BUZZ-Lithium Americas hikes Thacker Pass reserve estimate, names CFO; shares gain
Updates
Shares of Canada-based Lithium Americas LAC.TO rise 2.6% to C$5.01
Company raises mineral resource and reserve estimates for the Thacker Pass lithium project in Humboldt County, Nevada
LAC expects "proven and probable mineral reserve estimate of 14.3 mln tonnes lithium carbonate equivalent (LCE)", an increase of 286% compared to estimate calculated in the feasibility study conducted in November, 2022
Company expects a measured and indicated mineral resource estimate of 44.5 million tonnes LCE, an increase of 177% since the feasibility study
LAC estimates operating costs for the first 25 years to be about $500 per tonne lower than the figures provided in the November 2022 feasibility study
Mine's first phase is targeted for completion in late 2027
*"The resource is undoubtedly large, but expansion will likely be contingent on commercial agreements and market conditions" - TD Cowen
Company also announces appointment of Luke Colton as Chief Financial Officer, effective Jan. 29
Stock was down 40.3% in 2024
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com))
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