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WebsiteIntroduction to Lithium Americas Corp
Lithium Americas Corp (NYSE: LAC), known in Korean as 리튬 아메리카스, is a mining company incorporated in Canada that focuses on lithium production for battery markets. The firm is listed on the New York Stock Exchange and the Toronto Stock Exchange, with its primary asset being the Thacker Pass project located in northern Nevada. Lithium Americas holds a 62% stake in this project, while General Motors (GM) holds the remaining 38%.
Corporate Structure and Workforce
As of mid-2025, Lithium Americas employs between 501 and 1,000 staff across various roles, including project development, engineering, investor relations, environmental health and safety, and finance. The company partners with Bechtel Corporation for engineering, procurement, and construction management at Thacker Pass, and collaborates with North America’s Building Trades Unions to support local workforce development.
Lithium Mining by Dion Beetson
Recent Developments and News
On September 24, 2025, U.S. media reported that the Trump administration is seeking a minority equity stake in Lithium Americas as part of ongoing renegotiations for a $2.2 billion loan from the Department of Energy intended for the Thacker Pass project. The company and GM have requested a deferral of initial repayments, which prompted the administration to propose its investment as a means to provide a cash buffer and reduce taxpayer risk. This proposal is still under discussion and may require approval from Canadian regulators.
Financial and Strategic Analysis
Lithium Americas’ stock price experienced a significant increase on September 24, 2025, closing at $6.01 before rising to $6.93 (+15.29%) on September 25, 2025, with a trading volume of 17,747,275 shares. The stock movement followed a closing price of $3.07 on September 23, 2025, reflecting increased market interest in domestic lithium supply for electric vehicle batteries.
| Metric | Value |
|---|---|
| Price (2025-09-25) | $6.93 |
| Daily Change | +15.29% |
| Volume | 17,747,275 |
| Market CapitalizationÂą | ~$1.7 billion |
| Net Income (TTM) | –$52.86 million |
| Total Cash (MRQ) | $508.85 million |
| Total Debt/Equity (MRQ) | 19.95% |
Âą Based on share count implied by intraday trading.
Despite reporting a negative trailing net income and levered free cash flow, the company retains over $500 million in cash as of its most recent quarter, with a debt-to-equity ratio below 20%. The strategic focus remains on the Thacker Pass project—a clay-based lithium resource anticipated to begin initial production in 2026, with full production expected by 2027. Management expects Thacker Pass to rank in the bottom half of the global cost curve for lithium carbonate and plans to integrate downstream refining capabilities on-site.
Key financing milestones for Thacker Pass include:
- January 15, 2021: Bureau of Land Management Record of Decision approval
- January 31, 2023: GM’s investment of $650 million
- March 2023: Start of construction
- March 14, 2024: U.S. government’s commitment of $2.26 billion from the Department of Energy
- October 2024: GM increased total investment commitment to $945 million
Market Position and Industry Context
Lithium Americas is one of the few pure-play lithium mining developers in North America. Thacker Pass is viewed as one of the largest known lithium resources globally, characterized by clay-hosted ore rather than brine. The joint venture with GM ensures a secured offtake partner once production begins. In the context of U.S. energy security and electric vehicle manufacturing, Lithium Americas receives both private capital from major automakers and public support via federal loan programs. The company must navigate evolving loan terms and potential government equity participation while advancing the Thacker Pass project.
tl;dr
On September 24–25, 2025, Lithium Americas shares increased following reports that the Trump administration is pursuing an equity stake linked to the renegotiation of a $2.2 billion Department of Energy loan for the Thacker Pass project. The proposal aims to defer repayment timelines and enhance taxpayer protection. Production at Thacker Pass is scheduled to start in 2026, with full output anticipated in 2027, supported by prior investments totaling $945 million from GM and a $2.26 billion federal loan. Ongoing discussions with U.S. authorities could influence the project's financing structure and require regulatory approvals from Canada.
