Here are 1-3 brief analogies to describe Lithium Americas (LAC):

• Think of it as the **Saudi Aramco** of the electric vehicle world, but for lithium instead of oil, providing the essential raw material for EV batteries.
• It's like the **TSMC** for electric vehicle batteries, but instead of manufacturing microchips, Lithium Americas supplies the critical raw lithium.
• Comparable to **Newmont Corporation** for gold, Lithium Americas is a specialized miner focused on extracting lithium, a high-demand metal for EV batteries.

• Battery-grade Lithium Carbonate: A critical raw material for lithium-ion batteries, planned for production from their Thacker Pass project.

Lithium Americas (LAC) operates on a business-to-business (B2B) model, supplying lithium raw materials primarily to companies involved in battery manufacturing and electric vehicle production. As the company is currently developing its flagship Thacker Pass project in Nevada, its major customer is strategically aligned with its initial production.

Its primary major customer, through a significant equity investment and an exclusive off-take agreement for the initial phase of production from Thacker Pass, is:

• General Motors (GM)

• DuPont (Symbol: DD)
• Fluor (Symbol: FLR)

Jonathan Evans, Director, President and Chief Executive Officer

Mr. Evans has over 20 years of operations and general management experience. He is the President and Chief Executive Officer of Lithium Americas since October 2023, and previously held the same roles at Old LAC from May 2019 to October 2023. He also served as President and Chief Executive Officer of Lithium Argentina AG from 2019 to 2023. Notably, he served as Chief Operating Officer of DiversiTech Corporation, a portfolio company of the private equity group, Permira. His prior experience includes being Vice President and General Manager for the Lithium Division at FMC Corporation (USA), and executive management roles at Arysta LifeScience, AMRI Corporation, and General Electric.

Luke Colton, Executive Vice President and Chief Financial Officer

Mr. Colton is a seasoned mining executive with over two decades of financial, statutory, commercial, and leadership experience across multiple global jurisdictions. He was most recently the CFO of Minova International from mid-2023 to late-2024. Prior to that, Mr. Colton spent over five years as CFO of Turquoise Hill Resources (“THR”), where he was also a director of Oyu Tolgoi, overseeing the development of a multi-billion-dollar copper mine and the privatization of THR by Rio Tinto. He also served as CFO of Richards Bay Minerals and held progressively senior finance roles at Rio Tinto.

Alexi Zawadzki, Vice President, Resource Development

Mr. Zawadzki has over 20 years of experience developing mining and energy projects. He has been the Vice President, Resource Development of the Company since October 2023, and previously served as President of North American Operations of Old LAC from August 2017 to October 2023, and as CEO of Lithium Nevada Corp. In 2007, he founded a publicly traded renewable energy company that developed and operated two hydroelectric facilities.

Richard Gerspacher, Executive Vice President, Capital Projects

Mr. Gerspacher serves as the Executive Vice President of Capital Projects for Lithium Americas.

Edward Grandy, Senior Vice President, General Counsel and Corporate Secretary

Mr. Grandy has been the Senior Vice President, General Counsel and Corporate Secretary since October 2023. He previously held the position of Vice President of Legal and Regulatory Affairs of Old LAC from 2018 to October 2023. Before joining Lithium Americas, he was General Counsel of Barrick Gold Corporation's copper business from 2012 to 2018 and has broad experience in project development and regulatory compliance.

The key risks to Lithium Americas' (LAC) business include:

1. Financial Instability and Shareholder Dilution: As a pre-revenue company, Lithium Americas is currently experiencing significant net losses and high operating expenses, necessitating continuous capital injections. This leads to substantial cash burn and aggressive shareholder dilution through new share issuances, such as a 17% increase in outstanding shares in Q3 2025. The company's capital structure, including government warrants and off-take agreements, may also prioritize partners and creditors over the interests of retail shareholders.
2. Execution Risk and Commodity Price Volatility: Bringing the large-scale Thacker Pass project to commercial production by its targeted mechanical completion in late 2027 carries considerable execution risk, including potential project delays, cost overruns, and an unclear operational timeline. Furthermore, the financial viability of the project is highly sensitive to the volatile price of lithium. Current lithium prices are significantly lower than 2022 peaks, and a sustained period of low prices or increased market competition and potential oversupply could severely impact the project's profitability and return on investment.
3. Environmental, Social, and Regulatory Challenges: The Thacker Pass mine faces substantial environmental concerns, including significant water usage, potential groundwater contamination, air pollution, and adverse impacts on critical wildlife habitats. The project has also been met with opposition and lawsuits regarding inadequate consultation with Indigenous communities and alleged violations of Indigenous peoples' rights, which could lead to project delays, increased costs, or other operational disruptions.

The emergence of alternative battery chemistries, particularly the rapid development and commercialization of sodium-ion batteries. Companies such as CATL, BYD, and Northvolt are actively advancing and deploying sodium-ion battery technology for electric vehicles and energy storage. These batteries leverage more abundant and cheaper materials, potentially offering a viable substitute for lithium-ion batteries in a range of applications, thereby reducing the overall long-term demand growth for lithium.

The accelerating development and commercialization of advanced Direct Lithium Extraction (DLE) technologies by various competitors. Companies like EnergyX, Lilac Solutions, and ExxonMobil are investing significantly in DLE, with several projects nearing or entering commercial operation. DLE promises more environmentally friendly extraction (e.g., lower water usage, smaller land footprint) and potentially lower operating costs compared to traditional hard rock mining and processing methods such as the acid-leach process planned for Lithium Americas' Thacker Pass project. If widely adopted, DLE could make LAC's future production less cost-competitive or less appealing from an environmental perspective.

