Lithium Americas Reports Third Quarter 2025 Results
Nov 13, 2025, 06:55 GMT-515 min read
 LAC-5.29% LAC-5.54%
(All amounts in US$ unless otherwise indicated)
VANCOUVER, British Columbia--(BUSINESS WIRE)--November 13, 2025--
Lithium Americas Corp. LAC LAC ("Lithium Americas" or the "Company") announced that it has filed its Quarterly Report on Form 10-Q, which includes the Company's condensed consolidated interim financial statements ("Financials") for the three and nine months ended September 30, 2025 ("Q3 2025"), and provided an update on its Thacker Pass lithium project in Humboldt County, Nevada ("Thacker Pass" or the "Project").
Jonathan Evans, President and Chief Executive Officer of Lithium Americas said, "We're proud to have secured the support of the U.S. Administration, General Motors and our valued partners in advancing Thacker Pass to help onshore large-scale lithium production, strengthen the U.S. supply chain, create high-quality jobs and contribute to America's long-term energy security and economic resilience."
"With the first DOE Loan drawdown from the U.S. Department of Energy now received, we've significantly enhanced the Project's certainty and stability and are full steam ahead on construction. Our workforce continues to grow each week, with approximately 700 workers now on-site and over 80% of detailed engineering complete. We're making tangible progress across all fronts--from steel and concrete work to site infrastructure and the expansion of our Workforce Hub," added Mr. Evans.
Q3 2025 PROJECT AND CONSTRUCTION HIGHLIGHTS
- During the quarter ended September 30, 2025, $145.9 million of construction capital costs and other project-related costs were capitalized. As of September 30, 2025, a total of $720.0 million of construction capital costs and other project-related costs have been capitalized.
- The Company continues to progress major construction at Thacker Pass. Mechanical completion of the Phase 1 processing plant is targeted for late 2027.
-- Engineering design surpassed 80% design complete as of September
30, 2025, and is expected to surpass 90% design complete by year end 2025. The higher level of detailed engineering at the early stages of construction helps to de-risk execution in terms of Project schedule and cost.
-- On site at Thacker Pass, the first steel columns have been
installed, and permanent plant roads and entrances, as well as laydown yards to store long-lead equipment have been completed.
-- The fabrication yard in Winnemucca has received steel for
pre-assembled pipe-rack sections.
-- The Company has entered into certain purchase agreements related
to long-lead equipment, infrastructure and services related to the construction of the processing plant as well as development and mining services at Thacker Pass. As of September 30, 2025, approximately $430 million has been committed.
-- Major long-lead equipment and a substantial amount of other
equipment and construction materials are expected to be delivered to either Thacker Pass or the fabrication yard in Winnemucca throughout the first quarter of 2026. Most of this equipment and construction material is sourced from Canada, China, India, UAE, Turkey and the European Union, and may be subject to tariffs. The Company has been working toward limiting the effect of any potential tariffs on our construction supply chain, with approximately 75% of the total capital project cost structure related to labor, contractors and other services not expected to be directly affected by any potential tariffs. - As of September 30, 2025, there were approximately 550 manual craft and 150 additional site workers, for a total of approximately 700 personnel on site. This is expected to increase to approximately 1,000 site personnel by the end of 2025 and approximately 1,800 at peak construction.
- Placement of housing modules at the Company's all-inclusive housing facility for construction workers in Winnemucca (the "Workforce Hub" or "WFH") is complete and the occupancy permit was received for the first phase. The first residents took occupancy in late September 2025.
Q3 2025 AND SUBSEQUENT TO Q3 2025 FINANCIAL AND CORPORATE HIGHLIGHTS
- As of September 30, 2025, the Company had $385.6 million in cash and restricted cash.
- On October 1, 2025, the Company completed the at-the-market equity program established on May 15, 2025 (the "May 2025 ATM Program"). The Company sold an aggregate total of 26.922 million common shares pursuant to the May 2025 ATM Program.
-- During Q3 2025, the Company sold and issued 18.905 million
common shares at an average price of $3.10 per share pursuant to the May 2025 ATM Program, for aggregate net proceeds of $57.5 million after sales agent's commission and other expenses.
-- Subsequent to September 30, 2025, the Company sold and issued
4.656 million common shares at an average price of $6.90 per share pursuant to the May 2025 ATM Program, for aggregate net proceeds of $31.7 million after sales agent's commission and other expenses. - On October 7, 2025, the Company and the DOE entered into an omnibus waiver, consent and amendment (the "OWCA") for certain amendments to the Company's previously announced U.S. Department of Energy (the "DOE") Loans Program Office ("LPO") under the Advanced Technology Vehicles Manufacturing ("ATVM").
-- The expected total loan amount decreased to $2.23 billion (the
"DOE Loan") due to estimated capitalized interest during construction decreasing to $256 million, while the DOE Loan principal remained the same at $1.97 billion. The interest rate that will be applied to amounts drawn under the DOE Loan remains unchanged at the applicable long-dated U.S. Treasury rate from the date of each draw with 0% spread. The DOE Loan tenor is approximately 23 years from date of First Draw.
-- The DOE has agreed to defer $184 million of scheduled debt
service obligations under the DOE Loan which were to occur in the first five years of loan repayment, with the total deferred balance reallocated across the remaining payment periods to maturity.
