Increased Mineral Resource And Reserve For Thacker Pass

VANCOUVER - Lithium Americas Corp. (LAC) reported an increased mineral resource and mineral reserve estimate for the Thacker Pass lithium project in Humboldt County, Nevada, including the release of an independent National Instrument 43-101 (NI 43-101) technical report entitled “NI 43-101 Technical Report on the Thacker Pass Project Humboldt County, Nevada, USA,” and an independent S-K 1300 technical report entitled “S-K 1300 Technical Report on the Thacker Pass Project Humboldt County, Nevada,” both dated effective December 31, 2024. The Project is indirectly owned by Lithium Nevada Ventures LLC (LN). LN is a joint venture between the Company, which has a 62% ownership, and General Motors Holdings LLC (GM), which has a 38% ownership.

Jonathan Evans, President and CEO, said, “We are excited to release the results of our Thacker Pass Technical Report that demonstrates the multigenerational opportunity for transformational growth the Project creates. Thacker Pass is now the largest measured lithium reserve and resource in the world and has the potential to become an unmatched district, generating American jobs and helping the U.S. regain independence of its energy supply. We are committed to safely and sustainably developing Thacker Pass while engaging with our stakeholders to increase domestic production of critical minerals.”

Proven and Probable (P&P) mineral reserve estimate of 14.3 million tonnes (Mt) lithium carbonate equivalent (LCE) at an average grade of 2,540 parts per million (ppm) lithium (Li), an increase of 286% since the November 2022 Feasibility Study1; supports an expansion of up to five phases with an 85-year mine life. Measured and Indicated (M&I) mineral resource estimate of 44.5 Mt LCE at an average grade of 2,230 ppm Li; an increase of 177% since the November 2022 Feasibility Study.

Expansion plan targeting 160,000 tonnes per year (t/y) of battery-quality lithium carbonate (Li2CO3) production capacity in four phases of 40,000 t/y each, respectively (“Phase 1,” “Phase 2,” “Phase 3” and “Phase 4”), with a sulfuric acid plant without an additional Li2CO3 production circuit as Phases 1-4 are expected to have excess capacity (“Phase 5”). Phase 4 expansion incorporates a direct rail line from Winnemucca to Thacker Pass.

Project economics for an 85-year life of mine (LOM) (Base Case) and an optimized production scenario for years 1-25 of the 85-year LOM (Years 1-25 or Production Scenario). Both the Base Case and Production Scenario use a price assumption of $24,000 per tonne of Li2CO3. Average annual EBITDA2 for the Production Scenario is estimated at $2.2 billion per year and $2.1 billion per year for the Base Case. Production Scenario after-tax net present value (“NPV”) of $5.9 billion at 8% discount and 19.6% after-tax internal rate of return (“IRR”), and Base Case after-tax NPV of $8.7 billion at 8% discount and 20.0% after-tax IRR.

Production Scenario operating costs (OPEX) of $6,238 per tonne lithium carbonate produced, and Base Case OPEX of $8,039 per tonne lithium carbonate produced. Capital cost (CAPEX) estimates for Phase 1 of $2.93 billion, Phase 2 of $2.33 billion, Phase 3 of $2.74 billion, Phase 4 and 5 together of $4.32 billion, based on cost estimates from Q2 2024 and include a 15% contingency.

Construction of each of Phases 1 through 4 is expected to be spaced four years apart, with Phase 5 beginning at the same time as Phase 4. Phase 1 is expected to create nearly 2,000 jobs during construction and approximately 350 full-time jobs during operations. Over the LOM, an average of approximately 1,100 full-time employees are expected to support mining and processing operations. Additional jobs are expected to be created in the local communities through ancillary and support services, such as transportation, maintenance and supplies.

Phase 1 is targeted for completion in late 2027. The Company is targeting to announce the final investment decision (FID) for Phase 1 in early 2025. Bechtel is the engineering, procurement and construction management (EPCM) contractor for the construction of Phase 1.