LITHIUM AMERICAS CORP. SEC 10-Q Report

Lithium Americas Corp. (LAC), a company focused on the development of the Thacker Pass lithium project in Nevada, has released its Form 10-Q report for the second quarter of 2025. The report provides a comprehensive overview of the company's financial performance and significant business developments during the period.

Financial Highlights

• Net Loss: $24.8 million, reflecting higher general and administrative expenses and transaction costs.
• Net Loss Attributable to LAC Stockholders: $23.1 million, due to increased costs associated with the transition to a domestic filer and JV formation.
• Net Loss Per Share – Basic and Diluted Attributable to Common Stockholders: $(0.11), impacted by higher operating expenses and transaction costs.

Business Highlights

• Company Background: Lithium Americas Corp. focuses on the development of Thacker Pass, a sedimentary-based lithium deposit in Nevada, U.S. The company owns a 62% interest in Thacker Pass and manages the project, while General Motors (GM) holds a 38% interest.
• Project and Construction Highlights: The final investment decision for Phase 1 of Thacker Pass was announced on April 1, 2025. As of June 30, 2025, $574.1 million in construction capital costs have been capitalized. Major construction is progressing with completion of Phase 1 targeted for late 2027.
• Engineering and Procurement: Detailed engineering is approximately 70% complete and expected to reach over 90% by the end of 2025. Fabrication of structural steel began in April 2025, with first steel installation targeted for September 2025.
• Workforce Expansion: As of June 30, 2025, there were approximately 300 manual craft workers on site, expected to increase to 1,000 by year-end 2025, and peak at 1,800 during construction in 2026.
• Workforce Housing: The Workforce Hub in Winnemucca is advancing, with first occupancy targeted for the second half of 2025, facilitating an increase in construction workers on site.
• Legal and Regulatory: The company has resolved or secured judicial dismissal of all legal and regulatory actions related to Thacker Pass, with no material impact on financial position or construction schedule.
• Future Outlook: Thacker Pass is targeting completion in late 2027 with ramp-up during 2028. The company expects to make the first draw on the $2.26 billion DOE Loan in the second half of 2025.

SEC Filing: LITHIUM AMERICAS CORP. [ LAC ] - 10-Q - Aug. 14, 2025