Lithium Americas Reports 2024 Full Year Results
Lithium Americas Reports 2024 Full Year Results
(All amounts in US$ unless otherwise indicated)
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 28, 2025--Lithium Americas
Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”) announced that it
has filed its Annual Report on Form 10-K, which includes the Company’s audited consolidated
financial statements for the year ended December 31, 2024, and provided an update on its
Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass” or the “Project”).
Jonathan Evans, President and Chief Executive Officer of Lithium Americas said, “2024 was a
transformational year in moving Thacker Pass forward to develop a North American lithium
supply chain. We successfully put in place the partnerships and capital required to develop and
construct Phase 1 of Thacker Pass, as well as the internal governance and structures to support
the growing organization. Once we declare the final investment decision, our team can focus on
executing on the well-detailed plan to bring Thacker Pass to production in late 2027.”
Mr. Evans added, "With the ramp-up of major construction at Thacker Pass, we are excited to
start creating new jobs and bringing economic activity to northern Nevada. We want to
acknowledge the support from our local community and business partners to get Thacker Pass to
this advanced stage.”
OPERATING AND FINANCIAL HIGHLIGHTS
As of December 31, 2024, the Company had approximately $594.2 million in cash, cash
equivalents and restricted cash.
During the year ended December 31, 2024, $179.9 million of construction capital costs
and other project-related costs were capitalized.
In the fourth quarter of 2024, the Company provided Bechtel, who is responsible for the
engineering, procurement and construction management of Phase 1 (the initial phase of
production at Thacker Pass, targeting 40,000 tonnes per year (“t/y”) of battery-grade
lithium carbonate), and other major contractors with limited full notice to proceed to de-
risk the construction schedule and continue to target completion in late 2027.
On March 6, 2025, the Company announced a strategic investment of $250 million from
fund entities managed by Orion Resource Partners LP (collectively, “Orion”). Orion has
committed to purchase senior unsecured convertible notes in the aggregate principal
amount of $195 million (the “Notes”) and enter into a Production Payment Agreement
(“PPA”) whereby Orion will pay Lithium Americas $25 million in exchange for
payments corresponding to the minerals processed and gross revenue generated by
Thacker Pass (together, the Notes and PPA represent an aggregate initial investment of
$220 million). Orion has also committed, subject to the satisfaction of certain conditions
precedent, to purchase an additional $30 million in aggregate principal amount Notes
within two years upon request by the Company (the “Delayed Draw Notes”). Together,
the Notes, PPA and Delayed Draw Notes represent an aggregate $250 million investment
for the development and construction of Phase 1 of Thacker Pass. In addition, Orion has
agreed, on a non-binding basis, to evaluate the potential to support up to $500 million of
financing for the construction and development of the second phase of production of
Thacker Pass targeting an additional 40,000 t/y of battery-grade lithium carbonate of
nominal production capacity (“Phase 2”).
On December 23, 2024, the Company and GM closed a joint venture (“JV”) to fund,
develop, construct and operate Thacker Pass for $625 million in total cash and letters of
credit, comprised of $430 million of direct cash funding to the JV to support the
construction of Phase 1 and a $195 million letter of credit facility. Upon closing of the
JV, GM acquired a 38% asset-level ownership stake in Thacker Pass and contributed
$330 million of cash into the JV alongside $138 million of cash from Lithium Americas.
The remaining $100 million cash contribution from GM and Lithium Americas’ $192
million cash contribution, is to be contributed to the JV when the final investment
decision (“FID”) for Phase 1 is declared.
On October 28, 2024, the Company and the U.S. Department of Energy’s (“DOE”) Loan
Programs Office closed a $2.26 billion loan under the Advanced Technology Vehicles
Manufacturing Loan Program (the “DOE Loan”) for financing the construction of the
processing facilities for Phase 1 of Thacker Pass. The Company currently expects to
make the first draw on the DOE Loan sometime in the third quarter of 2025. Remaining
conditions precedent to first draw include a project finance model bring down.
Together with the DOE Loan and the investments from both GM and Orion, Lithium
Americas expects to achieve fully funded status at the project and corporate level for the
development and construction of Phase 1 of Thacker Pass for the duration of
construction.
In August 2024, the Company received approval for a $11.8 million grant from the U.S.
Department of Defense to support an upgrade of the local power infrastructure and to
help build a transloading facility.
On April 22, 2024, the Company completed an underwritten public offering (the
“Offering”) of 55 million common shares at a price of $5.00 per common share for
aggregate gross proceeds to the Company of $275 million. Net proceeds from the
Offering were approximately $262 million and will be used to fund the advancement of
construction and development of Thacker Pass.
PROJECT AND CONSTRUCTION UPDATE
Activity at Thacker Pass has been focused on preparing the site for major construction,
which will begin with permanent concrete placement, targeted to start in May 2025.
o Detailed engineering is currently over 55% design complete and expected to
increase to over 90% design complete by year end 2025.
o Earthworks in the processing plant area in preparation of first concrete placement
is over 90% completed. The Company continues to award additional contracts and
mobilize contractors to support first major concrete placement.
o Manufacturing of all long-lead equipment awarded in the fourth quarter of 2024
continues to advance, and the Company continues to procure other major
equipment in line with the project schedule.
o First steel installation is targeted to commence in September 2025.
At the all-inclusive housing facility for construction workers (the “Workforce Hub” or
“WFH”), major earthworks and the first phase of foundations are completed, sewer and
water pipe installation continues and the first modular housing units are being installed.
o The contract for the module erection and camp operations scope of work was
awarded in February 2025.
o First occupancy of the Workforce Hub is targeted for the second half 2025.
