Lithium Americas (LAC) Corporate presentation summary

Project overview

• Thacker Pass Phase 1 targets 40,000 t/y of battery-quality lithium carbonate; mechanical completion is targeted for late 2027, ramp-up through 2028 and full production capacity in 2029.

• Expansion potential reaches 160,000 t/y across five phases, supported by 44.5 Mt LCE Measured & Indicated Resource and 14.5 Mt LCE Proven & Probable Reserve; Phases 2–5 remain subject to approvals.

• Nevada was ranked the world’s top jurisdiction for mineral investment in Fraser Institute’s 2026 Investment Attractiveness Index.

Construction and capital costs

• Detailed engineering was 100% complete and procurement exceeded 90% as of September 30, 2026; peak construction activity and more than 2,200 on-site workers were expected in Q4 2026.

• Definitive Phase 1 capex estimate is $3.83B, up from $2.93B in the 2024 Technical Report estimate; cumulative spend through September 30, 2026 was $2.26B.

• FY2026 capex guidance is $1.7B–$2.0B; peak capex is expected in FY2026, with remaining spend through 2027 and into the 2028 ramp-up.

• Capex increase factors include tariffs and logistics, labor compensation and install rates, EPCM and contractor staffing and wages, and additional contingency.

Funding and commercial arrangements

• The $2.23B U.S. DOE ATVM loan carries interest at the applicable U.S. Treasury rate with a 0% spread; $1.45B had been advanced, and $184M of debt service is deferred over the first five years.

• GM has invested $945M and is the JV partner, with a 20-year offtake agreement for up to 100% of Phase 1; remaining volumes not forecast to be purchased by GM may be committed to third parties.

• Orion’s total strategic investment is $250M; $220M had been received in cash, with $30M in delayed-draw notes remaining.

• Yorkville debentures total up to $175M, with $150M issued; $40.5M of principal and accrued interest had been converted.