Lithium Americas (LAC) Q4 2024 earnings summary

Executive summary

• 2024 marked a transformational year with key partnerships and capital secured for Thacker Pass Phase 1, targeting late 2027 production.

• Major construction ramp-up at Thacker Pass is set to create significant economic activity and jobs in northern Nevada.

Financial highlights

• Cash, cash equivalents, and restricted cash stood at $594.2 million as of December 31, 2024.

• $179.9 million in construction and project-related costs were capitalized during 2024.

• Net loss increased to $42.6 million in 2024 from $5.1 million in 2023, mainly due to higher transaction costs and a loss on financial instruments.

• Net proceeds of $262 million from a public offering will fund Thacker Pass development.

Outlook and guidance

• Thacker Pass Phase 1 targets 40,000 t/y of battery-grade lithium carbonate, with production expected in late 2027.

• First major construction activities, including concrete placement, are scheduled for May 2025; first steel installation in September 2025.

• Fully funded status for Phase 1 is expected through DOE, GM, and Orion investments.