The EPS miss vs consensus is overshadowed by the massive operational turnaround at Cauchari-Olaroz, with production at capacity and costs falling sharply. Watch for RIGI approval in Q2 2026 and the Stage 2 scoping study by mid-2026, which could unlock significant growth. The $130M debt facility and $97M cash position provide ample liquidity. The ASX listing plan may broaden the investor base.
Price Chart
Executive Summary
Lithium Argentina reported Q1 2026 net income of $7.5M (EPS $0.05), swinging from a $7.2M loss in Q1 2025, driven by a $22.1M share of income from Cauchari-Olaroz. The operation produced 9,660 tonnes at cash costs of $5,391/t, with adjusted EBITDA surging to $105.8M (100% Exar basis). The company also secured a $130M debt facility from Ganfeng and is advancing a Stage 2 expansion, positioning it for growth without shareholder dilution.
Key Financial Metrics
Key Facts
- Q1 2026 net income of $7.5M vs net loss of $7.2M in Q1 2025
- EPS of $0.05 vs consensus estimate of $0.13 (miss of -98.4%)
- Cauchari-Olaroz produced 9,660 tonnes at 97% of design capacity
- Cash operating costs of $5,391/tonne, down from $6,634/tonne in Q1 2025
- Adjusted EBITDA (100% Exar basis) of $105.8M, up from $8.9M in Q1 2025
- Revenue of $168M at average realized price of ~$16,818/tonne
- Cash and equivalents of $97.4M, up from $61.1M at year-end 2025
- Completed $130M debt facility from Ganfeng with 6-year term at SOFR+2.5%
- Stage 2 expansion targeting +45,000 tpa LCE; RIGI approval expected Q2 2026
- PPG project advancing with 150,000 tpa LCE target across three phases
Financial Impact
Net income swing of +$14.7M YoY; adjusted EBITDA of $105.8M vs $8.9M; $130M debt facility secured
Risk Factors
- EPS miss of -98.4% vs consensus may pressure the stock in the near term
- Dependence on lithium carbonate prices, which remain volatile
- Stage 2 expansion and PPG project subject to permitting, financing, and execution risks
- Argentina political and economic risks, including currency controls and inflation
- Derivative fair value fluctuations from Exar's USD-denominated loans in Argentine pesos
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292630 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | 6-K | $4.56 | awaiting T+5 | — | $4.57 (+0.22%) |
Aug 11, 2026 11w ago | Press Release | $6.65 $6.16 | ▲ +7.37% | ▲ +6.96% | $4.57 (+31.28%) |
Aug 11, 2026 11w ago | 6-K | $6.65 $6.16 | ▼ −7.37% | ▼ −6.96% | $4.57 (−31.28%) |
Jul 10, 2026 15w ago | 6-K | $7.33 $6.46 | ▼ −11.87% | ▼ −11.31% | $4.57 (−37.65%) |
May 14, 2026 23w ago | 6-K | $10.19 $9.54 | ▼ −6.38% | ▼ −5.66% | $4.57 (−55.15%) |
May 12, 2026 24w ago | 6-K | $11.42 $9.39 | ▼ −17.78% | ▼ −17.85% | $4.57 (−59.98%) |
May 12, 2026 24w ago | Press Release | $11.42 $9.39 | ▼ −17.78% | ▼ −17.85% | $4.57 (−59.98%) |
Apr 24, 2026 26w ago | Press Release | $9.31 | awaiting T+5 | — | $4.57 (−50.91%) |
Mar 23, 2026 31w ago | Press Release | $6.27 $6.63 | ▲ +5.74% | ▲ +9.31% | $4.57 (−27.11%) |
US Market Status
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