Lithium Americas (symbol: LAC) is focused on the development and production of battery-quality lithium carbonate from its Thacker Pass project in northern Nevada, primarily targeting the North American critical minerals supply chain.

Addressable Markets for Lithium Carbonate:

• Global Market:
  • The global lithium carbonate market size was valued at approximately USD 26.92 billion in 2024 and is projected to grow to USD 61.05 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 15.2% from 2025 to 2030.
  • Another estimate indicates the global lithium carbonate market size was USD 26.7 billion in 2023 and is projected to reach USD 102.8 billion by 2033, growing at a CAGR of 14.5% from 2024 to 2033.
  • In terms of volume, the market is estimated at 0.69 thousand LCE kilotons (Lithium Carbonate Equivalent) in 2025 and is expected to reach 1.96 thousand LCE kilotons by 2030, at a CAGR of 23.22% globally.
• North American Market:
  • North America is projected to be the fastest-growing region for lithium carbonate, with a CAGR of 28.73% through 2030.
  • The United States is anticipated to hold a significant market share within the North American region for lithium carbonate, projected at 73.5% by the end of 2034. This growth is driven by the increasing need for effective energy storage options due to the rising adoption of renewable energy sources and the upgrading of the American electrical grid.
  • The U.S. lithium-ion battery market, which heavily relies on lithium carbonate, exceeded USD 20.9 billion in 2024.

1. Thacker Pass Phase 1 Construction Completion and Commissioning: The completion of construction and subsequent commissioning of Phase 1 of the Thacker Pass project is a critical revenue driver. Mechanical completion is targeted for late 2027, with commercial production anticipated to begin in early 2028. This timeline falls directly within the 2-3 year forecast period, marking the transition from development to a revenue-generating operation.
2. Ramp-up to Full Production Capacity at Thacker Pass: Following commissioning, the ramp-up of Phase 1 to its full production capacity of 40,000 metric tons per year of battery-quality lithium carbonate will be a significant driver of increasing revenue. The project aims to achieve full capacity approximately 12-18 months after commissioning.
3. Secured Offtake Agreements for Thacker Pass Production: Lithium Americas has secured an essential offtake agreement with General Motors (GM), providing exclusive access to 100% of the lithium production from Phase 1 of Thacker Pass for up to 20 years. This agreement ensures a committed customer base and stable demand for the initial output, directly driving revenue upon production commencement. GM also has a 38% interest in Thacker Pass and an additional 20-year offtake agreement for 38% of Phase 2 production volumes, along with a right of first offer on the remaining Phase 2 production volumes.
4. Phased Expansion of Thacker Pass Beyond Phase 1: While Phase 1 is the immediate focus, the long-term plan for Thacker Pass includes an expansion targeting a nominal production capacity of 160,000 tonnes per year of battery-quality lithium carbonate across five phases. Although the subsequent phases are spaced several years apart, the ongoing development and planning for these expansions, with each phase expected to be spaced approximately four years apart from Phase 1 production, represent future growth potential that could be further de-risked or advanced within the outer bounds of a 2-3 year outlook.

Share Repurchases

Share Issuance

• On February 16, 2023, as part of a $650 million equity investment from General Motors (GM), Lithium Americas closed an initial tranche which included the purchase of 15 million common shares by GM at $21.34 per share.
• Lithium Americas has strategically filed to offer $1 billion in common and preferred shares.
• The company entered into a share distribution agreement, allowing it to sell up to $100 million in common shares on a regular basis through agents.
• In Q2 2025, Lithium Americas issued and sold 3.361 million common shares for aggregate net proceeds of $8.5 million through an at-the-market (ATM) program, with an additional 18.103 million common shares sold subsequent to June 30, 2025, for $55.1 million via the ATM program.

Inbound Investments

• General Motors (GM) made a $650 million equity investment in Lithium Americas, with an initial $320 million tranche closing in February 2023. GM's total commitment increased to $945 million, including a joint venture and offtake arrangement for Thacker Pass.
• In March 2025, Orion Resource Partners committed a $250 million strategic investment for Phase 1 of the Thacker Pass project, comprising $195 million in senior unsecured convertible notes and a $25 million Production Payment Agreement, with an option for an additional $30 million in delayed draw notes.
• The U.S. Department of Energy (DOE) closed a $2.26 billion loan in October 2024 under the Advanced Technology Vehicles Manufacturing Loan Program to finance the construction of processing facilities at Thacker Pass, with the first draw expected in Q3 2025. In October 2025, the U.S. Department of Energy acquired a 5% stake in Lithium Americas Corp and a separate 5% stake in the Thacker Pass joint venture with General Motors through no-cost warrants.

Capital Expenditures

• During the year ended December 31, 2023, $193.7 million was spent on the Thacker Pass project.
• In 2024, $179.9 million of construction capital costs and other project-related costs were capitalized.
• As of June 30, 2025, a total of $574.1 million of construction capital costs and other project-related costs had been capitalized for the Thacker Pass project, with mechanical completion of Phase 1 targeted for late 2027. The primary focus of these expenditures is the development and construction of Phase 1, aiming for 40,000 tonnes per year of battery-grade lithium carbonate.