$LAR

Western Lithium USA Corp

CIK:0001440972|SEC Filings

Consolidated Statements Of Comprehensive (Loss)/Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
EXPENSES
Exploration and evaluation expenditures	$ (6,689)	$ (10,078)	$ (21,214)
General and administrative	(15,712)	(14,654)	(21,401)
Share based compensation	(15,055)	(7,229)	(8,399)
Share of (loss)/gain of Cauchari-Olaroz Project	(39,766)	(28,232)	16,211
Share of loss of Arena Minerals	0	0	(677)
Share of loss of Sal de la Puna Project	(256)	(176)	(866)
Total expenses	(77,478)	(60,369)	(36,346)
OTHER ITEMS
Transaction costs	(4,030)	(6,818)	(7,569)
(Loss)/gain on financial instruments measured at fair value	(2,416)	12,530	22,379
Finance and other costs	(31,940)	(25,176)	(22,702)
Foreign exchange (loss)/gain	(693)	2,147	19,579
Loss on JEMSE receivable	(9,261)	0	0
Finance and other income	49,406	51,787	52,899
Other Income Expense	1,066	34,470	64,586
(LOSS)/INCOME FROM CONTINUING OPERATIONS BEFORE TAXES	(76,412)	(25,899)	28,240
Current tax expense	(48)	0	0
Deferred tax (expense)/recovery	(420)	10,659	(10,659)
(LOSS)/INCOME FROM CONTINUING OPERATIONS	(76,880)	(15,240)	17,581
INCOME FROM DISCONTINUED OPERATIONS	0	0	1,270,788
NET (LOSS)/INCOME	(76,880)	(15,240)	1,288,369
ATTRIBUTABLE TO:
Equity holders of Lithium Argentina	(75,449)	(15,234)	1,288,369
Non-controlling interest	(1,431)	(6)	0
TOTAL COMPREHENSIVE (LOSS)/INCOME	$ (76,880)	$ (15,240)	$ 1,288,369
Basic earnings per share [abstract]
(Loss)/income continuing per share - basic	$ (0.47)	$ (0.09)	$ 0.11
Income discontinued per share - basic	0	0	8.18
(Loss)/income per share - basic	(0.47)	(0.09)	8.29
Diluted earnings per share [abstract]
(Loss)/income continuing per share - diluted	(0.47)	(0.09)	0.11
Income discontinued per share - diluted	0	0	7.91
(Loss)/income per share - diluted	$ (0.47)	$ (0.09)	$ 8.02
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract]
Weighted average number of common shares outstanding - basic total	162,172	161,338	155,331
Weighted average number of common shares outstanding - diluted total	162,172	161,338	160,630

