significant contribution they continue to make to the success of the project for the benefit of all stakeholders."

“With respect to the Thacker Pass lithium project in Nevada, we continue to make significant progress with the recent release of the draft Environmental Impact Statement by the Bureau of Land Management.”

Highlights

Caucharí-Olaroz Lithium Project (“Caucharí-Olaroz”):

• As of June 30, 2020, the project was 47% complete with $427 million (75%) of the planned capital expenditures committed including $304 million (54%) spent.
• In mid-April 2020, following modifications to the government’s COVID-19 related restrictions, construction activities at Caucharí-Olaroz gradually resumed on a limited basis with comprehensive health and safety protocols.
• Significant progress was made on the liming plant, SX plant, civil construction and solar evaporation ponds.
• Critical equipment, including the fabrication of equipment in China for the lithium carbonate plant, remain on track for delivery in the second half of 2020.
• Subsequent to the end of Q2 2020, to protect the health and safety of our employees and contractors, and support the Province of Jujuy efforts to limit transmission of COVID-19, we temporarily suspended construction activities after workers tested positive for COVID-19. All workers remain in good condition and substantially all workers who tested positive have since recovered and have been released from isolation.
• The Company is coordinating closely with the Province of Jujuy, local communities, unions and its workforce on the safe restart of operations and the implementation of additional COVID-19 health and safety protocols.
• Remobilization is expected to begin in the coming weeks and will be gradual in order to allow time to adopt as well as progressively assess and refine the pandemic related operating protocols.
• The Company is continuing to review the impacts of the temporary suspension of the project on the timeline and budget and will provide an update once the assessments have been completed.

Thacker Pass Lithium Project (“Thacker Pass”):