LAC · Lithium Americas Corp.

Lithium Americas Corp. announced Q1 2026 results highlighting robust liquidity and construction momentum at its flagship Thacker Pass project. Net income swung to a $4.6 million profit from a $11.5 million loss in Q1 2025, primarily due to a non-cash gain on the fair value of the embedded derivative in its $195 million Orion convertible notes, reflecting a share price decline from $4.36 to $3.95. Higher interest income from elevated cash balances, fueled by ATM equity raises and DOE loan proceeds, further supported the positive result, though offset by rising G&A expenses from hiring, share-based compensation, and community investments. Balance sheet strength is evident with $1.2 billion in cash and restricted cash, up from $905.6 million year-end, including $529 million at the JV level, positioning the company to fund ongoing development without immediate dilution pressures. Thacker Pass Phase 1 construction advanced significantly, capitalizing $1.3 billion in costs (of which $1.1 billion counts toward the $2.93 billion Technical Report capex), achieving 2.43 million workhours with exemplary safety (recordable incident rate of 0.25). Detailed engineering exceeds 95%, procurement over 70%, and workforce scaling to over 1,300 on site, targeting peak of 2,000. CEO Jonathan Evans emphasized de-risking via secured financing, managed supply chains despite Middle East disruptions (steel rerouted via Jeddah), and political support from U.S. Senators and Nevada Governor. 2026 capex guidance of $1.3-$1.6 billion reflects controlled spending amid tariff risks ($80-$120 million exposure, mainly 2026) and inflation not in original estimates. A definitive capital estimate is slated for H2 2026 incorporating these factors. Financing milestones include completing the November 2025 ATM for $246.7 million net proceeds, drawing $432 million DOE loan, launching a $250 million March 2026 ATM (initial $11.2 million post-Q1), and issuing low-exercise-price warrants to DOE for 5% equity stakes. These updates signal execution focus toward late-2027 mechanical completion, reinforcing Thacker Pass as a critical U.S. lithium supply chain asset amid national security priorities.