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
OPERATING ACTIVITIES
(Loss)/income from continuing operations	$ (76,880)	$ (15,240)	$ 17,581
Items not affecting cash and other items:
Share based compensation	15,055	7,229	8,399
Depreciation	489	758	1,067
Current tax expense	48	0	0
Deferred tax expense/(recovery)	420	(10,659)	10,659
Foreign exchange loss/(gain)	693	(2,147)	(13,774)
Share of loss of Cauchari-Olaroz Project	39,766	28,232	(16,211)
Loss on JEMSE receivable	9,261	0	0
Share of loss of Sal de la Puna	0	0	677
Share of loss of Sal de la Puna Project	256	176	866
Loss/(gain) on financial instruments measured at fair value	2,416	(12,530)	(22,379)
Finance income	(46,565)	(46,470)	(33,647)
Finance and other costs	30,884	25,134	25,362
Payment of interest on the convertible notes and debt facilities	(4,529)	(4,528)	(4,528)
Changes in non-cash working capital items:
Decrease in receivables, prepaids and deposits	(2,938)	(16,458)	(1,018)
Increase in accounts payable and accrued liabilities	1,668	20,342	3,009
Decrease/(increase) in net prepayments made for lithium carbonate	0	4,351	(4,353)
Cash used in operating activities by continuing operations	(29,956)	(21,810)	(28,290)
Cash used in operating activities by discontinued operations	0	0	(30,679)
Net cash used in operating activities	(29,956)	(21,810)	(58,969)
INVESTING ACTIVITIES
Proceeds from repayment of loans and interest by Exar Capital	3,920	26,476	0
Contribution to Investment in Cauchari-Olaroz project	0	(1,570)	(1,863)
Contribution to Investment in Sal de la Puna Project	(419)	(2,113)	0
Proceeds from withdrawal of short-term bank deposits	0	0	155,000
Additions to exploration and evaluation assets	(229)	(702)	(2,577)
Disposals of exploration and evaluation assets	3,009	0	0
Additions to property, plant and equipment	0	(971)	(5,291)
Cash provided/(used) in investing activities of continuing operations	6,281	(85,858)	77,702
Cash used in investing activities by discontinued operations	0	0	(116,804)
Net cash provided/(used) in investing activities	6,281	(85,858)	(39,102)
FINANCING ACTIVITIES
Proceeds from equity awards exercises	0	0	172
Financing costs related to separation	0	0	(15,647)
Cash distributed upon separation	0	0	(275,499)
Proceeds from Pastos Grandes Transaction	0	70,000	0
Financing costs	0	(455)	0
Lease payments	(332)	(774)	338
Cash (used)/provided by financing activities of continuing operations	(332)	68,771	(290,636)
Cash provided by financing activities of discontinued operations	0	0	302,755
Net cash (used)/provided by financing activities	(332)	68,771	12,119
Effect of foreign exchange on cash	(402)	2,147	13,774
CHANGE IN CASH AND CASH EQUIVALENTS	(24,409)	(36,750)	(72,178)
CASH AND CASH EQUIVALENTS - BEGINNING OF THE PERIOD	85,543	122,293	194,471
CASH AND CASH EQUIVALENTS - END OF THE PERIOD	61,134	85,543	122,293
Arena Minerals
INVESTING ACTIVITIES
Change in cash	0	0	(2,887)
Exar Capital
INVESTING ACTIVITIES
Loans	0	(41,978)	(64,680)
FINANCING ACTIVITIES
CASH AND CASH EQUIVALENTS - BEGINNING OF THE PERIOD	14,103
CASH AND CASH EQUIVALENTS - END OF THE PERIOD	16,823	14,103
Minera Exar
Items not affecting cash and other items:
Deferred tax expense/(recovery)	14,614	(72,833)	(124,587)
INVESTING ACTIVITIES
Loans	$ 0	$ (65,000)	$ 0

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
CURRENT ASSETS
Cash and cash equivalents	$ 61,134	$ 85,543
Receivables from purchasers for lithium carbonate	23,209	17,436
Loans to Exar Capital	0	10,799
Other receivables, prepaids and deposits	369	3,631
Total current assets	84,712	117,409
NON-CURRENT ASSETS
Investment in Sal de la Puna Project	183,370	183,207
Loans to Exar Capital	308,333	369,616
Loans to Minera Exar	71,537	67,355
Investment in Cauchari-Olaroz Project	93,352	32,919
Long-term receivable from JEMSE	8,077	7,935
Property, plant and equipment	9,374	8,988
Exploration and evaluation assets	341,014	343,794
Deferred income tax asset	11	0
Total non-current assets	1,015,068	1,013,814
TOTAL ASSETS	1,099,780	1,131,223
CURRENT LIABILITIES
Accounts payable and accrued liabilities	5,942	8,375
Payable to Minera Exar for lithium carbonate purchases	25,507	21,152
PGCo Shareholder liabilities - Ganfeng	12,859	0
Convertible notes interest and other liabilities	2,486	2,308
Equity-settleable convertible notes	234,161	208,437
Total current liabilities	280,955	240,272
NON-CURRENT LIABILITIES
Deferred income tax liability	431	0
Other liabilities	1,461	21
Total long-term liabilities	1,892	21
TOTAL LIABILITIES	282,847	240,293
EQUITY
Share capital	1,624	1,619
Capital reserve	1,514,732	1,499,682
Accumulated other comprehensive loss	(3,487)	(3,487)
Deficit	(744,989)	(669,540)
TOTAL EQUITY ATTRIBUTABLE TO LITHIUM ARGENTINA'S SHAREHOLDERS	767,880	828,274
Non-controlling interest	49,053	62,656
TOTAL EQUITY	816,933	890,930
TOTAL LIABILITIES AND EQUITY	$ 1,099,780	$ 1,131,223