Lithium Americas Reports Third Quarter 2025 Results
Lithium Americas Reports Third Quarter 2025 Results
(All amounts in US$ unless otherwise indicated)
VANCOUVER, British Columbia--(BUSINESS WIRE)--November 13, 2025--Lithium
Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas” or the “Company”)
announced that it has filed its Quarterly Report on Form 10-Q, which includes the Company’s
condensed consolidated interim financial statements (“Financials”) for the three and nine
months ended September 30, 2025 (“Q3 2025”), 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, “We’re proud
to have secured the support of the U.S. Administration, General Motors and our valued partners
in advancing Thacker Pass to help onshore large-scale lithium production, strengthen the U.S.
supply chain, create high-quality jobs and contribute to America’s long-term energy security and
economic resilience.”
“With the first DOE Loan drawdown from the U.S. Department of Energy now received, we’ve
significantly enhanced the Project’s certainty and stability and are full steam ahead on
construction. Our workforce continues to grow each week, with approximately 700 workers now
on-site and over 80% of detailed engineering complete. We’re making tangible progress across
all fronts—from steel and concrete work to site infrastructure and the expansion of our
Workforce Hub,” added Mr. Evans.
Q3 2025 PROJECT AND CONSTRUCTION HIGHLIGHTS
During the quarter ended September 30, 2025, $145.9 million of construction capital
costs and other project-related costs were capitalized. As of September 30, 2025, a total
of $720.0 million of construction capital costs and other project-related costs have been
capitalized.
The Company continues to progress major construction at Thacker Pass. Mechanical
completion of the Phase 1 processing plant is targeted for late 2027.
o Engineering design surpassed 80% design complete as of September 30, 2025,
and is expected to surpass 90% design complete by year end 2025. The higher
level of detailed engineering at the early stages of construction helps to de-risk
execution in terms of Project schedule and cost.
o On site at Thacker Pass, the first steel columns have been installed, and
permanent plant roads and entrances, as well as laydown yards to store long-lead
equipment have been completed.
o The fabrication yard in Winnemucca has received steel for pre-assembled pipe-
rack sections.
o The Company has entered into certain purchase agreements related to long-lead
equipment, infrastructure and services related to the construction of the
processing plant as well as development and mining services at Thacker Pass. As
of September 30, 2025, approximately $430 million has been committed.
o 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 quarter of 2026. Most of this
equipment and construction material is sourced from Canada, China, India, UAE,
Turkey and the European Union, and may be subject to tariffs. 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.
As of September 30, 2025, there were approximately 550 manual craft and 150 additional
site workers, for a total of approximately 700 personnel on site. This is expected to
increase to approximately 1,000 site personnel by the end of 2025 and approximately
1,800 at peak construction.
Placement of housing modules at the Company’s all-inclusive housing facility for
construction workers in Winnemucca (the “Workforce Hub” or “WFH”) is complete
and the occupancy permit was received for the first phase. The first residents took
occupancy in late September 2025.
Q3 2025 AND SUBSEQUENT TO Q3 2025 FINANCIAL AND CORPORATE
HIGHLIGHTS
As of September 30, 2025, the Company had $385.6 million in cash and restricted cash.
On October 1, 2025, the Company completed the at-the-market equity program
established on May 15, 2025 (the “May 2025 ATM Program”). The Company sold an
aggregate total of 26.922 million common shares pursuant to the May 2025 ATM
Program.
o During Q3 2025, the Company sold and issued 18.905 million common shares at
an average price of $3.10 per share pursuant to the May 2025 ATM Program, for
aggregate net proceeds of $57.5 million after sales agent’s commission and other
expenses.
o Subsequent to September 30, 2025, the Company sold and issued 4.656 million
common shares at an average price of $6.90 per share pursuant to the May 2025
ATM Program, for aggregate net proceeds of $31.7 million after sales agent’s
commission and other expenses.
On October 7, 2025, the Company and the DOE entered into an omnibus waiver, consent
and amendment (the “OWCA”) for certain amendments to the Company’s previously
announced U.S. Department of Energy (the “DOE”) Loans Program Office (“LPO”)
under the Advanced Technology Vehicles Manufacturing (“ATVM”).
o The expected total loan amount decreased to $2.23 billion (the “DOE Loan”) due
to estimated capitalized interest during construction decreasing to $256 million,
while the DOE Loan principal remained the same at $1.97 billion. The interest
rate that will be applied to amounts drawn under the DOE Loan remains
unchanged at the applicable long-dated U.S. Treasury rate from the date of each
draw with 0% spread. The DOE Loan tenor is approximately 23 years from date
of First Draw.
