Lithium Americas Closes US$275 Million Underwritten Public Offering
Lithium Americas Closes US$275 Million Underwritten Public Offering
(All amounts in US$ unless otherwise indicated)
VANCOUVER, British Columbia, April 22, 2024 -- Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas ”
or the “ Company”) announced the closing of its previously announced underwritten public offering (the “ Offering”) of its
common shares (the “Common Shares ”). The Company issued 55,000,000 Common Shares, issued at a price of $5.00 per
Common Share (the “Issue Price”), for aggregate gross proceeds to the Company of $275,000,000.
The net proceeds from the Offering are intended to be used to fund the advancement of construction and development of the
Company’s Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass”).
Jonathan Evans, President and Chief Executive Officer of Lithium Americas said, “We are pleased to have completed this key
financing milestone, which together with the U.S. Department of Energy (“DOE”) loan under the Advanced Technology Vehicles
Manufacturing Loan Program (the “Loan”), satisfies the funding condition to closing the General Motors Holdings LLC (“ GM”)
second tranche investment (the “ Tranche 2 Investment ”). At the same time, the Offering and GM funding will allow the
Company to meet the financing-related condition relating to closing the DOE Loan conditional commitment (the “ Conditional
Commitment”). These financings are expected to fully fund Thacker Pass Phase 1 construction.”
Mr. Evans continued, “With site preparation for major earthworks completed, our focus is on de-risking construction execution
by increasing detailed engineering and progressing procurement packages. Once the remaining closing conditions are met
and the Tranche 2 Investment and the DOE Loan close, which we anticipate to occur later this year if conditions to finalization
of the Loan are met, Thacker Pass will advance to full notice to proceed and major construction to support America's energy
security and emissions reduction aspirations. Our team continues to focus on our commitment to sustainably develop Thacker
Pass toward production."
For the DOE Loan, if finalized, it is possible that the terms of the finalized Loan agreement may change from the time of
Conditional Commitment. While the Conditional Commitment indicates DOE’s intent to finance Thacker Pass, the Company
must satisfy certain technical, legal, environmental and financial conditions before the DOE enters into definitive financing
documents and funds the Loan.
ABOUT LITHIUM AMERICAS
The Company is a Canadian-based lithium resource company that owns 100% of the Thacker Pass project located in
Humboldt County in northern Nevada, through its wholly-owned subsidiary, Lithium Nevada Corp.
INVESTOR CONTACT
Virginia Morgan, VP, IR and ESG
+1-778-726-4070
FORWARD-LOOKING INFORMATION
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, and
“forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995
(collectively referred to as “forward-looking information” (“FLI”)). All statements, other than statements of historical fact, are FLI
and can be identified by the use of statements that include, but are not limited to, words, such as “anticipate,” “plan,”
“continues,” “estimate,” “expect,” “may,” “will,” “projects,” “predict,” “proposes,” “potential,” “target,” “implement,” “scheduled,”
“forecast,” “intend,” “would,” “could,” “might,” “should,” “believe” and similar terminology, or statements that certain actions,
events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved. FLI in this news release includes, but
is not limited to, statements related to the anticipated use of net proceeds of the Offering; the expected operations, financial
results and condition of the Company; the Company’s future objectives and strategies to achieve those objectives, including
the future prospects of the Company; the estimated cash flow, capitalization and adequacy thereof for the Company; the
estimated costs of the development of Thacker Pass, including timing, progress, approach, continuity or change in plans,
construction, commissioning, milestones, anticipated production and results thereof and expansion plans; expectations
regarding accessing funding from the Tranche 2 Investment and the ATVM Loan Program; anticipated timing to resolve, and
the expected outcome of, any complaints or claims made or that could be made concerning the permitting process in the
United States for Thacker Pass; capital expenditures and programs; estimates, and any change in estimates, of the mineral
resources and mineral reserves at Thacker Pass; development of mineral resources and mineral reserves; the expected
benefits of the separation transaction undertaken by the Company to acquire ownership of the North American business
assets of Lithium Americas Corp. (now named Lithium Americas (Argentina) Corp.) (the “ Arrangement ”) to, and resulting
treatment of, shareholders and the Company; the anticipated effects of the Arrangement; information concerning the tax
treatment of the Arrangement; government regulation of mining operations and treatment under governmental and taxation
regimes; the future price of commodities, including lithium; the creation of a battery supply chain in the United States to
support the electric vehicle market; the realization of mineral resources and mineral reserves estimates, including whether
certain mineral resources will ever be developed into mineral reserves, and information and underlying assumptions related
thereto; the timing and amount of future production; currency exchange and interest rates; the Company’s ability to raise
capital; expected expenditures to be made by the Company on Thacker Pass; ability to produce high purity battery grade
lithium products; settlement of agreements related to the operation and sale of mineral production as well as contracts in
respect of operations and inputs required in the course of production; the timing, cost, quantity, capacity and product quality of
production at Thacker Pass; successful development of Thacker Pass, including successful results from the Company’s
testing facility and third-party tests related thereto; capital costs, operating costs, sustaining capital requirements, after tax
net present value and internal rate of return, payback period, sensitivity analyses, and net cash flows of Thacker Pass; the
expected capital expenditures for the construction of Thacker Pass; anticipated job creation and workforce hub at Thacker
Pass; the expectation that the project labor agreement with North America’s Building Trades Unions for construction of
Thacker Pass will minimize construction risk, ensure availability of skilled labor, address the challenges associated with
Thacker Pass’s remote location and be effective in prioritizing employment of local and regional skilled craft workers, including
members of underrepresented communities; the Company’s commitment to sustainable development, minimizing the
environmental impact at Thacker Pass and plans for phased reclamation during the life of mine; ability to achieve capital cost
efficiencies; the Tranche 2 Investment and the potential for additional financing scenarios for Thacker Pass; the expected
timetable for completing the Tranche 2 Investment; the ability of the Company to complete the Tranche 2 Investment on the
terms and timeline anticipated, or at all; the receipt of required stock exchange and regulatory approvals and authorizations,
and the securing of sufficient available funding to complete the development of Phase 1 of Thacker Pass as required for the
Tranche 2 Investment; the expected benefits of the Tranche 2 Investment; as well as other statements with respect to
management’s beliefs, plans, estimates and intentions, and similar statements concerning anticipated future events, results,
circumstances, performance or expectations that are not historical facts.