On January 7, 2025, the Company announced an increased mineral resource
(“Resource”) and mineral reserve (“Reserve”) estimate for Thacker Pass, including the
release of an independent National Instrument 43-101 technical report (“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 (the
“S-K 1300 Technical Report”, together with the NI 43-101 Technical Report, the
“Technical Reports”) entitled “S-K 1300 Technical Report on the Thacker Pass Project
Humboldt County, Nevada, USA,” both dated effective December 31, 2024.
o The NI 43-101 Technical Report includes a Proven and Probable Reserve
estimate of 14.3 million tonnes (“Mt”) of lithium carbonate equivalent (“LCE”)
at an average grade of 2,540 parts per million (“ppm”) lithium (“Li”) and a
Measured and Indicated Resource estimate of 44.5 Mt LCE at an average grade of
2,230 ppm Li.
o The Reserve estimate supports an expansion plan of up to five phases targeting
total nominal production capacity of 160,000 t/y of battery-quality lithium
carbonate with an 85-year mine life.
TECHNICAL INFORMATION
The scientific and technical information in this news release has been reviewed and approved by
Rene LeBlanc, PhD, SME, Vice President, Growth 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.
FINANCIALS
Selected consolidated financial information is presented as follows:
(in US$ million except per share information) Years ended December 31,
2024 2023
$ $
Operating expenses 28.3 28.8
Net loss 42.6 5.1
Loss per share - basic 0.21 0.03
(in US$ millions)
As at December 31,
2024 As at December 31, 2023
$ $
Cash, cash equivalents and restricted cash 594.2 195.8
Total assets 1,044.9 436.9
Total long-term liabilities 41.3 27.4
During the year ended December 31, 2024, there was an increase in net loss from the year ended
December 31, 2023, which was mainly due to higher transaction costs related to advancing and
closing both the DOE Loan and JV and the recognition of a loss on the fair value of financial
instruments compared with a gain in the comparable year, partially offset by higher interest
earned on increased cash balances in 2024.
At December 31, 2024, total assets increased primarily due to cash received upon closing of the
Offering and the JV. Mineral properties, plant and equipment increased due to the capitalization
of Thacker Pass construction costs for the full year, including engineering, earthworks and the
shipping and delivery of the final WFH modules.
This news release should be read in conjunction with the Company’s annual report on Form 10-
K for the year ended December 31, 2024, available on the Company’s issuer profile on EDGAR
at www.sec.gov, SEDAR+ at www.sedarplus.ca and on the Company's website at
www.lithiumamericas.com.
ABOUT LITHIUM AMERICAS
Lithium Americas is committed to responsibly developing the Thacker Pass project located in
Humboldt County in northern Nevada, which hosts the largest known measured lithium resource
(Measured and Indicated) and reserve (Proven and Probable) in the world. Thacker Pass is
owned by a JV between Lithium Americas (holding a 62% interest and is the manager of the
Project), and GM (holding a 38% interest). The Company is focused on advancing Phase 1 of
Thacker Pass toward production, targeting nominal design capacity of 40,000 t/y of battery-
quality lithium carbonate. The Company and its engineering, procurement and construction
management contractor, Bechtel, entered into a National Construction Agreement (Project Labor
Agreement) with North America’s Building Trades Unions for construction of Thacker Pass. The
three-year construction build is expected to create nearly 2,000 direct jobs, including 1,800
skilled contractors. 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.
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,
the DOE Loan and the strategic investment with Orion, including statements regarding
satisfaction of draw-down conditions on the DOE Loan and expected timing for first draw-down
on the DOE Loan; anticipated timing for a FID in respect of Thacker Pass; expectation about the
Company’s ability to fully fund the development and construction of Thacker Pass on schedule
or at all; expectations about the ability of the Company to complete all supplementary financing
in order to draw-down on the DOE Loan and make a FID; the closing of the strategic investment
with Orion; expectations regarding the non-binding proposal from Orion for the funding of Phase
2 of Thacker Pass; the use of the proceeds of the strategic investment with Orion to fund the
Company’s cash contribution to the JV Transaction; expectations and timing on the
commencement of major construction and first production; 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, 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
WFH; 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; the
Company’s commitment to sustainable development, minimizing 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: the ability of the Company to satisfy
all conditions to closing of the strategic investment with Orion; expectations regarding Phase 2
of Thacker Pass, including financing pursuant to Orion’s non-binding proposal or otherwise; the
ability of Lithium Nevada LLC (“LN”) to draw-down on the DOE Loan on the anticipated
timeline, or at all, and the absence of material adverse events affecting the Company during this
time; the ability of LN to satisfy all draw-down conditions for the DOE Loan in a timely manner;
the ability of the Company to perform conditions and meet expectations of agreements with GM;
a cordial business relationship between the Company and third party strategic and contractual
partners; unforeseen technological and engineering problems; political factors, including the
impact of the results of the 2024 U.S. presidential election on, among other things, the extractive
resource industry, the green energy transition and the electric vehicle market; uncertainties
inherent to feasibility studies in the NI 43-101 Technical Report and S-K 1300 Technical Report
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
WFH; 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 (“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
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; 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 LN and GM with terms of the JV agreements and the
ability of LN and GM to fund their share of funding obligations for Thacker Pass; 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 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, VP, IR and ESG
+1-778-726-4070