Lithium Americas

Building industrial-scale battery-grade lithium carbonate production capacity at Thacker Pass

Thacker Pass Highlights

160,000 t/y

Total nominal design capacity over 5-phases

85 yrs

85-year life of mine

44.5 Mt LCE

Total Measured & Indicated Mineral Resource Estimate

GM

General Motors joint venture and long-term offtake customer

Thacker Pass

Location	Humboldt County in Northern Nevada, U.S.
Resource	Sedimentary lithium
Product	Battery-quality lithium carbonate (Li₂CO₃)
Operation	Shallow open-pit mine and processing facility
Stage	Commenced construction March 2023
Nominal production capacity	160,000 t/y batteryquality Li₂CO₃ production capacity over five phases: Phase 1: 40,000 t/y Phase 2: 40,000 t/y Phase 3: 40,000 t/y Phase 4 and 5: 40,000 t/y
Life of mine	85 years
Offtake	Offtake agreement with General Motors for 100% of production volumes from Phase 1 for 20 years, plus 38% of Phase 2 production volumes for 20 years, and a right of first offer on the remaining Phase 2 production volumes

   Technical Report (NI 43-101)

The most significant opportunity to enable a North American lithium battery supply chain

Thacker Pass received a Record of Decision in January 2021 from the U.S. Department of the Interior Bureau of Land Management (BLM) and commenced initial construction in early 2023.

Phase 1 of Thacker Pass is designed for nominal production capacity of 40,000 tonnes per year of battery-quality lithium carbonate, and mechanical completion is targeted for late-2027.

Thacker Pass is situated at the southern end of the McDermitt Caldera, approximately 60 miles (100 km) northwest of Winnemucca, in Humboldt County, northern Nevada.

We are committed to engaging with our broad range of stakeholders to responsibly develop Thacker Pass to become one of North America's largest sources of lithium chemicals.

Project financing for Phase 1 of Thacker Pass includes a $2.23 billion loan from the U.S. Department of Energy’s Advanced Technology Vehicles Manufacturing Loan Program and strategic investments from General Motors Holdings LLC and Orion Resource Partners LP. Construction of Phase 1 of Thacker Pass is expected to create nearly 2,000 direct jobs, including 1,800 skilled contractors.

Lithium Technical Development Center Virtual Tour

LAC’s Lithium Technical Development Center in Reno, Nevada is a state-of-the-art laboratory and piloting facility validating the Thacker Pass flowsheet with all recycles in one place and proving production of battery-quality lithium carbonate from Thacker Pass ore via a continuous-production process. The Tech Center has achieved ISO-9001:2015 certification.

Resource and Reserve

See the Company's NI 43-101 technical report dated effective December 31, 2024, "National Instrument 43-101 Technical Report - Thacker Pass Project, Humboldt County, Nevada, USA" for full details

Mineral Resource Estimate

Thacker Pass Mineral Resource Estimate as of December 31, 2024

Category	In Situ Dry Tonnage (Mt)	Average Li (ppm)	Lithium Carbonate Equivalent (Mt)
Measured	560.8	2,680	8.0
Indicated	3,255.2	2,150	36.5
Total Measured & Indicated	3,786.0	2,230	44.5
Inferred	1,981.5	2,070	21.6

Notes for the December 31, 2024 Mineral Resource:

The independent Qualified Person who supervised the preparation of and approved disclosure for the estimate is Benson Chow, P.G., SME-RM.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The Mineral Resource model has been generated using Imperial units. Metric tonnages shown in table are conversions from the Imperial Block Model.
Mineral Resources are inclusive of 1,056.7 million metric tonnes (Mt) of Mineral Reserves
Mineral Resources are reported using an economic break-even formula: “Operating Cost per Resource Short Ton”/“Price per Recovered Short Ton Lithium” * 10^6 = ppm Li Cutoff. “Operating Cost per Resource Short Ton” = US$86.76, “Price per Recovered Short Ton Lithium” is estimated: “Lithium Carbonate Equivalent (LCE) Price” * 5.3228 * (1 – “Royalties”) * “Metallurgical Recovery”. Variables are “LCE Price” = US$26,308/Short Ton ($29,000/tonne) Li2CO3, “GRR” = 1.75% and “Metallurgical Recovery” = 73.5%.
Presented at a cutoff grade of 858 ppm Li. and a maximum ash content of 85%.
A mineral resource constraining pit shell has been derived from performing a pit optimization estimation using Vulcan software and the same economic inputs as what was used to calculate the cutoff grade.
The conversion factor for lithium to LCE is 5.3228.
Applied density for the mineralization is weighted in the block model based on clay and ash percentages in each block and the average density for each lithology (Section 14.1.6.4 of the Technical Report).
Measured Mineral Resources are in blocks estimated using at least 3 drill holes and 10 samples where the closest sample during estimation is less than or equal to 900 ft. Indicated Mineral Resources are in blocks estimated using at least 2 drill holes and 10 samples where the closest sample during estimation is less than or equal to 1,500 ft. Inferred Mineral Resources are in blocks estimated using at least 2 drill holes and 9 samples where the closest sample during estimation is less than or equal to 2,500 ft.
Tonnages and grades have been rounded to accuracy levels deemed appropriate by the QP. Summation errors due to rounding may exist.
Mineral Resources are presented on a 100% basis. LN indirectly owns the Project. Lithium Americas owns a 62% interest in LN and GM owns the remaining 38%.

Mineral Reserve Estimate

Thacker Pass Mineral Resource Estimate as of December 31, 2024

Category	Run-of-Mine (ROM) Dry Tonnage (Mt)	Average Li (ppm)	Lithium Carbonate Equivalent (Mt)
Proven	269.5	3,180	4.5
Probable	787.1	2,320	9.7
Total Proven and Probable	1,056.7	2,540	14.3

Notes for the December 31, 2024 Mineral Reserve:

The independent Qualified Person for the Mineral Reserves Estimate has been prepared by Kevin Bahe, P.E.
Mineral Reserves have been converted from measured and indicated Mineral Resources within the feasibility study and have demonstrated economic viability.
Reserves presented in an optimized pit at an 85% maximum ash content, cutoff grade of 858 ppm Li, and an average cut-off factor of 13.3 kg of LCE recovered per tonne of leach ore tonne (ranged from 7.5-26 kg of LCE recovered per tonne of leach ore tonne).
A sales price of $29,000 US$/tonne of Li2CO3 was utilized in the pit optimization resulting in the generation of the reserve pit shell in 2024. An overall slope of 27 degrees was applied. For bedrock material pit slope was set at 52 degrees. Mining and processing costs of $95.40 per tonne of ROM feed, a processing recovery factor based on the block model, and a GRR cost of 1.75% were additional inputs into the pit optimization.
A LOM plan was developed based on equipment selection, equipment rates, labor rates, and plant feed and reagent parameters. All Mineral Reserves are within the LOM plan. The LOM plan is the basis for the economic assessment within the Technical Report, which is used to show the economic viability of the Mineral Reserves.
Applied density for the ore is varied by clay type (Table 14-13 of the Technical Report).
Lithium Carbonate Equivalent is based on in-situ LCE tonnes with a 95% mine recovery factor
Tonnages and grades have been rounded to accuracy levels deemed appropriate by the QP. Summation errors due to rounding may exist.
The reference point at which the Mineral Reserves are defined is at the point where the ore is delivered to the run-of-mine feeder.
Mineral Reserves are presented on a 100% basis. LN indirectly owns the Project. Lithium Americas owns a 62% interest in LN and GM owns the remaining 38%.



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