Lithium Argentina Earnings: Cauchari-Olaroz Production Ramp-Up Remains in Line With Our Forecast

Our key takeaway from Lithium Argentina's first-quarter earnings was that the company's first project, Cauchari-Olaroz, continues to ramp up as planned. The project produced 4,500 metric tons of lithium carbonate during the first quarter, which is an annual run-rate of 18,000 metric tons, or 45% of the 40,000 total annual capacity. Management reiterated its production guidance for the project to produce 20,000 to 25,000 metric tons of lithium carbonate in 2024, which we think is achievable.