History
Lithium Americas built a stake in Argentina's Cauchari-Olaroz lithium project with Ganfeng's backing, then split, moved to Switzerland and, by late 2025, faced losses and current convertible notes.
2018: Listing, Thacker Pass and a new partner
In January 2018 Lithium Americas, then based in Vancouver, won approval to list on the NYSE. It also said first production at Cauchari-Olaroz in Argentina, held 50/50 with SQM through Minera Exar, had slipped to 2020 from late 2019. In April it reported a larger resource at Thacker Pass, its Nevada project: 385 million tonnes of measured and indicated material, about 80% more than in 2016. The pre-feasibility study report was filed in early August, though the filings seen give no results or costs.
On October 31, 2018 the company completed a deal in which Ganfeng Lithium bought 37.5% of Minera Exar from SQM, lifting the company's share to 62.5%. Ganfeng also provided a US$100 million subordinated loan with limited recourse to fund the larger share of spending. The company said it had about US$300 million of available capital and over US$45 million in cash, and still targeted carbonate production in 2020.
2019-2023: Growth in shares, then a split
The record for these years is quiet, apart from the share count. Shares on issue rose from about 88.7 million at the end of 2018 to about 160.7 million by the end of 2023, but the beats do not explain the increases. In 2022 the company acquired the Pastos Grandes project in Salta through Millennial Lithium, and in April 2023 it acquired Arena Minerals, giving it 65% of Sal de la Puna. In October 2023 a court-approved plan of arrangement took effect. The Argentine business became Lithium Americas (Argentina) Corp., with John Kanellitsas as interim CEO. Thacker Pass appears to have stayed with the separate Lithium Americas Corp., though that is an inference.
2024-2026: Ganfeng deal, Switzerland and losses
In March 2024 a Ganfeng subsidiary agreed to pay up to $70 million for about 15% of Pastos Grandes. Ganfeng also got a right, until December 31, 2025, to raise its stake to 50% for a further $330 million if the company changed control. The company later reported 85.1% of Pastos Grandes, so the deal appears to have closed.
Cauchari-Olaroz began commercial production on October 1, 2024, and the company held 44.8% of Minera Exar. On January 23, 2025 it moved to Zug, Switzerland, as Lithium Argentina AG. For the third quarter of 2025 it reported a net loss of $64.5 million, mostly its $52.5 million share of Cauchari-Olaroz losses plus a $9.3 million loss on a receivable from JEMSE. Cash was $64.0 million, and the $225.5 million of convertible notes had become a current liability. About 162.4 million shares were outstanding. In March 2026 it filed a PPG scoping study and a new Cauchari-Olaroz technical report, whose results are not yet known.
Written from the 8 story beats below (2018 to 10 Nov 2025), which come from the company's own announcements and filings.