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Lithium Americas Corp (NYSE: LAC; TSX: LAC) is a Canadian mining company engaged in the development of battery-quality lithium carbonate for the North American critical minerals supply chain. The firm's primary asset is the Thacker Pass project in northwest Nevada, which is currently under construction and is projected to begin production in 2028.
Corporate Structure
Headquartered in Canada, Lithium Americas employs between 501 and 1,000 individuals and is led by President and CEO Jonathan Evans. The company holds a 62% interest in the Thacker Pass venture, while General Motors owns the remaining 38%. In October 2025, the U.S. Department of Energy obtained a 5% equity stake in both Lithium Americas and the LAC/GM joint venture through loan-collateral warrants. This arrangement complements the investment by General Motors, which totaled approximately US $945 million since January 2023.
Lithium production by Jonathan Kemper
Recent Developments and News
On October 1, 2025, the U.S. Department of Energy restructured its US $2.26 billion loan agreement with Lithium Americas, resulting in the acquisition of warrants equivalent to 5% ownership of the company and 5% of the Thacker Pass joint venture. This restructuring aims to protect taxpayer interests while facilitating domestic lithium carbonate production.
On October 3, 2025, LAC shares closed at US $8.7750, reflecting a 27.92% increase following the DOE announcement, with a trading volume of 73,206,845 shares.
Financial and Strategic Aspects
As of September 29, 2025, Lithium Americas reported a market capitalization of approximately US $1.35 billion and held US $508.85 million in cash, with a debt-to-equity ratio of 19.95%. The trailing earnings per share (EPS) was –0.25, with a net loss of US $52.86 million over the previous 12 months. Levered free cash flow was reported at –US $433.12 million.
Strategically, Thacker Pass is recognized as one of the largest known clay-based lithium resources globally, with an anticipated production capacity of approximately 40,000 tonnes per year of battery-grade lithium carbonate. The management's plan includes developing on-site refining capabilities, which is expected to place the operation in the lower half of the global cost curve.
Market Position and Industry Context
The United States currently contributes less than 1% of global lithium production. Thacker Pass is positioned as the only significant large-scale domestic source of lithium carbonate, aligning with federal objectives to enhance the domestic production of critical minerals and reduce reliance on imports. The competition for lithium production comes from established producers in Australia, Chile, and Argentina. However, U.S. policy support—including loan guarantees and equity stakes—highlights the project's significance within the electric vehicle and renewable-energy supply chains.
TL;DR
Lithium Americas’ stock rose 27.92% on October 3, 2025, following the announcement of the Department of Energy's equity warrant deal on October 1, 2025. The agreement contributes over US $100 million in new equity and secures 5% ownership stakes for taxpayers. Thacker Pass is on schedule for production in 2028, aiming for an output of 40,000 tonnes per year, thereby supporting U.S. initiatives to establish a domestic lithium supply chain.
