Lithium Americas Provides a Project Update and 2026 Capex Guidance for Thacker Pass
Lithium Americas Provides a Project Update and 2026 Capex Guidance for
Thacker Pass
(All amounts in US$ unless otherwise indicated)
VANCOUVER, British Columbia--(BUSINESS WIRE)--February 19, 2026--Lithium Americas
Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”) provides a project
update for the year ended December 31, 2025, 2026 capital expenditure (“Capex”) guidance and
2026 project development milestones for its Thacker Pass project in Humboldt County, Nevada
(“Thacker Pass” or the “Project”).
“2025 was a pivotal year for Lithium Americas and the Thacker Pass Project with Phase 1
construction well underway,” said Jonathan Evans, President and Chief Executive Officer of
Lithium Americas. “Safety remains our top priority, processing facilities are rising and critical
equipment and materials are arriving daily. As planned, we expect to reach peak construction
employment of roughly 1,800 skilled craftspeople by year-end. Lithium market conditions are
strengthening just as the project prepares to come online in late 2027, with full ramp-up through
2028.”
Mr. Evans added, “Thacker Pass represents a unique opportunity to build a secure, resilient
North American lithium supply chain. We value our partnership with the federal government and
the support of local, state and federal leaders who share our commitment to strengthening
America’s energy future.”
Q4 2025 PROJECT AND CONSTRUCTION HIGHLIGHTS
The Company continues to progress major construction at Thacker Pass Phase 1. Construction
milestones achieved in Q4 2025 include:
As of December 31, 2025, detailed engineering design complete achieved 93%, while
procurement was 60% complete.
At the end of December 2025, there were approximately 950 personnel on site at Thacker
Pass, including approximately 740 manual craft and 210 additional site workers. The
number of personnel is expected to increase to approximately 1,800 at peak construction
in 2026.
In 2025, 1.69 million workhours were completed at Thacker Pass without a serious injury
or lost-time incident, and the total recordable incident frequency rate was 0.21.
Foundation, rebar and concrete work continue at multiple facilities throughout the
processing plant, including the Filter Building, the Magnesium Sulfate Building and
Warehouse Facilities.
Multiple facilities at the Thacker Pass processing plant also progressed structural steel
installation, including the Filter Building, Magnesium Sulfate Building and the Liquid
Sulfur Tanks.
The installation of certain long lead equipment commenced in Q4 2025.
Active hydroseeding of disturbed areas across the site using native seeds was performed.
In September 2025, the Workforce Hub (“WFH”) became partially operational and
welcomed its first residents. As of February 13, 2026, there were nearly 700 residents at
the WFH. Occupancy at the WFH is expected to align with the hiring and ramp-up of
construction workers.
The Company is growing its Operations and Business Readiness (“OBR”) team to de-risk the
transition from the engineering, procurement and construction phases of Thacker Pass through
commissioning, ramp up and into production and maintenance of the greenfield mining and
chemical facility.
As of December 31, 2025, the OBR team had 25 employees. Hiring additional OBR team
members is expected to ramp up throughout 2026 in preparation for pre-commissioning
and process commissioning in late 2026 and throughout 2027.
Throughout 2025, the following key roles were filled: Site Operations Director, Lithium
Carbonate Plant Manager, Sulfuric Acid Plant Manager, Maintenance Manager, Supply
Chain Manager, Training Manager and Process Superintendent.
The OBR team is currently preparing safety plans, operating procedures, multi-
disciplinary training programs, emergency response training and other programs, which
are being finalized and implemented.
The OBR team continues to conduct factory acceptance tests of key equipment and
processes, while working with these vendors to learn best practices from their customers’
existing operations.
2026 CAPITAL EXPENDITURE GUIDANCE
The Company is targeting a Capex range of $1.3 billion to $1.6 billion for Thacker Pass Phase 1
for fiscal year 2026, as shown in the table below:
(US$) 2026 Capex Guidance
Thacker Pass Phase 1 construction costs (1)(2) $1.2 - $1.5 billion
Other capitalized development costs for Thacker Pass (3) $30 - $40 million
Capitalized interest on the DOE loan $45 - $55 million
Total $1.3 - $1.6 billion
2026 Capex Guidance Notes:
(1) Thacker Pass Phase 1 construction costs do not include $8.0 million of community contributions that are
required to be expensed under US GAAP, though these were included in the $2.93 billion Capex estimate per the
Company’s Technical Report entitled “NI 43-101 Technical Report on the Thacker Pass Project Humboldt
County, Nevada, USA,” effective December 31, 2024 (“ Technical Report”).