FLI involves known and unknown risks, assumptions and other factors that may cause actual results or performance to differ
materially. FLI reflects the Company’s current views about future events, and while considered reasonable by the Company as
of the date of this news release, are inherently subject to significant uncertainties and contingencies. Accordingly, there can
be no certainty that they will accurately reflect actual results. Assumptions upon which such FLI is based include, without
limitation, the ability to raise financing in a timely manner and on acceptable terms; the potential benefits of the Arrangement
being realized; the risk of tax liabilities as a result of the Arrangement, and general business and economic uncertainties and
adverse market conditions; the risk that the Arrangement may not be tax-free for income tax purposes and potential significant
tax liabilities that the Company may be exposed to if the tax-deferred spinoff rules are not met; the risk of tax indemnity
obligations owed by the Company to Lithium Argentina following the Arrangement becoming payable, including as a result of
events outside of the Company’s control; uncertainties inherent to feasibility studies and mineral resource and mineral reserve
estimates; the ability of the Company to secure sufficient additional financing, advance and develop Thacker Pass, and to
produce battery grade lithium; the respective benefits and impacts of Thacker Pass when production operations commence;
settlement of agreements related to the operation and sale of mineral production as well as contracts in respect of operations
and inputs required in the course of production; the Company’s ability to operate in a safe and effective manner, and without
material adverse impact from the effects of climate change or severe weather conditions; uncertainties relating to receiving and
maintaining mining, exploration, environmental and other permits or approvals in Nevada; demand for lithium, including that
such demand is supported by growth in the electric vehicle market; current technological trends; the impact of increasing
competition in the lithium business, and the Company’s competitive position in the industry; continuing support of local
communities and the Fort McDermitt Paiute Shoshone Tribe for Thacker Pass; continuing constructive engagement with these
and other stakeholders, and any expected benefits of such engagement; the stable and supportive legislative, regulatory and
community environment in the jurisdictions where the Company operates; impacts of inflation, currency exchanges rates,
interest rates and other general economic and stock market conditions; the impact of unknown financial contingencies,
including litigation costs, environmental compliance costs and costs associated with the impacts of climate change, on the
Company’s operations; increased attention to environmental, social, governance and safety (“ ESG-S”) and sustainability-
related matters, risks related to the Company’s public statements with respect to such matters that may be subject to
heightened scrutiny from public and governmental authorities related to the risk of potential “greenwashing” (i.e., misleading
information or false claims overstating potential sustainability-related benefits); risks that the Company may face regarding
potentially conflicting anti-ESG-S initiatives from certain U.S. state or other governments; estimates of and unpredictable
changes to the market prices for lithium products; development and construction costs for Thacker Pass, and costs for any
additional exploration work at the project; estimates of mineral resources and mineral reserves, including whether mineral
resources not included in mineral reserves will be further developed into mineral reserves; reliability of technical data;
anticipated timing and results of exploration, development and construction activities, including the impact of ongoing supply
chain disruptions and availability of equipment and supplies on such timing; timely responses from governmental agencies
responsible for reviewing and considering the Company’s permitting activities at Thacker Pass; availability of technology,
including low carbon energy sources and water rights, on acceptable terms to advance Thacker Pass; the Company’s ability
to obtain additional financing on satisfactory terms or at all, including the outcome of the ATVM Loan Program process;
government regulation of mining operations and mergers and acquisitions activity, and treatment under governmental,
regulatory and taxation regimes; ability to realize expected benefits from investments in or partnerships with third parties;
accuracy of development budgets and construction estimates; that the Company will meet its future objectives and priorities;
that the Company will have access to adequate capital to fund its future projects and plans; that such future projects and
plans will proceed as anticipated; the ability of the Company to satisfy all closing conditions for the Tranche 2 Investment and
complete the Tranche 2 Investment in a timely manner; the impact of the Tranche 2 Investment on dilution of shareholders and
on the trading prices for, and market for trading in, the securities of the Company; as well as assumptions concerning general
economic and industry growth rates, commodity prices, currency exchange and interests rates and competitive conditions.
Although the Company believes that the assumptions and expectations reflected in such FLI are reasonable, the Company
can give no assurance that these assumptions and expectations will prove to be correct.
Readers are cautioned that the foregoing lists of factors are not exhaustive. There can be no assurance that FLI will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such information. As such,
readers are cautioned not to place undue reliance on this information, and that this information may not be appropriate for any
other purpose, including investment purposes. The Company’s actual results could differ materially from those anticipated in
any FLI as a result of the risk factors set out herein and in the Company’s filings with securities regulators.
The FLI contained in this news release is expressly qualified by these cautionary statements. All FLI in this news release
speaks as of the date of this news release. The Company does not undertake any obligation to update or revise any FLI,
whether as a result of new information, future events or otherwise, except as required by law. Additional information about
these assumptions and risks and uncertainties is contained in the Company’s filings with securities regulators, including the
Company’s most recent Annual Report on Form 20-F and most recent management’s discussion and analysis for our most
recently completed financial year and, if applicable, interim financial period, which are available on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. All FLI contained in this news release is expressly qualified by the risk
factors set out in the aforementioned documents.