Lithium Argentina reported a net loss of $64.5 million for the three months ended September 30, 2025, a sharp increase from the $2.4 million loss recorded in the same period a year earlier. The jump in loss is largely attributable to a $52.5 million share of loss from the Cauchari‑Olaroz project, which includes a $26.4 million current‑period loss driven by non‑cash foreign‑exchange impacts and a $26.1 million recognition of previously unrecorded 2024 losses related to the capitalization of loans to Minera Exar’s equity. The loss was partially offset by a $1.8 million deferred tax recovery, lower exploration expenditures, and slightly reduced general and administrative costs compared with the prior year.
The company’s production and revenue metrics provide a more optimistic backdrop. Lithium carbonate production in Q3 2025 reached approximately 8,300 tonnes, bringing the year‑to‑date total to 24,000 tonnes, which is on track to exceed the low end of the 2025 guidance of 30,000–35,000 tonnes. Revenue for the quarter was $58 million, with an average realized price of about $7,522 per tonne; the current realized price has risen to roughly $9,200 per tonne. Cash operating costs were $6,285 per tonne in Q3, slightly higher than the year‑to‑date cost of $6,322 per tonne, reflecting the company’s ongoing investment in production ramp‑up.
Lithium Argentina secured a new $130 million, six‑year debt facility from Ganfeng, with an interest rate of SOFR plus 2.5 percent. The facility is expected to close in early 2026 and is intended to provide liquidity and flexibility, reinforcing the company’s balance sheet amid continued investment in production expansion. The financing move signals Ganfeng’s sustained confidence in the partnership’s long‑term prospects.
The company also highlighted the Pozuelos Pastos Grandes (PPG) scoping study, which estimates an after‑tax NPV8 % of $8.1 billion and an IRR of 33 % at a $18,000 per tonne price. The study projects an operating cash cost of $5,027 per tonne and a Stage 1 capital expenditure of $1.1 billion, underscoring the significant future value of the PPG project.
Management emphasized the operational momentum and the strategic importance of the new financing. President and CEO Sam Pigott said the company remains confident in exceeding the low‑end of its 2025 production targets, praised the new debt facility for enhancing shareholder value, and described the PPG scoping study as a pivotal milestone for the company’s growth trajectory.
While no specific market reaction data is available, analysts had a consensus EPS estimate of –$0.01 for the quarter. The reported net loss represents a significant miss relative to that estimate, but the company’s production performance, pricing improvement, and new financing suggest a strong long‑term outlook.
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