-- Within 60 days of execution of the OWCA, the Company will issue
to the DOE: (a) warrants to purchase common shares of the Company for a 5% equity stake in the Company at an exercise price of $0.01 per share (the "LAC Warrants") and (b) warrants to purchase a non-voting, non-transferable equity interest of the JV for a 5% economic stake in the JV (the "JV Units") at an exercise price of $0.01 per unit (the "JV Warrants"). The LAC Warrants, the JV Warrants and the JV Units remain subject to customary conditions to be finalized through definitive documents and corporate approvals.
-- The Company will contribute an additional $120 million to DOE
Loan reserve accounts, to be funded within 12 months of the OWCA.
-- In addition, the Company and General Motors Holding LLC ("GM"),
the Company's joint venture (the "JV") partner in Thacker Pass, entered into an amendment to GM's lithium offtake agreement to provide additional support to the Project. The amendment permits the JV to enter into additional third-party offtake agreements for certain remaining production volumes not forecasted to be purchased by GM for the first five years of Phase 1. - On October 8, 2025, the Company entered into an equity distribution agreement, pursuant to which the Company may sell its common shares, no par value, up to a maximum aggregate offering price of $250 million (the "October 2025 ATM Program"). Use of net proceeds for the October 2025 ATM Program includes general corporate purposes, which may include funding a portion of the $120 million reserve account required by the DOE Loan, funding of corporate and project overhead expenses, financing of capital expenditures, repayment of indebtedness and additions to working capital.
-- The October 2025 ATM Program was completed on October 14, 2025.
The Company issued and sold an aggregate total 30.525 million common shares at an average price of $8.19 per share pursuant to the October 2025 ATM Program, for aggregate net proceeds of $246.4 million after sales agent's commission and other expenses. - On October 10, 2025 and October 28, 2025, fund entities managed by Orion Resource Partners LP (collectively "Orion"), the holder of $195 million unsecured convertible notes (the "Notes") issued on April 1, 2025, elected to convert a total of $97.5 million in accordance with the terms of the Notes. As a result, the Company issued an aggregate total of 25.79 million common shares of the Company to Orion. Following the conversions, total future interest payable under the Notes has been reduced pro rata.
- On October 20, 2025, the Company received its first drawdown of $435 million on the DOE Loan.
FINANCIALS Selected consolidated financial information is presented as follows:
(in US$ million except per
share information) Nine months ended September 30,
2025 2024
$ $
----------------------------- ------------------- -------------
Operating expenses 24.1 18.2
Net loss 223.9 21.4
Loss per share - basic 0.98 0.07
------------------------------- ------------------ -------------
As at September 30, As at December 31,
(in US$ millions) 2025 2024
$ $
-------------------- --------------------- --------------------
Cash and restricted
cash 385.6 594.2
Total assets 1,451.5 1,044.9
Total long-term
liabilities 452.2 41.3
---------------------- -------------------- --------------------
During the nine months ended September 30, 2025, net loss increased compared with the net loss for the comparable year-earlier period primarily due to the loss on change in fair value of the embedded derivative associated with the Notes (the "Embedded Derivative"). This non-cash loss represents the movement in the fair value of the Embedded Derivative and primarily reflects the impact of the increase in the Company's share price from $2.76 at inception on April 1, 2025 to $5.71 at September 30, 2025. General and administrative expenses increased, due mainly to increased hiring, professional fees and office and administration fees to support increased activities related to ongoing construction at Thacker Pass and increased reporting obligations associated with the DOE Loan and formation of the JV.
At September 30, 2025, total assets increased due mainly to a $641.6 million increase in Mineral properties, plant and equipment ("MPP") offset by a $208.6 million decrease in cash. MPP increased due mainly to continued development of Thacker Pass, including costs associated with completion of the first phase of the WFH, engineering, procurement of raw materials, payments towards long-lead equipment as well as continued on-site construction works. Construction activity and costs have accelerated since the closing of the DOE Loan in October 2024 and the creation of the JV in December 2024.
This news release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2025, available on the Company's issuer profile on EDGAR at www.sec.gov, SEDAR+ at www.sedarplus.ca and on the Company's website at www.lithiumamericas.com.
ABOUT LITHIUM AMERICAS
Lithium Americas is developing Thacker Pass located in Humboldt County in northern Nevada, which hosts the largest known measured lithium resource (Measured and Indicated) and reserve (Proven and Probable) in the world. Thacker Pass is owned by a joint venture between Lithium Americas (holding a 62% interest and is the manager of the Project), and GM (holding a 38% interest). The Company is focused on advancing Phase 1 of Thacker Pass toward production, targeting nominal design capacity of 40,000 tonnes per year of battery-quality lithium carbonate. The Company and its engineering, procurement and construction management contractor, Bechtel, entered into a National Construction Agreement (Project Labor Agreement) with North America's Building Trades Unions for construction of Thacker Pass. The three-year construction build is expected to create nearly 2,000 direct jobs, including 1,800 skilled contractors. Lithium Americas' shares are listed on the Toronto Stock Exchange and New York Stock Exchange under the symbol LAC. To learn more, visit www.lithiumamericas.com or follow @LithiumAmericas on social media.
TECHNICAL INFORMATION
The scientific and technical information in this news release has been reviewed and approved by Rene LeBlanc, PhD, SME, Vice President, Growth and Product Strategy of the Company, and a "qualified person" as defined under National Instrument 43-101 and Subpart 1300 of Regulation S-K under the United States Securities Act of 1933, as amended.
FORWARD-LOOKING STATEMENTS |
