Hi Cal,

That was actually very helpful, and I think I may have "solved" the puzzle.

The doc you referenced was from a press release from 2/7/20:

Lithium Americas and Ganfeng Lithium Announce Caucharí-Olaroz JV Transaction and Provide Construction Update - Bloomberg

In that doc, as you noted, Ganfeng's % ownership of common shares outstanding as of that date was 16.7%

As of that date, the last filing (on November 12, 2019) that was for 9/30/2019 was what would have been used for the caculation.

On Sedar, the number of shares outsanding as of 9/30/19 listed on page 4 of the above filing is ~89,272,000 basic shares.

This would equate to ~14,908,424 shares owned by Ganfeng.

However, if we turn to the June 28th, 2022 financial statements on Sedar, we can see the basic  shares outstanding of ~134,596,000 as June 30, 2022 (on page 4).  This also happens to match the 134.6MM shares listed on page 4 of the corporate presentation from the company website.

Now taking the 14,908,424 shares owned by Ganfeng that we calculated before and divided it by 134,596,000 basic shares outstanding that we found in the financial statements we can calculate an estimated 11.07642426% by Ganfeng (or rounded to 11.1%).

However, there are two more fine tuning points which are:

1. There are Deferred Stock Units (1.133MM), Options (0.238MM) and Performance Share Units (0.766MM) which collectively with the 134,596,000 shares brings the fully diluted share total to 136,713,000.

2. Additionally we should not forget the convertible debt offering which, although not in the money, will likely soon be in the money if Judge Du gives the BLM an affirmative decision.  From the convertible debt press release below:

Lithium Americas Closes Over-Allotment on Convertible (globenewswire.com)

We know that there is $258,750,000 (which includes the over-allotment option).  At 21.307 shares per $1,000, we know this equates to asdfadasdfas.  This then brings the total shares outstanding on an "as-if-converted" fully diluted basis to ~142,226,186 shares.

Now taking the original Ganfeng shares oof 14,908,424 and dividing that by the "as-if-converted" fully diluted basis amount, we get to ~10.48%

So, to sum up, the original 16.7% (back on 2/7/22) over time

It was reduced down to 11.1% presently due to an increase in the basic shares outstanding

It is further reduced to ~10.48% when we factor in the prior convertible debt (which is out of the money) alongside all Options, RSUs and DSUs (which are in the money).

Hope that makes sense and helps,

IRR