Lithium Americas Adds $175 Million in Financing as Thacker Pass Builds Toward Peak Construction

Key Points

• Lithium Americas Corp. secures $175 million in new financing to add flexibility as its Thacker Pass Phase 1 lithium project approaches peak construction.
• Phase 1 remains fully funded through existing project financing, including a $2.23 billion U.S. Department of Energy loan and strategic investments from General Motors and Orion Resource Partners.
• The company continues to target mechanical completion of Phase 1 in late 2027, with peak construction activity expected in 2026.

Lithium Americas strengthens balance sheet

Lithium Americas Corp. (NYSE: LAC) has strengthened its balance sheet with a $175 million financing package as construction ramps at the Thacker Pass lithium project in Nevada. This additional capital gives the company more financial flexibility during the most intensive phase of building the operation, even though Phase 1 already has full funding under existing arrangements. For investors, the message is straightforward: Lithium Americas is preparing for peak construction with extra financial cushion as it advances one of the largest lithium developments in North America.

How Thacker Pass Phase 1 is funded

Phase 1 at Thacker Pass benefits from a comprehensive financing plan. The structure includes a loan of up to about $2.23 billion from the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing program, a $625 million investment from General Motors through a joint venture, and a $250 million package from Orion Resource Partners in the form of notes and production‑linked payments. Lithium Americas also maintains at‑the‑market equity programs and has secured an $11.8 million U.S. government grant for supporting infrastructure. The new $175 million financing sits on top of this capital stack to help manage working capital needs and potential timing gaps as construction spending peaks.

Construction progress and peak activity

Construction at Thacker Pass continues to move ahead rapidly. By the end of 2025, detailed engineering work had reached about 93% completion, and procurement stood near 60% completion. Key milestones include extensive earthworks, foundations, structural steel installation, and delivery of long‑lead equipment. Lithium Americas expects peak construction activity in 2026, with a workforce of roughly 1,800 skilled craft workers on site. The company continues to target mechanical completion for Phase 1 in late 2027, followed by ramp‑up to full production.

Why the new financing matters

Even with Phase 1 fully funded, the $175 million financing package gives Lithium Americas more room to operate through peak construction. Additional capital can smooth cash flows, support contingency needs, and reduce pressure if the company experiences delays in drawdowns from larger financing sources. Lithium Americas has already received significant advances under the DOE loan—$435 million in October 2025 and another $432 million in February 2026—so this new money focuses on reinforcing financial flexibility rather than filling a funding gap.

Thacker Pass and the U.S. lithium supply chain

Thacker Pass sits on the largest confirmed lithium resource in North America and, once Phase 1 reaches full ramp‑up, is expected to produce about 40,000 tonnes per year of battery‑grade lithium carbonate. That output targets electric vehicle batteries and energy storage markets, positioning the project as a key building block in U.S. efforts to develop a domestic lithium supply chain and reduce dependence on foreign sources. As construction advances and financing risk continues to decline, Lithium Americas is positioning Thacker Pass as a cornerstone asset in the North American EV and clean‑energy ecosystem.