We recently published 10 Small Cap Companies With Big Double-Digit Earnings. Lithium Americas Corp. (NYSE:LAC) is one of last week’s top performers.
Lithium in America rose 18.78 percent weekly as investors positioned their portfolios amid rising lithium prices.
The latest data from Trading Economics showed that lithium prices rose 18.45 percent in November and 0.48 percent to $93,750 on Friday alone.
General optimism spilled over into Lithium Americas Corp. (NYSE:LAC), owner of the Thacker Pass mine, one of the largest U.S. lithium resources, bolstered by the U.S. government’s previous backing of the company following its acquisition of a 5 percent stake and another 5 percent stake in the Thacker Pass mine.
Recently, Lithium Americas Corp. (NYSE:LAC) announced the results of its earnings performance in the third quarter of the year, where it widened its net loss by 2,243 percent to $199.16 million from just $8.5 million in the same period last year, dragged down by higher losses on financial instruments measured at fair value.
Operating expenses also rose 58 percent to $9.7 million from $6.15 million year over year, amid higher exploration spending.
Despite the dismal results, Lithium Americas Corp. (NYSE:LAC) remained optimistic about its business and said it was “full steam ahead on construction” of the Thacker Pass mining project.
“Our workforce continues to grow each week, with approximately 700 workers now on site and more than 80% of detailed engineering completed. We are making tangible progress on all fronts, from steel and concrete work to site infrastructure and the expansion of our Workforce Hub,” said Jonathan Evans, president and CEO of Lithium Americas Corp. (NYSE:LAC).
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Disclosure: None. This article was originally published in Internal jumpsuit.