Lithium Americas (LAC) Corporate presentation summary

Project overview and strategy

• Thacker Pass is the largest lithium project in the U.S., targeting 40,000 t/y battery-grade lithium carbonate in Phase 1, with expansion potential up to 160,000 t/y across five phases and an estimated 85-year mine life.

• Mechanical completion of Phase 1 is targeted for late 2027, with commercial production ramping up in 2028; detailed engineering is over 95% complete and early commissioning expected in Q4 2026.

• The project is a joint venture: 62% owned by the company and 38% by General Motors, which has a 20-year offtake agreement for up to 100% of Phase 1 and 38% of Phase 2 production.

• Thacker Pass is located in Nevada, considered the top global jurisdiction for mineral investment, with strong government and community support.

• The project is vertically integrated, using proven processing technology and standard equipment, with no novel processes required.

Financials and funding

• Phase 1 construction is fully funded through a $2.23 billion U.S. Department of Energy loan, $945 million from General Motors, and $250 million from Orion Resource Partners.

• As of March 31, 2026, $1.14 billion had been spent on construction, with 2026 capex guidance of $1.3–$1.6 billion.

• The DOE loan is at the U.S. Treasury rate with a 23-year tenor and includes a five-year debt service deferral.

• The project’s C1 operating cost is $6,238/t LCE for Years 1–25, positioning it competitively even during lithium price downturns.

Construction and operational progress

• Over 2.43 million workhours have been completed without a serious injury; over 1,065 personnel are on site, expected to exceed 2,000 at peak construction.

• More than 75% of structural steel is in transit or on site, with key equipment deliveries ongoing and regional substation upgrades completed ahead of schedule.

• The processing plant area is approximately 1,100 ft x 3,100 ft, with major facilities including beneficiation, sulfuric acid, and crystallization plants.