Lithium Americas Corp (NYSE: LAC) is a lithium development company focused on advancing the Thacker Pass lithium project in Humboldt County, Nevada toward commercial production. The company generates no operating revenue as of the 10-K filed March 19, 2026; it is pre-production and funds operations entirely through external financing, including a U.S. Department of Energy loan and equity investment from General Motors Holdings LLC. As of December 31, 2025, LAC held cash of $568.2 million, restricted cash of $337.4 million, and working capital (non-GAAP) of $734.8 million. A total of $982.8 million in construction capital and project-related costs had been capitalized through December 31, 2025. Phase 1 capital expenditure guidance for fiscal year 2026 is $1.3 billion to $1.6 billion. The company intends to produce battery-quality lithium carbonate at Thacker Pass for sale under offtake agreements, including one structured with General Motors. Jonathan Evans serves as President and CEO.

Revenue model

Pre-revenue development stage company. No operating cash flows generated as of December 31, 2025; net cash used in operating activities was $61.2 million in FY2025. Planned revenue model upon project completion is transactional lithium carbonate sales, with offtake agreements in place including a market-priced offtake with General Motors Holdings LLC.

Products and services

Battery-quality lithium carbonate produced from the Thacker Pass deposit in Nevada. A Lithium Technical Development Center in Reno, Nevada has produced battery-quality lithium carbonate samples from Thacker Pass ore since July 2022. A transloading terminal near Winnemucca, Nevada is planned to support logistics from the mine site.

Customers and end markets

Battery and electric vehicle supply chain. General Motors Holdings LLC is a named strategic investor and offtake counterparty. End market is lithium-ion battery materials for electric vehicles.

Value-chain role

Upstream lithium producer, mine developer. Operates at the resource extraction and primary processing stage, converting lithium-bearing ore to battery-quality lithium carbonate before sale to battery or chemical manufacturers.

Geographic exposure

United States. Thacker Pass project is located in Humboldt County, Nevada. Lithium Technical Development Center is in Reno, Nevada. Planned transloading terminal is approximately 60 miles from Thacker Pass near Winnemucca, Nevada.

Source: SEC 10-K, filed 2026-03-19

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