(2) Thacker Pass Phase 1 construction costs include estimated tariff exposure for equipment and construction
material sourced from Canada, China, India, UAE, Turkey and the European Union. The Company has been
working toward limiting the effect of any potential tariffs on our construction supply chain, with approximately
75% of the total capital project cost structure related to labor, contractors and other services not expected to be
directly affected by any potential tariffs. The Company continues to monitor closely potential tariff exposure;
however, changes in tariffs and trade restrictions can be announced with little or no advance notice. The
estimates provided are based on known information as of the date of this news release.
(3) Other capitalized development costs are required to be capitalized under US GAAP, though these were not
included in $2.93 billion Capex estimate per the Company’s Technical Report.
Fiscal year 2025 Capex spend is expected to be disclosed in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2025, which is expected to be filed on March 19,
2026.
EXPECTED 2026 DEVELOPMENT MILESTONES
The Company continues to target mechanical completion of the Thacker Pass Phase 1 processing
plant in late 2027. Following are expected development milestones for 2026:
Major long-lead equipment and a substantial amount of other equipment and construction
materials are expected to be delivered to either Thacker Pass or the fabrication yard in
Winnemucca throughout the first half of 2026, including the steam turbine generator,
sulfuric acid plant stacks and cold interpass heat exchanger.
In early January 2026, the first of nearly 100 completed pipe rack modules were
delivered to site. They were fabricated offsite to reduce labor hours and facilitate
enhanced safety performance. Once delivered to site, the interlocking modules (with pipe,
cable trays already installed) will be placed and joined together at the processing plant.
The remaining pipe rack modules are expected to be delivered to site by mid-year.
The first cable pulls on the module pipe racks are targeted to commence in spring 2026.
Commissioning of the high voltage power line is targeted to commence in Q2 2026.
Given the advanced level of detailed engineering, the Company is expected to begin a
definitive capital estimate in the first half of 2026. Advanced levels of engineering and
procurement will enable the team to estimate quantities and materials with higher
confidence. Further assessment of labor availability and productivity rates is expected to
occur by the fourth quarter of 2026.
All main concrete required at site is expected to be completed in Q3 2026.
Early commissioning of the individual plants is expected to commence in Q4 2026.
As part of the Project, the Company is upgrading six regional substations and switching
stations to enhance reliability for grid power from the local electric utility cooperative.
This work is expected to be completed to help energize the Project in Q4 2026.
ABOUT LITHIUM AMERICAS
Lithium Americas is building Thacker Pass located in Humboldt County in northern Nevada.
Phase 1 is designed for nominal production capacity of 40,000 tonnes per year of battery-quality
lithium carbonate, and mechanical completion is targeted for late-2027. Thacker Pass hosts the
largest known measured lithium resource (Measured and Indicated) and reserve (Proven and
Probable) in the world and is owned by a joint venture (“JV”) between Lithium Americas
(holding a 62% interest), and General Motors Holdings LLC (GM) (holding a 38% interest).
Project financing for Phase 1 includes a $2.23 billion loan from the U.S. Department of Energy
(“DOE”) and strategic investments from GM and Orion Resource Partners LP. The DOE holds
Company Warrants to purchase common shares of the Company for a 5% equity stake and JV
Warrants to purchase a 5% non-voting, non-transferable equity interest in the JV. Lithium
Americas’ shares are listed on the Toronto Stock Exchange and New York Stock Exchange
under the symbol LAC. To learn more, visit www.lithiumamericas.com or follow
@LithiumAmericas on social media.
TECHNICAL INFORMATION
The scientific and technical information in this news release has been reviewed and approved by
Rene LeBlanc, PhD, SME, Vice President, Commercial and Product Strategy of the Company,
and a “qualified person” as defined under National Instrument 43-101 and Subpart 1300 of
Regulation S-K under the United States Securities Act of 1933, as amended.
