VANCOUVER, British Columbia, May 13, 2024 (GLOBE NEWSWIRE) -- Lithium Americas (Argentina) Corp. ("Lithium Argentina," the "Company," or "LAAC") (TSX:LAAC) (NYSE:LAAC), today announced first quarter results. Highlights Operational Highlights During the three months ended March 31, 2024, Caucharí-Olaroz produced approximately 4,500 tonnes of lithium carbonate. The project continues to advance through the ramp up and test higher production levels. In April 2024, a planned shutdown was performed to inspect and improve reliability of the processing plant. Caucharí-Olaroz remains on target to produce 20,000 - 25,000 tonnes of lithium carbonate in 2024. The target remains to reach and maintain a near steady state production level by the end of the year. For 2024, Caucharí-Olaroz expects to be operating cash flow positive when adjusted for working capital changes. Working capital requirements are expected to remain elevated through the first half of 2024 as production continues to ramp up and sales shipments begin to normalize. Financial Highlights As of March 31, 2024, Lithium Argentina had $86M in cash and cash equivalents with an additional $20M in collateral related to loans to Caucharí-Olaroz expected to be released in Q2 2024. The Company has not drawn on its $75M credit facility with Ganfeng Lithium Co. Ltd. ("Ganfeng") and has $259M in convertible debt at 1.75% due in early 2027. As of March 31, 2024, Minera Exar S.A. ("Minera Exar"), the Argentine joint venture company owned by the Company (44.8%), Ganfeng (46.7%) and Jujuy Energia y Mineria Sociedad del Estado ("JEMSE") (8.5%) had approximately $241M (on a 100% basis, less cash collateral) of local debt tied to funding working capital and startup costs. A substantial portion of the local debt is being refinanced with unsecured credit facilities typical of an operating company. The Company is working with Ganfeng to pursue additional longer term debt options to leverage improved lending conditions in Argentina and support future growth plans. Corporate Highlights On March 5, 2024, Ganfeng agreed to invest $70M for an expected 15% stake in the Pastos Grandes project through a subscription of newly-issued shares of the Company's Argentine subsidiary, Proyecto Pastos Grandes S.A. (the "Pastos Grandes Transaction"). The transaction is expected to close mid-2024 with proceeds available to support the Company's Argentine operations. In the first quarter of 2024, the Company commenced additional measures to reduce discretionary spending at the corporate level by 25%. The Company will hold its Annual General Shareholders Meeting on June 20, 2024. Commenting on the results for the three-month period ended March 31, 2024, Sam Pigott, CEO, Lithium Argentina commented: "I am proud of how the team at Caucharí-Olaroz continues to advance through the ramp up and progress towards a capacity of 40,000 tonnes per annum. During the first quarter 2024, the production volumes totaled approximately 4,500 tonnes, about 20% higher than volumes produced during the fourth quarter. The Company remains focused on completing the ramp-up at Caucharí-Olaroz, prioritizing prudent financial management practices to ensure the company remains sufficiently capitalized and advancing the regional development plan for the Pastos Grandes basin with Ganfeng." Mr. Pigott continued by saying, "In recent months, we worked closely with Ganfeng to advance local debt options in Argentina to take advantage of improved lending conditions in Argentina and the transition to an operating business. These actions will enhance financial flexibility to advance near-term growth, minimize dilution and preserve future opportunities to create shareholder value. He closed by saying, "Looking ahead, we remain optimistic about the outlook for the lithium industry, which is buoyed by favorable demand fundamentals and has seen positive pricing trends in recent months. With Caucharí-Olaroz operating and a regional development plan being advanced and a talented team of professionals in Argentina and abroad, we are well-positioned to navigate the challenges and capitalize on the opportunities that lie ahead." INVESTOR WEBCAST AN INVESTOR WEBCAST HAS BEEN SCHEDULED FOR 10:00am ET ON TUESDAY, MAY 14, 2024. Please use the following link to access: First Quarter 2024 Results Webcast FINANCIAL RESULTS Selected consolidated financial information is presented as follows: (in US$ million except per share information) Quarters ended March 31,   2024     2023     $   $ Expenses