Lithium Americas Provides Update on Thacker Pass Project in Annual Report 2025
On 19 March 2026, Lithium Americas (TSX: LAC, NYSE: LAC) filed its Annual Report for the year ended 31 December 2025 and provided an update on its flagship Thacker Pass #Lithium Project in Nevada, USA.
As of 31 December 2026, Lithium Americas had USD 905.6 million in cash. In October 2025, the Company and the US Department of Energy (DoE) entered into an omnibus waiver, consent and amendment (OWCA) pertaining to the USD 2.23 billion loan extended by the DoE. Pursuant to the OWCA, DoE shall hold a 5% share in the Company. At the same time, the Company received its first tranche of USD 435 million from the DoE loan. The second tranche of USD 432 million was disbursed on 24 February 2026.
“2025 marked a transformative year for Thacker Pass. Construction is advancing at full pace, and we are carrying that strong momentum into 2026. We are grateful for the continued support of the U.S. Administration and the Department of Energy. With the second loan drawdown in February 2026, we have meaningfully de-risked the Project and reinforced our path forward. This investment reflects our shared commitment to rebuilding critical mineral supply chains here at home and reducing reliance on foreign sources.”
Lithium Americas President & CEO Jonathan Evans
Currently, some 900 people are now working at the Thacker Pass Lithium Project, and that workforce count is expected to double by the end of 2026 as work ramps up. Commissioning of high-voltage lines and arrival of long-lead heavy equipment are expected by 2Q26. #Capex during 2026 is estimated to be about USD 1.5 billion.
The first phase of the Project is expected to be ready in late 2027. At Phase I, the Project will have an annual production capacity of 40,000 tonnes, which is enough lithium to power up to 800,000 electric vehicles.
The Project is broken down into five phases with an additional 40,000 tonnes per phase. The lifetime of the mine is estimated to be about 85 years, making Thacker Pass one of the largest lithium deposits in the world.