VANCOUVER, British Columbia, Nov 11 — Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) (“Lithium Americas,” “LAC” or the “Company”) announced an update on its Thacker Pass lithium project in Humboldt County, Nevada (“Thacker Pass” or the “Project”). Mechanical completion of Thacker Pass Phase 1 construction is targeted for late 2027, with ramp-up through 2028. Once at full production capacity, Thacker Pass is expected to produce nominal 40,000 tonnes per year of battery-quality lithium carbonate.1
Jonathan Evans, President and Chief Executive Officer of Lithium Americas, said, “Thacker Pass is on track to deliver America’s largest fully integrated source of domestic battery-quality lithium carbonate, and we are building it at pace. Phase 1 is advancing toward peak construction activity by year end 2026, with mechanical completion targeted for late 2027. Despite external and internal factors impacting the Project’s capital cost estimate, the anticipated capital cost for Thacker Pass are expected to remain funded as we continue to deliver on our execution plan and bring the Project safely into production. As construction advances to piping and electrical installation, we are building our Operations and Business Readiness team to support the transition from developer to operator.”
Mr. Evans added, “Lithium is a strategic asset, and Thacker Pass is the nation’s clearest near-term path to a reliable domestic supply. As one of the largest construction projects in Nevada, the Project is already putting nearly 2,000 skilled craftspeople to work in Humboldt County, and that number is still growing. This Project will help anchor the supply chains driving American economic competitiveness and support growing demand from the lithium-ion battery markets for electric vehicles and energy stationary storage. Thacker Pass is essential to America’s economic and national security, and we are committed to delivering it.”
CONSTRUCTION UPDATE
Mechanical completion of Thacker Pass Phase 1 construction is targeted for late 2027, with ramp-up through 2028. As of September 30, 2026 (unless otherwise indicated):
4.7 million work hours were completed at Thacker Pass without a serious injury or lost-time incident.
Approximately 1,900 personnel on site, including over 1,600 craft workers, increasing to approximately 2,200 total personnel by year end 2026 as construction ramps up to peak labor and peak activity.
Both detailed engineering design and procurement of equipment and materials are well advanced, with detailed engineering completed and procurement at over 90% completed. Outstanding procurement consists mainly of finishing final deliveries of equipment and bulk materials to site, which are expected by year end 2026.
Over 80% of the value for third-party contracts has been committed with over 50% incurred.
The Company commenced awarding equipment contracts in late 2024 and early 2025, which has supported the de-risking of the construction schedule. Proximate to September 30, 2026, approximately 60 truckloads of equipment and materials were arriving to site each day as major long-lead equipment, along with other key equipment and materials, were being delivered to Thacker Pass. Deliveries have included certain key equipment with long lead times, such as the 115 kV main transformer, the steam turbine generator and major process vessels.
All major structural steel was delivered to the site by the end of August 2026. Structural steel for key facilities in the processing plant area, including the Filter Building, the Magnesium Sulfate Building and the Lithium Carbonate Building, continue to advance with steel installations enabling mechanical and piping activity.
Both above-ground and underground piping installations are progressing across multiple work fronts throughout the site. At the end of October 2026, 80% of the required fabricated piping material was either in transit or delivered to site.
Major concrete work required throughout the site continues to progress, with concrete finishing being a priority to ensure quality and readiness for follow-on work.
The Company completed a definitive capital cost estimate (“Capex Estimate”) for Thacker Pass Phase 1 of $3.83 billion, including contingency (see the Definitive Capex Estimate Update section below for more information).
Construction at the Company’s Transload Terminal (“TLT”) west of Winnemucca continues. In Q3 2026, installation of rail stabilization (geo-membrane) and sub-ballast achieved 95% completion, the first concrete was poured, powerline relocation work commenced and construction of the main line railroad turnout was completed and is now ready for installation. Completion of the TLT is targeted in 2027 to align with startup at Thacker Pass to support operations by serving as a critical logistics hub for the operation’s reagents.
