Lithium Americas (LAC) Corporate presentation summary

Project overview and strategy

• Thacker Pass Phase 1 is in major construction, targeting mechanical completion in late 2027 and ramp-up to commercial production in 2028, with a nominal capacity of 40,000 tonnes/year of battery-grade lithium carbonate.

• The project is the largest measured lithium resource and reserve in the U.S., with expansion potential up to five phases totaling 160,000 tonnes/year and an estimated 85-year mine life.

• Phase 1 increases U.S. lithium capacity sevenfold, strengthening domestic energy security.

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

• Construction is fully funded through a $2.23 billion U.S. DOE loan, $945 million from GM, and $250 million from Orion Resource Partners.

Construction progress and milestones

• Detailed engineering is 93% complete, with long-lead equipment enroute and peak construction expected in H2 2026/H1 2027.

• As of late January 2026, 950 personnel were on site, with 2 million workhours completed without a lost-time incident.

• Major construction milestones for 2026 include delivery of equipment, completion of main concrete work, and early commissioning of individual plants.

• The Workforce Hub, a full-service housing facility for up to 2,000 workers, is operational to minimize local housing impact.

• The project is expected to create approximately 2,000 construction jobs and 350 permanent operational jobs.

Financials and cost structure

• Total Phase 1 capex is estimated at $2.93 billion, with $862.6 million spent by end of 2025 and $1.2–$1.5 billion planned for 2026.

• The DOE loan is at the U.S. Treasury rate with a 0% spread and a 23-year tenor, improving financial flexibility with deferred debt service.

• Thacker Pass is positioned as a low-cost producer, with C1 OPEX of $6,238/t LCE and AISC OPEX of $7,508/t for Years 1–25, remaining profitable even during lithium price downturns.

• The project benefits from a competitive cost structure due to high-grade ore, efficient processing, and location advantages.