FORWARD-LOOKING STATEMENTS
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 statements” or “FLS”). All statements, other than statements of historical fact,
are FLS and can be identified by the use of statements that include, but are not limited to, words,
such as “anticipate,” “plan,” “continue,” “estimate,” “expect,” “may,” “will,” “project,”
“predict,” “propose,” “potential,” “target,” “implement,” “schedule,” “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. FLS in this news release includes, but is not limited to: statements relating to the
anticipated sources and uses of funds to complete project financing, statements relating to the JV
and the DOE Loan, including statements regarding project de-risking initiatives and the extent to
which work to date has de-risked project execution; 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, expected milestones, anticipated production and results thereof and expansion
plans; cost and expected benefits of the transloading terminal; 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; the timely completion of environmental
reviews and related consultations, and receipt or issuance of permits and approvals, in the United
States for the Company’s development and resultant operations; 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 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; 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 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; statements relating to
revised capital cost estimates; 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; statements with respect to the expected economics of
Thacker Pass, including capital costs, operating costs, sustaining capital requirements, after tax
net present value and internal rate of return, pricing assumptions, payback period, sensitivity
analyses, net cash flows and life of mine; anticipated job creation and the completion of the
Workforce Hub; the expectation that the National Construction Agreement (Project Labor
Agreement) with North America’s Building Trades Unions for construction of Phase 1 of
Thacker Pass will minimize construction risk, ensure availability of skilled labor, address the
challenges associated with Thacker Pass’ remote location and be effective in prioritizing
employment of local and regional skilled craft workers, including members of underrepresented
communities; the expected workforce development training program being prepared with Great
Basin College and overarching accessibility to a productive workforce; the Company’s
commitment to sustainable development, limiting the environmental impact at Thacker Pass and
plans for phased reclamation during the life of mine including use benefits of growth media;
ability to achieve capital cost efficiencies; 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.
FLS involves known and unknown risks, assumptions and other factors that may cause actual
results or performance to differ materially. FLS 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 and other factors
upon which such FLS is based include, without limitation: expectations regarding Phase 2 of
Thacker Pass, including financing and the absence of material adverse events affecting the
Company during the construction of the Project; the ability of the Company to perform
conditions and meet expectations regarding the Company’s financial resources and future
prospects; the ability to meet future objectives, priorities and anticipated milestones; a cordial
business relationship between the Company and third-party strategic and contractual partners;
the availability of equipment, labor and facilities necessary to complete development and
construction of Thacker Pass; unforeseen technological, equipment and engineering problems;
changes in general economic and geopolitical conditions, including as a result of regulatory
changes by the current U.S. presidential administration, higher interest rates, the rate of inflation,
a potential economic recession and potential changes in United States trade policy, including the
imposition of tariffs and the resulting consequences on, among other things, the extractive
resource industry, the green energy transition and the electric vehicle market; uncertainties
inherent to feasibility studies and mineral resource and mineral reserve estimates; the mine
processing facilities, based on the results of the testing facility and third-party tests, performing
as expected; 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 and lithium-ion battery 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 and the Shoshone Tribe in relation to Thacker Pass, and continuing
constructive engagement with these and other stakeholders, including any expected benefits of
such engagement; risks related to cost, funding and regulatory authorizations to develop the
Workforce Hub; the stable and supportive legislative, regulatory and community environment in
the jurisdictions where the Company operates; impacts of inflation, deflation, currency exchange
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 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 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; some of the modifying factors used to convert mineral
resources to mineral reserves may change materially, and could materially impact the mineral
reserve estimate; 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; 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; the ability to satisfy production and
lithium-recovery targets; 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; compliance by
Lithium Nevada LLC (“LN”) and GM with terms of the JV agreements; the lack of any material
disputes or disagreements between LN and GM; the regulation of the mining industry by various
governmental agencies; as well as assumptions concerning general economic and industry
growth rates, commodity prices, resource estimates, currency exchange and interest rates and
competitive conditions. Although the Company believes that the assumptions and expectations
reflected in such FLS 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 FLS 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 FLS as a result of the risk factors set out herein, and in
the Company’s other continuous disclosure documents available on SEDAR+ at
www.sedarplus.ca and EDGAR at www.sec.gov. Readers are further cautioned to review the full
description of risks, uncertainties and management’s assumptions in the aforementioned
documents and other disclosure documents available on SEDAR+ and on EDGAR. The
Company expressly disclaims any obligation to update or revise any FLS as a result of new
information, future events or otherwise, except as and to the extent required by applicable
securities laws. Forward-looking financial information also constitutes FLS within the context of
applicable securities laws and as such, is subject to the same risks, uncertainties and assumptions
as are set out in the cautionary note above.
Contacts
INVESTOR CONTACT
Virginia Morgan
Vice President, Investor Relations and ESG
+1-778-726-4070