Lithium Americas (LAC) investor relations material

Executive summary

• Q3 2026 net income was $90.1M, including $74.7M attributable to stockholders, versus a $199.2M net loss; non-cash fair-value gains drove the year-over-year swing.

• Thacker Pass Phase 1 construction continued toward mechanical completion in late 2027, with production ramp-up through 2028; the revised capex estimate is $3.83B, up from $2.93B.

Financial highlights

• 9M 2026 net income was $96.4M, including $76.4M attributable to stockholders, versus net losses of $223.9M and $220.8M, respectively, in 9M 2025.

• Q3 fair-value gains included $53.6M on the JV Warrant and $39.3M on the Orion embedded derivative; 9M gains were $63.5M and $59.3M, respectively.

• Q3 basic EPS was $0.19 versus a loss of $0.83; 9M basic EPS was $0.21 versus a loss of $0.98. Diluted EPS was a loss of $0.05 in Q3 and $0.13 for 9M 2026.

• 9M operating cash use was $21.1M; investing cash use was $1.039B, principally for construction, and financing cash provided was $1.413B.

Outlook and guidance

• The $995M incremental funding need comprises $895M of capex, $58M of reserve requirements and $42M net across other items; expected sources are $650M of JV contributions and $315M in DOE loan reserve accounts.

• FY 2026 Phase 1 capex guidance is $1.7B–$2.0B, with peak spending expected in 2026 and remaining expenditure through 2027; ramp-up is planned through 2028.

• Phase 1 mechanical completion remains targeted for late 2027, followed by ramp-up through 2028; the Transload Terminal is targeted for completion in 2027.

• No operating revenue is expected before production begins; operating losses and negative operating cash flows are expected during development.