LITHIUM AMERICAS CORP.
For the period ended Sep 30, 2025. Filed Nov 13, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 13, 2025
Contents
CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Cash (Note 2) | $385,307 | $593,885 |
| Receivables | 2,029 | 557 |
| Prepaids and deposits | 1,291 | 7,733 |
| Total current assets | 388,627 | 602,175 |
| Investments measured at fair value (Note 13) | 5,362 | 4,152 |
| Restricted cash | 288 | 288 |
| Mineral properties, plant and equipment, net (Note 3) | 1,040,501 | 398,948 |
| Deferred financing costs | 14,024 | 11,529 |
| Other assets | 2,724 | 27,852 |
| Total assets 1 | $1,451,526 | $1,044,944 |
| LIABILITIES | ||
| Accounts payable | $47,003 | $700 |
| Accrued liabilities (Note 4) | 50,510 | 51,764 |
| Current portion of lease liabilities (Note 5) | 5,603 | 5,816 |
| Total current liabilities | 103,116 | 58,280 |
| Convertible debt and conversion feature (Note 7) | 386,985 | - |
| Royalty and production payment arrangements (Note 7) | 48,684 | 20,715 |
| Lease liabilities (Note 5) | 12,732 | 16,821 |
| Reclamation liabilities | 288 | 288 |
| Other liabilities | 3,500 | 3,500 |
| Total liabilities 1 | 555,305 | 99,604 |
| Commitments (Note 14) | ||
| Non-controlling interest (Note 6) | 420,587 | 310,336 |
| STOCKHOLDERS’ EQUITY | ||
| Common stock, no par value, unlimited authorized; 242,514 and 218,465 shares issued and outstanding, respectively (Note 8) | 729,200 | 655,068 |
| Additional paid-in capital | 22,949 | 35,618 |
| Accumulated deficit | (276,515) | (55,682) |
| Total stockholders’ equity | 475,634 | 635,004 |
| Total liabilities, non-controlling interest and stockholders’ equity | $1,451,526 | $1,044,944 |
Subsequent events (Note 15)
1 The Company is the primary beneficiary in a variable interest entity (“VIE”). See Note 6 for further information related to the Company’s VIE. The consolidated assets as of September 30, 2025 and December 31, 2024 include $1,250,967 and $888,486, respectively, of assets for the VIE that can only be used to settle the obligations of the VIE. As of September 30, 2025 and December 31, 2024, the assets include, respectively: Cash of $218,016 and $452,293; Receivables of $1,062 and $16; Prepaids and deposits of $1,058 and $6,091; Mineral properties, plant and equipment of $1,028,307 and $402,540; and, Other assets, non-current of $2,524 and $27,546. As of September 30, 2025 and December 31, 2024, the VIE’s liabilities of $144,162 and $71,813, respectively, include $115,915 and $50,865 of liabilities whose creditors have no recourse to the Company. As of September 30, 2025 and December 31, 2024, the liabilities whose creditors have no recourse to the Company include, respectively: Accounts Payable of $47,001 and $684; Accrued liabilitiesof $47,007 and $24,083; Lease liabilities, current of $5,401 and $5,632; Lease liabilities, non-current of $12,718 and $16,678; Reclamation liabilities of$288 and $288; and, Other liabilities, non-current of $3,500 and $3,500.
(Expressed in thousands of U.S. dollars, except for per share amounts and shares in thousands)
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