08:02 AM EDT, 05/13/2024 (MT Newswires) -- Lithium Americas ( LAC ) on Monday said its first-quarter net loss widened.

The net loss increased to US$6 million or US$0.04 per share, from a year-ago net loss of US$1.7 million, or a loss of US$0.01 per share.

Lithium Americas ( LAC ) attributed the higher net loss to the recognition of losses on the fair value of its financial instruments, as well as higher general and administrative and equity compensation expenses reflecting the full costs of the company operating as a standalone entity following a separation transaction in October 2023.

Expenses slipped to US$5.5 million from US$5.6 million.

Lithium Americas ( LAC ) said it completed site preparation for major earthworks at the Thacker Pass project in Nevada, with major construction expected to commence in the second half.

The company said it continues to focus on increasing the level of detailed engineering, alongside advancing procurement and execution planning, in advance of issuing full notice to proceed for the project, which is also expected in the second half.

The company's share price rose 1.6% to US$4.43 at last look in US pre-market trading.