- LAC +1.31%
We recently published 10 Small Caps With Big Double-Digit Gains. Lithium Americas Corp. (NYSE:LAC) is one of the top performers of last week.
Lithium Americas surged by 18.78 percent week-on-week, as investors positioned portfolios amid the surging prices of lithium.
Latest data from Trading Economics showed that prices of lithium jumped by 18.45 percent in November, and by 0.48 percent to $93,750 on Friday alone.
The overall optimism spilled over Lithium Americas Corp. (NYSE:LAC), owner of the Thacker Pass mine—one of the largest lithium resources in the US—supported by the US government’s earlier backing in the company following the acquisition of a 5 percent stake and another 5 percent in the Thacker Pass mine.
Lithium Americas (LAC) Soars 18.8% on Higher Lithium Prices Just 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 only $8.5 million in the same period last year, dragged by higher losses on financial instruments measured at fair value.
Operating expenses also jumped by 58 percent to $9.7 million from $6.15 million year-on-year, amid higher exploration expenditures.
Despite the dismal results, Lithium Americas Corp. (NYSE:LAC) remained upbeat about its business, saying that it was “full steam ahead on construction” for the Thacker Pass mine project.
“Our workforce continues to grow each week, with approximately 700 workers now on-site and over 80% of detailed engineering complete. We’re making tangible progress across all fronts—from steel and concrete work to site infrastructure and the expansion of our Workforce Hub,” said Lithium Americas Corp. (NYSE:LAC) President and CEO Jonathan Evans.
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READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
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