VANCOUVER, British Columbia--(BUSINESS WIRE)--Lithium Americas Corp. (TSX: LAC) (NYSE: LAC) announced the filing of its Quarterly Report on Form 10-Q, including unaudited financial results for the three months ended March 31, 2026. The Company also shared an operational update on its Thacker Pass lithium project in Humboldt County, Nevada.

According to Jonathan Evans, construction at Thacker Pass is advancing rapidly, with mechanical completion targeted for late 2027. As of mid-May, more than 1,300 workers are on-site, with peak workforce expected to exceed 2,000. Following a strong focus on risk reduction in 2025, the Company has shifted toward execution in 2026, with engineering nearly complete, financing secured, and supply chain challenges effectively managed.

Evans emphasized that lithium remains a strategically critical resource, essential for both energy security and national resilience. He highlighted continued support from U.S. federal and state leadership, including visits from Catherine Cortez Masto, Jacky Rosen, Joe Lombardo, and representatives from the U.S. Department of Energy.

Q1 2026 Financial and Operational Highlights

• Total cash and restricted cash reached approximately $1.2 billion, including $529 million at the Thacker Pass joint venture level
• Completion of a November 2025 ATM equity program raised $246.7 million in net proceeds
• A second draw of $432 million was received under the DOE loan in February 2026
• A new ATM equity program launched in March 2026 allows issuance of up to $250 million in shares
• Post-quarter activity included raising an additional $11.2 million through share issuance
• Total shares outstanding stood at 351 million as of May 13, 2026

Additionally, the Company issued warrants to the DOE, including a 5% equity-linked warrant in Lithium Americas and a 5% economic interest in the joint venture.

Thacker Pass Construction Progress

Development of Phase 1 at Thacker Pass continues to advance steadily:

• Over 2.43 million workhours completed with no serious safety incidents
• $1.3 billion in capitalized project costs to date, including $1.1 billion within the core Capex estimate
• Engineering completion exceeded 95%, while procurement surpassed 70%
• Workforce on-site reached approximately 1,065 personnel, expected to grow significantly in 2026
• Over 1,000 workers are housed in the Company’s dedicated workforce facility in Winnemucca

Key equipment deliveries and installation activities are progressing across major plant areas, including crystallizers, compressors, and processing systems. Structural steel shipments—primarily sourced from the UAE—are largely in transit or already delivered, with logistics rerouted through alternative ports to mitigate geopolitical disruptions.

Project Milestones and Infrastructure Development

• Initial cable installations began in March 2026
• Structural development continues at the Filter Building
• Major equipment installation has commenced across multiple processing units
• Grid power reliability upgrades across six substations were completed ahead of schedule
• Construction has begun on the Transload Terminal near Winnemucca, expected to support logistics by 2027

The Company has also initiated a refined capital cost estimate, expected in the second half of 2026. This updated estimate will incorporate factors such as tariffs, inflation, fuel costs, and global supply chain disruptions not fully accounted for in the original $2.93 billion projection. Estimated tariff exposure for Phase 1 ranges between $80 million and $120 million, primarily impacting 2026 costs.

Capital Expenditure and 2026 Guidance

As of March 31, 2026:

• Total capitalized costs: $1.27 billion
• 2026 Capex guidance: $1.3 billion to $1.6 billion
• Core construction costs expected between $1.2 billion and $1.5 billion

The majority of project costs remain tied to labor, services, and contractors, limiting direct exposure to tariffs.

Financial Performance

For Q1 2026:

• Operating expenses: $11.1 million (up from $6.5 million in 2025)
• Net income: $4.6 million (compared to a $11.5 million loss in Q1 2025)

The improvement in profitability was largely driven by non-cash gains related to the valuation of embedded derivatives tied to convertible notes, along with higher interest income from increased cash balances. These gains were partially offset by higher administrative expenses linked to workforce expansion and operational scaling.

Total assets rose to $3.1 billion, while long-term liabilities increased to $1.07 billion, primarily due to additional DOE loan funding.

About Lithium Americas

Lithium Americas Corp. is developing the Thacker Pass project in northern Nevada, one of the largest known lithium resources globally. Phase 1 is designed to produce 40,000 tonnes per year of battery-grade lithium carbonate, with completion targeted for 2027.

The project is operated through a joint venture in which Lithium Americas holds a 62% stake, while General Motors Holdings LLC holds 38%. Project funding includes a $2.23 billion loan from the DOE and strategic investments from General Motors and Orion Resource Partners.

Forward-Looking Statements

This release contains forward-looking statements regarding project development, financing, operational milestones, and market conditions. These statements are subject to risks and uncertainties, including regulatory approvals, supply chain disruptions, commodity price fluctuations, financing availability, and geopolitical factors.

Actual results may differ materially from expectations, and readers are advised to review the Company’s filings with the U.S. Securities and Exchange Commission, including its most recent Form 10-K, for a comprehensive overview of risk factors.