Lithium Americas (LAC) Corporate Presentation summary

Strategic project overview

• Thacker Pass is fully permitted and in major construction, aiming to build a U.S. lithium supply chain with a vertically integrated model and expansion potential up to 160,000 t/y battery-grade lithium carbonate over five phases and an 85-year mine life.

• Phase 1 construction is funded through a $2.26 billion U.S. DOE loan, $945 million from General Motors (38% JV partner), and $250 million from Orion Resource Partners, with first production targeted for late 2027.

• The project features the world’s largest measured lithium resource and reserve, with 44.5 Mt LCE measured and indicated resource and 14.3 Mt LCE proven and probable reserve.

• Thacker Pass is the only new large-scale lithium project under construction in the U.S., with a clear path to production and significant de-risking through advanced engineering, procurement, and workforce planning.

• The project is supported by strong partnerships, including a 20-year offtake agreement with GM and a community benefits agreement with the Fort McDermitt Paiute & Shoshone Tribe.

Construction and execution progress

• Approximately 70% of detailed engineering is complete, with long-lead equipment being fabricated and permanent concrete placed; first steel installation was completed in late August 2025.

• The Workforce Hub in Winnemucca is fully set up, with all 686 modular housing units in place and first occupancy scheduled for Q3 2025.

• Construction activities include ongoing concrete placement, foundation work for key buildings, and installation of site roads and utilities.

• The project is on target for mechanical completion in late 2027, with a focus on de-risking execution through skilled labor agreements and local hiring.

Financials and economics

• Average annual EBITDA for years 1-25 is projected at $2.2 billion, with a post-tax NPV (8%) of $5.9 billion and an IRR of 19.6%.

• Thacker Pass operating costs are highly competitive, with C1 OPEX at $6,238/t LCE and AISC OPEX at $7,508/t, enabling profitability even during lithium price downturns.

• CAPEX for Phase 1 is $2.9 billion, with subsequent phases ranging from $2.3 to $4.3 billion.