Lithium Americas Reports First Quarter 2025 Results

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(All amounts in US$ unless otherwise indicated)

VANCOUVER, British Columbia, May 15, 2025--(BUSINESS WIRE)--Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) ("Lithium Americas" or the "Company") announced that it has filed its Quarterly Report on Form 10-Q, which includes the Company’s consolidated interim financial statements ("Financials") for the three months ended March 31, 2025 ("Q1 2025"), and provided an update on its Thacker Pass lithium project in Humboldt County, Nevada ("Thacker Pass" or the "Project").

Jonathan Evans, President and Chief Executive Officer of Lithium Americas said, "Major construction has commenced at Thacker Pass and the first significant construction milestone was achieved the first week of May 2025 with the initial placement of permanent concrete in the processing plant area. The site has undergone transformational change over the past year and there is excitement amongst our stakeholders and partners as we build one of North Americas largest lithium operations."

OPERATING AND FINANCIAL HIGHLIGHTS

  • As of March 31, 2025, the Company had approximately $446.9 million in cash and restricted cash.

  • During the quarter ended March 31, 2025, $78.2 million of construction capital costs and other project-related costs were capitalized.

  • Subsequent to Q1 2025 on April 1, 2025, the Company closed the previously announced strategic investment of $250 million from fund entities managed by Orion Resource Partners LP (collectively, "Orion"), for the development and construction of Phase 1 of Thacker Pass ("Orion Investment"). With the Orion Investment, Lithium Americas has achieved fully funded status for the development of Phase 1 of Thacker Pass at the project and corporate level for the duration of construction.

  • Contemporaneously with closing the Orion Investment on April 1, 2025, the Company and General Motors Holdings LLC ("GM") announced the final investment decision ("FID") for construction of Phase 1 of Thacker Pass. On declaring FID, GM and Lithium Americas contributed $100 million and $191.6 million in cash to the joint venture between GM and the Company (the "JV"), respectively.

  • The Company currently expects to make the first draw on the previously announced $2.26 billion loan from the U.S. Department of Energy (the "DOE Loan") sometime in the third quarter of 2025 ("Q3 2025").

PROJECT AND CONSTRUCTION UPDATE

  • Completion of Phase 1 of Thacker Pass is targeted for late 2027. Project engineering and procurement continue in line with the project schedule to support construction.

  • Major construction has begun at Thacker Pass, with earthworks almost complete and permanent concrete placement in the processing plant area commenced in early May 2025.

    • As of March 31, 2025, detailed engineering was over 60% design complete and expected to increase to over 90% design complete by year end 2025. The higher level of detailed engineering at the early stages of construction helps de-risks execution in terms of project schedule and cost.

    • In April 2025, fabrication of the structural steel to be used to build the facilities at Thacker Pass commenced. First steel installation is targeted to commence in September 2025.

    • Manufacturing of all long-lead equipment awarded continues to advance with expected delivery in line with the project schedule.

  • During Q1 2025, the first modular housing units were installed at the workforce hub, the Company’s all-inclusive housing facility for construction workers in Winnemucca (the "Workforce Hub"). First occupancy of the Workforce Hub is targeted for the second half of 2025.

  • The Company recently submitted a Plan of Operations to the Bureau of Land Management to build a limestone quarry named Western Quarry, approximately one hour drive from Thacker Pass via national and state highways. Western Quarry is being planned as a source of local, lower cost limestone, a reagent used in the Thacker Pass processing flowsheet to produce battery-quality lithium carbonate.