Lithium Americas (LAC) Q1 2025 earnings summary

Executive summary

• As of March 31, 2025, cash and restricted cash totaled $446.9 million, with working capital of $405.9 million.

• Major construction at Thacker Pass is underway, with earthworks nearly complete and the first permanent concrete placed in May 2025.

• Thacker Pass Phase 1 is fully funded following a $250 million investment from Orion Resource Partners and additional contributions from GM and Lithium Americas to the JV.

• Final investment decision for Phase 1 construction was announced, with $191.6 million and $100 million contributed by the company and GM, respectively.

• $78.2 million in construction and project-related costs were capitalized in Q1 2025.

Financial highlights

• Net loss for Q1 2025 was $11.5 million, compared to $6.3 million in Q1 2024, mainly due to higher G&A and transaction costs.

• Net loss per share was $0.05, versus $0.04 in the prior year quarter.

• Cash and restricted cash decreased by $147.3 million from December 31, 2024.

• Mineral properties, plant, and equipment increased by $76.9 million to $475.8 million.

• Total assets were $1,018.5 million, with total liabilities of $83.5 million at quarter end.

Outlook and guidance

• First draw on the $2.26 billion DOE Loan is expected in Q3 2025.

• Completion of Phase 1 of Thacker Pass is targeted for late 2027, with ramp-up in 2028 and engineering expected to exceed 90% by year-end 2025.

• Detailed engineering is over 60% complete as of March 31, 2025.

• First occupancy of the Workforce Hub for construction workers is targeted for the second half of 2025.

• The company expects sufficient cash resources for at least the next 12 months.