Project UpdateMay 6, 2026, 07:03 AM
Lithium Americas Thacker Pass Fully Funded, Construction Accelerates
AI Summary
Lithium Americas Corp. announced significant progress on its Thacker Pass project in 2025, achieving fully funded status for Phase 1 with partners including the U.S. Department of Energy (DOE) and General Motors. The company secured a $2.23 billion DOE loan, with initial drawdowns of $435 million and $432 million. Construction is accelerating, with detailed engineering 93% complete and mechanical completion targeted for late 2027. The company also announced its Annual Meeting of Shareholders for June 22, 2026.
Key Highlights
- Thacker Pass Phase 1 achieved fully funded status in April 2025.
- Secured $2.23 billion DOE loan; first drawdown $435 million (Oct 2025), second $432 million (Feb 2026).
- Detailed engineering 93% complete and procurement 60% complete by December 31, 2025.
- Ended 2025 with $905.6 million in total cash and restricted cash.
- Targeting mechanical completion in late 2027 and full operational ramp-up during 2028.
- Sold 100.7 million common shares via ATM programs for $590.9 million net proceeds.
- Annual Meeting of Shareholders scheduled for June 22, 2026, to elect 7 directors and appoint PwC.