VANCOUVER, British Columbia, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Lithium Americas (Argentina) Corp. ("Lithium Argentina," the "Company," or "LAAC") (TSX:LAAC) (NYSE:LAAC), today announced second quarter results. "We are very pleased with the ramp up progress that has been made at Caucharí-Olaroz in recent months," commented Sam Pigott, President and CEO. "The operation is achieving around 70% capacity on a sustained basis and has hit record monthly production in each of the last three months. Furthermore, the project has demonstrated it can operate at near design capacity with gradual improvements to quality We are prioritizing consistent production volumes at these higher rates which should continue to bring down costs. These operational efforts, coupled with effective cost management through disciplined spending, optimized working capital, and a strong financial position are crucial to ensuring our success today and in the future." Mr. Pigott continued by saying, "I am incredibly proud of our hardworking and dedicated team at our lithium operation in Argentina and our team in North America. Their commitment and expertise have been instrumental in achieving our goals and navigating challenges in an efficient manner. Argentina's improving financial outlook and efforts to promote foreign investment should serve as a supportive backdrop as we continue progressing the ramp-up of the battery quality plant at Cauchari-Olaroz to become one of the largest sources of lithium carbonate globally." Highlights          Operational Highlights at Caucharí-Olaroz During the three months ended June 30, 2024, Caucharí-Olaroz produced approximately 5,600 tonnes of lithium carbonate, up 24% from the first quarter of 2024. Caucharí-Olaroz is currently operating at approximately 70% of the design capacity of 40,000 tonnes per year and has achieved production levels over this level on a limited basis. Production guidance of 20,000 – 25,000 tonnes of lithium carbonate in 2024 remains unchanged. During the ramp up phase, production is being primarily sold to Ganfeng Lithium Co. Ltd. ("Ganfeng"). Production during the second quarter of 2024 averaged approximately 99.5% lithium carbonate content. Currently, realized pricing is based on China battery-grade spot market prices adjusted for VAT and approximately $2,000 per tonne of additional processing costs required to reduce trace levels of impurities to achieve battery quality specifications. Caucharí-Olaroz has been designed to produce battery-quality lithium and as the ramp-up progresses and quality improves, the processing cost is expected to decrease until no longer applicable. In the current price environment, Caucharí-Olaroz is expected to remain operating cash flow positive when adjusted for working capital changes. Unit costs are expected to decrease as production volumes increase and as the plant approaches continuous production and nameplate capacity. Financial Highlights As of June 30, 2024, Lithium Argentina had $96M in cash and cash equivalents and an undrawn $75M credit facility with Ganfeng. As of June 30, 2024, Minera Exar S.A. ("Exar") had, on a 100% basis, approximately $315M of US dollar and US dollar-linked debt at the official FX rate or approximately $230M at current market FX rate. Includes a portion of an $80M bank credit facility entered into in May 2024 to refinance existing debt. The Company is planning to use a portion of the $70M proceeds from the Pastos Grandes Transaction (as defined below), along with contributions from Ganfeng, to provide over $100M in additional liquidity to reduce leverage at Exar. Ganfeng and the Company continue to advance financing options to replace short-term debt with longer-term financing for Exar. Corporate Highlights Following receipt of Chinese regulatory approvals in early August 2024, the Company expects to close the previously announced Pastos Grandes transaction (the "Pastos Grandes Transaction") imminently. In June 2024, the Company filed its 2023 Sustainability Report, "Enabling a Clean Energy Transition with Responsible Lithium".   INVESTOR WEBCAST ______________   AN INVESTOR WEBCAST HAS BEEN SCHEDULED FOR 10:00am ET ON WEDNESDAY, AUGUST 14, 2024. Please use the following link to access: Second Quarter 2024 Results Webcast FINANCIAL RESULTS Selected consolidated financial information is presented as follows: (in US$ million except per share information) Quarter ended June 30,   2024  2023    $