Lithium Americas (LAC) Q3 2025 earnings summary

Executive summary

• Advanced construction at Thacker Pass with over 80% of engineering design complete and first steel columns installed as of Q3 2025.

• Received first DOE Loan drawdown, enhancing project certainty and stability.

• Workforce on-site reached approximately 700, expected to rise to 1,800 at peak construction.

Financial highlights

• $145.9 million in construction capital costs capitalized in Q3 2025; $720 million total capitalized to date.

• Cash and restricted cash stood at $385.6 million as of September 30, 2025.

• Net loss for the nine months ended September 30, 2025, was $223.9 million, up from $21.4 million year-over-year, mainly due to non-cash loss on embedded derivative.

• Operating expenses for the nine months ended September 30, 2025, were $24.1 million, up from $18.2 million year-over-year.

• Total assets increased to $1,451.5 million, mainly from mineral properties, plant, and equipment investments.

Outlook and guidance

• Mechanical completion of Phase 1 processing plant targeted for late 2027.

• Engineering design expected to surpass 90% by year-end 2025, de-risking project schedule and cost.

• Workforce expected to reach 1,000 by end of 2025 and 1,800 at peak construction.