o The DOE has agreed to defer $184 million of scheduled debt service obligations
under the DOE Loan which were to occur in the first five years of loan
repayment, with the total deferred balance reallocated across the remaining
payment periods to maturity.
o Within 60 days of execution of the OWCA, the Company will issue to the DOE:
(a) warrants to purchase common shares of the Company for a 5% equity stake in
the Company at an exercise price of $0.01 per share (the “LAC Warrants”) and
(b) warrants to purchase a non-voting, non-transferable equity interest of the JV
for a 5% economic stake in the JV (the “JV Units”) at an exercise price of $0.01
per unit (the “JV Warrants”). The LAC Warrants, the JV Warrants and the JV
Units remain subject to customary conditions to be finalized through definitive
documents and corporate approvals.
o The Company will contribute an additional $120 million to DOE Loan reserve
accounts, to be funded within 12 months of the OWCA.
o In addition, the Company and General Motors Holding LLC (“GM”), the
Company’s joint venture (the “JV”) partner in Thacker Pass, entered into an
amendment to GM’s lithium offtake agreement to provide additional support to
the Project. The amendment permits the JV to enter into additional third-party
offtake agreements for certain remaining production volumes not forecasted to be
purchased by GM for the first five years of Phase 1.
On October 8, 2025, the Company entered into an equity distribution agreement, pursuant
to which the Company may sell its common shares, no par value, up to a maximum
aggregate offering price of $250 million (the “October 2025 ATM Program”). Use of
net proceeds for the October 2025 ATM Program includes general corporate purposes,
which may include funding a portion of the $120 million reserve account required by the
DOE Loan, funding of corporate and project overhead expenses, financing of capital
expenditures, repayment of indebtedness and additions to working capital.
o The October 2025 ATM Program was completed on October 14, 2025. The
Company issued and sold an aggregate total 30.525 million common shares at an
average price of $8.19 per share pursuant to the October 2025 ATM Program, for
aggregate net proceeds of $246.4 million after sales agent’s commission and other
expenses.
On October 10, 2025 and October 28, 2025, fund entities managed by Orion Resource
Partners LP (collectively “Orion”), the holder of $195 million unsecured convertible
notes (the “Notes”) issued on April 1, 2025, elected to convert a total of $97.5 million in
accordance with the terms of the Notes. As a result, the Company issued an aggregate
total of 25.79 million common shares of the Company to Orion. Following the
conversions, total future interest payable under the Notes has been reduced pro rata.
On October 20, 2025, the Company received its first drawdown of $435 million on the
DOE Loan.
FINANCIALS
Selected consolidated financial information is presented as follows:
(in US$ million except per share information) Nine months ended September 30,
2025 2024
$ $
Operating expenses 24.1 18.2
Net loss 223.9 21.4
Loss per share - basic 0.98 0.07
(in US$ millions) As at September 30, 2025 As at December 31, 2024
$ $
Cash and restricted cash 385.6 594.2
Total assets 1,451.5 1,044.9
Total long-term liabilities 452.2 41.3
During the nine months ended September 30, 2025, net loss increased compared with the net loss
for the comparable year-earlier period primarily due to the loss on change in fair value of the
embedded derivative associated with the Notes (the “Embedded Derivative”). This non-cash
loss represents the movement in the fair value of the Embedded Derivative and primarily reflects
the impact of the increase in the Company’s share price from $2.76 at inception on April 1, 2025
to $5.71 at September 30, 2025. General and administrative expenses increased, due mainly to
increased hiring, professional fees and office and administration fees to support increased
activities related to ongoing construction at Thacker Pass and increased reporting obligations
associated with the DOE Loan and formation of the JV.
At September 30, 2025, total assets increased due mainly to a $641.6 million increase in Mineral
properties, plant and equipment (“MPP”) offset by a $208.6 million decrease in cash. MPP
increased due mainly to continued development of Thacker Pass, including costs associated with
completion of the first phase of the WFH, engineering, procurement of raw materials, payments
towards long-lead equipment as well as continued on-site construction works. Construction
activity and costs have accelerated since the closing of the DOE Loan in October 2024 and the
creation of the JV in December 2024.
This news release should be read in conjunction with the Company’s Quarterly Report on Form
10-Q for the three and nine months ended September 30, 2025, 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 developing Thacker Pass 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 joint venture 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 tonnes per year 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.
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, 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, 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; 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 and priorities; a cordial business relationship
between the Company and third-party strategic and contractual partners; the availability of
equipment 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, VP, IR and ESG
+1-778-726-4070