11:09 AM EDT, 03/28/2025 (MT Newswires) -- (Adds comment and updates shares.)

Lithium Americas ( LAC ) said Friday its 2024 loss surged and came in higher than analysts' forecasts.

The company posted a 2024 loss of US$42.6 million, or US$0.21 per share, compared with a year-prior loss of US$5.1 million, or US$0.03, and wll below the FactSet consensus estimate for a loss of US$0.02 per share.

Lithium Americas ( LAC ) attributed the bigger loss to higher transaction costs related to advancing and closing both its loan with the U.S. Energy Department and joint venture over the Thacker Pass project in Nevada. The company also said it recognized a loss on the fair value of financial instruments compared to a gain in the previous year.

"2024 was a transformational year in moving Thacker Pass forward to develop a North American lithium supply chain," chief executive Jonathan Evans said. "We successfully put in place the partnerships and capital required to develop and construct phase 1 of Thacker Pass, as well as the internal governance and structures to support the growing organization."

National Bank of Canada reiterated its outperform rating on the company's shares and its $7.50 price target at following the results.

With the company fully funded through the construction period, National Bank expects the focus to be on the upcoming final investment decision expected in April and construction progress at the asset.

Lithium Americas ( LAC ) shares were last seen down $0.23 to $3.90 on the Toronto Stock Exchange.

Price: 3.91, Change: -0.22, Percent Change: -5.33